Landstar Ranked Second Among The World’s Largest Specialized Transport Companies By International Cranes And Specialized Transport Magazine
JACKSONVILLE, Fla., Sept. 23, 2011 /PRNewswire/ — (NASDAQ-LSTR) Landstar System, Inc., a non-asset based provider of integrated supply chain solutions delivering safe, specialized transportation and logistics services, announced it is the world’s second largest specialized transport company according to International Cranes and Specialized Transport (IC) magazine. 2011 is the second consecutive year Landstar has been recognized as second among the publication’s “Transport 50 listing of the world’s largest specialized transport companies.”
We are pleased that we have been able to retain our status among the world’s leaders in the specialized transport industry,” said Landstar Chairman, President and CEO Henry Gerkens. “We are even more proud of the long history we have of serving our customers with the heavy haul and specialized transport they require. While this is just one of the many transportation logistics and supply chain solutions Landstar offers, this recognition is a reflection of the expertise and capabilities that Landstar brings to customers every day. The ranking results from the overall skills and dedication of Landstar’s independent sales agents, third-party capacity providers and employees.”
The magazine’s listing of the world’s largest specialized transport companies is ranked by the total maximum carrying capacity of the specialized transport equipment fleet. Landstar has more than 600 pieces of highly specialized freight equipment and over 1,700 stepdeck and 1,400 flatbed trailers available throughout North America. With a staff of seasoned professionals ready to serve, Landstar is uniquely equipped to handle any customer’s specialized transportation needs.
International Cranes and Specialized Transport is the leading international magazine for the lifting and specialized transport industry. The seventh annual “IC Transport 50″ list appears in the magazine’s August 2011 edition.
|Landstar to Participate in Deutsche Bank's Aviation and Transportation Conference & Morgan Keegan's 2011 Industrial and Transportation Conference|
JACKSONVILLE, Fla., Sept. 6, 2011 /PRNewswire via COMTEX/ --
(NASDAQ-LSTR) Landstar System, Inc., a non-asset based provider of integrated supply chain solutions delivering safe, specialized transportation and logistics services, announced today its participation in Deutsche Bank's 2011 Aviation and Transportation Conference at the St. Regis Hotel in New York, NY. Landstar Chairman, President and CEO Henry Gerkens and Landstar Vice President and Chief Safety and Operations Officer Joe Beacom will present an overview of the Company and provide an update with respect to the current level of business activity. Landstar's presentation begins at 10:20 a.m. ET on Tuesday, September 13th. It will be broadcast live via the Internet at www.landstar.com; click on "Investor Relations", and then "Webcasts".
Landstar also announced today its participation in Morgan Keegan's 2011 Industrial and Transportation Conference at The Ritz-Carlton in Chicago, Illinois. Landstar's Vice President and CFO Jim Gattoni and Landstar's Vice President and Chief Commercial and Marketing Officer Pat O'Malley will present an overview of the Company and provide an update with respect to the current level of business activity. Landstar's presentation begins at 9:45 a.m. CT on Tuesday, September 13th. It will be broadcast live via the Internet at www.landstar.com; click on "Investor Relations", and then "Webcasts".
Both presentations will be available on Landstar's website through September 20th. For more information about the presentations or webcasts, please contact Landstar's Investor Relations Department at 904-390-1530 or email firstname.lastname@example.org.
Jacksonville, Florida (NASDAQ-LSTR) Landstar System, Inc., a non-asset based provider of integrated supply chain solutions delivering safe, specialized transportation, warehousing and logistics services, has recognized 93 men and women for their outstanding safety records and professionalism behind the wheel.
The business capacity owners (BCOs) were honored as Landstar Million Mile Safe Drivers at a recent awards banquet in Jacksonville, Florida. BCO is Landstar’s term for the independent contractors who provide the company with transportation capacity under exclusive lease arrangements.
Collectively, these 93 BCOs have safely driven a total of 106 million miles – a distance that would cover the 4 million miles of public roads in the United States 27 times. On average, it takes a truck operator 10 years to travel a million miles. This distance would take the typical driver of a passenger vehicle 67 years – around the time of their 83rd birthday – to complete.
Leading the 2010 class is 3 Million Mile Safe Driver Mark Webb of Christiansburg, Virginia.
In addition, 11 BCOs reached the 2 million mile mark: Kenneth Bramm, Covington, Pennsylvania; Robert DeRuiter, Freeport, Illinois; David Edinger, Tully, New York; Kenneth Johnston, Urbana, Missouri; Ralph Jones, Blountville, Tennessee; Loyal Dean Koehl, Tunnel Hill, Georgia; Charles Millar, Radford, Virginia; Jeffery Oerman, Jonesboro, Arkansas; Ronald Reinhardt, Lena, Wisconsin; John Ross, Greenville, Virginia; Gary Siefken, Fulton, Illinois.
Eighty one BCOs were honored for the first time for driving 1 million consecutive miles without a preventable accident.
“Each year it gives me great pride to announce our new class of Million Mile Safe Drivers. These men and women represent the talent, hard work and dedication to safety that make up the core values of Landstar,” said Landstar Chairman, President and CEO Henry Gerkens. “Their safety and professionalism behind the wheel is to be commended.”
This class of 93 brings the total number of active BCOs who have earned the Million Mile title to 660.
