Landstar Kicks Off 2010 With Boost in Performance

April 14, 2010

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Following a lagging fourth quarter 2009, non-asset based supply chain provider Landstar System reported first quarter 2010 revenue of $548.1 million, a gain of 17 percent over the 2009 quarter, when revenue was $469.2 million
. This is the first year-over-year quarterly boost in revenue for Landstar since the third quarter of 2008.

"I am very pleased with the Company's start to 2010," said Henry Gerkens, chairman, president and CEO. "The increased revenue was primarily the result of an 18 percent increase in the number of loads hauled, which was partly offset by a lower revenue per load amount of approximately 2 percent, compared to the 2009 first quarter. The number of loads hauled by third-party truck capacity providers in the month of March of 2010 was the highest number of loads hauled by third-party truck capacity providers in March of any year in Landstar's history."

The company also said net income was $17.2 million, or 34 cents a share, compared to $13.9 million, or 27 cents a share for the 2009 first quarter.

"I would anticipate second quarter 2010 revenue over second quarter 2009 revenue to increase in the upper teens to low twenty percent range," said Gerkens. "Our longer term goals continue to be achieving a cumulative average revenue growth rate over a three to five year period in a mid-teen range, to increase annual operating margins and to grow diluted earnings per share at a slightly higher rate than the rate of revenue increase."

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