OMAHA, Neb.--(BUSINESS WIRE)--Jul. 22, 2013--
Werner Enterprises, Inc. (NASDAQ: WERN), one of the nation's largest
transportation and logistics companies, reported revenues and earnings
for the second quarter ended June 30, 2013.
Summarized financial results for second quarter and year-to-date 2013
compared to second quarter and year-to-date 2012 are as follows (dollars
in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
% Change
|
|
2013
|
|
2012
|
|
% Change
|
Total revenues
|
|
|
$
|
506,648
|
|
|
$
|
521,812
|
|
|
(3)%
|
|
|
$
|
999,535
|
|
|
$
|
1,020,188
|
|
|
(2)%
|
|
Trucking revenues, net of fuel surcharge
|
|
|
320,000
|
|
|
331,974
|
|
|
(4)%
|
|
|
633,400
|
|
|
653,200
|
|
|
(3)%
|
|
Value Added Services (“VAS”) revenues
|
|
|
91,185
|
|
|
85,109
|
|
|
7%
|
|
|
173,695
|
|
|
162,626
|
|
|
7%
|
|
Operating income
|
|
|
42,361
|
|
|
51,113
|
|
|
(17)%
|
|
|
71,054
|
|
|
86,515
|
|
|
(18)%
|
|
Net income
|
|
|
25,840
|
|
|
30,680
|
|
|
(16)%
|
|
|
43,351
|
|
|
51,925
|
|
|
(17)%
|
|
Earnings per diluted share
|
|
|
0.35
|
|
|
0.42
|
|
|
(16)%
|
|
|
0.59
|
|
|
0.71
|
|
|
(17)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second quarter 2013 freight demand (as measured by our daily morning
ratio of loads to trucks in our One-Way Truckload network) was softer in
April 2013 than April 2012, due in part to unfavorable temperature and
weather comparisons which negatively affected retail volumes. Freight
demand improved and seasonally strengthened during May and June 2013 and
was comparable to May and June 2012. Freight demand in July 2013 is
comparable to the same period in July 2012, with typical seasonal demand
trends in the first three weeks of July.
Average revenues per total mile, net of fuel surcharge, rose 1.6% in
second quarter 2013 compared to second quarter 2012. Base rate increases
showed modestly positive momentum as second quarter 2013 progressed.
Spot market rates were lower in second quarter 2013 than in second
quarter 2012 due to lower transactional project business, particularly
in the Midwest market. We believe there are several truckload capacity
constraints including an older industry truck fleet, the higher cost of
new trucks and trailers, significant safety regulatory changes and a
challenging driver market. We continue to work jointly with our
customers to secure sustainable transportation solutions across all
modes and to offset increased rates through enhanced optimization and
transportation solutions whenever possible.
Average monthly miles per truck declined by 2.6% in second quarter 2013
compared to second quarter 2012. The freight softness in April combined
with truck mix changes (more Dedicated, less One-Way Truckload) and a 7%
shorter length of haul were the primary factors.
We continue to diversify our business model with the goal of achieving a
balanced portfolio of revenues comprised of One-Way Truckload (which
includes the short-haul Regional, medium-to-long-haul Van and Expedited
fleets), Specialized Services and VAS. In second quarter 2013, we
averaged 7,134 trucks in service in the Truckload segment and 45
intermodal drayage trucks in the VAS segment. We ended the quarter with
7,150 trucks in the Truckload segment (an increase of 60 trucks from the
end of first quarter 2013) and 43 trucks in the VAS segment. Our
Specialized Services unit, primarily Dedicated, ended the quarter with
3,620 trucks (or 51% of our total Truckload segment fleet).
Diesel fuel prices were 3 cents per gallon lower in second quarter 2013
than in second quarter 2012 and were 15 cents per gallon lower than in
first quarter 2013. For the first 22 days of July 2013, the average
diesel fuel price per gallon was 13 cents higher than the average diesel
fuel price per gallon in the same period of 2012 and 13 cents lower than
in third quarter 2012. The components of the Company's total fuel cost
consist of and are recorded in our income statement as follows: (i) Fuel
(fuel expense for company trucks excluding federal and state fuel
taxes); (ii) Taxes and Licenses (federal and state fuel taxes); and
(iii) Rent and Purchased Transportation (fuel component of our
independent contractor costs, including the base cost of fuel and
additional fuel surcharge reimbursement for costs exceeding the fuel
base).
