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Roadrunner Transportation Systems Reports 2012 Second Quarter Results And Announces Third Quarter 2012 Guidance

(Tables Follow)

ROADRUNNER TRANSPORTATION SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
         
(In thousands, except per share amounts)
 
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
 
Revenues $ 262,546 $ 208,271 $ 499,119 $ 379,429
Operating expenses:
Purchased transportation costs 185,875 156,398 352,905 286,765
Personnel and related benefits 28,963 20,323 55,696 38,058
Other operating expenses 26,940 17,904 53,012 32,338
Depreciation and amortization 2,125 1,053 4,085 1,882
Acquisition transaction expenses   70   106   208   320
Total operating expenses   243,973   195,784   465,906   359,363
Operating income 18,573 12,487 33,213 20,066
 
Interest expense:
Interest on long-term debt 2,071 451 3,869 884
Dividends on preferred stock subject to mandatory redemption   -   50   49   100
Total interest expense   2,071   501   3,918   984
 
 
Income before provision for income taxes 16,502 11,986 29,295 19,082
 
Provision for income taxes   6,302   4,555   11,164   7,251
 
Net income available to common stockholders $ 10,200 $ 7,431 $ 18,131 $ 11,831
 
Earnings per share available to common stockholders:
Basic $ 0.33 $ 0.25 $ 0.59 $ 0.39
Diluted $ 0.32 $ 0.24 $ 0.56 $ 0.38
 
Weighted average common stock outstanding:
Basic   30,821   30,285   30,782   30,227
Diluted   32,186   31,522   32,182   31,457
ROADRUNNER TRANSPORTATION SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
         
(in thousands, except share amounts)
 
June 30, December 31,
2012 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,780 $ 3,315
Accounts receivable, net of allowances of $1,386 and $1,461 119,777 102,358
Deferred income taxes 9,472 9,472
Prepaid expenses and other current assets   19,168   16,400
Total current assets   150,197   131,545
 

PROPERTY AND EQUIPMENT, net of accumulated depreciation of $16,263 and $13,303

36,575 28,447
 
OTHER ASSETS:
Goodwill 383,594 364,347
Intangible assets, net 10,777 10,381
Other noncurrent assets   11,337   8,633
Total other assets   405,708   383,361
 
TOTAL ASSETS $ 592,480 $ 543,353
 
LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES:
Current maturities of long-term debt $ 14,000 $ 14,000
Accounts payable 54,060 50,245
Accrued expenses and other liabilities 29,468 19,480
Preferred stock subject to mandatory redemption   -   5,000
Total current liabilities 97,528 88,725
 
LONG-TERM DEBT, net of current maturities 140,440 122,500
OTHER LONG-TERM LIABILITIES   38,988   36,175
Total liabilities   276,956   247,400
 
STOCKHOLDERS' INVESTMENT:
Common stock $.01 par value; 100,000 shares authorized;
30,824 and 30,707 shares issued and outstanding 308 307
Additional paid-in capital 267,914 266,475
Retained earnings   47,302   29,171
Total stockholders' investment   315,524   295,953
 
TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT $ 592,480 $ 543,353




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