Roadrunner Transportation Systems, Inc. (NYSE: RRTS), a leading asset-light transportation and logistics service provider, today reported financial results for the three and nine months ended September 30, 2013.
Roadrunner's summary financial results for the three and nine months ended September 30 are highlighted below. Third quarter 2013 net income available to common stockholders increased 34.0% over the prior year quarter to $13.2 million. Third quarter diluted income per share available to common stockholders increased 12.9% over the prior year to $0.35. Excluding acquisition transaction expenses of $0.6 million related to the third quarter acquisitions of Marisol International, TA Drayage, G.W. Palmer Logistics, and Yes Trans, Inc., third quarter diluted income per share available to common stockholders was $0.36.
Roadrunner's December 2012 and August 2013 stock offerings increased the weighted averaged diluted shares outstanding for the three months ended September 30, 2013 by 4.6 million shares and impacted diluted income per share by $0.05 from the prior year quarter.
|Three Months Ended||Nine Months Ended|
|(In thousands, except per share data)||September 30,||September 30,|
|Net revenues (total revenues less purchased transportation costs)||$||109,998||$||83,123||$||307,022||$||229,337|
|Depreciation and amortization||4,029||2,424||11,230||6,509|
|Other operating expenses||81,749||62,214||227,747||170,922|
|Acquisition transaction expenses||561||480||851||688|
|Net income available to common stockholders||13,230||9,872||37,782||28,003|
|Weighted average diluted shares outstanding||38,191||32,260||37,469||32,220|
|Diluted income per share available to common stockholders||$||0.35||$||0.31||$||1.01||$||0.87|
2013 Third Quarter ResultsIn discussing the company's third quarter performance, Mark DiBlasi, President and CEO of Roadrunner, said,