EX-99.1 2 a08-26211_1ex99d1.htm EX-99.1

Exhibit 99.1

 

J.B. Hunt Transport Services, Inc.

Contact:

Kirk Thompson

615 J.B. Hunt Corporate Drive

 

President and

Lowell, Arkansas 72745

 

Chief Executive Officer

(NASDAQ: JBHT)

 

(479) 820-8110

 

FOR IMMEDIATE RELEASE

 

J. B. HUNT TRANSPORT SERVICES, INC. REPORTS RECORD REVENUES AND EARNINGS

FOR THE THIRD QUARTER 2008

 

·

Third Quarter 2008 Revenue:

$996 million; up 12%

·

Third Quarter 2008 Operating Income:

$106 million; up 11%

·

Third Quarter 2008 EPS:

47 cents vs. 38 cents

 

LOWELL, ARKANSAS, October 14, 2008 - J. B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced record third quarter 2008 net earnings of $60.3 million, or diluted earnings per share of 47 cents vs. 2007 third quarter earnings of $50.8 million, or 38 cents per diluted share.

 

Total operating revenue for the current quarter was $996 million, a 12% increase over the $892 million for the third quarter 2007.  The increase in operating revenue was primarily attributable to growth in our Intermodal (JBI) segment and our non-asset based Integrated Capacity Solutions (ICS) segment and sharply higher fuel surcharge revenue.  Current quarter operating revenue, excluding fuel surcharges, was essentially the same as third quarter 2007. Containers and trailers grew from 58,802 to 61,406 over the same period.  The growth in the fleet of containers and trailers was primarily to support additional intermodal business.  The combined tractor fleet declined from 11,723 in the third quarter 2007 to 10,029 in the third quarter 2008, primarily due to our actions to reduce the size of the asset-based Truck segment fleet.

 

Operating income for the current quarter increased to $106 million vs. $96 million for the third quarter 2007. The net changes in fuel costs and fuel surcharge revenue during the current quarter positively impacted EPS when compared with the third quarter 2007 and the second quarter 2008. Net interest expense decreased significantly from $12.5 million in the third quarter 2007 to $9.5 million in the current quarter, primarily due to lower levels of debt. The effective tax rate was slightly lower in the current quarter; to 37.5% vs. 39.1% in 2007.  The current year to date effective tax rate was 38.4%.

 

“In this remarkable time of economic uncertainty and capital markets turmoil, we are delighted to report not only a record third quarter, but the highest EPS for any quarter in our history.  We continue to make significant progress toward the transformation of our Company from the asset-based truckload company of the past, to a diversified transportation solutions business with far less cyclicality, capital intensity and earnings volatility that is frequently associated with trucking businesses.  In addition to the solid earnings performance, we also were able to reduce our total debt by $133 million during the current quarter and from $913 million at the beginning of 2008 to $692 million at the end of the current quarter.  Financial stability and a strong balance sheet are reassuring to our customers and employees in these turbulent times both domestically and internationally.  We are confident that our business model is the correct one and one that will allow us to compete very favorably in the months and years to come.

 

“Our mission starts and ends with understanding our customers’ needs and responding with solutions that address their more complex and dynamic supply chains.  The higher and increasing costs of transportation demand new efficiencies and solutions that are economically sound for our customers, while generating adequate returns for our shareholders.  We provide competitively differentiated services

 


 

via our unique intermodal network, our specialized dedicated services and our broad ability to meet a growing variety of truckload, flatbed, refrigerated, expedited and LTL services using our own assets and the assets of others.

 

“The significant growth in our Intermodal segment reflects our solutions philosophy and our ability to execute on that strategy.  While we anticipate that we will continue to be able to provide adequate capacity to meet our customers’ truck transportation needs, it has become increasingly clear that long-term value for our customers is enhanced by the conversion of as much of their freight to our best-in-class intermodal service as possible.  Lengths of haul beyond one day’s transit (approximately 500 miles) should be considered as prime targets for conversion and we will continue to act as our customers’ chief advocate and facilitator in that endeavor.  Likewise, we are committed to a philosophy of optimal utilization of the assets under our control.  We are prepared to take decisive action to reduce investment in under-utilized equipment and redeploy that capital toward more attractive parts of our business or to further enhance our balance sheet.