Capacity in our industry remains constrained by economic and safety
regulatory factors. Following the 2008 recession, class 8 truck builds
have been low, resulting in an industry average truck age that remains
historically high at 6.6 years. It is very difficult for many smaller
and medium size private carriers to replace their older, lower-value
trucks with much higher cost, EPA-compliant new trucks, which
significantly reduces the risk of trucks being added to the market. We
reduced the average age of our much younger truck fleet by half a year
during 2011 and 2012, with net capital expenditures totaling $457
million during that two-year period. The significantly higher cost of
new trucks and resulting higher depreciation expense and related diesel
exhaust fluid costs is not being recovered through a single year
customer rate review cycle. We continue to invest in equipment solutions
such as more aerodynamic truck features, idle reduction systems, tire
inflation systems and trailer skirts to improve the mile per gallon
efficiency of our fleet. Net capital expenditures of $13.2 million in
second quarter 2013 were low as planned, and the majority of our 2013
capital expenditures are expected to occur in the last half of the year.
We expect our net capital expenditures for the full year 2013 to be in a
range of $150 million to $200 million. Expected capital expenditures
have increased by $50 million as the market for used equipment was
better than we anticipated in second quarter 2013. The average age our
truck fleet as of June 30, 2013 was 2.4 years, and our goal is to
maintain our average truck age at approximately this level during 2013.
We remain committed to investing in a best in class fleet for the
benefit of our customers, our drivers and the Werner brand.
The Federal Motor Carrier Safety Administration (“FMCSA”) published
final driver hours of service ("HOS") rules in December 2011, which
became effective July 1, 2013. Among the changes are more restrictive
requirements covering driver use of the 34-hour restart rule and a new
mandatory 30-minute rest period after 8 hours on duty. The trucking
industry association and consumer advocate groups both appealed these
changes before the court in March 2013. The court has not yet issued a
ruling. The Company modified and tested its electronic HOS system and
began dispatching drivers under the revised HOS rules effective July 1.
It is too early to measure the ongoing impact of the HOS changes on
driver and truck productivity. The Company is taking steps to attempt to
minimize the impact of the HOS changes. However, government restrictions
of available driving hours will negatively impact the productivity of
some drivers and some fleets within our company.
The driver recruiting and retention market remained challenging during
second quarter 2013. Significant factors included a declining number of
and increased competition for driver training school graduates, a
gradually declining national unemployment rate and a strengthening
housing construction market. We were able to hire more drivers during
second quarter 2013 compared to second quarter 2012, but the difficult
driver market is making it challenging to achieve our 7,300 truck goal
for the Truckload segment. While we are not immune to fluctuations in
the driver market, we continue to believe we are in a better position in
the current market than many competitors because approximately 70% of
our driving jobs are in more attractive, shorter-haul Regional and
Dedicated fleet operations that enable us to return these drivers to
their homes on a more frequent and consistent basis.
Gains on sales of assets were $6.5 million in second quarter 2013,
including a $1.1 million gain from the sale of real estate. This
compares to gains on sales of assets of $5.7 million in second quarter
2012 and $3.5 million in first quarter 2013. We sold fewer trucks and
trailers in second quarter 2013 and realized higher average gains per
truck. We expect to sell approximately the same number of trucks but
fewer trailers in the second half of 2013 compared to the second half of
2012. Gains on sales are reflected as a reduction of Other Operating
Expenses in our income statement.
To provide shippers with additional sources of managed capacity and
network analysis, we continue to develop our non-asset-based VAS
segment. VAS includes Brokerage, Freight Management, Intermodal and
Werner Global Logistics (International).
