The company previously announced a quarterly cash dividend of $0.06 per share to shareholders of record on September 7, 2012, paid on September 28, 2012.Chairman and Chief Executive Officer, Kevin P. Knight, offered the following comments: ''The third quarter of 2012 proved to be more challenging than expected due primarily to eleven consecutive weeks of escalating fuel prices and a slowing economy that yielded seasonally weak freight demand. Despite the difficult environment, we continued to grow our top line revenue. Our average revenue per total mile (excluding fuel surcharges) increased 0.9% in the third quarter, when compared to the same period last year, while our length of haul increased by 0.8%. Our average revenue per tractor (excluding fuel surcharges) declined 2.5% due to lower utilization, which was a result of lower demand and additional tractor count.'' The following chart reflects the year-over-year operating ratio comparison and revenue growth (excluding trucking fuel surcharge revenue) for each of our businesses for the third quarter of 2012 and 2011.
|Operating ratios (1)||Revenue growth(excluding truckingfuel surcharge)|
|Port and Rail Services||87.3||%||89.7||%||14.7||%|
|Asset based operations||84.1||%||83.4||%||3.5||%|
|Non-asset based operations||94.5||%||94.9||%||14.8||%|
|(1) Operating ratio is defined as total operating expenses, net of trucking fuel surcharge, as a percentage of revenue before trucking fuel surcharge.|