Knight Transportation, Inc. (NYSE: KNX), one of North America’s
largest and most diversified truckload transportation companies, today
reported revenue and net income for the second quarter ended June 30,
2013.
Key financial highlights for the second quarter and first half of 2013
and 2012 were as follows:
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Three Months Ended June 30,
(dollars in thousands, except per
share data)
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|
Six Months Ended June 30,
(dollars in thousands, except per
share data)
|
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2013
|
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|
2012
|
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|
% Change
|
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2013
|
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2012
|
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|
% Change
|
|
Total revenue
|
|
|
|
$
|
244,783
|
|
|
$
|
236,268
|
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|
3.6%
|
|
|
|
|
$
|
480,183
|
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|
$
|
455,800
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5.3
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%
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Revenue, excluding trucking fuel surcharge
|
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|
$
|
200,104
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|
$
|
188,838
|
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|
6.0%
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|
$
|
389,704
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|
$
|
364,437
|
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|
6.9
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%
|
|
GAAP operating income
|
|
|
|
$
|
31,925
|
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|
$
|
32,103
|
|
|
-0.6%
|
|
|
|
|
$
|
57,469
|
|
|
$
|
51,937
|
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|
10.7
|
%
|
|
Adjusted operating income
|
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
|
|
$
|
57,469
|
|
|
$
|
55,918
|
(1)
|
|
|
2.8
|
%
|
|
GAAP net income
|
|
|
|
$
|
18,939
|
|
|
$
|
19,289
|
|
|
-1.8%
|
|
|
|
|
$
|
34,122
|
|
|
$
|
29,835
|
|
|
|
14.4
|
%
|
|
Adjusted net income
|
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
|
|
$
|
34,122
|
|
|
$
|
33,729
|
(1)
|
|
|
1.2
|
%
|
|
GAAP earnings per diluted share
|
|
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|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
-2.1%
|
|
|
|
|
$
|
0.43
|
|
|
$
|
0.37
|
|
|
|
14.1
|
%
|
|
Adjusted earnings per diluted share
|
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
(1)
|
|
|
1.0
|
%
|
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|
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|
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|
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(1) The 1st quarter of 2012 included a $4.0
million non-cash charge ($3.9 million after tax) for stock option
acceleration. See GAAP to Non-GAAP reconciliation schedule. GAAP
and Non-GAAP measurements for 2013 are identical.
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|
The company previously announced a quarterly cash dividend of $0.06 per
share to shareholders of record on June 7, 2013, which was paid on June
28, 2013.
Kevin Knight, Chairman and Chief Executive Officer, commented on the
quarter, ''We have continued to expand our market share in our wide
range of truckload logistic services in a challenging operating and
economic environment. Our consolidated revenue, before trucking fuel
surcharge, increased 6.0% on a year over year basis. Our non-asset
service offerings lead the way with revenue growth of 64.2%, and now
make up approximately 20.0% of our total revenue before trucking fuel
surcharge. Compared to the same quarter last year, our revenue per
loaded mile, net of fuel surcharge, increased just less than 1.0% while
our length of haul and miles per tractor were virtually flat. We
experienced an improvement in our revenue per tractor compared to the
same quarter last year, while operating income was essentially
unchanged.''
The following chart reflects the year-over-year operating ratio and
revenue comparison for our asset based businesses and our non-asset
based businesses for the second quarter and first half of 2013 and 2012.
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Three Months Ended June 30,
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Six Months Ended June 30,
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Operating ratios(2)
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Revenue change,
excluding
trucking fuel
surcharge
|
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|
Operating ratios(2)
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Revenue change,
excluding
trucking fuel
surcharge
|
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2013
|
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2012
|
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2013
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2012
|
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|
Asset based
|
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|
81.7%
|
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|
81.1%
|
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|
-2.5%
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|
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|
83.5%
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83.2%
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-0.6%
|
|
Non-asset based
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93.6%
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96.0%
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64.2%
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93.2%
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95.3%
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61.7%
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Consolidated
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84.0%
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83.0%
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6.0%
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85.3%
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84.7%
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6.9%
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(2)Operating ratio is defined as total operating
expenses, net of trucking fuel surcharge, as a percentage of
revenue before trucking fuel surcharge.
