J. B. Hunt Transport Services, Inc. Reports Record Revenues, Record Net Earnings And Record Earnings Per Share For Both The Fourth Quarter And Year Ended December 31, 2012

Operating income for the current quarter decreased 27% compared to the same quarter of 2011. Fourth quarter 2011 results included an approximate $0.3 million expense for severance and charitable commitments. Short term pricing improvements were offset by a lower truck count, reduced utilization, increased driver and independent contractor pay and fewer gains on the sale of equipment compared to the same period 2011.

Cash Flow and Capitalization:

At December 31, 2012, we had total debt outstanding of $685 million on various debt instruments compared to $749 million at December 31, 2011 and $645 million at September 30, 2012.

Our net capital expenditures for 2012 approximated $370 million vs. $446 million in 2011. The decrease in capital expenditures was primarily due to purchasing fewer containers and chassis for JBI and trading fewer tractors across all business units. At December 31, 2012, we had cash and cash equivalents of $5.6 million.

In the fourth quarter 2012, we used $50 million to purchase approximately 849,000 shares of our common stock. At December 31, 2012, we had approximately $453 million remaining under our share repurchase authorizations.

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2011. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our web site, www.jbhunt.com.

J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
				Three Months Ended December 31
				2012							2011
							% Of							% Of
				Amount			Revenue				Amount			Revenue
Operating revenues, excluding fuel surcharge revenues			$	1,067,194						$	974,009
Fuel surcharge revenues				270,942							230,928
Total operating revenues				1,338,136			100.0	%			1,204,937			100.0	%
Operating expenses
Rents and purchased transportation				666,745			49.8	%			579,910			48.1	%
Salaries, wages and employee benefits				270,706			20.2	%			258,483			21.5	%
Fuel and fuel taxes				117,542			8.8	%			116,567			9.7	%
Depreciation and amortization				59,046			4.4	%			55,632			4.6	%
Operating supplies and expenses				44,978			3.4	%			39,636			3.3	%
Insurance and claims				16,447			1.2	%			12,399			1.0	%
General and administrative expenses, net of asset dispositions				7,513			0.6	%			8,386			0.7	%
Operating taxes and licenses				7,545			0.6	%			7,246			0.6	%
Communication and utilities				4,279			0.3	%			4,391			0.4	%
Total operating expenses				1,194,801			89.3	%			1,082,650			89.9	%
Operating income				143,335			10.7	%			122,287			10.1	%
Net interest expense				5,296			0.4	%			6,214			0.5	%
Earnings before income taxes				138,039			10.3	%			116,073			9.6	%
Income taxes				54,062			4.0	%			43,508			3.6	%
Net earnings			$	83,977			6.3	%		$	72,565			6.0	%
Average diluted shares outstanding				120,019							119,363
Diluted earnings per share			$	0.70						$	0.61

J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
			Twelve Months Ended December 31
			2012						2011
						% Of						% Of
			Amount			Revenue			Amount			Revenue
Operating revenues, excluding fuel surcharge revenues		$	4,058,165					$	3,677,679
Fuel surcharge revenues			996,815						849,163
Total operating revenues			5,054,980			100.0%			4,526,842			100.0%
Operating expenses
Rents and purchased transportation			2,485,635			49.2%			2,122,811			46.9%
Salaries, wages and employee benefits			1,037,526			20.5%			1,001,953			22.1%
Fuel and fuel taxes			465,874			9.2%			463,597			10.2%
Depreciation and amortization			229,166			4.5%			213,943			4.7%
Operating supplies and expenses			178,610			3.5%			160,425			3.6%
Insurance and claims			53,832			1.1%			44,929			1.0%
General and administrative expenses, net of asset dispositions			27,231			0.6%			28,900			0.7%
Operating taxes and licenses			29,461			0.6%			27,871			0.6%
Communication and utilities			17,445			0.3%			18,180			0.4%
Total operating expenses			4,524,780			89.5%			4,082,609			90.2%
Operating income			530,200			10.5%			444,233			9.8%
Net interest expense			25,559			0.5%			28,500			0.6%
Earnings before income taxes			504,641			10.0%			415,733			9.2%
Income taxes			194,287			3.9%			158,727			3.5%
Net earnings		$	310,354			6.1%		$	257,006			5.7%
Average diluted shares outstanding			120,022						121,922
Diluted earnings per share		$	2.59					$	2.11

Financial Information By Segment
(in thousands)
(unaudited)
			Three Months Ended December 31
			2012								2011
							% Of								% Of
			Amount				Total				Amount				Total
Revenue
Intermodal		$	821,208				61	%		$	728,795				60	%
Dedicated			283,722				21	%			260,019				22	%
Integrated Capacity Solutions			128,517				10	%			98,881				8	%
Truck			112,722				9	%			127,928				11	%
Subtotal			1,346,169				101	%			1,215,623				101	%
Intersegment eliminations			(8,033	)			(1	%)			(10,686	)			(1	%)
Consolidated revenue		$	1,338,136				100	%		$	1,204,937				100	%
Operating income
Intermodal		$	104,223				73	%		$	83,882				69	%
Dedicated			29,396				20	%			27,356				22	%
Integrated Capacity Solutions			4,614				3	%			4,072				3	%
Truck			5,150				4	%			7,076				6	%
Other (1)			(48	)			(0	%)			(99	)			(0	%)
Operating income		$	143,335				100	%		$	122,287				100	%
			Twelve Months Ended December 31
			2012								2011
							% Of								% Of
			Amount				Total				Amount				Total
Revenue
Intermodal		$	3,071,127				61	%		$	2,672,955				59	%
Dedicated			1,079,508				21	%			1,031,393				23	%
Integrated Capacity Solutions			456,331				9	%			355,817				8	%
Truck			483,757				10	%			504,132				11	%
Subtotal			5,090,723				101	%			4,564,297				101	%
Intersegment eliminations			(35,743	)			(1	%)			(37,455	)			(1	%)
Consolidated revenue		$	5,054,980				100	%		$	4,526,842				100	%
Operating income
Intermodal		$	374,965				71	%		$	301,439				68	%
Dedicated			116,335				22	%			103,087				23	%
Integrated Capacity Solutions			16,130				3	%			13,109				3	%
Truck			22,880				4	%			26,670				6	%
Other (1)			(110	)			(0	%)			(72	)			(0	%)
Operating income		$	530,200				100	%		$	444,233				100	%
(1) Includes corporate support activity

