Transport OF America (NASDAQ:TCAM)
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Transport Corporation of America Reports First Quarter Results
MINNEAPOLIS, April 26 /PRNewswire-FirstCall/ -- Transport Corporation of
America, Inc. (NASDAQ:TCAM) today announced revenues for the first quarter 2005
of $61.4 million, compared with 2004 first quarter revenues of $62.1 million.
First quarter 2005 net income was $94,000 or $0.01 per diluted share, compared
with first quarter 2004 net income of $71,000, or $0.01 per diluted share.
Michael Paxton, Chairman, President and Chief Executive Officer, commented,
"Although the demand for freight was softer in the first quarter 2005 when
compared to 2004, we continue to improve our operating fundamentals. Our
revenue per loaded mile (excluding fuel surcharges) increased 4.0% to $1.53 for
the first quarter 2005 compared to $1.47 for the same period in 2004 and our
average freight revenue per tractor per week (excluding fuel surcharges)
increased to $2,887 in the first quarter 2005 compared to $2,797 for the same
period 2004." (The financial tables at the end of this release reconcile the
differences between these non-GAAP financial measures excluding fuel surcharges
and the most directly comparable GAAP measures including fuel surcharges.)
Paxton also noted, "We continue to benefit from our strong safety record -- our
accident rate per million miles was one of the lowest in a first- quarter
period in the history of the Company. We also increased overall productivity
as demonstrated by an increase in annualized revenue per non- driver employee
from $611,000 in the first quarter 2004 to $621,000 in the first quarter 2005."
Paxton continued, "Like many of our peers, we continue to experience the
effects of a very difficult driver recruiting market, particularly as it
relates to independent contractors. This directly limits the amount of freight
we are able to haul, and accordingly, reduces overall revenues. Total seated
capacity decreased 9.7% from the first quarter 2004 to the first quarter 2005.
We continue to take actions to increase seated capacity, including increases in
driver pay, new commitments to get drivers home weekly within specified areas
of our network, and new recruiting and retention initiatives and incentives.
During the first quarter 2005, our driver turnover percentage is down nearly
20% from the same period in 2004 as a result of these initiatives.
"Finally, we continue to strengthen our balance sheet by reducing outstanding
debt for the 20th straight quarter. At March 31, 2005, total debt and capital
lease obligations were $48.8 million compared to $49.1 million at December 31,
2004."
The Company will host a conference call and webcast on Tuesday, April 26, 2005
at 10:00 a.m. Central Time. The Internet broadcast can be accessed at the
Company's website, http://www.transportamerica.com/ , or at
http://www.fulldisclosure.com/ .
About Transport America
Transport Corporation of America, Inc., based in the Minneapolis - St. Paul
metropolitan area, provides a wide range of truckload freight carriage and
logistics services to customers in the United States and Canada. Transport
America focuses on providing time-definite and other responsive services
through its team of dedicated and committed employees supported by
state-of-the-art technology and information systems.
This news release contains forward-looking statements regarding the Company.
The Company wishes to caution readers not to place undue reliance on any
forward-looking statements which speak only as of the date made. The following
important factors, among other things, in some cases have affected and in the
future could affect the Company's actual results and could cause the Company's
actual financial performance to differ materially from that expressed in any
forward-looking statement: (1) the highly competitive conditions that currently
exist in the Company's market and the Company's ability to compete, (2) the
Company's ability to recruit, train, and retain qualified drivers, (3)
increases in fuel prices, and the Company's ability to recover these costs from
its customers, (4) the impact of environmental standards and regulations on new
revenue equipment, (5) changes in governmental regulations applicable to the
Company's operations, (6) adverse weather conditions, (7) accidents, (8) the
financing and resale market for used revenue equipment, (9) changes in interest
rates, (10) cost of liability insurance coverage, and (11) downturns in general
economic conditions affecting the Company and its customers. The foregoing
list should not be construed as exhaustive and the Company disclaims any
obligation subsequently to revise or update any previously made forward-looking
statements. Unanticipated events are likely to occur.