 

“Given uncertain economic direction and possible further slowdowns in transportation demand in the short term, we remain confident in our solid business model and our focused team to continue to meet the challenges that may confront us, “ said Kirk Thompson, JBHT President and CEO.

 

Segment Information:

 

Intermodal (JBI)

 

·

Third Quarter 2008 Segment Revenue:

$532 million; up 24%

·

Third Quarter 2008 Operating Income:

$74 million; up 21%

 

Intermodal continued to achieve record results even when compared to a strong 2007 third quarter and year-to-date.  Freight mix continues to shift rapidly toward shorter lengths of haul, primarily over the eastern network.  Overall length of haul declined by 5% compared to the 2007 third quarter.  Load count increased more than 13%, while eastern network volume increased more than 50%.  Transcontinental volumes grew approximately 5%.  Customers are continuing to adjust their supply chains to address rising costs.  Nationwide imports entering the country through west coast ports were down in the current quarter over a year ago, partially due to the economy and partially as some shipments increasingly take an “all water route” to ports in parts of the country other than the west coast.  In increasing numbers, traditional over- the-road shippers are turning to intermodal for the first time as customers seek solutions that will reduce both carbon emissions and their overall transportation cost.

 

Railroad service continued to improve as network interruptions during the current quarter due to flooding and hurricanes were minimal.  We expanded our company-owned dray fleet by more than 20% to 2,100 tractors, both in anticipation of continued growth and to further reduce our dependence on third party dray.  Similarly, we grew our container fleet to nearly 37,000 units at current quarter end.

 

Dedicated Contract Services (DCS)

 

·

Third Quarter 2008 Segment Revenue:

$244 million; up 3%

·

Third Quarter 2008 Operating Income:

$27 million; up 10%

 

DCS revenue grew 3% compared to the same quarter last year.  Excluding the effect of fuel surcharges, revenue declined 6%.  Revenue per truck per week, excluding the effect of fuel surcharges, increased 6%, partly due to a decline in average truck count to 4,631 units in the third quarter 2008 vs. 5,248 units in the third quarter 2007.  The decline in truck count primarily related to the reduction in units providing generic

 


 

dedicated business.  Truck count in the value-added, true dedicated business increased sequentially from the second quarter 2008, but decreased when compared to the third quarter 2007.

 

Operating income increased $2.5 million compared to the third quarter 2007.  As previously stated, we have fuel surcharge programs in place at the majority of our accounts.  These programs have a timing lag between when the cost is incurred and when it is recovered.  This lag creates unfavorable comparisons in times of escalating fuel costs and favorable comparisons in times of decelerating fuel costs.  The sharp decline in fuel costs in the current quarter contributed to the segment’s improvement in operating income, as well as favorable comparisons in casualty and workers compensation costs.

 

Truck (JBT)

 

·

Third Quarter 2008 Segment Revenue:

$171 million; down 18%

·

Third Quarter 2008 Operating Income:

$2.5 million; down 73%

 

JBT revenue declined 18%, 26% excluding fuel surcharges, on a 30% reduction in tractors, as compared to the third quarter 2007.  We have continued to right-size our asset-based tractor fleet, which resulted in a reduction of 1,419 tractors compared to the tractor count at the end of the third quarter 2007.  Our fleet ended the quarter at 3,309 tractors, which is adequate to service our customers’ current demand.  JBT operating income for the current quarter included approximately $1.4 million of losses related to sales and write downs of idle equipment.  To help mitigate the high fuel prices that continue to plague the industry, we aggressively focused on reducing empty miles and stepped up processes to cut wasteful engine idling.  We reduced our overall idle time by 23% compared to the same period a year ago.

 

Compared to the same quarter a year ago, our average length of haul decreased 12% while revenue per load decreased only 6.3% as rates per loaded mile, excluding fuel surcharges, increased 6.7% compared to the third quarter 2007.  Spot rates increased by 7.1% compared to the same period last year, contributing significantly to the higher overall rate per loaded mile.

