Landstar Posts Record 2nd Quarter Profits
July 14, 2000
Landstar System reported record net income of $11.3 million for second quarter 2000, excluding a one-time $3 million pre-tax charge for the relocation and restructuring of its Landstar Ligon division.
Revenue for the quarter ending June 24 was $358.6 million. Profit for second quarter 1999 was $10.8 million on revenue of $345.1 million.
Chairman, President and CEO Jeff Crowe called this a “historic quarter for Landstar.” In early June the Landstar Ligon offices were moved from Madisonville, Ky., to the Landstar System headquarters in Jacksonville, Fla. “Landstar now operates out of two new modern facilities -- one in Jacksonville, the other in Rockford, IL,” Crowe said.
Because of an operational restructuring and Ligon relocation, plus higher fuel prices, Landstar truck count was 8,563 units versus 8,692 a year ago. But Crowe said they expect to add another 100 trucks in the second half of this year.
Excluding the one-time restructuring charge, Landstar’s net income for the first half of 2000 was $19.6 million, up from $18.2 million for the second half of 1999. First half revenue was $685.6 million this year versus $656.5 million in 1999.