0001104659-12-051477.txt : 20120726 0001104659-12-051477.hdr.sgml : 20120726 20120726163939 ACCESSION NUMBER: 0001104659-12-051477 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120726 DATE AS OF CHANGE: 20120726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Echo Global Logistics, Inc. CENTRAL INDEX KEY: 0001426945 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 205001120 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34470 FILM NUMBER: 12987846 BUSINESS ADDRESS: STREET 1: 600 WEST CHICAGO AVENUE STREET 2: SUITE 725 CITY: CHICAGO STATE: IL ZIP: 60610 BUSINESS PHONE: 1-800-354-7993 MAIL ADDRESS: STREET 1: 600 WEST CHICAGO AVENUE STREET 2: SUITE 725 CITY: CHICAGO STATE: IL ZIP: 60610 8-K 1 a12-17055_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 26, 2012

 

ECHO GLOBAL LOGISTICS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-34470

 

20-5001120

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)

 

600 West Chicago Avenue
Suite 725
Chicago, Illinois

 

60654

(Address of principal executive offices)

 

(Zip Code)

 

(800) 354-7993

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Item 2.02                                          Results of Operations and Financial Condition.*

 

On July 26, 2012, Echo Global Logistics, Inc. issued a press release announcing financial results for its fiscal quarter ended June 30, 2012.  A copy of the press release is attached hereto as Exhibit 99.1.

 

Item 9.01                                          Financial Statements and Exhibits.

 

(d)                                                                                Exhibits:

 

Exhibit No.

 

Description

99.1*

 

Press Release dated July 26, 2012.

 

*The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

2


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

ECHO GLOBAL LOGISTICS, INC.

 

 

 

 

Dated: July 26, 2012

By:

/s/  David B. Menzel

 

Name:

David B. Menzel

 

Title:

Chief Financial Officer

 

3


 

Exhibit Index

 

Exhibit No.

 

Description

99.1*

 

Press Release dated July 26, 2012.

 

*The information in Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

4

 EX-99.1 2 a12-17055_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

Echo Global Logistics Announces Second Quarter 2012 Results

 

CHICAGO, July 26, 2012 -- Echo Global Logistics, Inc. (Nasdaq: ECHO), a leading provider of technology-enabled transportation and supply chain management services, reported today financial results for the quarter ended June 30, 2012.

 

“Echo delivered another quarter of solid performance,” said Doug Waggoner, Chief Executive Officer of Echo.  Waggoner added, “We posted another record quarter in both total revenue and net revenue while at the same time investing in the continuing expansion of our operating platform.”

 

Echo reported Non-GAAP net income of $3.8 million and Non-GAAP fully diluted EPS of $0.17 per share. Excluded from those results were the effects of changes in contingent consideration payable and the impact of the settlement of litigation related to a $2.7 million account receivable, which was settled for $2.0 million. The costs associated with this settlement are included in general and administrative expenses and resulted in a decrease in fully diluted EPS of $0.02 per share, after the effect of income taxes.

 

Second Quarter Highlights

 

·                  Total revenue was $185.2 million, an increase of 22.3% from the second quarter of 2011.

·                  Non-GAAP operating income totaled $6.2 million, an increase of 31.8% from the second quarter of 2011.*

·                  Non-GAAP operating margin was 17.8%, up 175 bps from the second quarter of 2011.*

·                  Non-GAAP net income increased 31.5% from the second quarter of 2011 to $3.8 million.*

·                  Non-GAAP fully diluted EPS increased 30.5% from the second quarter of 2011 to 17 cents per share.*

 

* All non-GAAP measures exclude the effects of changes in contingent consideration payable and the costs associated with the litigation settlement described above. For a reconciliation of these non-GAAP financial measures to the nearest comparable GAAP measure, see “Reconciliation to GAAP Operating Income, Operating Margin, Net Income and Fully Diluted EPS” included in this release.

 

Summarized financial results and select operating metrics follow:

 

1


 

 

 

Three months ended June 30,

 

 

 

 

 

2012

 

2011

 

% change

 

Amounts in 000,000s, except per share data

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Transactional

 

$

128.4

 

$

103.0

 

24.7

%

Enterprise

 

$

56.8

 

$

48.5

 

17.1

%

Total Revenue

 

185.2

 

151.5

 

22.3

%

 

 

 

 

 

 

 

 

Net revenue

 

34.8

 

29.3

 

18.8

%

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

9.9

 

9.0

 

10.8

%

Selling, general and administrative

 

16.5

 

13.6

 

21.3

%

Depreciation and amortization

 

2.2

 

2.0

 

7.7

%

Total operating expenses (1)

 

28.6

 

24.6

 

16.4

%

 

 

 

 

 

 

 

 

Non-GAAP Operating income (1)

 