The Class of 2010 Landstar Million Mile Safe Drivers
Jayne Brown, Smiths Station
David Dean, Vinemont
Albert Rogers, Grove Hill
Michael Case, Sr., Glendale
Stephan Farnsworth, Tempe
Mohamed Idris, Phoenix
Eric Moss, Chandler Heights
Stephen Smith, New River
Jeffery Oerman - 2 Million Miler, Jonesboro
Ronnie Baughn, Apple Valley
Daniel Hudler, Lake Alfred
Peter Peterkin, Orlando
Duke Smith, Kissimmee
Ernesto Trujillo, Kissimmee
Juan Urra, Tampa
Vincent Volk, Okeechobee
Loyal Dean Koehl - 2 Million Miler, Tunnel Hill
Susan Pardue, Clarkesville
Robert DeRuiter - 2 Million Miler, Freeport
James Mollett, Greenville
John O’Brien, Eldorado
Jaroslaw Padlo, Mount Prospect
Gary Siefken - 2 Million Miler, Fulton
Ken Graf, Newhall
Matt Cairns, Batesville
Donald Cash, Connersville
Danny Dale, Anderson
Jovan Laporsek, Dyer
Kenneth Dillon, Clearfield
Larry Lampton, Madisonville
Doris McCord, Hopkinsville
Winston Black, Baton Rouge
Stephen Shenton, Belcamp
Kevin Carty, Gaines
James Revis, Escanaba
Patrick Smith, Bellevue
Glenn Hanback, Dittmer
Charles Harrill, Lebanon
Kenneth Johnston - Million Miler, Urbana
Benjamin Smith, Neosho
John Neddenriep, Lincoln
Roger Bishop, Alstead
Bruce Myers, North Conway
Roger Falloon, Stanley
Ubaldo Serna, Las Cruces
David Edinger - 2 Million Miler, Tully
Matthew Edinger, Tully
Michael Houser, Tully
David Reding, Fayetteville
Samuel Tatum, Winston Salem
Anthony Ferrari, Brook Park
William Fisher, Jr., East Canton
William Jenkins, Cleveland
Michael Kurpyl, Jefferson
Jeffery Looney, Piketon
Robert McCoy, Salem
Brian Mowen, East Canton
Robert Stoviak, Canton
Robert Brewer, Tulsa
Charolette Ledford, Oklahoma City
Scott Murphy, Glenpool
Jessie Saylor, Grove
Richard Burrows, Titusville
Kenneth Bramm - 2 Million Miler, Covington
Robert White, Pickens
Ralph Jones - 2 Million Miler, Blountville
Dennis King, Kingsport
Justin Tetreault, Lebanon
John Webb, Parsons
Juan Aguirre, Laredo
Lanny Atteberry, Sandia
Philip Everling, Waxahachie
Thomas Garcia, El Paso
Terry Gunter, Valley Mills
Adrian Martin, Bedias
Jay Moore, Quemado
Jorge Pacheco, Houston
Gustavo Sanchez, Grand Prairie
Jimmy Weeks, Alvin
David Yancy, Sr., Grand Prairie
Denis Knight, Sandy
Charles Millar - 2 Million Miler, Radford
John Ross - 2 Million Miler, Greenville
Craig Smith, Christiansburg
Mark Webb - 3 Million Miler, Christiansburg
David Wilson, Abingdon
Robert Logan, Morgantown
Harlan Carter, Pittsville
Dennis Eastman, New London
Craig Mallet, Milwaukee
Ronald Reinhardt - 2 Million Miler, Lena
David Dubuc, Burlington
Anthony Pelehos, Spencerville
Landstar System, Inc. is a non-asset based provider of integrated supply chain solutions. Landstar delivers safe, specialized transportation, warehousing and logistics services to a broad range of customers worldwide utilizing a network of agents, third-party capacity owners and employees. All Landstar transportation companies are certified to ISO 9001:2008 quality management system standards and RC14001:2008 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.
Trucks and Trailers for sale with lease option available.
2005 kemworth W-900, 600k miles twin turbo Cat, 13 speed, 72 inch sleeper,Engine Brake, Air Ride Suspension, 24.5LP Tires, Aluminum Wheels, NEW CLUTCH AND TURBO NICE CLEAN TRUCK...Call now........ Lease option available $2000.00 down and 363.47 per week for 3 years.....Must be Landstar Qualified driver for lease Purchase option. 423-869-0386
Agency MRR Waleska, GA
Misty Reynolds (770) 796-2347
Agency FLZ out of white Pine, TN
Please call Brittany for available loads
Ellis Trucking, Inc needs to hire a Driver
Pundt Appointed Vice President Corporate Business Development; O'Malley Appointed President of Landstar Carrier Group
JACKSONVILLE, Fla., Dec. 5 /PRNewswire-FirstCall/ -- Landstar System, Inc., (Nasdaq: LSTR) a safety-first non-asset based provider of transportation capacity and logistics services, announced today that effective January 2, 2008, Jeff Pundt will succeed Ron Stanley as Vice President of Corporate Business Development for all of Landstar and Pat O'Malley has been named President of the Landstar Carrier Group. Stanley announced his plans to retire in early 2008.
"Ron has played an integral part in Landstar's success over the years first as President of Landstar Express America, then as Chief Operating Officer, and more recently as Vice President of Corporate Business Development. We wish him the best," said Landstar President and CEO Henry Gerkens.
"Jeff is a proven leader and has done a fantastic job of leading the Landstar Carrier Group over the past three years. As Vice President of Corporate Business Development, Jeff will play an integral part in growing Landstar's revenue."
