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Knight Transportation Reports Revenue And Net Income For The Second Quarter Ended June 30, 2012

The company previously announced a quarterly cash dividend of $0.06 per share to shareholders of record on June 1, 2012, paid on June 29, 2012.

Chairman and Chief Executive Officer, Kevin P. Knight, offered the following comments:

''In the second quarter of 2012 we experienced typical seasonal improvement in the freight environment. Supply and demand were relatively balanced and resulted in less spot pricing opportunities, as compared to the same period last year. Our asset-based businesses continued to grow market share while meaningfully improving operating margins. Our average revenue per total mile (excluding fuel surcharges) increased 2.1% in the second quarter when compared to the same period last year while increasing our length of haul and lowering our non-paid empty mile percentage. Average revenue per tractor (excluding fuel surcharges) declined slightly as higher rates were offset by lower utilization per truck as we continued to grow our fleet. Our net income of $19.3 million and earnings per diluted share of $0.24 represent the highest second quarter net income as well as the highest earnings per diluted share recorded in company history.''

The following chart reflects the year-over-year operating ratio comparison and revenue growth (excluding trucking fuel surcharge revenue) for each of our businesses for the second quarter of 2012 and 2011.

   

Operating ratios (1)

 

Revenue growth(excluding truckingfuel surcharge)

2012   2011
 
Dry van 80.6 % 83.8 % 3.1 %
Refrigerated 81.1 % 82.0 % 3.7 %
Port and Rail Services 86.8 % 88.1 % 21.2 %
Asset based operations 81.1 % 83.7 % 4.3 %
 
Brokerage 94.3 % 92.5 % -23.2 %
Intermodal 98.1 % 104.8 % 90.0 %
Other 98.0 % 96.4 % 34.2 %
Non-asset based operations 96.0 % 94.4 % -1.1 %
 
Consolidated 83.0 % 85.1 % 3.6 %
 

(1)Operating ratio is defined as total operating expenses, net of trucking fuel surcharge, as a percentage of revenue before fuel surcharge.

 
 

Kevin Knight further commented, ''We are pleased with the performance of our asset-based businesses. Most notably, our dry van business achieved an operating ratio improvement of 320 basis points on a year over year basis and our port and rail services business improved their operating ratio 740 basis points from the first quarter of 2012.

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