Landstar System, Jacksonville, FL, has reported record 1999 fourth quarter net income of $15.6 million, on record revenue of $380.1 million. For the same period in 1998, Landstar reported net income of $11.3 million on revenue in the quarter of $333.9 million.
Landstar's carrier group of companies generated $284.1 million of revenue in the 1999 fourth quarter versus 1998 fourth quarter revenue of $251.3 million. Landstar's multimodal services group of companies reported revenue of $89.4 million, up 17 percent from $76.4 million in the same period of 1998.
"The 1999 fourth quarter clearly demonstrated the strength of our non-asset based, variable cost business model," said Jeff Crowe, Landstar's chairman, ceo and president. "The strong fourth quarter results were fueled by a 14 percent increase in revenue and a 22 percent improvement in operating margin. Our margins also improved due to enhanced administrative and information systems and better safety results."
Net income for the 1999 fiscal year was a record $45.9 million compared with $34.5 million in 1998, while revenue was $1.4 billion versus $1.3 billion in 1998.