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Value Added Services (amounts in thousands)
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
Operating revenues
|
|
$
|
91,185
|
|
|
100.0
|
|
|
$
|
85,109
|
|
|
100.0
|
|
|
$
|
173,695
|
|
|
100.0
|
|
|
$
|
162,626
|
|
|
100.0
|
|
Rent and purchased transportation expense
|
|
76,255
|
|
|
83.6
|
|
|
72,239
|
|
|
84.9
|
|
|
145,452
|
|
|
83.7
|
|
|
138,265
|
|
|
85.0
|
|
Gross margin
|
|
14,930
|
|
|
16.4
|
|
|
12,870
|
|
|
15.1
|
|
|
28,243
|
|
|
16.3
|
|
|
24,361
|
|
|
15.0
|
|
Other operating expenses
|
|
10,441
|
|
|
11.5
|
|
|
8,568
|
|
|
10.0
|
|
|
20,141
|
|
|
11.6
|
|
|
16,073
|
|
|
9.9
|
|
Operating income
|
|
$
|
4,489
|
|
|
4.9
|
|
|
$
|
4,302
|
|
|
5.1
|
|
|
$
|
8,102
|
|
|
4.7
|
|
|
$
|
8,288
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In second quarter 2013, VAS revenue increased $6.1 million or 7%, and
operating income dollars increased $0.2 million or 4%, compared to
second quarter 2012. For the same periods, VAS gross margin dollars
increased $2.1 million or 16%, and other operating expenses increased
$1.9 million or 22%; these changes are partially attributed to
Intermodal's development of its own drayage fleet, which had the effect
of lowering rent and purchased transportation expense and increasing
other operating expenses. Brokerage revenues in second quarter 2013
increased 11% compared to second quarter 2012 due to an increase in
average revenue per shipment and a 3% increase in shipment volume.
Brokerage gross margin percentage increased 28 basis points, and
Brokerage operating income in second quarter 2013 was higher than in
second quarter 2012. Intermodal revenues increased 11%, and Intermodal
operating income was also higher comparing second quarter 2013 to second
quarter 2012. Werner Global Logistics revenues and operating income
decreased in second quarter 2013 compared to second quarter 2012.
Comparisons of the operating ratios for the Truckload segment (net of
fuel surcharge revenues of $88.6 million and $97.4 million in second
quarters 2013 and 2012, respectively, and $180.2 million and $190.6
million in the year-to-date 2013 and 2012 periods, respectively) and the
VAS segment are shown below.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
Operating Ratios
|
|
2013
|
|
2012
|
|
Difference
|
|
2013
|
|
2012
|
|
Difference
|
Truckload Transportation Services
|
|
89.4%
|
|
|
86.6%
|
|
|
2.8%
|
|
|
91.0%
|
|
|
88.4%
|
|
|
2.6%
|
|
Value Added Services
|
|
95.1%
|
|
|
94.9%
|
|
|
0.2%
|
|
|
95.3%
|
|
|
94.9%
|
|
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluctuating fuel prices and fuel surcharge collections impact the total
company operating ratio and the Truckload segment's operating ratio when
fuel surcharges are reported on a gross basis as revenues versus netting
against fuel expenses. Eliminating fuel surcharge revenues, which are
generally a more volatile source of revenue, provides a more consistent
basis for comparing the results of operations from period to period. The
Truckload segment's operating ratios for second quarter 2013 and second
quarter 2012 are 91.7% and 89.6%, respectively, and for year-to-date
2013 and 2012 are 92.9% and 91.0%, respectively, when fuel surcharge
revenues are reported as revenues instead of a reduction of operating
expenses.
Our financial position remains strong. As of June 30, 2013, we had $40.0
million of debt outstanding and $738.9 million of stockholders' equity.
During second quarter 2013, the Company purchased 608,791 shares of its
common stock for a total cost of $15.1 million.