Pat O'Malley joined Landstar in 1985 as an Operations Coordinator and has held various positions throughout his career including Director of Fleet Management, Landstar Vice President of Safety and most recently Executive Vice President of Operations for the Landstar Carrier Group.
"Pat's extensive experience working with all of Landstar's constituents in the areas of operations and safety make him an ideal candidate for this position. I am confident he will do an excellent job leading the Carrier Group into 2008 and beyond."
Landstar System, Inc. delivers safe, specialized transportation services to a broad range of customers worldwide. The Company identifies and fulfills shippers' needs through the coordination of individual businesses comprised of independent sales agents and third-party transportation capacity providers. Landstar's carrier group, which is comprised of Landstar Gemini, Inc., Landstar Inway, Inc., Landstar Ligon, Inc., Landstar Ranger, Inc. and Landstar Carrier Services, Inc., delivers excellence in complete over-the-road transportation services. Landstar's global logistics group, which is comprised of Landstar Global Logistics, Inc. and its subsidiary Landstar Express America, Inc., provides international and domestic multimodal (over-the-road, air, ocean and rail) transportation, expedited, contract logistics and warehousing services. All Landstar operating companies are certified to ISO 9001:2000 quality management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market(R) under the symbol LSTR.
SOURCE Landstar System, Inc.
go out to Don Ellis of the Shipment-Transport, Inc. agency in Harrogate, TN for being
selected Landstar’s June 2013 LSO of the month. Don has become an active LSO
at his agency and stresses safety in his operations. Don attends the
annual Knoxville LSO meeting and dials in regularly on the Safety
Thursday Conference Call. Last month, Don and Region Manager Jeff Pell,
utilized the Landstar MUST Program with
one of Shipment-Transport's largest customers. Over lunch, Don and Jeff met with the
shipping department and presented updates on regulation changes in the
industry along with sharing ideas on freight securement best practices.
Don’s commitment to getting the safety message out shows with a year to
date preventable accident frequency of zero, and with over 2.4 million
BCO miles booked since 2012, the Shipment-Transport agency has not had a single
preventable accident. Congratulations to Don & the Shipment-Transport agency!
For Immediate Release Contact: Jim Gattoni
January 3, 2013 Landstar System, Inc.
(904) 398 - 9400
LANDSTAR SUCCESSFULLY CONCLUDES LITIGATION WITH OOIDA
Jacksonville, Florida (NASDAQ-LSTR) Landstar System, Inc., a non-asset based provider of integrated supply chain solutions delivering safe, specialized transportation and logistics services, today announced the end of its decade-long litigation with the Owner-Operator Independent Drivers Association, Inc. (“OOIDA”).
At issue in the case was Landstar’s compliance with federal regulations that govern the leasing relationship between motor carriers and truck owner-operators.
“Landstar is very pleased with the conclusion of this lawsuit,” according to Michael Kneller, Landstar Vice President and General Counsel. “After a decade of proceedings, including two trials and extensive appeals, this litigation comes to an end after affirming the validity of Landstar’s current leases in place with all of its BCOs and with no award of injunctive or monetary relief of any kind to the plaintiffs.”
According to Jim Johnston, President of OOIDA, “We are pleased to put this litigation behind us. Landstar is a reputable motor carrier with a history of retaining owner-operators who are among the most highly skilled and professional individuals in the trucking industry. We are optimistic that we can work together in the future in advancing the goals of owner-operators.”
“Landstar’s BCOs are at the core of what we do," said Henry Gerkens, Landstar Chairman, President and CEO. “We believe our BCOs are the best owner-operators in the industry and we take great pride in treating them that way.”
Hazardous Materials shipping papers
Effective January 1, 2013, the required hazardous materials shipping description sequence currently
used will change to a required sequence of Identification Number, Proper Shipping Name, Hazard Class
and Packing Group. EXAMPLE:
Current sequence (until 12/31/2012): Paint, 3 UN1263, PGII
New sequence (mandatory 1/1/2013): UN1263, Paint, 3 PGII
Either sequence is permitted until 1/1/2013.
Any hazardous materials shipments accepted on or after January 1, 2013 MUST have the proper
shipping description sequence as prescribed in 49CFR 172.202(b) below.
172.202 Description of hazardous material on shipping papers.
(b) Except as provided in this subpart, the basic description specified in paragraphs (a)(1), (2), (3), and (4) of this
section must be shown in sequence with no additional information interspersed. For example, “UN2744, Cyclobutyl
chloroformate, 6.1, (8, 3), PG II.” The shipping description sequences in effect on December 31, 2006, may be used until January 1, 2013. Shipping descriptions for hazardous materials offered or intended for transportation by rail that contain all the information required in this subpart and that are formatted and ordered in accordance with recognized electronic data interchange standards and, to the extent possible, in the order and manner required by this subpart are deemed to comply with this paragraph.
10-11-12: Landstar To Announce Third Quarter Results On Thursday, October 25, 2012
10-09-12: Landstar Names Employees of the Month
|Landstar Names Employees of the Month|
Jacksonville, Florida (NASDAQ-LSTR) Landstar System, Inc., a non-asset based provider of integrated supply chain solutions delivering safe, specialized transportation and logistics services, has named Ken Berame, Donna Garbula and Tracey Minton October Employees of the Month.
Berame works out of the Rockford, Illinois, service center as a senior programmer/analyst in the Information Services department. He has been with Landstar since January of 2000. Berame was nominated for his technical knowledge, proactive work ethic and tireless effort to get the job done right and on time.
