LTL revenues, including fuel, increased 9.6% to $129.9 million for the fourth quarter of 2012 from $118.5 million for the fourth quarter of 2011. LTL net revenues for the fourth quarter of 2012 were $36.4 million, or 28.1% of LTL revenues, compared to $29.4 million, or 24.8% of LTL revenues, for the fourth quarter of 2011. LTL operating income was $6.6 million, or 5.1% of LTL revenues, for the fourth quarter of 2012 compared to $5.3 million, or 4.5% of LTL revenues, for the fourth quarter of 2011.

Summary LTL operating statistics for the three and twelve months ended December 31 are shown below.
   
Three Months Ended Twelve Months Ended
December 31, December 31,
2012   2011   % Change 2012   2011   % Change
Operating ratio 94.9 95.5 93.1 94.8
Tonnage (in thousands of tons) 354.3 306.8 15.5 % 1,368.0 1,256.3 8.9 %
Shipments (in thousands) 540.4 471.4 14.6 % 2,090.4 1,905.9 9.7 %
Revenue per hundredweight (incl. fuel) $ 17.92 $ 18.81 (4.7 %) $ 18.46 $ 18.27 1.0 %
Revenue per hundredweight (excl. fuel) $ 14.61 $ 15.42 (5.3 %) $ 15.08 $ 15.00 0.5 %
Weight per shipment (lbs.) 1,311 1,302 0.7 % 1,309 1,318 (0.7 %)
Linehaul cost per mile (excl. fuel) $ 1.24 $ 1.24 0.0 % $ 1.24 $ 1.24 0.0 %
 
Note: Other than operating ratio, the statistics above do not include (i) adjustments for undelivered freight required for financial statement purposes in accordance with Roadrunner's revenue recognition policy; and (ii) non-LTL related business captured within the LTL segment. Operating statistics include EFS beginning as of the date of acquisition, August 10, 2012.
 

TL revenues increased 45.3% to $143.4 million for the fourth quarter of 2012 from $98.7 million for the fourth quarter of 2011. The improvement was primarily due to increases in market pricing and load growth, increased utilization of Roadrunner's TL brokerage agent network, and the acquisitions of D&E Transport, CTW Transport, R&M/Sortino, Central Cal, A&A and DCT. For the fourth quarter, these acquisitions collectively contributed incremental TL revenues of $34.3 million. Overall, TL net revenues for the fourth quarter of 2012 were $47.2 million, or 32.9% of TL revenues, compared to $34.8 million, or 35.3% of TL revenues, for the fourth quarter of 2011. TL operating income was $10.3 million, or 7.2% of TL revenues, for the fourth quarter of 2012 compared to $7.7 million, or 7.8% of TL revenues, for the fourth quarter of 2011.

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