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Our asset based businesses continued to operate at a high level of
profitability and efficiency. Our non-asset based businesses continued
to produce strong revenue growth along with improved margins, when
compared to the same quarter last year. Our businesses continue to
complement each other and enable us to provide our customers with
truckload services that are efficient and valuable to their supply chain
needs.
The industry continues to be faced with a shortage of high quality
driving associates. Sourcing and retaining high quality drivers is
paramount to our success in improving the productivity of our assets. We
believe our decentralized regional service centers provide a
''hometown'' feel that affords us a significant advantage in recruiting,
retaining, and developing driving associates. We have also continued to
invest in our driver development and training programs to source driving
associates and develop them into Knight company drivers. As a result,
our driver turnover continues to compare favorably to what we believe to
be the industry average.
The DOE national average diesel fuel price decreased 1.3% when compared
to the second quarter last year. Fuel remains a major cost focus for us
as we continue our work towards cost effective, industry leading fuel
economy while at the same time lessening the environmental impact of our
operations.
Our average tractor count for the quarter decreased 107 trucks,
year-over-year, to 3,963 tractors. Our tractor fleet remains one of the
most modern fleets in the industry with an average age of 2.1 years. Our
gain on sale of revenue equipment in the second quarter of 2013 was $1.6
million, down from $2.2 million in the second quarter of 2012.
We have returned $78.5 million to our shareholders in the form of
quarterly dividends over the twenty-four-month period ending June 30,
2013. We ended the quarter with $0.7 million of cash and $517.4 million
of shareholders' equity. Year-to-date our net capital expenditures are
$17.8 million compared to $56.5 million for the same period last year,
while our cash flow from operations is $72.3 million compared to $62.4
million. This has resulted in significantly more free cash flow and has
allowed us to repay $54.0 of our outstanding debt year-to-date.
The company will hold a conference call on July 24, 2013, at 4:30 PM
EDT, to further discuss its results of operations for the quarter ended
June 30, 2013. The dial in number for this conference call is
1-855-733-9163. Slides to accompany this call will be posted on the
company’s website and will be available to download prior to the
scheduled conference time. To view the presentation, please visit http://investor.knighttrans.com/events,
''Second Quarter 2013 Conference Call Presentation.''
Knight Transportation, Inc. is a provider of multiple truckload
transportation and logistics services using a nationwide network of
service centers in the U.S. to serve customers throughout North America.
In addition to operating one of the country’s largest tractor fleets,
Knight also contracts with third-party equipment providers to provide a
broad range of truckload services to its customers while creating
quality driving jobs for our driving associates and successful business
opportunities for owner-operators.
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INCOME STATEMENT DATA:
|
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|
Three Months Ended June 30,
|
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|
|
Six Months Ended June 30,
|
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|
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|
(Unaudited, in thousands, except per share amounts)
|
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2013
|
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|
2012
|
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2013
|
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|
2012
|
|
REVENUE:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, before fuel surcharge
