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