TRANSPORT CORPORATION OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended March 31, 2005 and 2004
(In Thousands, Except Share and Per Share Amounts)
Unaudited
Three Months
2005 2004
Amount % Amount %
Operating revenues $61,436 100.0 $62,143 100.0
Operating expenses:
Salaries, wages, and benefits 19,077 31.1 18,195 29.3
Fuel, maintenance, and other
expense 11,547 18.8 9,390 15.1
Purchased transportation 17,672 28.8 20,591 33.1
Revenue equipment leases 390 0.6 268 0.4
Depreciation and amortization 5,723 9.3 5,743 9.2
Insurance, claims, and damage 2,202 3.6 3,142 5.1
Taxes and licenses 1,167 1.9 1,101 1.8
Communication 420 0.7 443 0.7
Other general and administrative 2,445 4.0 2,308 3.7
Total operating expenses 60,643 98.7 61,181 98.5
Operating income 793 1.3 962 1.5
Interest expense, net 639 1.0 845 1.4
Earnings (loss) before income taxes 154 0.3 117 0.2
Income tax provision (benefit) 60 0.1 46 0.1
Net earning (loss) $94 0.2 $71 0.1
Earnings (loss) per common share -
basic $0.01 $0.01
Earnings (loss) per common share -
diluted $0.01 $0.01
Average common shares outstanding
Basic 6,541,890 7,087,215
Diluted 6,725,525 7,199,488
TRANSPORT CORPORATION OF AMERICA, INC.
BALANCE SHEET
March 31, 2005 and 2004
(In Thousands)
Unaudited
ASSETS
2005 2004
Current Assets:
Cash and cash equivalents $2,610 $4,054
Trade receivables, net of
allowances 24,861 27,589
Other receivables 2,267 1,757
Operating supplies 848 777
Deferred income taxes 5,609 6,189
Prepaid expenses 3,782 4,552
Total Current Assets 39,977 44,918
Revenue Equipment, At Cost 183,394 180,840
Less: accumulated depreciation (78,037) (80,669)
Revenue Equipment, Net 105,357 100,171
Property and Other Equipment:
Land, buildings, and improvements 16,718 16,302
Other equipment and leasehold
improvements 21,387 21,563
Less: accumulated depreciation (19,307) (17,375)
Property and Other Equipment, Net 18,798 20,490
Revenue, Property and Other
Equipment, Net 124,155 120,661
Other Assets, Net 2,705 1,633
Total Assets $166,837 $167,212
LIABILITIES AND SHAREHOLDERS' EQUITY
2005 2004
Current Liabilities:
Current maturities of Long Term
Debt $7,581 $8,758
Current maturities of Capital Lease
Obligations 9,153 4,402
Accounts payable 11,142 7,404
Checks issued in excess of cash
balances 1,123 1,492
Due to independent contractors 1,223 2,379
Accrued expenses 22,212 20,879
Total Current Liabilities 52,434 45,314
Long-Term Debt & Capital Lease
Obligations
Long-term debt less current
maturities 29,517 26,743
Capital lease obligations less
current maturities 2,535 11,691
Deferred Income Taxes 25,787 25,869
Shareholders' Equity:
Common stock 66 70
Additional paid-in capital 25,626 28,713
Retained earnings 30,872 28,812
Total Shareholders' Equity 56,564 57,595
Total Liabilities and Equity $166,837 $167,212
TRANSPORT CORPORATION OF AMERICA, INC.
Selected Consolidated Financial and Operating Data
Three Months Ended March 31, 2005 and 2004
Three Months
2005 2004
Operating Statistics
Company tractors, seated 844 852
Company tractors, other 203 152
Independent contractor 505 678
Total tractors (at end of
period) 1,552 1,682
Trailers (at end of period) 4,861 4,973
Average company tractors in
service 1,458 1,630
Total loaded miles (000's) 34,605 39,618
Total miles (000's) 38,951 44,312
Freight revenue per tractor per
week* $2,887 $2,797
Fuel surcharge per tractor per
week 331 141
Operating revenue per tractor
per week $3,218 $2,938
Freight revenues per loaded
mile* $1.532 $1.473
Fuel surcharge per loaded mile 0.177 0.074
Operating revenues per loaded
mile $1.709 $1.547
Freight revenues per mile* $1.361 $1.317
Fuel surcharge per mile 0.157 0.066
Operating revenues per mile $1.518 $1.383
Average empty mile percentage 11.2% 10.6%
Average length of haul, all
miles 669 697
Average annual revenues per non-
driver employee (000's) $621 $611
Financial Data (000's)
Freight revenue (excluding fuel
surcharge) $53,016 $58,347
Fuel surcharge revenue 6,109 2,953
Operating revenue (including
fuel surcharge) $59,125 $61,300
Logistics and other revenue 2,311 843
Total revenue $61,436 $62,143
Capital expenditures, net of
proceeds $10,085 $1,860
Total debt and capital lease
obligations $48,786 $51,593
* Excluding fuel surcharge
DATASOURCE: Transport Corporation of America, Inc.
CONTACT: Michael Paxton, Chairman, President and CEO, +1-651-686-2500,
or Keith Klein, Chief Financial Officer, +1-651-686-2500, both of Transport
Corporation of America, Inc.
Web site: http://www.transportamerica.com/