Operating Statistics by Segment
(unaudited)
			Three Months Ended December 31
			2012						2011
Intermodal
Loads			368,022						333,000
Average length of haul			1,720						1,726
Revenue per load		$	2,231					$	2,189
Average tractors during the period *			3,582						3,109
Tractors (end of period)
Company-owned			3,124						2,901
Independent contractor			472						213
Total tractors			3,596						3,114
Net change in trailing equipment during the period			1,049						2,584
Trailing equipment (end of period)			58,962						54,506
Average effective trailing equipment usage			56,473						52,540
Dedicated
Loads			407,801						354,711
Average length of haul			196						210
Revenue per truck per week**		$	4,220					$	4,172
Average trucks during the period***			5,294						4,915
Trucks (end of period)
Company-owned			4,844						4,571
Independent contractor			15						17
Customer-owned (Dedicated operated)			394						330
Total trucks			5,253						4,918
Trailing equipment (end of period)			13,448						11,211
Average effective trailing equipment usage			14,884						12,472
Integrated Capacity Solutions
Loads			94,315						64,267
Revenue per load		$	1,363					$	1,539
Gross profit margin			14.1	%					13.9	%
Employee count (end of period)			453						384
Approximate number of third-party carriers (end of period)			32,300						28,800
Truck
Loads			104,694						113,893
Average length of haul			452						506
Loaded miles (000)			46,690						56,698
Total miles (000)			55,288						65,287
Average nonpaid empty miles per load			81.6						73.9
Revenue per tractor per week**		$	3,968					$	3,960
Average tractors during the period *			2,258						2,597
Tractors (end of period)
Company-owned			1,192						1,637
Independent contractor			901						948
Total tractors			2,093						2,585
Trailers (end of period)			8,954						9,302
Average effective trailing equipment usage			7,724						8,124
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks

Operating Statistics by Segment
(unaudited)
			Twelve Months Ended December 31
			2012						2011
Intermodal
Loads			1,415,663						1,248,302
Average length of haul			1,702						1,726
Revenue per load		$	2,169					$	2,141
Average tractors during the period *			3,417						2,924
Tractors (end of period)
Company-owned			3,124						2,901
Independent contractor			472						213
Total tractors			3,596						3,114
Net change in trailing equipment during the period			4,456						8,840
Trailing equipment (end of period)			58,962						54,506
Average effective trailing equipment usage			54,302						49,482
Dedicated
Loads			1,522,740						1,444,518
Average length of haul			201						205
Revenue per truck per week**		$	4,164					$	4,175
Average trucks during the period***			5,057						4,811
Trucks (end of period)
Company-owned			4,844						4,571
Independent contractor			15						17
Customer-owned (Dedicated operated)			394						330
Total trucks			5,253						4,918
Trailing equipment (end of period)			13,448						11,211
Average effective trailing equipment usage			13,932						12,711
Integrated Capacity Solutions
Loads			326,574						253,344
Revenue per load		$	1,397					$	1,404
Gross profit margin			13.0	%					13.5	%
Employee count (end of period)			453						384
Approximate number of third-party carriers (end of period)			32,300						28,800
Truck
Loads			449,366						444,851
Average length of haul			467						514
Loaded miles (000)			207,677						225,997
Total miles (000)			242,311						259,144
Average nonpaid empty miles per load			77.1						72.7
Revenue per tractor per week**		$	3,891					$	3,869
Average tractors during the period*			2,435						2,557
Tractors (end of period)
Company-owned			1,192						1,637
Independent contractor			901						948
Total tractors			2,093						2,585
Trailers (end of period)			8,954						9,302
Average effective trailing equipment usage			7,985						8,089
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks

J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
			December 31, 2012					December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents		$	5,589				$	5,450
Accounts Receivable			466,011					411,479
Prepaid expenses and other			82,932					96,613
Total current assets			554,532					513,542
Property and equipment			2,904,706					2,658,143
Less accumulated depreciation			1,019,232					931,273
Net property and equipment			1,885,474					1,726,870
Other assets			24,635					26,920
		$	2,464,641				$	2,267,332
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt		$	100,000				$	50,000
Trade accounts payable			266,722					251,625
Claims accruals			47,442					42,364
Accrued payroll			70,647					77,107
Other accrued expenses			17,199					17,419
Deferred income taxes			750					-
Total current liabilities			502,760					438,515
Long-term debt			585,347					699,177
Other long-term liabilities			53,050					45,382
Deferred income taxes			531,624					516,715
Stockholders' equity			791,860					567,543
		$	2,464,641				$	2,267,332
Supplemental Data
(unaudited)
			December 31, 2012					December 31, 2011
Actual shares outstanding at end of period (000)			117,529					116,932
Book value per actual share outstanding at end of period		$	6.74				$	4.85
			Twelve Months Ended December 31
			2012					2011
Net cash provided by operating activities (000)		$	548,044				$	635,692
Net capital expenditures (000)		$	369,679				$	445,869

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