Garbula is a logistics analyst in the Operations department at the Southfield, Michigan, service center. Garbula, who started in May of 2011, was nominated for her attention to detail, job knowledge and outstanding customer service skills.
Minton works out of the Jacksonville, Florida, service center as a representative in the BCO Services department. She has been with Landstar since July of 1995. Minton was recognized for always putting the customer first, her ability to multi-task and willingness to be a team player.
Landstar Chairman, President and CEO Henry Gerkens praised Berame, Garbula and Minton on their contributions to Landstar.
“The overall success of this company is largely dependent on the service excellence provided by employees like these,” said Gerkens. “Our October Employees of the Month are well deserving of this recognition.”
LandstarSystem, Inc. is a non-asset based provider of integrated supply chain solutions. Landstar delivers safe, specialized transportation and logistics services to a broad range of customers worldwide utilizing a network of agents, third-party capacity owners and employees. All Landstar transportation services companies are certified to ISO 9001:2008 quality management system standards and RC14001:2008 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.
Landstar BCO Named Overdrive's
Owner/Operator of the Month
“Overwhelming!” is how Landstar BCO Jenny Simpson describes
being selected as Overdrive magazine’s Owner/Operator of the Month
for January 2012.
“I’ve been getting congratulatory phone calls and emails from just
about everyone,” says Simpson. “It just blows me away.”
For Simpson to be recognized by a national publication comes as no
surprise to some at Landstar. She’s received Landstar’s Star of Quality
Award four times. Since joining the company in 2002, Simpson has
earned a bronze, a silver and two gold awards for going out of her way
to help others.
“As a truck driver, my philosophy is that if you do your best to make
everyone happy, then everything turns out well,” says Simpson. “I also
believe in looking out for others and helping out when I can. It makes
life a lot easier when I need a favor in kind.”
Simpson, who was born in Australia, says that the impression a
driver makes when they interact with an agent, a shipper or just
someone on the road, can go a long way.
“It’s not always about you, but how you treat the people around
you,” Simpson says. “You have to be flexible, be willing to help
others and do the job to the best of your ability. There are times when
working as an owner/operator is a pain, but moments when it’s great
To read Jenny's story go to
12-16-11: Landstar Launches Mobile App for Freight Searches
49 CFR 392.82
Effective 1/3/2012, no driver shall use a hand-held mobile telephone while driving a commercial motor vehicle.
No motor carrier shall allow its drivers to use a hand-held mobile telephone while driving a commercial motor vehicle
Cell Phone Do & Don’ts
Cannot talk on hand held cell phone while driving
Cannot punch/dial numbers
Cannot talk on hand held while stopped in traffic or other delays
Cannot hold cell phone while truck in operation
Can talk on hands free phone
Can push one button to dial with hands free
o Can only push one button to initiate call
o Can only push one button to terminate call
o Cannot reach for cell phone in a manner that requires movement from seated driving position
Can talk on CB
Can use a GPS or other navigation system
Can use other systems such as music players/dispatching devices, etc
Can talk on hand held cell phone when safely parked off the road and not moving
In emergency, can use hand held to contact emergency services only
Non-compliance will result in "serious" violation
Two "serious" violations as defined in Table 2 of 49 FMCSR 383.51 will result in disqualification of CDL for 60 days
Violation will result in 30 CSA points (10 points x 3)
Federal civil penalties up to $2,750 for operator violating rule
Federal civil penalties up to $11,000 for carriers violating rule
|Landstar System Reports 45 Percent Increase in Diluted Earnings Per Share to a Third Quarter Record of $0.64|
JACKSONVILLE, Fla., Oct. 24, 2011 /PRNewswire via COMTEX/ --
Landstar System, Inc. (NASDAQ: LSTR) reported 2011 record third quarter diluted earnings per share of $0.64 per diluted share, from net income of $30.2 million, compared to net income of $21.8 million, or $0.44 per diluted share, for the 2010 third quarter. Operating margin was 44.7 percent in the 2011 third quarter compared to 35.6 percent in the 2010 third quarter. Revenue for the 2011 third quarter was $684.0 million compared to $622.8 million in the 2010 third quarter. Included in the 2010 third quarter was a one-time charge of $3.8 million, or $0.05 per diluted share, related to the buy-out by the Company of its remaining contingent payment obligation from an acquisition completed in 2009.
Truck transportation revenue hauled by independent business capacity owners ("BCOs") and truck brokerage carriers in the 2011 third quarter was $625.8 million, or 91 percent of revenue, compared to $573.5 million, or 92 percent of revenue, in the 2010 third quarter. In the 2011 and 2010 third quarters, the Company invoiced customers $72.7 million and $48.5 million, respectively, of fuel surcharges that were passed 100 percent to BCOs and excluded from revenue. Included in revenue hauled by third-party truck capacity providers in the 2011 and 2010 third quarters were $25.9 million and $20.3 million, respectively, of fuel surcharges invoiced to customers on revenue hauled by third-party truck brokerage carriers. Also included in revenue hauled by third-party truck capacity providers was revenue generated under the Company's less-than-truckload substitute line haul service offering of $17.1 million and $48.4 million in the 2011 and 2010 third quarters, respectively. Revenue hauled by rail, air and ocean cargo carriers was $44.5 million, or 7 percent of revenue, in the 2011 third quarter compared to $36.2 million, or 6 percent of revenue, in the 2010 third quarter. Transportation management fee revenue generated by the supply chain solutions companies was $5.0 million and $4.3 million in the 2011 and 2010 third quarters, respectively.
