Operating income increased 43% over the same period 2011, primarily due to higher operating revenue and improved productivity from a more experienced workforce. Gross profit margin decreased to 12.8% in the current quarter vs. 13.5% last year. While there was some volatility in the market during the current quarter, customer demand remained relatively constant and purchased transportation costs were higher from a generally tighter supply of qualified transportation providers compared to a year ago. Our carrier base increased 12% and our employee count increased 16% vs. third quarter 2011.
- Third Quarter 2012 Segment Revenue: $117 million; down 8%
- Third Quarter 2012 Operating Income: $4 million; down 41%
JBT revenue decreased 8% from the same period in 2011 on an approximate 9% reduction in fleet size. Revenue excluding fuel surcharges decreased 7%. Rates per mile, excluding fuel surcharge, increased 5.9% due largely to freight mix changes, spot pricing, and temporary customer fleet activity related to one-time weather events. Rates from consistent shippers increased 2.6% compared to same quarter a year ago. At the end of the period, JBT operated 2,381 tractors compared to 2,605 a year ago.
Operating income decreased 41% compared to third quarter 2011 as improved rates were not sufficient to offset lower utilization and increases in empty miles, employee health care costs, driver wages, and costs to attract independent contractors.Cash Flow and Capitalization: At September 30, 2012, we had a total of $645 million outstanding on various debt instruments compared to $768 million at September 30, 2011 and $749 million at December 31, 2011. Our net capital expenditures for the nine months ended September 30, 2012 approximated $279 million compared to $324 million for the same period 2011. At September 30, 2012, we had cash and cash equivalents of $5.7 million compared to $7.7 million at September 30, 2011.
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