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

(Tables Follow)

 

ROADRUNNER TRANSPORTATION SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share amounts)

   
Three Months Ended Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
Revenues $ 279,165 $ 226,193 $ 778,284 $ 605,622
Operating expenses:
Purchased transportation costs 196,042 165,521 548,947 452,286
Personnel and related benefits 30,331 23,598 86,027 61,656
Other operating expenses 31,883 22,163 84,895 54,501
Depreciation and amortization 2,424 1,499 6,509 3,381
Acquisition transaction expenses 480   618   688   938
Total operating expenses 261,160   213,399   727,066   572,762
Operating income 18,005 12,794 51,218 32,860
Interest expense:
Interest on long-term debt 1,943 1,172 5,812 2,056
Dividends on preferred stock subject to mandatory redemption   50   49   150
Total interest expense 1,943   1,222   5,861   2,206
Income before provision for income taxes 16,062 11,572 45,357 30,654
Provision for income taxes 6,190   4,397   17,354   11,648
Net income available to common stockholders $ 9,872   $ 7,175   $ 28,003   $ 19,006
Earnings per share available to common stockholders:
Basic $ 0.32   $ 0.23   $ 0.91   $ 0.63
Diluted $ 0.31   $ 0.23   $ 0.87   $ 0.60
Weighted average common stock outstanding:
Basic 30,859   30,562   30,808   30,340
Diluted 32,260   31,758   32,220   31,576
 

ROADRUNNER TRANSPORTATION SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

   
September 30, December 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 2,322 $ 3,315
Accounts receivable, net of allowances of $1,400 and $1,461, respectively 131,520 102,358
Deferred income taxes 4,998 9,497
Prepaid expenses and other current assets 22,133   16,400
Total current assets 160,973   131,570
Property and equipment, net of accumulated depreciation of $17,864 and $13,303, respectively 47,829 28,447
Other assets:
Goodwill 415,954 364,687
Intangible assets, net 13,080 10,381
Other noncurrent assets 12,710   8,633
Total other assets 441,744   383,701
Total assets $ 650,546   $ 543,718
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Current maturities of long-term debt $ 17,000 $ 14,000
Accounts payable 58,046 50,245
Accrued expenses and other liabilities 31,591 19,480
Preferred stock subject to mandatory redemption   5,000
Total current liabilities 106,637 88,725
Long-term debt, net of current maturities 176,145 122,500
Other long-term liabilities 42,492   36,540
Total liabilities 325,274   247,765
Stockholders’ investment:
Common stock $.01 par value; 100,000 shares authorized; 30,956 and 30,707 shares issued and outstanding 310 307
Additional paid-in capital 267,788 266,475
Retained earnings 57,174   29,171
Total stockholders’ investment 325,272   295,953
Total liabilities and stockholders’ investment $ 650,546   $ 543,718




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