Trailing twelve-month return on average shareholder's equity was 39 percent and trailing twelve-month return on invested capital, net income divided by the sum of average equity plus average debt, was 27 percent. During the 2011 third quarter, the Company purchased 816,814 shares of its common stock under its authorized share purchase programs. In the thirty-nine week period ended September 24, 2011, the Company purchased a total of 1,013,507 shares of its common stock at a total cost of $41,966,000. Under the Company's authorized share purchase program, the Company currently has a total of 709,000 shares of its common stock available for purchase. Landstar System, Inc. also announced that its Board of Directors has declared a quarterly dividend of $0.055 per share. The dividend is payable on December 2, 2011 to stockholders of record at the close of business on November 8, 2011. It is the intention of the Board of Directors to continue to pay a quarterly dividend.
"I am extremely pleased with the Company's 2011 third quarter operating performance," said Henry Gerkens, Landstar's Chairman, President and CEO. "Revenue increased ten percent over the 2010 third quarter, even after taking into account the anticipated revenue decline in our substitute line haul service offering. Excluding the substitute line haul revenue from both the 2011 and 2010 third quarters, revenue increased 16 percent. During the 2011 third quarter, the growth rate in the number of loads hauled increased each month compared to the corresponding prior year month as we moved through the quarter. Revenue per load continued to be strong. Consolidated operating income increased 38 percent, while earnings per diluted share increased 45 percent to $0.64 per diluted share, the best third quarter diluted earnings per share in Landstar history."
Gerkens continued, "Although I am very confident as Landstar enters the 2011 fourth quarter, the Company's fourth quarter revenue performance in recent years has been somewhat inconsistent, especially in the latter part of the quarter. However, recent trends in September, and thus far in October, indicate continued strength in revenue per load and load volume. Assuming these trends continue throughout the 2011 fourth quarter, I would expect 2011 fourth quarter diluted earnings per share to be within a range of $0.62 to $0.67."
Landstar will provide a live webcast of its quarterly earnings conference call this afternoon at 2:00 pm ET. To access the webcast, visit the Company's website at www.landstar.com; click on "Investor Relations" and "Webcasts," then click on "Landstar's Third Quarter 2011 Earnings Release Conference Call."
The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are "forward-looking statements". This press release contains forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies, expectations and intentions. Terms such as "anticipates," "believes," "estimates," "intention," "plans," "predicts," "may," "should," "will," the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: an increase in the frequency or severity of accidents or workers' compensation claims; unfavorable development of existing claims; dependence on independent sales agents; dependence on third-party capacity providers; disruptions or failures in our computer systems; a downturn in domestic or international economic growth or growth in the transportation sector; substantial industry competition; and other operational, financial or legal risks or uncertainties detailed in Landstar's Form 10K for the 2010 fiscal year, described in Item 1A Risk Factors, and other SEC filings from time-to-time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and Landstar undertakes no obligation to publicly update or revise any forward-looking statements.
LandstarSystem, Inc. is a non-asset based provider of integrated supply chain solutions. Landstar delivers safe, specialized transportation and logistics services to a broad range of customers worldwide utilizing a network of agents, third-party capacity owners and employees. All Landstar transportation companies are certified to ISO 9001:2008 quality management system standards and RC14001:2008 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.
Landstar System, Inc. and Subsidiary
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
Thirty Nine Weeks Ended
Thirteen Weeks Ended
Costs and expenses:
Commissions to agents
Other operating costs
Insurance and claims
Selling, general and administrative (1)
Depreciation and amortization
Total costs and expenses (1)
Operating income (1)
Interest and debt expense
Income before income taxes (1)
Less: Net loss attributable to noncontrolling interest
Net income attributable to Landstar System,
Inc. and subsidiary (1)
Earnings per common share attributable to
Landstar System, Inc. and subsidiary (1)
Diluted earnings per share attributable to
Landstar System, Inc. and subsidiary (1)
Average number of shares outstanding:
Earnings per common share
Diluted earnings per share
Dividends paid per common share
The 2010 thirty-nine and thirteen-week periods include a $3,800 one-time charge for the buyout by the Company of its remaining
contingent payment obligation from an acquisition completed in 2009. Net of related income tax benefits, these costs reduced net
income for the thirty-nine and thirteen-week periods ended September 25, 2010 by $2,348, or $0.05 per common share ($0.05 per
Landstar System, Inc. and Subsidiary
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
Cash and cash equivalents
Trade accounts receivable, less allowance
of $4,652 and $5,324
Other receivables, including advances to independent
contractors, less allowance of $5,018 and $5,511
Deferred income taxes and other current assets
Total current assets
Operating property, less accumulated depreciation
and amortization of $147,237 and $137,830
LIABILITIES AND EQUITY
Current maturities of long-term debt
Other current liabilities
Total current liabilities
Long-term debt, excluding current maturities
Deferred income taxes
Landstar System, Inc. and subsidiary shareholders' equity
Common stock, $0.01 par value, authorized 160,000,000
shares, issued 66,595,036 and 66,535,169 shares
Additional paid-in capital
Cost of 19,689,466 and 18,674,902 shares of common
stock in treasury
Accumulated other comprehensive income
Total Landstar System, Inc. and subsidiary shareholders'
Total liabilities and equity
Landstar System, Inc. and Subsidiary
Thirty Nine Weeks Ended
Thirteen Weeks Ended
Revenue generated through (in thousands):
Business Capacity Owners (1)
Truck Brokerage Carriers
Ocean cargo carriers
Air cargo carriers
Number of loads:
Business Capacity Owners (1)
Truck Brokerage Carriers
Ocean cargo carriers
Air cargo carriers
Revenue per load:
Business Capacity Owners (1)
Truck Brokerage Carriers
Ocean cargo carriers
Air cargo carriers
Truck Capacity Providers
Business Capacity Owners (1) (3)
Truck Brokerage Carriers:
Approved and active (4)
Total available truck capacity providers
(1) Business Capacity Owners are independent contractors who provide truck capacity to the Company under exclusive
(2) Includes premium revenue generated by the insurance segment and warehousing and transportation management fee revenue
generated by the transportation logistics segment.
