Landstar Posts Record Income
April 13, 2000
Landstar System, Jacksonville, FL, reported record first quarter net income of $8.3 million, up from $7.5 million in the 1999 first quarter.
Consolidated operating income in the 2000 first quarter was $15.5 million and represented an operating margin of 4.7 percent compared with consolidated operating income of $13.3 million and an operating margin of 4.3 percent in the 1999 first quarter.
Both 2000 operating income and operating margin were reportedly the highest first quarter results in Landstar history. Revenue was $327 million for the thirteen weeks ended March 25, 2000, compared with revenue of $311 million for the same time period in 1999.
"Overall, Landstar revenue in the 2000 first quarter increased 5 percent over the 1999 first quarter," said Jeff Crowe, Landstar chairman, president and CEO, "slightly better than the prior year's first quarter increase and in line with recent seasonal trends."
In the 2000 first quarter, Landstar made the decision to realign the operations of Landstar Gemini, its power only operation, with those of the carrier group. This decision was made to allow Landstar Logistics to better focus on its core business. Also in the 2000 first quarter, Landstar launched eFr8.com, a freight online information service which enables users to pre-program a system of alerts to bring them results of their customized searches, even when they're not online. "We are pleased with the progress eFr8.com has made so far," said Crowe. "At the end of the first quarter, 2,405 user accounts have been set up and more than 170,000 searches or postings were transacted."