Hub Group, Inc. Reports First Quarter 2009 Earnings
DOWNERS GROVE, Ill.,
"We are pleased that we have been able to maintain our market share and
generate strong cash flow, despite the challenging freight market," said
CONFERENCE CALL
Hub will hold a conference call at
Hosting the conference call will be
This call is being webcast and can be accessed through the Investors link
on
To participate in the conference call by telephone, please call ten minutes early by dialing (888) 680-0865. The conference call participant code is 15068357. Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PX96NYBH7. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference, bypassing the operator. The call will be limited to 60 minutes, including questions and answers.
An audio replay will be available through the Investors link on the Company's Web site at www.hubgroup.com. This replay will be available for 30 days.
ABOUT
CERTAIN FORWARD-LOOKING STATEMENTS: Statements in this press release that
are not historical, including statements about
HUB GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) Three Months Ended March 31, 2009 2008 Revenue $351,695 $424,995 Transportation costs 306,526 367,493 Gross margin 45,169 57,502 Costs and expenses: Salaries and benefits 23,214 25,363 General and administrative 10,123 10,150 Depreciation and amortization 1,156 1,001 Total costs and expenses 34,493 36,514 Operating income 10,676 20,988 Other income (expense): Interest expense (25) (26) Interest and dividend income 55 338 Other, net 10 95 Total other income 40 407 Income before provision for income taxes 10,716 21,395 Provision for income taxes 4,538 8,260 Net income $6,178 $13,135 Basic earnings per common share $0.17 $0.35 Diluted earnings per common share $0.17 $0.35 Basic weighted average number of shares outstanding 37,321 37,101 Diluted weighted average number of shares outstanding 37,412 37,405 HUB GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) March 31, December 31, 2009 2008 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $112,673 $85,799 Accounts receivable Trade, net 132,751 145,362 Other 7,435 10,318 Prepaid taxes 123 123 Deferred taxes 4,213 5,430 Prepaid expenses and other current assets 3,762 4,346 TOTAL CURRENT ASSETS 260,957 251,378 Restricted investments 6,573 6,118 Property and equipment, net 31,486 32,713 Other intangibles, net 6,499 6,610 Goodwill, net 233,056 233,110 Other assets 1,690 1,747 TOTAL ASSETS $540,261 $531,676 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable Trade $110,070 $105,064 Other 7,401 6,107 Accrued expenses Payroll 7,131 9,988 Other 24,282 26,388 TOTAL CURRENT LIABILITIES 148,884 147,547 Non-current liabilities 8,595 9,535 Deferred taxes 61,227 59,410 STOCKHOLDERS' EQUITY: Preferred stock,$.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2009 and 2008 - - Common stock Class A: $.01 par value; 97,337,700 shares authorized and 41,224,792 shares issued in 2009 and 2008; 37,163,730 shares outstanding in 2009 and 36,975,979 outstanding in 2008 412 412 Class B: $.01 par value; 662,300 shares authorized; 662,296 shares issued and outstanding in 2009 and 2008 7 7 Additional paid-in capital 169,572 174,355 Purchase price in excess of predecessor basis, net of tax benefit of $10,306 (15,458) (15,458) Retained earnings 271,465 265,287 Treasury stock; at cost, 4,061,062 shares in 2009 and 4,254,445 shares in 2008 (104,443) (109,419) TOTAL STOCKHOLDERS' EQUITY 321,555 315,184 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $540,261 $531,676 HUB GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, 2009 2008 Cash flows from operating activities: Net income $6,178 $13,135 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,184 1,706 Deferred taxes 3,088 3,232 Compensation expense related to share-based compensation plans 1,078 1,171 (Gain) loss on sale of assets (27) 29 Changes in operating assets and liabilities: Restricted investments (455) (2,246) Accounts receivable, net 15,494 (723) Prepaid expenses and other current assets 584 578 Other assets 57 136 Accounts payable 6,300 2,499 Accrued expenses (4,401) (14,085) Non-current liabilities (940) (196) Net cash provided by operating activities 29,140 5,236 Cash flows from investing activities: Proceeds from sale of equipment 48 29 Purchases of property and equipment (1,429) (849) Cash used in acquisition of Comtrak, Inc. - (5,000) Net cash used in investing activities (1,381) (5,820) Cash flows from financing activities: Proceeds from stock options exercised 40 315 Purchase of treasury stock (1,042) (672) Excess tax benefits from share-based compensation 117 1,817 Net cash (used in) provided by financing activities (885) 1,460 Net increase in cash and cash equivalents 26,874 876 Cash and cash equivalents beginning of period 85,799 38,002 Cash and cash equivalents end of period $112,673 $38,878
SOURCEHub Group, Inc. -0-04/22/2009 /CONTACT: Amy Lisek ofHub Group, Inc. , +1-630-795-2214/ /Web Site: http://www.hubgroup.com / (HUBG) CO:Hub Group, Inc. ST:Illinois IN: TRN TRT SU: ERN CCA PR -- CG03317 -- 581704/22/2009 16:01 EDT http://www.prnewswire.com