Roadrunner Transportation Systems Reports 2011 Fourth Quarter and Year-End Results and Announces First Quarter 2012 Guidance
(firmenpresse) - CUDAHY, WI -- (Marketwire) -- 02/08/12 -- Roadrunner Transportation Systems, Inc. (NYSE: RRTS), a leading asset-light transportation and logistics services provider, today reported financial results for the three months and year ended December 31, 2011.
Roadrunner's summary financial results for the three months and year ended December 31 are highlighted below. Fourth quarter diluted income per share available to common stockholders increased 83.3% over the prior year to $0.22. Excluding acquisition transaction expenses of $0.4 million related to a non-recurring acquisition earnout, diluted income per share available to common stockholders would have been $0.23.
(1) Results for the year ended December 31, 2010 include a one-time loss on early extinguishment of debt of $15.9 million and $1.5 million of expenses related to the company's initial public offering in May 2010.
In discussing fourth quarter performance, Mark DiBlasi, President and CEO of Roadrunner, said,
"Revenues increased 43.6% and net revenues expanded 97.1% from the prior year, resulting primarily from new customer growth, pricing initiatives, fuel increases, and the inclusion of the acquisitions of Morgan Southern and Prime Logistics. Our operating income growth of 99.1% outpaced revenue growth, despite the effects of higher fuel prices on revenues and operating costs. Revenues and operating income for the fourth quarter of 2011 represented the best quarter in the history of the company.
"LTL revenues increased $13.5 million, or 12.8%, from the prior year as a result of new customer growth and expansion into new markets. This new customer growth and market expansion during the fourth quarter also drove a per-day tonnage increase of 8.5% over the prior year. Per day tonnage growth over the prior year averaged 7.8% in October and November and increased to 9.9% in December. Revenue per hundredweight increased 7.9% over the prior year, including 5.2% related to fuel. During the fourth quarter, our LTL operating expenses increased $2.6 million over prior year, primarily due to (i) higher insurance costs, (ii) increased dock labor costs due to increased tonnage and (iii) expanded infrastructure costs to support our new business initiatives. Our LTL operating ratio improved to 95.5% in the fourth quarter from 96.0% in the prior year quarter. Our continued initiatives to penetrate new customers, expand into new geographic regions and build density resulted in a net revenue margin improvement from 23.4% in the third quarter of 2011 to 24.8% in the fourth quarter of 2011. We expect these continued initiatives to improve our operating ratio and drive positive tonnage growth in future quarters.
"TL revenues grew by $54.9 million, or 125.2%, from the prior year. Revenues from Morgan Southern (acquired in early February), Bruenger Trucking (acquired at the end of May) and Prime Logistics (acquired at the end of August) accounted for $50.2 million of the increase, with the balance of $4.7 million representing organic growth of 10.6%. The impact of the acquisitions and operating leverage associated with our revenue growth led to a four-fold increase in our TL operating income and an improvement in our TL operating ratio to 92.2% from 95.7% in the fourth quarter of 2010.
"For our TMS business, continued organic growth during the quarter generated a $4.3 million, or 24.3%, increase in revenues and a 75.6% increase in operating income from the prior year. This growth drove improvement in our TMS operating ratio to 90.1% from 93.0% in the prior year."
Also commenting on the quarter, Peter Armbruster, Chief Financial Officer, said, "Strong cash flow from operations during the quarter were used to repay $5.7 million of borrowings under our $100 million revolving line of credit and $3.5 million on our term loan. As of December 31, 2011, no borrowings were outstanding under the company's revolver."
In commenting on guidance for the first quarter of 2012, Armbruster said, "We anticipate our revenues for the first quarter will be in the range of $225 million to $240 million representing an increase of 32% to 40% from the first quarter of 2011. Further, we expect diluted income per share available to common stockholders to be between $0.22 and $0.24, compared to diluted income per share available to common stockholders of $0.14 in the prior year quarter."
Roadrunner has three operating segments: less-than-truckload (LTL), truckload and logistics (TL) and transportation management solutions (TMS). The following highlights exclude intercompany eliminations and corporate expenses.
