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Landstar System Inc (LSTR) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 25, 2021

Landstar System Inc

CIK: 853816 Ticker: LSTR

Exhibit 99.1

 

LOGO

 

For Immediate Release  

Contacts: Jim Gattoni (CEO)

Fred Pensotti (CFO)

Landstar System, Inc.

www.landstar.com

January 26, 2022   904-398-9400

LANDSTAR SYSTEM ACHIEVES RECORD-BREAKING ANNUAL PERFORMANCE

IN 2021 WITH RECORD DILUTED EARNINGS PER SHARE OF $2.99

IN THE 2021 FOURTH QUARTER

Jacksonville, FL - Landstar System, Inc. (NASDAQ:LSTR) reported record quarterly revenue of $1.945 billion in the 2021 fourth quarter, a 50 percent increase over revenue of $1.296 billion in the 2020 fourth quarter. The Company also reported net income of $113.3 million, or diluted earnings per share (“DEPS”) of $2.99, in the 2021 fourth quarter compared to net income in the 2020 fourth quarter of $65.1 million, or DEPS of $1.70. It should be noted that DEPS in the 2020 fourth quarter included a one-time charge of $15.5 million, or $0.31 per diluted share, related to buyouts of certain incentive commission arrangements with several Landstar independent sales agents. Operating income grew to an all-time quarterly record of $148.7 million in the 2021 fourth quarter, compared to operating income of $84.4 million in the 2020 fourth quarter. To put the strength of our 2021 fourth quarter performance into perspective, revenue, operating income, net income and DEPS increased 50 percent, 76 percent, 74 percent and 76 percent, respectively, over the 2020 fourth quarter, which at the time represented the highest amounts achieved for each of these financial metrics in any quarter in the Company’s history.

Gross profit in the 2021 fourth quarter was $209.8 million, an all-time quarterly record, compared to $141.7 million in the 2020 fourth quarter. Variable contribution (defined as revenue less the costs of purchased transportation and commissions to agents) also reached an all-time quarterly record of $263.3 million in the 2021 fourth quarter compared to $182.4 million in the 2020 fourth quarter. A reconciliation of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2021 and 2020 fourth quarters and year-to-date periods is provided in the Company’s accompanying financial disclosures.


The following information was filed by Landstar System Inc (LSTR) on Wednesday, January 26, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Landstar System Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Acquired Business
Acquired Business - Additional Information (Detail)
Amortized Cost And Fair Value Of Available-For-Sale Investments (Detail)
Amounts Recognized In Financial Statements With Respect To Plans (Detail)
Change In Accounting Estimate For Self-Insured Claims
Change In Accounting Estimate For Self-Insured Claims (Tables)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Components Of And Changes In Accumulated Other Comprehensive Income, Net Of Related Income Taxes (Detail)
Debt
Debt - Additional Information (Detail)
Effect Of Increase In Cost Of Insurance And Claims (Detail)
Equity
Equity - Additional Information (Detail)
Impairment Of Intangible And Other Assets
Impairment Of Intangible And Other Assets - Additional Information (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Information Regarding Reportable Business Segments (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Classification On Our Consolidated Balance Sheet (Detail)
Leases - Components Of Lease Cost For Finance Leases And Operating Leases (Detail)
Leases - Undiscounted Cash Flows For The Finance And Operating Leases (Detail)
Leases - Undiscounted Cash Flows For The Finance And Operating Leases (Parenthetical) (Details)
Leases - Weighted Average Remaining Lease Term And The Weighted Average Discount Rate For Finance And Operating Leases (Detail)
Operating Property
Operating Property (Detail)
Operating Property (Tables)
Operating Property - Additional Information (Detail)
Other Comprehensive Income
Other Comprehensive Income (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Additional Information (Detail)
Retirement Plan
Retirement Plan - Additional Information (Detail)
Schedule For Gross Unrecognized Tax Benefits (Detail)
Schedule Of Deferred Tax Assets And Liabilities (Detail)
Schedule Of Income Taxes Calculated On Income From Continuing Operations Before Income Taxes And Provision For Income Taxes (Detail)
Schedule Of Information On Non - Vested Restricted Stock Units (Detail)
Schedule Of Information On Restricted Stock Units (Detail)
Schedule Of Provision For Income Taxes (Detail)
Schedule Of Revenue By Major Customers By Reporting Segments (Detail)
Schedule Of Unrealized Loss On Available-For-Sale Investments (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Share-Based Payment Arrangements
Share-Based Payment Arrangements (Tables)
Share-Based Payment Arrangements - Additional Information (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Summary Of Activity In Allowance For Doubtful Accounts (Detail)
Summary Of Information Regarding Stock Options (Detail)
Summary Stock Options Outstanding And Exercisable (Detail)
Ticker: LSTR
CIK: 853816
Form Type: 10-K Annual Report
Accession Number: 0001193125-22-046673
Submitted to the SEC: Fri Feb 18 2022 4:35:34 PM EST
Accepted by the SEC: Fri Feb 18 2022
Period: Saturday, December 25, 2021
Industry: Trucking No Local

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