(3) Trucks provided by Business Capacity Owners were 8,314 and 8,481 at September 24, 2011 and September 25, 2010, respectively.
(4) Active refers to Truck Brokerage Carriers who have moved at least one load in the past 180 days.
SOURCE Landstar System, Inc.
|Caterpillar shakes up vocational market|
PEORIA, IL -- The vocational truck market has changed significantly with the entry of Caterpillar's CT660. The company launched full production of the much anticipated vehicle last month, and trucks are now being delivered to customers. In fact, it’s been in limited production since June at Navistar's plant in Garland, Texas. The first units off the line were used to validate manufacturing procedures and to ensure that standards were being met. So far, most production trucks are going to Cat dealers across the continent.
Based on an International Paystar, but much modified, it features Cat-branded engines built by Navistar. The Garland plant actually builds both trucks interchangeably on the same assembly line, alongside International Workstars plus military and other vehicles in Navistar's product stable.
The two companies announced this joint truck development and manufacturing arrangement, and much more, in June of 2008, though they've had a strong working relationship for many years. They jointly developed a diesel fuel-injection system more than a decade ago, for example. A separate joint-venture company, NC2 Global, is about to bring a new cabover truck to markets outside North America.
The CT660, according to George Taylor, director of Caterpillar's Global On-Highway Truck Group, competes mainly with Kenworth, Mack and Peterbilt products. In a lengthy private chat during a recent press event at the company's Edwards Demonstration & Learning Center just outside Peoria, he told Today's Trucking that bidding competitions so far have shown those other three marques to be the key competition.
Asked about pricing, Taylor allowed that the CT660 is at a premium level and will list at more than the equivalent Kenworth, for example.
There's a further wrinkle in there, he said, because Cat dealers are not accustomed to the kind of discounting that's common in the truck world. Other Cat products also command premium prices, and they too face price pressure, but not to the extent that's routine for truck dealers. It's not at all unique, said Taylor, for trucks to be sold at 0% profit in a competitive situation, but that's almost totally unheard of in the construction-equipment market.
"Our dealers face a learning curve," said Taylor.
Supporting that premium price, however, are a few intangibles. Chief among them is the huge Caterpillar network and its very strong links in the construction industry. Taylor allowed that one-stop shopping will have appeal for some companies already connected with Cat.
Another of the CT660's strengths is Cat Financial, which will help buyers manage the money side of the equation, and not just in terms of a truck purchase or lease. It's a surprisingly big enterprise with a special fondness for -- and understanding of -- construction and trucking companies that banks tend not to like. Among other services, it offers a ‘Commercial Account’ credit card that can be used at any U.S. or Canadian Cat dealership to buy parts, pay for maintenance, or rent equipment. It’s not been rolled out in Canada quite yet but will be before year’s end.
Then there's Cat’s telematics offering, Product Link, which is already standard fare on other Cat machines and will be free for the first three years on the CT trucks. Subsequently it would revert to a subscription service
Back to the CT660 itself, Cat says almost everything above the International Paystar frame is new, but even some chassis components were re-designed. The pitman arms, for instance, are unique to the CT660, and the steering system at large is new. The aluminum-alloy cab, derived from the Paystar but bearing little resemblance to it inside, is also essentially unique to Cat. Among the useful improvements are piano-style door hinges. Also new are the cab mount and suspension and also the “optimized” rear engine mount, all of which contribute to creating a quiet driver environment.
Right now only the CT11 and CT13 engines are available, with horsepower as high as 475 and torque up to 1700 lb ft. Coming in Q1 2012 is the CT15 which will offer power and torque up to 550 hp and 1850 lb ft. The latter is based on Cat's own 15-litre block. A year after that, Q1 2013, we’ll see the CT680 truck with set-forward axle.
While there is some call from logging and fuel-hauling customers for Cat to produce a short-sleeper version of the CT trucks, Taylor said that's not presently in the cards. He didn't, on the other hand, rule it out. -- R.L.
source Today's Trucking.com
|New Truck Orders Up 12%|
NASHVILLE, IN.– Freight Transportation Research Associates (FTR) has released preliminary data on total net orders for September Class 8 trucks.
And it's increased 12 percent above the August 2011 numbers, not to mention 56 percent higher than September 2010.
While orders have improved recently, the FTR noted that the annualized order rate for the six-month period through September is considerably less than earlier this year.
