C.H. Robinson Reports Second Quarter Results

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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