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Fleets Report 4Q Results

February 2, 2012

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Landstar System, Saia, Old Dominion Freight Line and Con-way all reported increases (and for some, record increases) for the 2011 fourth quarter and fiscal year.
Covenant Transport reported a slight revenue decrease and a net loss for 4Q 2011. Patriot Transportation Holding reported a net income loss for its first quarter of the 2012 fiscal year and a gain in operating profit.

Landstar System, Jacksonville, Fla., reported a 22% increase in fourth quarter revenue and 40% increase in diluted earnings per share to 70 cents.

The company had revenue of $717.5 million in the 2011 fourth quarter compared to $587.5 million in the 2010 fourth quarter. The company also reported earnings of 70 cents per diluted share, from net income of $32.6 million, compared to net income of $24.1 million, or 50 cents per diluted share, for the 2010 fourth quarter. Diluted earnings per share in the 2011 fourth quarter equals the highest quarterly diluted earnings per share in Landstar history.


For fiscal year 2011 Landstar had a record annual revenue of $2.65 billion compared to $2.4 billion for 2010. It also saw record annual diluted earnings per share of $2.38 compared to $1.77 for the 2010 fiscal year. Operating margin was 42.4% for the 2011 fiscal year compared to 35.5% for the 2010 fiscal year.

In the fourth quarter, profits for less-than-truckload carrier Saia more than tripled to $6.2 million as revenue rose 13% to $253 million. Quarterly results were affected by $4.8 million in claims from severe accidents and higher health care and truck maintenance costs. Higher pricing, fuel surcharges and yield resulted in the company's revenue and profit surge.

The Huoma, La.-based company's revenue jumped 14% to $1 billion, and net profit rose to $11.4 million from slightly less than $2 million in 2010.

Thomasville, N.C.-based LTL carrier Old Dominion saw a revenue increase of 21.6% to $485.1 million for the quarter from $399 million for the fourth quarter of 2010. Earnings per diluted share rose 76.9% to 69 cents for the quarter from 39 cents for the same period in 2010. The company's operating ratio improved to 86.9% for the fourth quarter from 90.5% for the fourth quarter of 2010.

For 2011, ODFL revenue increased 27.1% to $1.88 billion from $1.48 billion for 2010, and earnings per diluted share grew 80.7% to $2.44 for 2011 from $1.35 for 2010. Old Dominion's operating ratio improved to 87.6% for 2011 from 90.7% for 2010.

For LTL carrier Con-way, based out of Ann Arbor, Mich., results for the 2011 fourth quarter included a $10 million gain from settlement of a dispute related to the 2007 acquisition of Chic Logistics, while the 2010 fourth quarter included restructuring and other employee separation costs of $1.1 million. On a non-GAAP basis, earnings per diluted share were 26 cents in the 2011 fourth quarter compared to 2 cents in last year's fourth quarter.

The company's operating income in the 2011 fourth quarter was $49.9 million compared to $15.8 million earned in the fourth quarter a year ago. Revenue for the 2011 fourth quarter was $1.32 billion, an 8.7% increase from last year's fourth quarter revenue of $1.21 billion.

Covenant Transport reported a fourth quarter revenue decrease by 1.2%, to $162.0 million from $163.9 million in 2010. Freight revenue decreased 6.7%, to $127.5 million in 2011 from $136.6 million in 2010. The company reported a net loss of $2.2 million, or 15 cents per share for the 2011 quarter compared to net income of $0.7 million, or 5 cents per share in 2010.

For the year, total revenue for the Chattanooga, Tenn.-based company increased 0.4%, to $652.6 million from $649.7 million for 2010. Freight revenue decreased 6.3%, to $512.0 million in 2011 from $546.3 million in 2010. The Company reported a net loss, including impairment charges of $14.3 million, or 97 cents per share for 2011 compared to a net income of $3.3 million or 23 cents per share in 2010.

Patriot Transportation Holding reported net income of $2.12 million or 23 cents per diluted share in the first quarter of fiscal 2012, a decrease of $4.27 million or 66.8% compared to net income of $6.36 million or 68 cents per diluted share in the same period last year. Income from discontinued operations favorably impacted the first quarter of fiscal 2011 due to an after tax gain of $4.93 million or 52 cents per diluted share from the exchange of property.

The company's consolidated operating profit was $3.21 million in the first quarter of fiscal 2012, an increase of $26,000 or .8% compared to $3.19 million in the same period last year.

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