"Given the level of order activity," said Eric Starks, president of FTR, "it appears that truckers are not very concerned about a slowing economy. This is a good sign that things are not falling apart. The next three months will set the stage for 2012 as we will be entering traditionally strong order months. As the shipping season winds down, truckers will assess their position and place orders for delivery in late Q1 and Q2 so that they are prepared for next year’s shipping season.”
source todays trucking.com
Landstar System (LSTR) Shares Given New $52.00 Price Target by Analysts at Dahlman Rose
Equities research analysts at Dahlman Rose lowered their price target on shares of Landstar System (NASDAQ: LSTR) from $54.00 to $52.00 in a research issued note to investors on Friday. They currently have a “buy” rating on the company’s shares.
Separately, analysts at Piper Jaffray (NYSE: PJC) cut their price target on shares of Landstar System to $48.00 in a research note to investors on Tuesday, September 6th. Also, analysts at Jefferies reiterated a “hold” rating on shares of Landstar System in a research note to investors on Friday, July 22nd. They now have a $48.00 price target on the stock.
Shares of Landstar System opened at 40.33 on Friday. Landstar System has a 52 week low of $35.85 and a 52 week high of $49.66. The stock’s 50-day moving average is $39.60 and its 200-day moving average is $44.16. The company has a market cap of $1.924 billion and a price-to-earnings ratio of 20.27.
FedEx sees global slowdown, cuts profit outlook
Posted: September 24, 2011 - 4:17pm
NEW YORK (AP) — FedEx Corp. says consumers are putting off purchases of electronics and other gadgets from China, another example of the global economic slowdown that’s prompting fears of another recession.
The slowdown prompted the world’s second-largest package delivery company to lower its earnings expectations for the fiscal year that ends in May. But while anxiety over the economy created a rout in the stock markets, and its own shares, FedEx isn’t yet ready to predict another recession in the U.S.
“While there’s been considerable speculation that the economy has or will soon enter a recession, this is not our view at present,” FedEx CEO Fred Smith said Thursday on a conference call. FedEx’s larger rival United Parcel Service Inc. said last week that it thinks another recession is unlikely, although it warned of a “bumpy ride” for the global economy.
“Our customers’ hair is not on fire. They’re just saying we’re taking it steady as she goes. It just feels completely different than it did back in ‘08,” FedEx Chief Financial Officer Alan Graf said.
Investors weren’t so sanguine. They sent FedEx shares down as low as $64.55, a level not seen in more than two years. The stock closed down $5.92, or 8.2 percent, at $66.58. The shares had already lost about a quarter of their value since FedEx last reported earnings in June. UPS shares dropped 3.3 percent to close at $62.17.
FedEx and UPS are closely watched indicators of broader economic health because they ship so many packages between consumers and businesses every day.
When consumers and businesses are concerned about the strength of the economy, they tend to choose slower shipping options — like switching from overnight express service to slower ground shipping — to save money. It’s the same move many made during the recession.
FedEx executives said lagging consumer sentiment, driven partly by a lack of confidence that officials in Europe and the U.S. will find effective solutions to their countries’ economic challenges, is the biggest impediment to economic growth.
“We’ve got to turn around this sentiment in order to see some growth beyond what we are expecting right now,” Smith said
FedEx now expects to earn between $6.25 and $6.75 per share for fiscal 2012, compared with a previous estimate of $6.35 to $6.85 per share. Analysts expect $6.39 per share, according to FactSet Research.
For the fiscal first quarter that ended in August, FedEx says an increase in deliveries by truck offset a drop-off in shipments by air. Net income rose 22 percent to $464 million or $1.46 per share in the three-month period, compared with $380 million, or $1.20 per share, a year earlier. Revenue rose 11 percent to $10.52 billion.
Analysts expected a profit of $1.45 per share on revenue of $10.32 billion.
Express shipments slowed most notably from China, where growth had been robust. FedEx said the slowdown in that division outpaced its ability to cut costs, which it said it’s doing aggressively to balance demand. As a result, the Express division’s operating income fell 19 percent, even as revenue rose 12 percent. Average daily express volume in the U.S. fell 3 percent. But revenue per package rose 13 percent as packages weighed more on average and FedEx tacked on higher fuel surcharges.
Operating income in FedEx’s ground segment leaped 42 percent to $407 million. Revenue rose 16 percent to $2.28 billion. Average daily package volume grew 5 percent driven by an increase in shipments between businesses and FedEx home delivery service. International priority shipments — the speediest and most expensive shipping option — fell an average of 4 percent per day.
FedEx’s freight segment, which hauls heavier shipments like refrigerators and car parts, posted an operating profit of $42 million compared with a loss of $16 million a year earlier. Revenue rose 6 percent.
UPS to Expand Its Air Hub at Cologne/Bonn Airport
September 23, 2011
On the day that marks 25 years since UPS (NYSE: UPS) started its operations at Cologne/Bonn Airport in Germany, the company announced plans to significantly expand its European air hub facilities there.
“Increased capacity and efficiency at our Cologne/Bonn facility will ensure they continue to enjoy the highest possible levels of service in today’s highly competitive, fast-moving global economy.”
The expansion project, due to be completed by the end of 2013, would equip the existing facility with additional state-of-the-art technology and would include a major extension to the existing building. This extension would be partially dedicated to processing larger freight shipments. Together, these initiatives will significantly increase the hub’s package sorting capacity from today’s 110,000 to 190,000 packages per hour, ensuring UPS’s Cologne/Bonn air hub remains one of the most advanced sorting facilities in the world.
At an estimated $200 million, this expansion will constitute UPS’s largest facility investment outside the United States in the company’s history.