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
(Unaudited)
|
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
Operating revenues
|
|
$
|
506,648
|
|
|
100.0
|
|
|
$
|
521,812
|
|
|
100.0
|
|
|
$
|
999,535
|
|
|
100.0
|
|
|
$
|
1,020,188
|
|
|
100.0
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
135,236
|
|
|
26.7
|
|
|
138,512
|
|
|
26.5
|
|
|
268,341
|
|
|
26.9
|
|
|
272,360
|
|
|
26.7
|
|
Fuel
|
|
90,191
|
|
|
17.8
|
|
|
99,322
|
|
|
19.0
|
|
|
186,984
|
|
|
18.7
|
|
|
202,259
|
|
|
19.8
|
|
Supplies and maintenance
|
|
43,934
|
|
|
8.7
|
|
|
44,741
|
|
|
8.6
|
|
|
87,062
|
|
|
8.7
|
|
|
86,578
|
|
|
8.5
|
|
Taxes and licenses
|
|
21,586
|
|
|
4.2
|
|
|
22,967
|
|
|
4.4
|
|
|
43,210
|
|
|
4.3
|
|
|
45,499
|
|
|
4.5
|
|
Insurance and claims
|
|
17,320
|
|
|
3.4
|
|
|
15,103
|
|
|
2.9
|
|
|
37,121
|
|
|
3.7
|
|
|
34,327
|
|
|
3.4
|
|
Depreciation
|
|
42,367
|
|
|
8.4
|
|
|
41,506
|
|
|
8.0
|
|
|
84,698
|
|
|
8.5
|
|
|
82,177
|
|
|
8.0
|
|
Rent and purchased transportation
|
|
115,060
|
|
|
22.7
|
|
|
108,496
|
|
|
20.8
|
|
|
221,378
|
|
|
22.2
|
|
|
209,006
|
|
|
20.5
|
|
Communications and utilities
|
|
3,187
|
|
|
0.6
|
|
|
3,344
|
|
|
0.6
|
|
|
6,329
|
|
|
0.6
|
|
|
7,163
|
|
|
0.7
|
|
Other
|
|
(4,594)
|
|
|
(0.9)
|
|
|
(3,292)
|
|
|
(0.6)
|
|
|
(6,642)
|
|
|
(0.7)
|
|
|
(5,696)
|
|
|
(0.6)
|
|
Total operating expenses
|
|
464,287
|
|
|
91.6
|
|
|
470,699
|
|
|
90.2
|
|
|
928,481
|
|
|
92.9
|
|
|
933,673
|
|
|
91.5
|
|
Operating income
|
|
42,361
|
|
|
8.4
|
|
|
51,113
|
|
|
9.8
|
|
|
71,054
|
|
|
7.1
|
|
|
86,515
|
|
|
8.5
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
91
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
235
|
|
|
—
|
|
|
207
|
|
|
—
|
|
Interest income
|
|
(535)
|
|
|
(0.1)
|
|
|
(433)
|
|
|
(0.1)
|
|
|
(1,040)
|
|
|
(0.1)
|
|
|
(855)
|
|
|
(0.1)
|
|
Other
|
|
(82)
|
|
|
—
|
|
|
(82)
|
|
|
—
|
|
|
(92)
|
|
|
—
|
|
|
(106)
|
|
|
—
|
|
Total other expense (income)
|
|
(526)
|
|
|
(0.1)
|
|
|
(450)
|
|
|
(0.1)
|
|
|
(897)
|
|
|
(0.1)
|
|
|
(754)
|
|
|
(0.1)
|
|
Income before income taxes
|
|
42,887
|
|
|
8.5
|
|
|
51,563
|
|
|
9.9
|
|
|
71,951
|
|
|
7.2
|
|
|
87,269
|
|
|
8.6
|
|
Income taxes
|
|
17,047
|
|
|
3.4
|
|
|
20,883
|
|
|
4.0
|
|
|
28,600
|
|
|
2.9
|
|
|
35,344
|
|
|
3.5
|
|
Net income
|
|
$
|
25,840
|
|
|
5.1
|
|
|
$
|
30,680
|
|
|
5.9
|
|
|
$
|
43,351
|
|
|
4.3
|
|
|
$
|
51,925
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
73,598
|
|
|
|
|
73,412
|
|
|
|
|
73,690
|
|
|
|
|
73,401
|
|
|
|
Diluted earnings per share
|
|
$
|
0.35
|
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
0.59
|
|
|
|
|
$
|
0.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION
|
|
|
(Unaudited)
|
|
|
(In thousands)
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Revenues
|
|
|
|
|
|
|
|
|
Truckload Transportation Services
|
|
$
|
412,869
|
|
|
$
|
432,888
|
|
|
$
|
821,769
|
|
|
$
|
850,378
|
|
Value Added Services
|
|
91,185
|
|
|
85,109
|
|
|
173,695
|
|
|
162,626
|
|
Other
|
|
2,083
|
|
|
3,481
|
|
|
4,127
|
|
|
6,538
|
|
Corporate
|
|
996
|
|
|
1,419
|
|
|
1,646
|
|
|
2,494
|
|
Subtotal
|
|
507,133
|
|
|
522,897
|
|
|
1,001,237
|
|
|
1,022,036
|
|
Inter-segment eliminations (1)
|
|
(485)
|
|
|
(1,085)
|
|
|
(1,702)
|
|
|
(1,848)
|
|
Total
|
|
$
|
506,648
|
|
|
$
|
521,812
|
|
|
$
|
999,535
|
|
|
$
|
1,020,188
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
Truckload Transportation Services
|
|
$
|
34,442
|
|
|
$
|
45,074
|
|
|
$
|
58,057
|
|
|
$
|
76,438
|
|
Value Added Services
|
|
4,489
|
|
|
4,302
|
|
|
8,102
|
|
|
8,288
|
|
Other
|
|
1,623
|
|
|
855
|
|
|
2,528
|
|
|
1,359
|
|
Corporate
|
|
1,807
|
|
|
882
|
|
|
2,367
|
|
|
430
|
|
Total
|
|
$
|
42,361
|
|
|
$
|
51,113
|
|
|
$
|
71,054
|
|
|
$
|
86,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Inter-segment eliminations represent transactions between reporting
segments that are eliminated in consolidation. 2012 VAS segment revenues
have been revised to conform with the current presentation.
