Press Release

Hub Group, Inc. Reports Fourth Quarter, Full Year 2003 Results
DOWNERS GROVE, Ill., Feb. 18 /PRNewswire-FirstCall/ -- Hub Group, Inc. (Nasdaq: HUBG - ) today reported an 87.6% increase in fourth quarter net income versus the prior year. Hub Group earned net income of $2.6 million for the quarter ended December 31, 2003 or 33 cents diluted earnings per share compared to last year's net income of $1.4 million or 18 cents diluted earnings per share.

Revenue in the fourth quarter was $359.2 million, an increase of 3.8% compared with the $346.1 million reported for the fourth quarter of 2002. Intermodal revenue for the fourth quarter was $259.5 million up 3% from the prior year. Supply Chain Solutions logistics revenue was $37.2 million, which represents a 79.6% increase from the prior year. Truckload brokerage revenue of $48.1 million and Hub Group Distribution Services revenue of $14.4 million were down 6.6% and 34.3%, respectively. Gross margin was down from 12.4% to 11.6% solely due to Hub Group Distribution Services. Costs and expenses decreased 9.6% in the fourth quarter of 2003 to $34.9 million compared to $38.6 million in 2002, reflecting the benefits from the Company's cost reduction efforts. Other expense, which primarily includes interest expense, decreased to $1.6 million in the fourth quarter of 2003 compared to $2.3 million in the same period of 2002, due to lower debt levels in 2003.

FULL YEAR 2003

Revenue for the year was $1,359.6 million compared to $1,335.7 million in 2002, or an increase of 1.8%. Gross margin increased to 12.6% of revenue compared to 12.2% in 2002 and costs and expenses decreased to 10.8% of revenue versus 11.4% in 2002.

Net income was $8.4 million for 2003 or $1.07 diluted earnings per share compared to last year's net income of $1.5 million or 19 cents diluted earnings per share.

Commenting on the results, David P. Yeager, Vice-Chairman and Chief Executive Officer of Hub Group stated, "Our results demonstrate further evidence of our ongoing turnaround. With our field realignment in place, we are now positioned more than ever to improve our business for our stakeholders."

FULL YEAR 2004

Hub expects its 2004 diluted earnings per share to be in the range of $1.25 to $1.40.

ABOUT HUB GROUP: Hub Group, Inc. is a leading non-asset based freight transportation management company providing comprehensive intermodal, truckload, LTL, railcar, airfreight and related logistics and distribution services. The Company operates through a network of over 30 offices throughout the United States, Canada and Mexico.

Certain prior year amounts have been reclassified to conform to the current year presentation.

CERTAIN FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical, including statements regarding Hub Group's or management's intentions, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and subject to risks. Such statements should be viewed with caution. Actual results or experience could differ materially from the forward-looking statements as a result of many factors. Factors that could cause actual results to differ materially include the factors listed from time to time in Hub Group's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended December 31, 2002, and the quarterly reports on Form 10-Q for the quarters ended March 31, 2003, June 30, 2003 and September 30, 2003. Hub Group assumes no liability to update any such forward-looking statements.

                                 HUB GROUP, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                     (in thousands, except per share amounts)


                                      Unaudited
                                     Three Months
                                  Ended December 31,  Years Ended December 31,
                                    2003      2002        2003        2002

    Revenue                       $359,196  $346,100   $1,359,614  $1,335,660

    Transportation costs           317,485   303,174    1,188,932   1,172,848
       Gross margin                 41,711    42,926      170,682     162,812

    Costs and expenses:
      Salaries and benefits         21,291    23,237       89,980      93,476
      Selling, general and
       administrative               10,718    11,879       45,650      46,824
      Depreciation and
       amortization of property
       and equipment                 2,892     3,512       10,757      11,371
        Total costs and expenses    34,901    38,628      146,387     151,671

          Operating income           6,810     4,298       24,295      11,141

    Other income (expense):
      Interest expense              (1,711)   (2,146)      (7,691)     (9,453)
      Interest income                   43        64          160         230
      Other, net                        72      (178)         131          97
        Total other expense         (1,596)   (2,260)      (7,400)     (9,126)

    Income before minority
     interest and provision
     for income taxes                5,214     2,038       16,895       2,015

    Minority interest                  -         -            -          (524)

    Income before provision for
     income taxes                    5,214     2,038       16,895       2,539

    Provision for income taxes       2,576       632        8,465       1,041

    Net Income                      $2,638    $1,406       $8,430      $1,498

    Diluted EPS                      $0.33     $0.18        $1.07       $0.19