|
|
|
|
$
|
200,104
|
|
|
|
$
|
188,838
|
|
|
|
|
$
|
389,704
|
|
|
|
$
|
364,437
|
|
|
Fuel surcharge
|
|
|
|
|
44,679
|
|
|
|
|
47,430
|
|
|
|
|
|
90,479
|
|
|
|
|
91,363
|
|
|
TOTAL REVENUE
|
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|
|
|
244,783
|
|
|
|
|
236,268
|
|
|
|
|
|
480,183
|
|
|
|
|
455,800
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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OPERATING EXPENSES:
|
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|
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|
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Salaries, wages and benefits
|
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|
56,807
|
|
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|
|
59,089
|
|
|
|
|
|
114,461
|
|
|
|
|
120,045
|
|
|
Fuel expense - gross
|
|
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|
|
52,739
|
|
|
|
|
56,612
|
|
|
|
|
|
108,432
|
|
|
|
|
113,923
|
|
|
Operations and maintenance
|
|
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|
|
15,919
|
|
|
|
|
15,078
|
|
|
|
|
|
31,828
|
|
|
|
|
28,815
|
|
|
Insurance and claims
|
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|
|
7,295
|
|
|
|
|
8,281
|
|
|
|
|
|
14,450
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|
|
|
|
15,926
|
|
|
Operating taxes and licenses
|
|
|
|
|
3,985
|
|
|
|
|
3,973
|
|
|
|
|
|
7,893
|
|
|
|
|
8,075
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|
Communications
|
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|
|
|
1,200
|
|
|
|
|
1,271
|
|
|
|
|
|
2,372
|
|
|
|
|
2,666
|
|
|
Depreciation and amortization
|
|
|
|
|
21,089
|
|
|
|
|
20,933
|
|
|
|
|
|
42,597
|
|
|
|
|
41,305
|
|
|
Purchased transportation
|
|
|
|
|
49,883
|
|
|
|
|
36,064
|
|
|
|
|
|
92,675
|
|
|
|
|
67,924
|
|
|
Miscellaneous operating expenses
|
|
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|
|
3,941
|
|
|
|
|
2,864
|
|
|
|
|
|
8,006
|
|
|
|
|
5,184
|
|
|
|
|
|
|
|
212,858
|
|
|
|
|
204,165
|
|
|
|
|
|
422,714
|
|
|
|
|
403,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income From Operations
|
|
|
|
|
31,925
|
|
|
|
|
32,103
|
|
|
|
|
|
57,469
|
|
|
|
|
51,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
96
|
|
|
|
|
108
|
|
|
|
|
|
205
|
|
|
|
|
221
|
|
|
Interest expense
|
|
|
|
|
(77
|
)
|
|
|
|
(114
|
)
|
|
|
|
|
(219
|
)
|
|
|
|
(242
|
)
|
|
Other income (expense)
|
|
|
|
|
(168
|
)
|
|
|
|
197
|
|
|
|
|
|
53
|
|
|
|
|
394
|
|
|
Income before income taxes
|
|
|
|
|
31,776
|
|
|
|
|
32,294
|
|
|
|
|
|
57,508
|
|
|
|
|
52,310
|
|
|
INCOME TAXES
|
|
|
|
|
12,712
|
|
|
|
|
12,924
|
|
|
|
|
|
23,010
|
|
|
|
|
22,280
|
|
|
Net Income
|
|
|
|
|
19,064
|
|
|
|
|
19,370
|
|
|
|
|
|
34,498
|
|
|
|
|
30,030
|
|
|
Net income attributable to noncontrolling interest
|
|
|
|
|
(125
|
)
|
|
|
|
(81
|
)
|
|
|
|
|
(376
|
)
|
|
|
|
(195
|
)
|
|
NET INCOME ATTRIBUTABLE TO KNIGHT TRANSPORTATION
|
|
|
|
$
|
18,939
|
|
|
|
$
|
19,289
|
|
|
|
|
$
|
34,122
|
|
|
|
$
|
29,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.24
|
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.37
|
|
|
Diluted Earnings Per Share
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.24
|
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Basic
|
|
|
|
|
79,954
|
|
|
|
|
79,686
|
|
|
|
|
|
79,898
|
|
|
|
|
79,609
|
|
|
Weighted Average Shares Outstanding - Diluted
|
|
|
|
|
80,296
|
|
|
|
|
80,076
|
|
|
|
|
|
80,209
|
|
|
|
|
80,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/13
|
|
|
12/31/12
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands)
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
$
|
747
|
|
|
|
$
|
5,684
|
|
|
Trade receivables, net of allowance for doubtful accounts
|
|
|
|
|
|
|
|
|
|
|
|
109,671
|
|
|
|
|
102,553
|
|
|
Notes receivable, net of allowance for doubtful accounts
|
|
|
|
|
|
|
|
|
|
|
|
749
|
|
|
|
|
791
|
|
|
Related party notes and interest receivable
|
|
|
|
|
|
|
|
|
|
|
|
1,663
|
|
|
|
|
2,814
|
|
|
Prepaid expenses
|
|
|
|
|