|
|
|
|
|
|
OPERATING STATISTICS BY SEGMENT
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
2013
|
|
2012
|
|
% Change
|
|
2013
|
|
2012
|
|
% Change
|
Truckload Transportation Services segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Average percentage of empty miles
|
|
12.93%
|
|
|
12.23%
|
|
|
5.7%
|
|
|
12.98%
|
|
|
12.06%
|
|
|
7.6%
|
|
Average trip length in miles (loaded)
|
|
441
|
|
|
476
|
|
|
(7.4)%
|
|
|
453
|
|
|
483
|
|
|
(6.2)%
|
|
Average tractors in service
|
|
7,134
|
|
|
7,327
|
|
|
(2.6)%
|
|
|
7,146
|
|
|
7,261
|
|
|
(1.6)%
|
|
Average revenues per tractor per week (1)
|
|
$
|
3,450
|
|
|
$
|
3,485
|
|
|
(1.0)%
|
|
|
$
|
3,409
|
|
|
$
|
3,460
|
|
|
(1.5)%
|
|
Total trailers (at quarter end)
|
|
22,005
|
|
|
22,355
|
|
|
|
|
22,005
|
|
|
22,355
|
|
|
|
Total tractors (at quarter end)
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
6,480
|
|
|
6,675
|
|
|
|
|
6,480
|
|
|
6,675
|
|
|
|
Independent contractor
|
|
670
|
|
|
650
|
|
|
|
|
670
|
|
|
650
|
|
|
|
Total tractors
|
|
7,150
|
|
|
7,325
|
|
|
|
|
7,150
|
|
|
7,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value Added Services segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Total VAS shipments
|
|
70,383
|
|
|
68,376
|
|
|
2.9%
|
|
|
134,749
|
|
|
135,196
|
|
|
(0.3)%
|
|
Less: Non-committed shipments to truckload segment
|
|
19,411
|
|
|
18,808
|
|
|
3.2%
|
|
|
39,357
|
|
|
37,965
|
|
|
3.7%
|
|
Net VAS shipments
|
|
50,972
|
|
|
49,568
|
|
|
2.8%
|
|
|
95,392
|
|
|
97,231
|
|
|
(1.9)%
|
|
Average revenue per shipment
|
|
$
|
1,632
|
|
|
$
|
1,595
|
|
|
2.3%
|
|
|
$
|
1,653
|
|
|
$
|
1,559
|
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tractors in service
|
|
45
|
|
|
17
|
|
|
|
|
42
|
|
|
14
|
|
|
|
Total trailers (at quarter end)
|
|
1,755
|
|
|
1,000
|
|
|
|
|
1,755
|
|
|
1,000
|
|
|
|
Total tractors (at quarter end)
|
|
43
|
|
|
17
|
|
|
|
|
43
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of fuel surcharge revenues.
