Jacksonville, FL - Landstar System, Inc. (NASDAQ: LSTR) reported record 2000 fourth quarter net income of $15.9 million, or $1.85 per diluted share, versus net income of $15.6 million, or $1.63 per diluted share, in the 1999 fourth quarter. Revenue was $380.6 million in the 14-week 2000 fiscal fourth quarter compared with $380.1 million in the 13-week 1999 fiscal fourth quarter.
Landstar's carrier group of companies generated $301.0 million of revenue in the 2000 fourth quarter, slightly ahead of 1999 fourth quarter revenue of $300.7 million. In the 2000 and 1999 fourth quarters, the carrier group invoiced customers $16.2 million and $.5 million, respectively, of fuel surcharges that were passed 100% to its business capacity owners and excluded from revenue. Landstar's multimodal services group of companies reported revenue of $73.5 million in this year's fourth quarter compared to $72.8 million in the 1999 fourth quarter.
Net income, excluding non-recurring costs, for the 2000 fiscal year was a record $48.4 million, or $5.38 per diluted share, compared with net income of $45.9 million, or $4.55 per diluted share, in the prior year. Revenue was $1.418 billion in the 53-week fiscal year ended December 30, 2000 versus $1.388 billion in the 52-week fiscal year ended December 25, 1999.
Landstar's carrier group of companies' revenue in the 2000 full year period was $1.117 billion and the multimodal services group of companies' revenue was $277.1 million. In the 1999 year, the carrier group's revenue was $1.112 billion and the multimodal services group's revenue was $250.4 million. In 2000 and 1999, the carrier group billed $36.1 million and $.5 million, respectively, of fuel surcharges that were passed entirely to its business capacity owners and excluded from revenue. Signature Insurance Company had premium revenue of $24.4 million in the year ended December 30, 2000, down slightly from $25.8 million in 1999.
"Once again, Landstar has reported outstanding results," said Landstar's Chairman, Chief Executive Officer and President, Jeff Crowe. "Landstar had record fourth quarter revenue despite a weakened economy and adverse weather conditions. More importantly Landstar improved its fourth quarter diluted earnings per share by 13%. For the 2000 year return on equity was 42 percent."
"Landstar grew its truck count by 73 trucks in the quarter, ending the year at 8,680," Crowe said. "I anticipate growing our truck count in 2001 by 250 to 300 trucks. We already are up over 75 trucks in January."
"I expect the second half of 2001 to be stronger than the first half as we anticipate the economy will gain momentum as the year progresses. I am currently comfortable with the range of analysts' estimates for 2001 of $5.79 to $6.13 per share."
"I believe that the 2001 environment will present Landstar with the opportunities to continue to demonstrate the advantages of its variable cost, non-asset based business model."
Landstar will provide a live webcast of its quarterly earnings conference call this afternoon at 2 p.m. EDT. To access the webcast visit the company's website at www.landstar.com. Click on Investor Relations and then on the microphone at the top of the page. StreetEvents.com will also carry the broadcast live.
This press release contains forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies and expectations. The words "believe", "anticipate", "should", and similar expressions identify forward-looking statements. While made in good faith and with a reasonable basis based on information currently available to Landstar's management, there is no assurance that such opinions, beliefs or expectations will be achieved or accomplished. Various factors could cause actual results and events to vary significantly from those expressed in any forward-looking statement. Such types of statements are intended to be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The Company is under no obligation to update any forward-looking statement to the extent it becomes aware that it will not be achieved for any reason.
Landstar System, Inc. is headquartered in Jacksonville, Florida. The Landstar carrier group, comprised of Landstar Gemini, Inc., Landstar Inway, Inc., Landstar Ligon, Inc. and Landstar Ranger, Inc., delivers excellence in complete over-the-road transportation services. The Landstar multimodal group, comprised of Landstar Express America, Inc. and Landstar Logistics, Inc., delivers excellence in expedited, contract logistics and intermodal transportation services. All Landstar operating companies are certified to ISO 9001:2000 quality management system standards. Landstar System, Inc.'s common stock trades on The NASDAQ Stock Market® under the symbol LSTR.