 

Integrated Capacity Solutions (ICS)

 

·

Third Quarter 2008 Segment Revenue:

$59 million; up 129%

·

Third Quarter 2008 Operating Income:

$3.1 million; up 121%

 

ICS segment revenue increased 129% from the third quarter 2007, primarily driven by increased load volumes. We continued to see steady revenue growth from new and existing customers.  Third quarter 2008 net operating revenue (gross revenue less purchased transportation) increased 156% over the same period a year ago.

 

Operating expenses increased 178% from the third quarter 2007, primarily due to employee growth throughout 2007 and 2008. Year over year employee count increased 151% from 2007.  We continued to expand our workforce during the third quarter 2008, in anticipation of continued growth in the segment, with total employees rising 21% from the second quarter 2008. Despite the larger workforce, operating expenses, as a percentage of net operating revenue, decreased to 67% in the third quarter from 68% in the second quarter 2008.

 

Our third party carrier base grew 19% during the current quarter to over 15,200 carriers by quarter-end.

 

Cash Flow and Capitalization:

 

We continue to experience strong cash flow provided by operating activities which has allowed us to decrease outstanding debt by $221 million year-to-date.  We have a well diversified group of twelve

 


 

national and international banks participating in our two revolving credit agreements. Our liquidity and access to credit remain good.

 

At September 30, 2008, we had $145 million outstanding under our main revolving line of credit at an average interest rate of 3.77%, with $205 million remaining available.  This revolving credit agreement matures in March 2012.  Our second line of credit, the Accounts Receivable Securitization Program, had $75 million outstanding at current quarter end with an average interest rate of 3.64%.   In July 2008, we successfully renewed this facility for another year at similar terms and reduced the total commitment amount from $225 million to $75 million as a result of our continued strong cash flows and declining need.

 

No new debt or equity issuances are expected or necessary in the near future.  We are performing well within our debt covenants and financial ratios contained in our various credit agreements.

 

 

 

September 30, 2008

 

December 31, 2007

 

Revolving Lines of Credit

 

$

220

 

$

430

 

Senior Notes

 

400

 

400

 

Term Loan

 

72

 

82

 

Total Outstanding Debt

 

$

692

 

$

913

 

 

In addition, our year-to-date net capital expenditures approximated $122 million vs. $268 million during the same period a year ago.  Net cash provided by operations was $147 million for the current quarter and $350 million year-to-date.  At September 30, 2008, we had cash and cash equivalents of $2.5 million.

 

This press release may contain forward-looking statements, which are based on information currently available.  Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2007. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason.  This press release and additional information will be available to interested parties at our web site, www.jbhunt.com.

 


 

 

J.B. HUNT TRANSPORT SERVICES, INC.

 

Condensed Consolidated Statements of Earnings

 

(in thousands, except per share data)

 

(unaudited)

 

 

 

 

Three Months Ended September 30

 

 

 

2008

 

2007

 

 

 

 

 

% Of

 

 

 

% Of

 

 

 

Amount

 

Revenue

 

Amount

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Operating revenues, excluding fuel surcharge revenues

 

$

770,656

 

 

 

$

767,365

 

 

 

Fuel surcharge revenues

 

225,778

 

 

 

124,273

 

 

 

Total operating revenues

 

996,434

 

100.0

%

891,638

 

100.0

%

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Rents and purchased transportation

 

400,641

 

40.2

%

319,809

 

35.9

%

Salaries, wages and employee benefits

 

217,194

 

21.8

%

224,421

 

25.2

%

Fuel and fuel taxes

 

143,028

 

14.4

%

116,596

 

13.1

%

Depreciation and amortization

 

50,666

 

5.1

%

52,299

 

5.9

%

Operating supplies and expenses

 

41,924

 

4.2

%

40,399

 

4.5

%

Insurance and claims

 

13,860

 

1.4

%

17,669

 

2.0

%

Operating taxes and licenses

 

7,985

 

0.8

%

8,429

 

0.9

%

General and administrative expenses, net of gains

 

10,214

 

1.0

%

10,802

 

1.2

%

Communication and utilities

 

4,656

 

0.5

%

5,315

 

0.6

%

Total operating expenses

 

890,168

 

89.3

%

795,739

 

89.2

%

Operating income

 

106,266

 

10.7

%

95,899

 