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Capital expenditures, net
|
|
|
$
|
13,223
|
|
|
$
|
39,377
|
|
|
$
|
34,529
|
|
|
$
|
121,926
|
|
Cash flow from operations
|
|
|
34,302
|
|
|
54,799
|
|
|
110,908
|
|
|
138,798
|
|
Return on assets (annualized)
|
|
|
7.8%
|
|
|
9.2%
|
|
|
6.5%
|
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE SHEET
|
|
|
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2013
|
|
2012
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
24,248
|
|
|
$
|
15,428
|
|
Accounts receivable, trade, less allowance of $10,540 and $10,528,
respectively
|
|
223,990
|
|
|
211,133
|
|
Other receivables
|
|
10,453
|
|
|
8,004
|
|
Inventories and supplies
|
|
20,249
|
|
|
23,260
|
|
Prepaid taxes, licenses and permits
|
|
7,039
|
|
|
14,893
|
|
Current deferred income taxes
|
|
25,662
|
|
|
25,139
|
|
Other current assets
|
|
36,225
|
|
|
21,330
|
|
Total current assets
|
|
347,866
|
|
|
319,187
|
|
|
|
|
|
|
Property and equipment
|
|
1,671,280
|
|
|
1,690,490
|
|
Less – accumulated depreciation
|
|
721,800
|
|
|
696,647
|
|
Property and equipment, net
|
|
949,480
|
|
|
993,843
|
|
|
|
|
|
|
Other non-current assets
|
|
23,102
|
|
|
21,870
|
|
Total assets
|
|
$
|
1,320,448
|
|
|
$
|
1,334,900
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
69,339
|
|
|
$
|
56,397
|
|
Current portion of long-term debt
|
|
—
|
|
|
20,000
|
|
Insurance and claims accruals
|
|
57,543
|
|
|
57,679
|
|
Accrued payroll
|
|
24,023
|
|
|
21,134
|
|
Other current liabilities
|
|
18,394
|
|
|
20,983
|
|
Total current liabilities
|
|
169,299
|
|
|
176,193
|
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
40,000
|
|
|
70,000
|
|
Other long-term liabilities
|
|
16,799
|
|
|
15,779
|
|
Insurance and claims accruals, net of current portion
|
|
127,400
|
|
|
125,500
|
|
Deferred income taxes
|
|
228,069
|
|
|
232,531
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
Common stock, $.01 par value, 200,000,000 shares authorized;
80,533,536
|
|
|
|
|
shares issued; 72,692,730 and 73,246,598 shares outstanding,
respectively
|
|
805
|
|
|
805
|
|
Paid-in capital
|
|
99,681
|
|
|
97,457
|
|
Retained earnings
|
|
794,669
|
|
|
758,617
|
|
Accumulated other comprehensive loss
|
|
(4,340)
|
|
|
(4,156)
|
|
Treasury stock, at cost; 7,840,806 and 7,286,938 shares, respectively
|
|
(151,934)
|
|
|
(137,826)
|
|
Total stockholders’ equity
|
|
738,881
|
|
|
714,897
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,320,448
|
|
|
$
|
1,334,900
|
|
|
|
|
|
|
|
|
|
|
Werner Enterprises, Inc. was founded in 1956 and is a premier
transportation and logistics company, with coverage throughout North
America, Asia, Europe, South America, Africa and Australia. Werner
maintains its global headquarters in Omaha, Nebraska and maintains
offices in the United States, Canada, Mexico, China and Australia.
Werner is among the five largest truckload carriers in the United
States, with a diversified portfolio of transportation services that
includes dedicated van, temperature-controlled and flatbed;
medium-to-long-haul, regional and local van; and expedited services.
Werner's Value Added Services portfolio includes freight management,
truck brokerage, intermodal, and international services. International
services are provided through Werner's domestic and global subsidiary
companies and include ocean, air and ground transportation; freight
forwarding; and customs brokerage.
Werner Enterprises, Inc.'s common stock trades on The NASDAQ Global
Select MarketSM under the symbol “WERN”. For further
information about Werner, visit the Company's website at www.werner.com.
This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Such forward-looking
statements are based on information presently available to the Company's
management and are current only as of the date made. Actual results
could also differ materially from those anticipated as a result of a
number of factors, including, but not limited to, those discussed in the
Company's Annual Report on Form 10-K for the year ended December 31,
2012.
For those reasons, undue reliance should not be placed on any
forward-looking statement. The Company assumes no duty or obligation to
update or revise any forward-looking statement, although it may do so
from time to time as management believes is warranted or as may be
required by applicable securities law. Any such updates or revisions may
be made by filing reports with the U.S. Securities and Exchange
Commission, through the issuance of press releases or by other methods
of public disclosure.
Source: Werner Enterprises, Inc.
Werner Enterprises, Inc.
John J. Steele, 402-894-3036
Executive
Vice President, Treasurer and
Chief Financial Officer