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C.H. Robinson Reports Second Quarter Results

Stocks in this article: CHRW

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call and we undertake no obligation to update the replay.

Conference Call Information: C.H. Robinson Worldwide Second Quarter 2012 Earnings Conference Call Tuesday July 24, 2012 5:00 p.m. Eastern Time The call will be limited to 60 minutes, including questions and answers.

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com To participate in the conference call by telephone, please call ten minutes early by dialing: 800-762-8779 Callers should reference the conference ID, which is 4548964 Webcast replay available through Investor Relations link at www.chrobinson.com Telephone audio replay available until 12:59 a.m. Eastern Time on April 27: 800-406-7325; passcode: 4548964#

 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share data)
 
    Three months ended     Six months ended
June 30, June 30,
2012     2011 2012     2011
 
Revenues:
Transportation $ 2,476,805 $ 2,269,036 $ 4,653,602 $ 4,260,058
Sourcing 462,597 423,536 822,327 783,564
Payment Services   16,312   15,090   31,899   29,512
Total revenues   2,955,714   2,707,662   5,507,828   5,073,134
Costs and expenses:
Purchased transportation and related services 2,107,799 1,901,189 3,917,380 3,549,291
Purchased products sourced for resale 422,392 388,607 750,179 715,636
Personnel expenses 177,184 178,945 360,622 354,054
Other selling, general, and administrative expenses   63,425   58,826   125,188   117,343
Total costs and expenses   2,770,800   2,527,567   5,153,369   4,736,324
 
Income from operations   184,914   180,095   354,459   336,810
 
Investment and other income   686   326   900   551
 
Income before provision for income taxes 185,600 180,421 355,359 337,361
Provision for income taxes   71,018   69,398   134,277   129,310
Net income $ 114,582 $ 111,023 $ 221,082 $ 208,051
 
Net income per share (basic) $ 0.71 $ 0.67 $ 1.36 $ 1.26
Net income per share (diluted) $ 0.71 $ 0.67 $ 1.36 $ 1.26
Weighted average shares outstanding (basic) 161,887 164,607 162,290 164,847
Weighted average shares outstanding (diluted) 162,200 165,194 162,643 165,461
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
 
    June 30,     December 31,
2012 2011
Assets
Current assets:
Cash and cash equivalents $ 240,627 $ 373,669
Receivables, net 1,415,390 1,189,637
Other current assets   51,584   48,237
Total current assets 1,707,601 1,611,543
 
Property and equipment, net 132,255 126,830
Intangible and other assets   400,143   399,668
Total Assets $ 2,239,999 $ 2,138,041
 
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks $ 834,692 $ 704,734
Accrued compensation 65,265 117,541
Other accrued expenses   49,384   54,357
Total current liabilities 949,341 876,632
 
Long term liabilities   12,468   12,935
Total liabilities 961,809 889,567
 
Total stockholders’ investment   1,278,190   1,248,474
Total liabilities and stockholders’ investment $ 2,239,999 $ 2,138,041
 
 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited, in thousands, except operational data)
 
    Six months ended
June 30,
2012     2011
Operating activities:
Net income $ 221,082 $ 208,051
Stock-based compensation 16,559 22,609
Depreciation and amortization 17,208 15,299
Provision for doubtful accounts 3,608 4,062
Other non-cash expenses, net 5,957 (618 )
Net changes in operating elements   (154,386 )   (170,549 )
Net cash provided by operating activities 110,028 78,854
 
Investing activities:
Purchases of property and equipment (17,403 ) (11,733 )
Purchases and development of software (7,567 ) (8,052 )
Sales/maturities of available-for-sale securities - 9,311
Other   192     5  
Net cash used for investing activities (24,778 ) (10,469 )
 
Financing activities:
Payment of contingent purchase price (11,613 ) (4,318 )
Net repurchases of common stock (102,767 ) (59,583 )
Excess tax benefit on stock-based compensation 7,654 11,053
Cash dividends   (109,151 )   (97,562 )
Net cash used for financing activities (215,877 ) (150,410 )
Effect of exchange rates on cash   (2,415 )   (685 )
 
Net change in cash and cash equivalents (133,042 ) (82,710 )
Cash and cash equivalents, beginning of period   373,669     398,607  
Cash and cash equivalents, end of period $ 240,627   $ 315,897  
 
 
As of June 30,
2012   2011
Operational Data:
Employees 8,743 8,013
Branches 234 232
 




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