10.8

%

Net interest expense

 

9,480

 

1.0

%

12,487

 

1.4

%

Equity in loss of associated companies

 

247

 

0.0

%

25

 

0.0

%

Earnings before income taxes

 

96,539

 

9.7

%

83,387

 

9.4

%

Income taxes

 

36,239

 

3.6

%

32,604

 

3.7

%

Net earnings

 

$

60,300

 

6.1

%

$

50,783

 

5.7

%

Average diluted shares outstanding

 

129,042

 

 

 

133,659

 

 

 

Diluted earnings per share

 

$

0.47

 

 

 

$

0.38

 

 

 

 

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

 

 

 

Nine Months Ended September 30

 

 

 

2008

 

2007

 

 

 

 

 

% Of

 

 

 

% Of

 

 

 

Amount

 

Revenue

 

Amount

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Operating revenues, excluding fuel surcharge revenues

 

$

2,258,130

 

 

 

$

2,216,410

 

 

 

Fuel surcharge revenues

 

594,026

 

 

 

328,539

 

 

 

Total operating revenues

 

2,852,156

 

100.0

%

2,544,949

 

100.0

%

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Rents and purchased transportation

 

1,108,749

 

38.9

%

878,474

 

34.5

%

Salaries, wages and employee benefits

 

651,790

 

22.9

%

666,996

 

26.2

%

Fuel and fuel taxes

 

434,667

 

15.2

%

336,425

 

13.2

%

Depreciation and amortization

 

151,934

 

5.3

%

152,346

 

6.0

%

Operating supplies and expenses

 

119,686

 

4.2

%

115,840

 

4.6

%

Insurance and claims

 

45,924

 

1.6

%

51,745

 

2.0

%

Operating taxes and licenses

 

24,158

 

0.8

%

25,362

 

1.0

%

General and administrative expenses, net of gains

 

28,328

 

1.0

%

29,395

 

1.2

%

Communication and utilities

 

14,553

 

0.5

%

15,841

 

0.6

%

Total operating expenses

 

2,579,789

 

90.5

%

2,272,424

 

89.3

%

Operating income

 

272,367

 

9.5

%

272,525

 

10.7

%

Net interest expense

 

31,053

 

1.1

%

30,613

 

1.2

%

Equity in loss of associated companies

 

2,125

 

0.1

%

1,085

 

0.0

%

Earnings before income taxes

 

239,189

 

8.4

%

240,827

 

9.5

%

Income taxes

 

91,872

 

3.2

%

82,016

 

3.2

%

Net earnings

 

$

147,317

 

5.2

%

$

158,811

 

6.2

%

Average diluted shares outstanding

 

128,480

 

 

 

140,675

 

 

 

Diluted earnings per share

 

$

1.15

 

 

 

$

1.13

 

 

 

 


 

Financial Information By Segment

(in thousands)

(unaudited)

 

 

 

Three Months Ended September 30

 

 

 

2008

 

2007

 

 

 

 

 

% Of

 

 

 

% Of

 

 

 

Amount

 

Total

 

Amount

 

Total

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal

 

$

531,502

 

53

%

$

428,872

 

48

%

Dedicated

 

243,887

 

25

%

237,044

 

27

%

Truck

 

170,641

 

17

%

208,148

 

23

%

Integrated Capacity Solutions

 

58,532

 

6

%

25,575

 

3

%

Subtotal

 

1,004,562

 

101

%

899,639

 

101

%

Intersegment eliminations

 

(8,128

)

(1

)%

(8,001

)

(1

)%

Consolidated revenue

 

$

996,434

 

100

%

$

891,638

 

100

%

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal

 

$

73,971

 

70

%

$

61,025

 

64

%

Dedicated

 

26,843

 

25

%

24,374

 

25

%

Truck

 

2,451

 

2

%

9,162

 

10

%

Integrated Capacity Solutions

 

3,068

 

3

%

1,391

 

1

%

Other (1)

 

(67

)

(0

)%

(53

)

(0

)%

Operating income

 

$

106,266

 

100

%

$

95,899

 

100

%

 

 

 

Nine Months Ended September 30

 

 

 

2008

 

2007

 

 

 

 

 

% Of

 

 

 

