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Roadrunner Transportation Systems Reports 2012 Fourth Quarter And Year-End Results And Announces First Quarter 2013 Guidance

(Tables Follow)

 
ROADRUNNER TRANSPORTATION SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

(In thousands, except per share amounts)

 
  Three Months Ended   Twelve Months Ended
December 31, December 31,
2012   2011 2012   2011
Revenues $ 295,069 $ 238,005 $ 1,073,354 $ 843,627
Operating expenses:
Purchased transportation costs 204,511 168,057 753,459 620,343
Personnel and related benefits 33,928 25,522 119,955 87,178
Other operating expenses 35,823 29,124 120,718 83,625
Depreciation and amortization 2,990 1,597 9,499 4,978
Acquisition transaction expenses 85   430   773   1,368
Total operating expenses 277,337   224,730   1,004,404   797,492
Operating income 17,732 13,275 68,950 46,135
Interest expense:
Interest on long-term debt 2,169 2,079 7,981 4,135
Dividends on preferred stock subject to mandatory redemption   50   49   200
Total interest expense 2,169   2,129   8,030   4,335
Income before provision for income taxes 15,563 11,146 60,920 41,800
Provision for income taxes 6,036   4,281   23,390   15,929
Net income available to common stockholders $ 9,527   $ 6,865   $ 37,530   $ 25,871
Earnings per share available to common stockholders:
Basic $ 0.30   $ 0.22   $ 1.21   $ 0.85
Diluted $ 0.29   $ 0.22   $ 1.16   $ 0.82
Weighted average common stock outstanding:
Basic 31,732   30,706   31,040   30,432
Diluted 33,101   31,765   32,425   31,545
 
ROADRUNNER TRANSPORTATION SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)

 
  December 31,   December 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 11,908 $ 3,315
Accounts receivable, net of allowances of $1,490 and $1,461, respectively 122,947 102,358
Deferred income taxes 3,800 9,497
Prepaid expenses and other current assets 26,461   16,400
Total current assets 165,116   131,570

Property and equipment, net of accumulated depreciation of $20,100 and $13,303, respectively

68,576 28,447
Other assets:
Goodwill 442,143 364,687
Intangible assets, net 12,710 10,381
Other noncurrent assets 12,263   8,633
Total other assets 467,116   383,701
Total assets $ 700,808   $ 543,718
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Current maturities of long-term debt $ 17,000 $ 14,000
Accounts payable 54,887 50,245
Accrued expenses and other liabilities 29,132 19,480
Preferred stock subject to mandatory redemption   5,000
Total current liabilities 101,019 88,725
Long-term debt, net of current maturities 144,500 122,500
Other long-term liabilities 63,210   36,540
Total liabilities 308,729   247,765
Stockholders’ investment:
Common stock $.01 par value; 100,000 shares authorized; 34,371 and 30,707 shares issued and outstanding 344 307
Additional paid-in capital 325,034 266,475
Retained earnings 66,701   29,171
Total stockholders’ investment 392,079   295,953
Total liabilities and stockholders’ investment $ 700,808   $ 543,718
 




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