Hub Group, Inc. Reports First Quarter 2009 Earnings
DOWNERS GROVE, Ill.,
(Nasdaq: HUBG) today reported income for the quarter ended
quarter of 2009.
in the first quarter of 2008. First quarter intermodal revenue decreased 19%
to
14% decrease related mostly to fuel. Truck brokerage revenue decreased 24% to
quarter with
“We are pleased that we have been able to maintain our market share and
generate strong cash flow, despite the challenging freight market,” said
P. Yeager
providing excellent service to our customers as we drive multiple initiatives
to improve efficiency and increase productivity. We are confident that we
have the right strategy and team to weather this current economic downturn and
thrive when conditions improve.”
CONFERENCE CALL
Hub will hold a conference call at
April 22, 2009
Hosting the conference call will be
Executive Officer and
Financial Officer and Treasurer.
This call is being webcast and can be accessed through the Investors link
on
participating in the question and answer session should follow the telephone
dial-in instructions below.
To participate in the conference call by telephone, please call ten
minutes early by dialing (888) 680-0865. The conference call participant code
is 15068357. Participants may pre-register for the call at
https://www.theconferencingservice.com/prereg/key.process?key=PX96NYBH7.
Pre-registrants will be issued a pin number to use when dialing into the live
call which will provide quick access to the conference, bypassing the
operator. The call will be limited to 60 minutes, including questions and
answers.
An audio replay will be available through the Investors link on the
Company’s Web site at www.hubgroup.com. This replay will be available for 30
days.
ABOUT
transportation management company providing comprehensive intermodal, truck
brokerage and logistics services. The Company operates through a network of
over 30 offices throughout the
CERTAIN FORWARD-LOOKING STATEMENTS: Statements in this press release that
are not historical, including statements about
earnings guidance, intentions, beliefs, expectations, representations,
projections, plans or predictions of the future, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are inherently uncertain and subject to
risks. Such statements should be viewed with caution. Actual results or
experience could differ materially from the forward-looking statements as a
result of many factors. Factors that could cause actual results to differ
materially include the factors listed from time to time in
reports including, but not limited to, the annual report on Form 10-K for the
year ended
such forward-looking statements.
HUB GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Three Months
Ended March 31,
2009 2008
Revenue $351,695 $424,995
Transportation costs 306,526 367,493
Gross margin 45,169 57,502
Costs and expenses:
Salaries and benefits 23,214 25,363
General and administrative 10,123 10,150
Depreciation and amortization 1,156 1,001
Total costs and expenses 34,493 36,514
Operating income 10,676 20,988
Other income (expense):
Interest expense (25) (26)
Interest and dividend income 55 338
Other, net 10 95
Total other income 40 407
Income before provision for income
taxes 10,716 21,395
Provision for income taxes 4,538 8,260
Net income $6,178 $13,135
Basic earnings per common share $0.17 $0.35
Diluted earnings per common share $0.17 $0.35
Basic weighted average number of
shares outstanding 37,321 37,101
Diluted weighted average number of
shares outstanding 37,412 37,405
HUB GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
March 31, December 31,
2009 2008
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $112,673 $85,799
Accounts receivable
Trade, net 132,751 145,362
Other 7,435 10,318
Prepaid taxes 123 123
Deferred taxes 4,213 5,430
Prepaid expenses and other
current assets 3,762 4,346
TOTAL CURRENT ASSETS 260,957 251,378
Restricted investments 6,573 6,118
Property and equipment, net 31,486 32,713
Other intangibles, net 6,499 6,610
Goodwill, net 233,056 233,110
Other assets 1,690 1,747
TOTAL ASSETS $540,261 $531,676
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
Trade $110,070 $105,064
Other 7,401 6,107
Accrued expenses
Payroll 7,131 9,988
Other 24,282 26,388
TOTAL CURRENT LIABILITIES 148,884 147,547
Non-current liabilities 8,595 9,535
Deferred taxes 61,227 59,410
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value;
2,000,000 shares authorized;
no shares issued or outstanding
in 2009 and 2008 - -
Common stock
Class A: $.01 par value;
97,337,700 shares authorized
and 41,224,792 shares issued
in 2009 and 2008; 37,163,730
shares outstanding in 2009 and
36,975,979 outstanding in 2008 412 412
Class B: $.01 par value; 662,300
shares authorized; 662,296 shares
issued and outstanding in
2009 and 2008 7 7
Additional paid-in capital 169,572 174,355
Purchase price in excess of
predecessor basis, net of tax
benefit of $10,306 (15,458) (15,458)
Retained earnings 271,465 265,287
Treasury stock; at cost,
4,061,062 shares in 2009
and 4,254,445 shares in 2008 (104,443) (109,419)
TOTAL STOCKHOLDERS' EQUITY 321,555 315,184
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $540,261 $531,676
HUB GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
March 31,
2009 2008
Cash flows from operating activities:
Net income $6,178 $13,135
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 2,184 1,706
Deferred taxes 3,088 3,232
Compensation expense related to
share-based compensation plans 1,078 1,171
(Gain) loss on sale of assets (27) 29
Changes in operating assets and
liabilities:
Restricted investments (455) (2,246)
Accounts receivable, net 15,494 (723)
Prepaid expenses and other
current assets 584 578
Other assets 57 136
Accounts payable 6,300 2,499
Accrued expenses (4,401) (14,085)
Non-current liabilities (940) (196)
Net cash provided by
operating activities 29,140 5,236
Cash flows from investing activities:
Proceeds from sale of equipment 48 29
Purchases of property and equipment (1,429) (849)
Cash used in acquisition of
Comtrak, Inc. - (5,000)
Net cash used in
investing activities (1,381) (5,820)
Cash flows from financing
activities:
Proceeds from stock options exercised 40 315
Purchase of treasury stock (1,042) (672)
Excess tax benefits from share-based
compensation 117 1,817
Net cash (used in) provided by
financing activities (885) 1,460
Net increase in cash and cash equivalents 26,874 876
Cash and cash equivalents
beginning of period 85,799 38,002
Cash and cash equivalents end of period $112,673 $38,878
SOURCEHub Group, Inc. -0-04/22/2009 /CONTACT: Amy Lisek ofHub Group, Inc. , +1-630-795-2214/ /Web Site: https://www.hubgroup.com / (HUBG) CO:Hub Group, Inc. ST:Illinois IN: TRN TRT SU: ERN CCA PR -- CG03317 -- 581704/22/2009 16:01 EDT http://www.prnewswire.com