% Of

 

 

 

Amount

 

Total

 

Amount

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal

 

$1,464,140

 

52

%

$1,170,563

 

46

%

Dedicated

 

715,513

 

25

%

697,640

 

28

%

Truck

 

547,467

 

19

%

644,917

 

25

%

Integrated Capacity Solutions

 

149,148

 

5

%

55,493

 

2

%

Subtotal

 

2,876,268

 

101

%

2,568,613

 

101

%

Intersegment eliminations

 

(24,112

)

(1

)%

(23,664

)

(1

)%

Consolidated revenue

 

$2,852,156

 

100

%

$2,544,949

 

100

%

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal

 

$191,965

 

70

%

$161,773

 

59

%

Dedicated

 

67,327

 

25

%

71,170

 

26

%

Truck

 

5,791

 

2

%

37,051

 

14

%

Integrated Capacity Solutions

 

7,309

 

3

%

2,546

 

1

%

Other (1)

 

(25

)

(0

)%

(15

)

(0

)%

Operating income

 

$272,367

 

100

%

$272,525

 

100

%

 

(1) Includes corporate support activity

 


 

Operating Statistics by Segment

(unaudited)

 

 

 

Three Months Ended September 30

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Intermodal

 

 

 

 

 

 

 

 

 

 

 

Loads

 

220,352

 

194,670

 

Average length of haul

 

1,817

 

1,913

 

Revenue per load

 

$

2,412

 

$

2,203

 

Average tractors during the period *

 

2,097

 

1,737

 

 

 

 

 

 

 

Tractors (end of period)

 

 

 

 

 

Company-owned

 

2,101

 

1,757

 

Independent contractor

 

5

 

7

 

Total tractors

 

2,106

 

1,764

 

 

 

 

 

 

 

Containers (end of period)

 

36,985

 

31,075

 

Average effective trailing equipment usage

 

36,286

 

30,208

 

 

 

 

 

 

 

Dedicated

 

 

 

 

 

 

 

 

 

 

 

Loads

 

335,854

 

354,590

 

Average length of haul

 

227

 

246

 

Revenue per truck per week**

 

$

4,070

 

$

3,529

 

Average trucks during the period***

 

4,631

 

5,248

 

 

 

 

 

 

 

Trucks (end of period)

 

 

 

 

 

Company-owned

 

4,445

 

5,062

 

Independent contractor

 

67

 

109

 

Customer-owned (Dedicated operated)

 

102

 

60

 

Total trucks

 

4,614

 

5,231

 

 

 

 

 

 

 

Trailing equipment (end of period)

 

8,039

 

8,082

 

Average effective trailing equipment usage

 

12,711

 

13,662

 

 

 

 

 

 

 

Truck

 

 

 

 

 

 

 

 

 

 

 

Loads

 

149,885

 

193,549

 

Average length of haul

 

454

 

516

 

Loaded miles (000)

 

68,240

 

100,206

 

Total miles (000)

 

78,325

 

114,307

 

Average nonpaid empty miles per load

 

68.1

 

73.0

 

Revenue per tractor per week**

 

$

3,678

 

$

3,416

 

Average tractors during the period *

 

3,588

 

4,740

 

 

 

 

 

 

 

Tractors (end of period)

 

 

 

 

 

Company-owned

 

2,666

 

3,790

 

Independent contractor

 

643

 

938

 

Total tractors

 

3,309

 

4,728

 

 

 

 

 

 

 

Trailers (end of period)

 

16,382

 

18,399

 

Average effective trailing equipment usage

 

11,567

 

13,042

 

 

 

 

 

 

 

Integrated Capacity Solutions

 

 

 

 

 

 

 

 

 

 

 

Loads

 

35,033

 

18,998

 

 

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

 


 

Operating Statistics by Segment

(unaudited)

 

 

 

Nine Months Ended September 30

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Intermodal

 

 

 

 

 

 

 

 

 

 

 

Loads

 

617,938

 

532,209

 

Average length of haul

 

1,847

 

1,928

 

Revenue per load

 

$

2,369

 

$

2,199

 

Average tractors during the period *

 

1,983

 

1,653

 

 

 

 

 

 

 

Tractors (end of period)

