Landstar System, Jacksonville, Fla., reported record third quarter revenue of $733 million and record third quarter diluted earnings per share of $0.62, compared to revenue of $635 million and diluted earnings per share of $0.54 in the 2007 third quarter. Net income was $32.8 million in the 2008 third quarter compared to net income of $29.3 million in the 2007 third quarter.

"Landstar's 2008 third quarter performance was remarkable," said Landstar President and CEO Henry Gerkens. "Revenue and diluted earnings per share in the 2008 third quarter were the highest third quarter revenue and diluted earnings per share in the Company's history. Landstar delivered a 15 percent increase in revenue over the 2007 third quarter and experienced strong revenue increases across multiple service offerings."

Revenue hauled by Landstar's independent contractors in the third quarter was $371 million, or 51 percent of revenue, compared to $351 million, or 55 percent of revenue, in the 2007 third quarter. In the 2008 and 2007 third quarters, the company invoiced customers $92 million and $45 million, respectively, in fuel surcharges that were passed on 100 percent to independent contractors and excluded from revenue.

Revenue hauled by third-party truck brokerage carriers was $276 million, or 38 percent of revenue, in the 2008 third quarter compared to $225 million, or 35 percent of revenue, in the 2007 third quarter. Revenue hauled by rail, air, and ocean cargo carriers was $49 million, or 7 percent of revenue, in the 2008 third quarter compared to $46 million, or 7 percent of revenue, in the 2007 third quarter.

Revenue in the 39-week period ended September 27 increased approximately 11 percent to $2.039 billion compared to $1.844 billion in the 2007 39-week period. Net income for the 2008 39-week period was $86.3 million, or $1.62 per diluted share, compared to net income of $80.6 million, or $1.45 per diluted share, for the 2007 39-week period.

Revenue, net income, and diluted earnings per share in the 2008 thirteen and thirty-nine week periods included $27.6 million, $1.7 million, and $0.03 diluted earnings per share, respectively, for bus capacity provided in connection with evacuation assistance related to the storms that recently impacted the Gulf Coast. Excluding the revenue from bus evacuation services, revenue increased 11 percent quarter over quarter.



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