6.2

 

4.7

 

31.8

%

 

 

 

 

 

 

 

 

Other expense

 

0.1

 

0.1

 

25.0

%

Non-GAAP Income before taxes (1)

 

6.1

 

4.6

 

31.9

%

 

 

 

 

 

 

 

 

Income taxes (1)

 

2.3

 

1.7

 

32.8

%

 

 

 

 

 

 

 

 

Non-GAAP net income (2)

 

3.8

 

2.9

 

31.5

%

 

 

 

 

 

 

 

 

Non-GAAP Fully Diluted EPS (2)

 

$

0.17

 

$

0.13

 

30.5

%

 

 

 

 

 

 

 

 

Fully Diluted shares

 

22.8

 

22.6

 

 

 

Reconciliation to GAAP Operating Income, Operating Margin, Net Income and Fully Diluted EPS

 

 

 

 

 

 

 

Non-GAAP Operating Income (1)

 

6.2

 

4.7

 

31.8

%

Nonrecurring settlement costs

 

(0.7

)

—

 

NA

 

Change in contingent consideration payable

 

0.1

 

0.0

 

964.1

%

Operating Income

 

5.6

 

4.7

 

18.1

%

 

 

 

 

 

 

 

 

Non-GAAP Operating Margin (1)

 

17.8

%

16.0

%

175

bps

Effect of change in contingent consideration payable and non-recurring settlement costs

 

-1.8

%

0.0

%

(184

)bps

Operating Margin (% of Net Revenue)

 

16.0

%

16.0

%

(10

)bps

 

 

 

 

 

 

 

 

Non-GAAP Net Income (2)

 

3.8

 

2.9

 

31.5

%

Change in contingent consideration payable and non-recurring settlement costs, net of tax effect

 

(0.4

)

0.0

 

-5738.1

%

Net Income

 

3.4

 

2.9

 

17.5

%

 

 

 

 

 

 

 

 

Non-GAAP Fully Diluted EPS (2)

 

$

0.17

 

$

0.13

 

30.5

%

Change in contingent consideration payable and non-recurring settlement costs, net of tax effect

 

(0.02

)

0.00

 

-5699.0

%

Fully diluted EPS

 

$

0.15

 

$

0.13

 

16.7

%

 

 

 

 

 

 

 

 

Operating Metrics

 

 

 

 

 

 

 

Net revenue margin

 

18.8

%

19.3

%

(54

)bps

Operating margin (% of net revenue) (1)

 

17.8

%

16.0

%

175

bps

 

 

 

 

 

 

 

 

Shipment volume

 

412,258

 

350,662

 

17.6

%

Number of enterprise clients

 

191

 

161

 

18.6

%

Total employees and agents

 

1,225

 

1,100

 

11.4

%

Sales employees

 

555

 

490

 

13.3

%

Sales agents

 

237

 

257

 

-7.8

%

Less Than Truckload (LTL) Revenue %

 

46.0

%

48.1

%

(218

)bps

Truckload (TL) Revenue %

 

43.6

%

43.4

%

18

bps

 

(1) Amounts shown exclude the effects of changes in contingent consideration payable and non-recurring settlement costs.

(2) Amounts shown exclude the tax effected changes in contingent consideration payable and non-recurring settlement costs.

 

2


 

“We remain focused on profitability while we expand our capabilities and service,” said Dave Menzel, Chief Financial Officer of Echo. “The ongoing development of our people and our truckload offering enables us to provide a full range of multi-modal transportation and logistics solutions for our clients which contribute to our continuing growth.”

 

Business Outlook

 

Waggoner stated, “Based on our performance through the first half of 2012, we are re-affirming our revenue guidance to be in the range of $740 to $780 million and Fully Diluted EPS guidance excluding the tax effected changes in contingent consideration payable and the costs associated with the litigation settlement of our outstanding litigation to be in the range of $0.68 to $0.76 per share.”

 

Conference Call

 

A conference call, with accompanying presentation slides, will be broadcast live on Thursday, July 26, 2012, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time).  Doug Waggoner, Chief Executive Officer, and Dave Menzel, Chief Financial Officer, will host the call.  To participate in the call, dial (877) 303-6235 (toll free) or (631) 291-4837 (toll) and provide conference ID “Echo Global Logistics.”  To listen to a live webcast of the call, visit the Echo website at http://ir.echo.com.  A replay of the webcast will be available for one year following the live webcast in the Investor Relations section of the Echo website.

 

Non-GAAP Financial Measures

 

This release includes the following financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission: Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS. We refer to Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS to describe earnings and earnings per share excluding the effects of changes in contingent consideration payable and the costs associated with the litigation settlement.  We believe that Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS provide useful information to investors because they provide information about the financial performance of the Company’s ongoing business.

