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Werner Enterprises Reports Third Quarter 2012 Revenues And Earnings

Brokerage revenues in third quarter 2012 increased 7% compared to third quarter 2011 due to an 8% increase in average revenue per shipment, partially offset by a 1% decrease in shipment volume. Brokerage gross margin percentage declined 60 basis points due to lower special project business, and Brokerage operating income in third quarter 2012 was higher than in third quarter 2011. Intermodal revenues increased 10%, and Intermodal operating income was higher comparing third quarter 2012 to third quarter 2011. Werner Global Logistics revenues increased slightly in third quarter 2012 compared to third quarter 2011 while operating income declined.

Comparisons of the operating ratios (net of fuel surcharge revenues) for the Truckload segment and VAS segment for third quarters 2012 and 2011 and year-to-date 2012 and 2011 are shown below.

Operating Ratios
  3Q12     3Q11   Difference   YTD12     YTD11   Difference
Truckload Transportation Services 88.9 % 86.3 % 2.6 % 88.6 % 88.4 % 0.2 %
Value Added Services 95.4 % 94.7 % 0.7 % 95.0 % 94.7 % 0.3 %

Fluctuating fuel prices and fuel surcharge collections impact the total company operating ratio and the Truckload segment's operating ratio when fuel surcharges are reported on a gross basis as revenues versus netting against fuel expenses. Eliminating fuel surcharge revenues, which are generally a more volatile source of revenue, provides a more consistent basis for comparing the results of operations from period to period. The Truckload segment's operating ratios for third quarter 2012 and third quarter 2011 are 91.3% and 89.3%, respectively, and for year-to-date 2012 and 2011 are 91.1% and 91.0%, respectively, when fuel surcharge revenues are reported as revenues instead of a reduction of operating expenses.

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