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C.H. Robinson Reports Third Quarter Results

Stocks in this article: CHRW

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 Third Quarter 2012 Earnings Conference Call Tuesday October 23, 2012 5:00 pm. 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: 877-941-6009 Callers should reference the conference ID, which is 4568762 Webcast replay available through Investor Relations link at www.chrobinson.com Telephone audio replay available until 12:59 a.m. Eastern Time on October 26: 800-406-7325; passcode: 4568762#

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share data)
 
  Three months ended   Nine months ended
September 30, September 30,
2012   2011 2012   2011
 
Revenues:
Transportation $ 2,445,883 $ 2,280,208 $ 7,099,485 $ 6,540,266
Sourcing 418,377 399,220 1,240,704 1,182,784
Payment Services   16,149   15,500   48,048   45,012
Total revenues   2,880,409   2,694,928   8,388,237   7,768,062
Costs and expenses:
Purchased transportation and related services 2,063,109 1,905,731 5,980,489 5,455,022
Purchased products sourced for resale 384,630 366,131 1,134,809 1,081,767
Personnel expenses 179,342 178,117 539,964 532,171
Other selling, general, and administrative expenses   66,071   60,984   191,259   178,327
Total costs and expenses   2,693,152   2,510,963   7,846,521   7,247,287
 
Income from operations   187,257   183,965   541,716   520,775
 
Investment and other income   76   50   976   601
 
Income before provision for income taxes 187,333 184,015 542,692 521,376
Provision for income taxes   71,003   69,668   205,280   198,978
Net income $ 116,330 $ 114,347 $ 337,412 $ 322,398
 
Net income per share (basic) $ 0.72 $ 0.70 $ 2.09 $ 1.96
Net income per share (diluted) $ 0.72 $ 0.70 $ 2.08 $ 1.95
Weighted average shares outstanding (basic) 160,782 163,948 161,784 164,512
Weighted average shares outstanding (diluted) 161,003 164,471 162,042 165,094
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
 
  September 30,   December 31,
2012 2011
Assets
Current assets:
Cash and cash equivalents $ 272,955 $ 373,669
Receivables, net 1,334,577 1,189,637
Other current assets 46,399 48,237
Assets held for sale (excluding $24.3 million of cash)   72,235   -
Total current assets 1,726,166 1,611,543
 
Property and equipment, net 134,437 126,830
Intangible and other assets   382,664   399,668
Total Assets $ 2,243,267 $ 2,138,041
 
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks $ 729,744 $ 704,734
Accrued compensation 86,473 117,541
Other accrued expenses 34,514 54,357
Liabilities held for sale   87,324   -
Total current liabilities 938,055 876,632
 
Long term liabilities   14,337   12,935
Total liabilities 952,392 889,567
 
Total stockholders’ investment   1,290,875   1,248,474
Total liabilities and stockholders’ investment $ 2,243,267 $ 2,138,041
 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited, in thousands, except operational data)
 
  Nine months ended
September 30,
2012   2011
Operating activities:
Net income $ 337,412 $ 322,398
Stock-based compensation 21,077 32,074
Depreciation and amortization 26,081 23,714
Provision for doubtful accounts 8,143 6,916
Other non-cash expenses, net 6,346 94
Net changes in operating elements   (131,903 )   (91,641 )
Net cash provided by operating activities 267,156 293,555
 
Investing activities:
Purchases of property and equipment (28,096 ) (17,402 )
Purchases and development of software (10,795 ) (11,679 )
Sales/maturities of available-for-sale securities - 9,311
Restricted cash - 5,000
Other   206     161  
Net cash used for investing activities (38,685 ) (14,609 )
 
Financing activities:
Payment of contingent purchase price (11,613 ) (4,318 )
Net repurchases of common stock (163,412 ) (154,982 )
Excess tax benefit on stock-based compensation 9,831 12,967
Cash dividends   (163,273 )   (146,318 )
Net cash used for financing activities (328,467 ) (292,651 )
Effect of exchange rates on cash   (718 )   (2,165 )
 
Net change in cash and cash equivalents (100,714 ) (15,870 )
Cash and cash equivalents, beginning of period   373,669     398,607  
Cash and cash equivalents, end of period $ 272,955   $ 382,737  
 
 
As of September 30,
2012   2011
Operational Data:
Employees 8,811 8,120
Branches 234 235




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