 

Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS are used by management in its financial and operational decision-making and evaluation of overall operating performance. Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS may be different from similar measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. For a reconciliation of these non-GAAP financial measures to the nearest comparable GAAP measures, see “Reconciliation to GAAP Operating Income, Operating Margin, Net Income and Fully Diluted EPS” included in this release.

 

3


 

Forward-Looking Statements

 

This release contains statements relating to future results. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any future results discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the “Risk Factors” section of the most recent Form 10-K we filed with the SEC.

 

Echo Global Logistics, Inc.

 

Condensed Consolidated Statements of Operations

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

REVENUE

 

$

185,230,701

 

$

151,504,471

 

$

353,799,806

 

$

280,950,042

 

 

 

 

 

 

 

 

 

 

 

COSTS AND EXPENSES

 

 

 

 

 

 

 

 

 

Transportation costs

 

150,430,597

 

122,217,914

 

286,329,924

 

226,137,530

 

Selling, general, and administrative expenses

 

27,062,901

 

22,556,589

 

52,346,845

 

42,545,862

 

Depreciation and amortization

 

2,186,376

 

2,030,337

 

4,215,653

 

3,978,391

 

INCOME FROM OPERATIONS

 

5,550,827

 

4,699,631

 

10,907,384

 

8,288,259

 

OTHER EXPENSE

 

(128,338

)

(102,680

)

(237,974

)

(139,018

)

INCOME BEFORE PROVISION FOR INCOME TAXES

 

5,422,489

 

4,596,951

 

10,669,410

 

8,149,241

 

INCOME TAX EXPENSE

 

(2,019,655

)

(1,701,637

)

(3,954,786

)

(3,012,528

)

NET INCOME

 

$

3,402,834

 

$

2,895,314

 

$

6,714,624

 

$

5,136,713

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.15

 

$

0.13

 

$

0.30

 

$

0.23

 

Diluted net income per share

 

$

0.15

 

$

0.13

 

$

0.29

 

$

0.23

 

 

Echo Global Logistics, Inc.

 

Condensed Consolidated Balance Sheets

 

 

 

June 30,

 

December 31,

 

 

 

2012

 

2011

 

 

 

(Unaudited)

 

 

 

Cash and cash equivalents

 

$

47,340,589

 

$

47,007,309

 

Accounts receivable, net of allowance for doubtful accounts

 

99,806,003

 

89,191,456

 

Prepaid expenses

 

3,616,186

 

4,634,612

 

Other current assets

 

1,021,504

 

800,648

 

Total long term assets

 

60,497,031

 

58,864,061

 

Total assets

 

$

212,281,313

 

$

200,498,086

 

 

 

 

 

 

 

Accounts payable — trade

 

$

62,127,235

 

$

59,949,927

 

Current maturities of capital lease obligations

 

77,196

 

175,166

 

Other liabilites

 

10,444,173

 

10,474,434

 

Deferred income taxes

 

3,423,728

 

2,979,483

 

Long term liabilities

 

7,153,030

 

7,597,478

 

Stockholders’ equity

 

129,055,951

 

119,321,598

 

Total liabilities and stockholders’ equity

 

$

212,281,313

 

$

200,498,086

 

 

4


 

Echo Global Logistics, Inc.

 

Condensed Consolidated Statements of Cash Flows

 

 

 

Six Months Ended June 30,

 

 

 

2012

 

2011

 

 

 

(Unaudited)

 

(Unaudited)

 

Net cash provided by operating activities

 

$

5,648,938

 

$

2,545,197

 

 

 

 

 

 

 

Net cash used in investing activities

 

(5,245,330

)

(4,459,402

)

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 

(70,328

)

269,241

 

 

 

 

 

 

 

Increase/(decrease) in cash and cash equivalents

 

333,280

 

(1,644,964

)

Cash and cash equivalents, beginning of period

 

47,007,309

 

43,218,164

 

Cash and cash equivalents, end of period

 

$

47,340,589

 

$

41,573,200

 

 

About Echo Global Logistics

 

Echo Global Logistics, based in Chicago, is a leading provider of technology-enabled transportation and supply chain management services.  Echo maintains a proprietaryweb-based technology platform that compiles and analyzes data from its network of over 24,000 transportation providers to serve its clients’ transportation and supply chain management needs. Echo services clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. For more information on Echo, visit: www.echo.com.

 

The Echo Global Logistics, Inc. logo is available at

http://www.globenewswire.com/newsroom/prs/?pkgid=5293

 

Source: Echo Global Logistics, Inc.

 

INVESTOR RELATIONS CONTACT:

Suzanne Karpick, Echo Global Logistics, (312) 784-7414

 

MEDIA CONTACT:

Hanni Itah, SSPR, (847) 415 - 9324

 

###

 

5

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