|
|
|
|
|
|
|
11,371
|
|
|
|
|
17,035
|
|
|
Assets held for sale
|
|
|
|
|
|
|
|
|
|
|
|
14,119
|
|
|
|
|
18,362
|
|
|
Other current assets
|
|
|
|
|
|
|
|
|
|
|
|
10,944
|
|
|
|
|
12,449
|
|
|
Current deferred tax assets
|
|
|
|
|
|
|
|
|
|
|
|
4,239
|
|
|
|
|
3,409
|
|
|
Total Current Assets
|
|
|
|
|
|
|
|
|
|
|
|
153,503
|
|
|
|
|
163,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
569,620
|
|
|
|
|
584,064
|
|
|
Notes receivable, long-term
|
|
|
|
|
|
|
|
|
|
|
|
3,267
|
|
|
|
|
3,692
|
|
|
Goodwill
|
|
|
|
|
|
|
|
|
|
|
|
10,266
|
|
|
|
|
10,276
|
|
|
Other assets and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
22,036
|
|
|
|
|
21,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
|
|
|
|
|
|
|
|
$
|
758,692
|
|
|
|
$
|
782,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
|
|
$
|
20,892
|
|
|
|
$
|
11,281
|
|
|
Accrued payroll and purchased transportation
|
|
|
|
|
|
|
|
|
|
|
|
11,241
|
|
|
|
|
10,489
|
|
|
Accrued liabilities
|
|
|
|
|
|
|
|
|
|
|
|
13,288
|
|
|
|
|
16,020
|
|
|
Claims accrual - current portion
|
|
|
|
|
|
|
|
|
|
|
|
15,563
|
|
|
|
|
15,892
|
|
|
Dividend payable - current portion
|
|
|
|
|
|
|
|
|
|
|
|
152
|
|
|
|
|
141
|
|
|
Total Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
61,136
|
|
|
|
|
53,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Claims accrual - long-term portion
|
|
|
|
|
|
|
|
|
|
|
|
9,741
|
|
|
|
|
10,340
|
|
|
Long-term dividend payable and other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
2,369
|
|
|
|
|
2,638
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
|
|
|
|
|
|
141,367
|
|
|
|
|
144,871
|
|
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
26,000
|
|
|
|
|
80,000
|
|
|
Total Long-term Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
179,477
|
|
|
|
|
237,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
240,613
|
|
|
|
|
291,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
800
|
|
|
|
|
798
|
|
|
Additional paid-in capital
|
|
|
|
|
|
|
|
|
|
|
|
146,213
|
|
|
|
|
142,837
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
(251
|
)
|
|
|
|
(302
|
)
|
|
Retained earnings
|
|
|
|
|
|
|
|
|
|
|
|
370,680
|
|
|
|
|
346,899
|
|
|
Total Knight Transportation Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
517,442
|
|
|
|
|
490,232
|
|
|
Noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
637
|
|
|
|
|
608
|
|
|
Total Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
518,079
|
|
|
|
|
490,840
|
|
|
Total Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
$
|
758,692
|
|
|
|
$
|
782,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
% Change
|
|
|
|
2013
|
|
|
2012
|
|
|
% Change
|
|
OPERATING STATISTICS
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Revenue Per Tractor*
|
|
|
|
$
|
40,523
|
|
|
$
|
40,459
|
|
|
0.2%
|
|
|
|
$
|
79,069
|
|
|
$
|
79,519
|
|
|
-0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-paid Empty Mile Percent
|
|
|
|
|
10.8%
|
|
|
|
10.1%
|
|
|
6.9%
|
|
|
|
|
10.9%
|
|
|
|
10.4%
|
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Length of Haul
|
|
|
|
|
482
|
|
|
|
485
|
|
|
-0.6%
|
|
|
|
|
481
|
|
|
|
482
|
|
|
-0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratio**
|
|
|
|
|
84.0%
|
|
|
|
83.0%
|
|
|
|
|
|
|
|
85.3%
|
|
|
|
84.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tractors - Total
|
|
|
|
|
3,963
|
|
|
|
4,070
|
|
|
|
|
|
|
|
4,020
|
|
|
|
4,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailers - End of Quarter
|
|
|
|
|
9,401
|
|
|
|
9,118
|
|
|
|
|
|
|
|
9,401
|
|
|
|
9,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Capital Expenditures (in thousands)
|
|
|
|
$
|
19,580
|
|
|
$
|
32,184
|
|
|
|
|
|
|
$
|
17,822
|
|
|
$
|
56,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From Operations (in thousands)
|
|
|
|
$
|
31,935
|
|
|
$
|
32,155
|
|
|
|
|
|
|
$
|
72,257
|
|
|
$
|
62,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes dry van, refrigerated, and port services revenue
excluding fuel surcharge, brokerage revenue, intermodal revenue, and
other revenue.
