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Landstar Reports Financials

February 7, 2002

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The parent of several trucking companies, Landstar System, Jacksonville, Fla., reported 2001 fourth quarter net income of $11.6 million,
down from 2000 fourth-quarter income of $15.9 million.
Revenue was also down, $347.8 million compared with $380.6 million. However, the 2001 quarter was 13 weeks, while the 2000 quarter was 14 weeks.
Landstar's carrier group of companies generated $278.2 million of revenue in the 2001 quarter, compared with $301 million in 2000. Landstar's multimodal services group of companies reported revenue of $63.6 million in the 2001 quarter, compared to $73.5 million in 2000.
Net income for the 2001 fiscal year was $42.8 million, down slightly from 2000 net income of $45.2 million. The 2000 fiscal year included $5.3 million of pre-tax non-recurring charges that reduced net income by $.35 per diluted share. Revenue was $1.39 billion in the 2001 fiscal year, compared to revenue of $1.42 billion 2000.
Revenue from Landstar's carrier group of companies was $1.1 billion in 2001, and revenue from the multimodal services group of companies was $270.8 million. That compares to 2000 numbers of $1.12 billion for the carrier group and $277.1 million for the multimodal services group.
Landstar officials say the company grew its fleet size by 185 trucks in the quarter, and they anticipate growing their truck count in 2002 by 200 to 300.

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