C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended December 31, 2012.
Summarized financial results for the quarter ended December 31 are as follows (dollars in thousands, except per share data):
|Three months ended||Twelve months ended|
|December 31,||December 31,|
|Other logistics services||22,202||16,207||37.0||%||75,674||59,872||26.4||%|
|Total net revenues||444,632||401,385||10.8||%||1,717,571||1,632,658||5.2||%|
|Income from operations||133,604||171,955||-22.3||%||675,320||692,730||-2.5||%|
|Investment and other income||282,166||1,373||20451.1||%||283,142||1,974||14243.6||%|
|Adjusted Results Excluding Non-Recurring Transaction Impacts (a reconciliation of these adjusted Non-GAAP measures is described in detail in Note 1 to the condensed consolidated financial information attached hereto)|
|Adjusted||2011 (GAAP)||Adjusted||2011 (GAAP)|
|Income from operations||$||177,311||$||171,955||3.1||%||$||720,516||$||692,730||4.0||%|
On October 1, 2012, we completed the acquisition of Apreo Logistics S.A. (“Apreo”), a freight forwarder based in Warsaw, Poland. On November 1, 2012, we completed the acquisition of Phoenix International Freight Services, Ltd. (“Phoenix”), an international freight forwarder based in Chicago, Illinois. The Phoenix acquisition was reported on a Form 8-K filed on November 1, 2012, as amended on Form 8-K/A filed on January 14, 2013. The purchase price allocations for both acquisitions, as reflected in the attached condensed consolidated financial information, are considered preliminary and subject to revision. On October 16, 2012, we completed the divestiture of substantially all of our T-Chek Systems Payment Services business (“T-Chek”). The Form 8-K, announcing this transaction, filed on October 17, 2012, includes historical net revenues and income from operations for T-Chek. In the fourth quarter of 2011, T-Chek had net revenues of $12.5 million and income from operations of $6.4 million.
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