|
|
|
|
|
** Operating ratio as reported in this press release is based upon
total operating expenses, net of fuel surcharge, as a percentage
of revenue before fuel surcharge. Operating ratio reported for the
six months ending June 30, 2012 is based upon total operating
expenses, excluding the first quarter 2012 one time non-cash stock
compensation charge of $4 million related to the accelerated
vesting of certain stock options issued prior to 2009, and net of
fuel surcharge, as a percentage of revenue before fuel surcharge.
We measure our revenue, before fuel surcharge, and our operating
expenses, net of fuel surcharge, because we believe that
eliminating this sometimes volatile source of revenue affords a
more consistent basis for comparing our results of operations from
period to period.
|
|
|
|
|
|
|
|
The following is a reconciliation of 2012 YTD GAAP Income to
Non-GAAP Income:
|
|
|
|
Reconciliation:
|
|
|
|
(GAAP) YTD
6-30-12
|
|
|
|
* Option
Acceleration
Expense
Recorded
in
Q1 - 2012
|
|
|
|
(Non-GAAP)
Adjusted YTD
6-30-12
|
|
Total Revenue
|
|
|
|
$
|
455,800
|
|
|
|
|
|
|
|
|
$
|
455,800
|
|
|
Total Operating Expense
|
|
|
|
|
403,863
|
|
|
|
|
(3,981
|
)
|
|
|
|
|
399,882
|
|
|
|
|
|
|
|
51,937
|
|
|
|
|
|
|
|
|
|
55,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
|
|
|
|
|
373
|
|
|
|
|
|
|
|
|
|
373
|
|
|
Income before income taxes
|
|
|
|
|
52,310
|
|
|
|
|
|
|
|
|
|
56,291
|
|
|
Income taxes
|
|
|
|
|
22,280
|
|
|
|
|
87
|
|
|
|
|
|
22,367
|
|
|
Net Income
|
|
|
|
|
30,030
|
|
|
|
|
|
|
|
|
|
33,924
|
|
|
Net income attributable to noncontrolling interest
|
|
|
|
|
(195
|
)
|
|
|
|
|
|
|
|
|
(195
|
)
|
|
Net income attributable to Knight Transportation
|
|
|
|
$
|
29,835
|
|
|
|
|
|
|
|
|
$
|
33,729
|
|
|
Net Income Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
$
|
0.42
|
|
|
- Diluted
|
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
$
|
0.42
|
|
|
Weighted Average Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
|
|
|
79,609
|
|
|
|
|
|
|
|
|
|
79,609
|
|
|
- Diluted
|
|
|
|
|
80,045
|
|
|
|
|
|
|
|
|
|
80,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The first quarter of 2012 included a $4.0 million pretax non-cash
stock compensation charge ($3.9 million after tax) relating to the
accelerated vesting of certain stock options that had been issued
prior to 2009.
|
|
|
|
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements generally may be identified by their use
of terms or phrases such as ''expects,'' ''estimates,''
''anticipates,'' ''projects,'' ''believes,'' ''plans,''
''intends,'' ''may,'' ''will,'' ''should,'' ''could,''
''potential,'' ''continue,'' ''future,'' and terms or phrases of
similar substance. Forward-looking statements are based upon the
current beliefs and expectations of our management and are
inherently subject to risks and uncertainties, some of which
cannot be predicted or quantified, which could cause future events
and actual results to differ materially from those set forth in,
contemplated by, or underlying the forward-looking statements.
Accordingly, actual results may differ from those set forth in the
forward-looking statements. Readers should review and consider the
factors that may affect future results and other disclosures by
the Company in its press releases, stockholder reports, Annual
Report on Form 10-K, and other filings with the Securities and
Exchange Commission. We disclaim any obligation to update or
revise any forward-looking statements to reflect actual results or
changes in the factors affecting the forward-looking information.
|
Knight Transportation, Inc.David A. Jackson, 602-606-6349PresidentorAdam W. Miller, 602-606-6349CFO