Landstar System Inc. has reported 2002 fourth quarter net income of $14.5 million, or $.88 per diluted share, compared to net income of $11.6 million, or $.70 per diluted share, in the 2001 fourth quarter.

The 2001 period included $305,000 of goodwill amortization. Excluding this charge, net income would have been $11.9 million, or $.72 per diluted share. Revenue was a record $394 million for the 13-week period ended Dec. 28, 2002, compared with $347.8 million for the 13-week period ended Dec. 29, 2001.
Net income for the 2002 fiscal year was a record $49.2 million, or $2.94 per diluted share, compared to net income of $42.8 million, or $2.50 per diluted share, in the prior year. The 2001 fiscal year included $1,216,000 of goodwill amortization. Excluding this charge, net income would have been $44.0 million, or $2.57 per diluted share.
Revenue in the 2002 fiscal year was a record $1.507 billion, compared to revenue of $1.393 billion in the 2001 year.
"I am very pleased with Landstar's 2002 fourth quarter performance," said Landstar Chairman and CEO, Jeff Crowe. "Consolidated revenue increased by more than 13% to the highest fourth quarter revenue in Landstar history. Compared to the 2001 fourth quarter, consolidated brokerage revenue increased 34%, rail intermodal revenue more than doubled and revenue hauled by Landstar BCOs increased over 3%. During the 2002 fourth quarter, tractors supplied by business capacity owners increased to 8,402. More importantly, we continued to execute our strategy of increasing revenue by servicing customers through the utilization of various sources of safe capacity," Crowe said.