UPS originally chose Cologne/Bonn as the location for its European air hub due to its excellent location, the area’s well developed road network and infrastructure, the good local weather conditions for year-round flight operations, the airport’s excellent runway system and its proximity to a skilled and flexible workforce. Those conditions have not changed to this day.
“The Cologne hub has served us well for 25 years and continues to be exactly where we need it in order to best serve our customers on the important trading lanes within Europe and beyond to the Americas and Asia,” said Jim Barber, president, UPS Europe. “This investment demonstrates our long-term confidence in, and commitment to, the European economy and its businesses that continue to produce goods sought after the world over.”
UPS has enjoyed great success in Europe with a compound annual export volume growth rate of more than 10% over the past 10 years. With the planned expansion announced today, UPS is positioning itself for continued growth of its international express business.
“This announcement is good news for UPS customers in Europe and all over the world,” added Barber. “Increased capacity and efficiency at our Cologne/Bonn facility will ensure they continue to enjoy the highest possible levels of service in today’s highly competitive, fast-moving global economy.”
UPS already is the largest employer at Cologne/Bonn Airport with almost 2,300 employees. The expansion is expected to create up to 200 new jobs at the hub by the end of 2013, a figure that will rise further as new capacity is utilized.
UPS (NYSE:UPS) is a global leader in logistics, offering a broad range of solutions including the transportation of packages and freight, the facilitation of international trade, and the deployment of advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, USA, UPS serves more than 220 countries and territories worldwide. The company can be found on the Web at www.UPS.com and its corporate blog can be found at blog.ups.com. To get UPS news direct, visit www.pressroom.ups.com.
South Carolina Ports Launch Clean-Truck Program
Part of larger effort to develop clean-truck program throughout the Southeast
The South Carolina State Ports Authority launched a voluntary program to help truck owners replace older trucks with newer, cleaner rigs on Thursday.
The Seaport Truck Air Cleanup Southeast program, or STACS, provides truck owners who are frequent port users a financial incentive to replace pre-1994 model trucks with 2004 or newer models
While Charleston’s program is the first to launch in the region, the SCPA is working with the Coalition for Responsible Transportation and the Environmental Defense Fund to develop a regional truck program that would cover ports across the Southeast.
Eligible truck owners can get a $5,000 incentive, plus the scrap value of their pre-1994 truck, to use toward the purchase of a newer, cleaner truck.
The program differs from clean-trucks programs at other ports in that it is voluntary. At other ports, such as Los Angeles-Long Beach, the clean trucks program denies access to terminals by trucks that are over a certain age, forcing port drayage companies to replace them.
The incentive for the STACS program is funded by the SCPA, along with the South Carolina Department of Health and Environmental Control through a grant from the Environmental Protection Agency. STACS will help make upgraded equipment attainable and financially viable for all truck owners, both companies and independent owner-operators.
"Newer trucks can reduce operating and maintenance costs, while also reducing emissions. It’s a practical solution for improving air quality and enhancing the flow of commerce,” said SCSPA Executive Director Jim Newsome
According to a recent truck survey, about 2 percent of the trucks that frequent the port are 1993 or older model years. Based on EPA estimates, moving from 1993 or older trucks to 2004 or newer trucks will reduce emissions by about 60 percent. In addition, newer equipment uses less fuel, which reduces operating costs.
In June, the Coalition for Responsible Transportation, the Environmental Defense Fund, and U.S. Environmental Protection Agency announced the launch of the EPA SmartWay Drayage Program at a press conference in Charleston. The drayage program is a partnership between stakeholders including major national retailers, trucking companies, port communities, environmental groups and the U.S. EPA to reduce harmful air emissions from port drayage trucks.
Landstar Adds Owner-Operators, Capacity
CEO Gerkens says truckload demand is stable, rates rising in second quarter
Landstar System is increasing its number of business capacity owners, the owner-operators who operate trucks for the $2.3 billion transportation company.
“Our collective objective is to grow all types of capacity,” Henry Gerkens, Landstar chairman, president and CEO, said Friday in a mid-quarter conference call.
Landstar had 7,697 BCOs at the end of the first quarter, down from 7,800 in the same quarter a year ago and 7,865 at the end of the fourth quarter.
The company shed about 40 BCOs in the first two weeks of the second quarter, but has expanded its owner-operator roster for six straight weeks, Gerkens said.
Owner-operators are increasingly in demand, as truckload carriers look to add marginal capacity without the cost of purchasing assets or hiring employees.
“Owner-operators right now are in the driver’s seat,” said Tony Orr, national sales manager for DriverJobs.com. Carriers “are doing everything they can to entice owner-operators, giving away free plates (registrations), no escrow, even helping them with fuel for the first weeks out.”
Landstar’s business model is based on its owner-operators. BCOs hauled 56 percent of Landstar’s loads in the first quarter and generated 54 percent of its revenue.
“Overall, demand in the first two months of the second quarter has been relatively stable,” Gerkens said. The carrier’s rates rose month-over-month in April and May.
At the end of the first quarter, Landstar BCOs operated 8,226 tractor-trailers, down 2.7 percent from the end of 2010. Landstar’s owner-operator capacity is down 3.4 percent from the end of 2009, and 9 percent from its most recent peak at the end of 2008.
That’s a slightly steeper cut than the 7.4 percent contraction in tractors at a group of large truckload carriers, including Landstar, tracked by The Journal of Commerce.
Contact William B. Cassidy at email@example.com. Follow him on Twitter at @wbcassidy_joc