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Roadrunner Transportation Systems Reports 2013 Second Quarter Results And Announces Third Quarter 2013 Guidance

Stocks in this article: RRTS

Roadrunner Transportation Systems, Inc. (NYSE: RRTS), a leading asset-light transportation and logistics service provider, today reported financial results for the three and six months ended June 30, 2013.

Roadrunner's summary financial results for the three and six months ended June 30 are highlighted below. Second quarter 2013 net income available to common stockholders increased 37.0% over the prior year quarter to $14.0 million. Second quarter diluted income per share available to common stockholders increased 15.6% over the prior year to $0.37. Excluding acquisition transaction expenses of $0.3 million related to the second quarter acquisitions of Wando Trucking and Adrian Carriers, diluted income per share would have been $0.38.

The difference between Roadrunner's 37.0% increase in net income available to common stockholders for the three months ended June 30, 2013 and the 15.6% increase in diluted income per share available to common stockholders for the three months ended June 30, 2013 results from the December 2012 stock offering which increased the weighted averaged diluted shares outstanding by 3.9 million shares and impacted diluted income per share by $0.05.

         
Three Months Ended Six Months Ended
(In thousands, except per share data) June 30, June 30,
2013   2012 2013   2012
Total revenues $ 331,908   $ 262,546   $ 631,288   $ 499,119
Net revenues (total revenues less purchased transportation costs) $ 103,986 $ 76,671 $ 197,024 $ 146,214
Depreciation and amortization 3,846 2,125 7,201 4,085
Other operating expenses 75,452 55,903 145,998 108,708
Acquisition transaction expenses 290   70   290   208
Operating income $ 24,398   $ 18,573   $ 43,535   $ 33,213
Net income available to common stockholders 13,970 10,200 24,552 18,131
Weighted average diluted shares outstanding 37,307 32,186 36,442 32,182
Diluted income per share available to common stockholders $ 0.37 $ 0.32 $ 0.67 $ 0.56
 

2013 Second Quarter Results

In discussing the company's second quarter performance, Mark DiBlasi, President and CEO of Roadrunner, said,

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