 

 

 

 

 

Company-owned

 

2,101

 

1,757

 

Independent contractor

 

5

 

7

 

Total tractors

 

2,106

 

1,764

 

 

 

 

 

 

 

Containers (end of period)

 

36,985

 

31,075

 

Average effective trailing equipment usage

 

34,872

 

29,077

 

 

 

 

 

 

 

Dedicated

 

 

 

 

 

 

 

 

 

 

 

Loads

 

1,010,437

 

1,048,573

 

Average length of haul

 

228

 

253

 

Revenue per truck per week**

 

$

3,894

 

$

3,455

 

Average trucks during the period***

 

4,748

 

5,243

 

 

 

 

 

 

 

Trucks (end of period)

 

 

 

 

 

Company-owned

 

4,445

 

5,062

 

Independent contractor

 

67

 

109

 

Customer-owned (Dedicated operated)

 

102

 

60

 

Total trucks

 

4,614

 

5,231

 

 

 

 

 

 

 

Trailing equipment (end of period)

 

8,039

 

8,082

 

Average effective trailing equipment usage

 

12,838

 

13,274

 

 

 

 

 

 

 

Truck

 

 

 

 

 

 

 

 

 

 

 

Loads

 

494,372

 

605,101

 

Average length of haul

 

470

 

518

 

Loaded miles (000)

 

233,103

 

316,687

 

Total miles (000)

 

265,880

 

360,065

 

Average nonpaid empty miles per load

 

66.8

 

71.3

 

Revenue per tractor per week**

 

$

3,627

 

$

3,366

 

Average tractors during the period*

 

3,908

 

4,988

 

 

 

 

 

 

 

Tractors (end of period)

 

 

 

 

 

Company-owned

 

2,666

 

3,790

 

Independent contractor

 

643

 

938

 

Total tractors

 

3,309

 

4,728

 

 

 

 

 

 

 

Trailers (end of period)

 

16,382

 

18,399

 

Average effective trailing equipment usage

 

12,045

 

13,168

 

 

 

 

 

 

 

Integrated Capacity Solutions

 

 

 

 

 

 

 

 

 

 

 

Loads

 

97,260

 

39,134

 

 

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

 


 

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

September 30, 2008

 

December 31, 2007

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

2,450

 

$

14,957

 

Accounts receivable

 

379,372

 

330,202

 

Assets held for sale

 

15,785

 

39,747

 

Prepaid expenses and other

 

41,254

 

103,988

 

Total current assets

 

438,861

 

488,894

 

Property and equipment

 

2,109,048

 

2,080,893

 

Less accumulated depreciation

 

755,328

 

722,170

 

Net property and equipment

 

1,353,720

 

1,358,723

 

Other assets

 

11,250

 

15,129

 

 

 

$

1,803,831

 

$

1,862,746

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current debt

 

$

89,000

 

$

234,000

 

Trade accounts payable

 

182,808

 

189,987

 

Claims accruals

 

19,684

 

19,402

 

Accrued payroll

 

50,776

 

34,310

 

Other accrued expenses

 

10,154

 

26,663

 

Deferred income taxes

 

24,488

 

20,070

 

Total current liabilities

 

376,910

 

524,432

 

 

 

 

 

 

 

Long-term debt

 

603,200

 

679,100

 

Other long-term liabilities

 

34,192

 

34,453

 

Deferred income taxes

 

306,632

 

281,564

 

Stockholders’ equity

 

482,897

 

343,197

 

 

 

$

1,803,831

 

$

1,862,746

 

 

Supplemental Data

(unaudited)

 

 

 

September 30, 2008

 

December 31, 2007

 

 

 

 

 

 

 

Actual shares outstanding at end of period (000)

 

126,010

 

124,572

 

 

 

 

 

 

 

Book value per actual share outstanding at end of period

 

$

3.83

 

$

2.76

 

 

 

 

Nine Months Ended September 30

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Net cash provided by operating activities (000)

 

$

349,678

 

$

362,953

 

 

 

 

 

 

 

Net capital expenditures (000)

 

$

122,382

 

$

268,371

 

 

 

 

 

 

 

Purchases of common stock (000)

 

$

—

 

$

541,618