LTL revenues including fuel increased 12.8% to $118.5 million for the fourth quarter of 2011 from $105.1 million for the fourth quarter of 2010. LTL net revenues for the fourth quarter of 2011 were $29.4 million, or 24.8% of LTL revenues, compared to $25.7 million, or 24.4% of LTL revenues, for the fourth quarter of 2010. LTL operating income was $5.3 million, or 4.5% of LTL revenues, for the fourth quarter of 2011 compared to $4.2 million, or 4.0% of revenues, for the fourth quarter of 2010.
Summary LTL operating statistics for the three months and year ended December 31 are shown below.
For the TL segment, revenues increased 125.2% to $98.7 million for the fourth quarter of 2011 from $43.8 million for the fourth quarter of 2010. The improvement was primarily due to increases in market pricing and load growth, the expansion of the company's TL brokerage agent network, and the acquisitions of Morgan Southern, Bruenger Trucking and Prime Logistics. For the fourth quarter, Morgan Southern, Bruenger Trucking and Prime Logistics collectively contributed revenues of $50.2 million to the TL segment. Overall, TL net revenues for the fourth quarter of 2011 were $34.8 million, or 35.3% of TL revenues, compared to $5.3 million, or 12.0% of TL revenues, for the fourth quarter of 2010. TL operating income was $7.7 million, or 7.8% of TL revenues, for the fourth quarter of 2011 compared to $1.9 million, or 4.3% of revenues, for the fourth quarter of 2010.
For the TMS segment, revenues for the fourth quarter of 2011 increased 24.3% to $22.0 million from $17.7 million for the fourth quarter of 2010. TMS net revenues for the fourth quarter of 2011 were $5.7 million, or 26.0% of TMS revenues, compared to $4.6 million, or 25.8% of TMS revenues, for the fourth quarter of 2010. TMS revenue growth during the quarter was primarily attributable to new and existing customer growth. TMS operating income was $2.2 million, or 9.9% of TMS revenues, for the fourth quarter of 2011, compared to $1.2 million, or 7.0% of TMS revenues, for the fourth quarter of 2010.
A conference call is scheduled for Wednesday, February 8, 2012 at 4:30 p.m. Eastern Time. To access the conference call, please dial 866-730-5771 (U.S.) or 857-350-1595 (International) approximately 10 minutes prior to the start of the call. Callers will be prompted for passcode 87140808. The conference call will also be available via live webcast under the Investor Relations section of the Company's website, .
If you are unable to listen to the live call, a replay will be available through February 15, 2012, and can be accessed by dialing 888-286-8010 (U.S.) or 617-801-6888 (International). Callers will be prompted for passcode 61129555. An archived version of the webcast will also be available under the Investor Relations section of the Company's website, .
Roadrunner is a leading asset-light transportation and logistics services provider offering a full suite of solutions, including customized and expedited less-than-truckload, truckload and logistics, transportation management solutions, intermodal solutions, and domestic and international air. For more information, please visit RRTS' website, .
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations, and the company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the integration of acquired companies, competition in the transportation industry, the impact of the current economic environment, the company's dependence upon purchased power, the unpredictability of and potential fluctuation in the price and availability of fuel, the effects of governmental and environmental regulations, insurance in excess of prior experience levels, and other "Risk Factors" set forth in the company's most recent SEC filings.
(Tables Follow)
Roadrunner Transportation Systems, Inc.
Peter Armbruster
Chief Financial Officer
414-615-1648
Vollrath Associates, Inc.
Marilyn Vollrath
414-221-0210
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2012 - 15:05 Uhr
Sprache: Deutsch
News-ID 1081036
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
CUDAHY, WI
Phone:
Kategorie:
Air Freight
Anmerkungen:
Diese Pressemitteilung wurde bisher 118 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Roadrunner Transportation Systems Reports 2011 Fourth Quarter and Year-End Results and Announces First Quarter 2012 Guidance
"
steht unter der journalistisch-redaktionellen Verantwortung von
Roadrunner Transportation Systems (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
