C.H. Robinson Reports First Quarter Results; Income From Operations Up 15.2 Percent for the Quarter.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 23, 2002 C.H. Robinson Worldwide, Inc. ("C.H. Robinson") (Nasdaq:CHRW CHRW C.H. Robinson Worldwide (stock symbol) ), today reported financial results for the three months ended March 31, 2002. For the first quarter of 2002, gross profits increased 0.3 percent to $113.6 million from $113.3 million in 2001. Income from operations increased 15.2 percent to $33.8 million from $29.4 million in 2001. Net income increased 14.9 percent to $20.8 million from $18.1 million in 2001. Basic net income per share increased 19.0 percent to $0.25 from $0.21 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in 2001. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share increased 14.3 percent to $0.24 from $0.21 per share in 2001. "We're we're Contraction of we are. we're we are pleased with our performance this quarter," said John Wiehoff, president of C.H. Robinson. "As we expected, the environment continued to be challenging for revenue growth. We continue to concentrate on sales and profitable growth, while aggressively managing our expenses. We believe that this focus, combined with our strong core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth strategy, position us very well for the future." For the first quarter, transportation gross profits decreased 0.2 percent. The decline in truck gross profits of 1.4 percent was due to a decline in truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno volumes. Sourcing gross profits decreased 1.8 percent in the first quarter. The company continues to see the trend of less volume with its traditional business with produce wholesalers, which is offset by increases in volumes with large retailers. For the first quarter, information services See Information Systems. gross profits increased 12.9 percent. T-Chek related revenues, which now comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise 100 percent of information services, increased 19.4 percent during the quarter. For the quarter, selling, general, and administrative expenses were $20.9 million, a decrease of 21.7 percent from $26.7 million in 2001. Amortization of certain intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. has been eliminated due to new accounting rules, which reduced amortization expense by $1.3 million in the first quarter. In addition, we had notable declines in communications costs, travel expenses, and contractor contractor n. 1) a person or entity that enters into a contract. 2) commonly, a person or entity that agrees to construct a building or to provide or install specialized portions of the construction. costs. Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest third-party logistics A third-party logistics provider (abbreviated 3PL) is a firm that provides outsourced or "third party" logistics services to companies for part, or sometimes all of their supply chain management function. companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . C.H. Robinson is a global provider of multimodal Two or more modes of operation. The term is used to refer to a myriad of functions and conditions in which two or more different methods, processes or forms of delivery are used. On the Web, it refers to asking for something one way and receiving the answer another; for example requesting transportation services and logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. solutions, serving 15,000 customers through a network of 144 offices in North America, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . C.H. Robinson maintains the
single largest network of motor carrier capacity in North America
through contracts with more than 20,000 motor carriers, and is one of
the largest third-party providers of intermodal in·ter·mod·al adj. Relating to transportation by more than one means of conveyance, as by truck and rail: intermodal transport. services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Except for the historical information contained herein, the matters set forth in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are based on certain assumptions and expectations of future events. These assumptions and expectations are dependent on and subject to certain risks and uncertainties including, but not limited to such factors as market demand, pricing, risks associated with operations outside of the U.S., changing economic conditions such as general economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. and decreased consumer confidence, and other risk factors detailed under "Cautionary Statement" in Exhibit 99 to C.H. Robinson's Robinson's might be:
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 15, 2002.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(In thousands, except per share data)
Three months ended
March 31,
------------------
2002 2001
-------- --------
Gross revenues and management fees $740,031 $732,484
======== ========
Gross profits:
Transportation:
Truck $ 85,952 $ 87,208
Intermodal 4,168 3,745
Ocean 3,839 3,475
Air 553 663
Miscellaneous 2,056 1,637
-------- --------
Total transportation 96,568 96,728
Sourcing 11,324 11,530
Information services 5,705 5,051
-------- --------
Total gross profits 113,597 113,309
-------- --------
Operating costs and expenses:
Personnel expenses 58,886 57,263
Selling, general, and administrative expenses 20,873 26,672
-------- --------
Total operating costs and expenses 79,759 83,935
-------- --------
Income from operations 33,838 29,374
Investment and other income 328 506
-------- --------
Income before provision for income taxes 34,166 29,880
Provision for income taxes 13,324 11,746
-------- --------
Net income $ 20,842 $ 18,134
======== ========
Net income per share (basic) $ 0.25 $ 0.21
Net income per share (diluted) $ 0.24 $ 0.21
Weighted average shares outstanding (basic) 84,567 84,372
Weighted average shares outstanding (diluted) 85,978 85,755
As of March 31,
-------------------
Operational Data: 2002 2001
-------- --------
Employees 3,775 3,694
Branches 144 138
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands)
March 31, Dec. 31,
2002 2001
-------- --------
Assets
Current assets:
Cash and investments $118,037 $115,741
Receivables, net 360,063 370,378
Deferred taxes 11,104 12,164
Other current assets 4,151 4,932
-------- --------
Total current assets 493,355 503,215
Net property and equipment 29,799 30,920
Intangible and other assets 162,808 149,355
-------- --------
$685,962 $683,490
======== ========
Liabilities and stockholders' investment
Current liabilities:
Accounts payable $267,455 $267,708
Accrued compensation 11,756 32,098
Other accrued expenses 28,447 23,722
-------- --------
Total current liabilities 307,658 323,528
Total long term liabilities 5,794 4,147
Total stockholders' investment 372,510 355,815
-------- --------
$685,962 $683,490
======== ========
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands, except per share data)
Three months ended
March 31,
----------------------
2002 2001
--------- ---------
Operating activities:
Net income $ 20,842 $ 18,134
Depreciation and amortization 3,542 4,838
Other non-cash expenses 1,963 3,415
Net changes in operating elements (1,962) (25,542)
--------- ---------
Net cash provided by operations 24,385 845
Investing activities:
Net property additions (1,576) (2,419)
Cash paid for acquisitions, net (15,716) --
Other assets, net (93) (1,548)
--------- ---------
Net cash used for investing (17,385) (3,967)
Financing activities:
Net sales (repurchases) of common stock 360 (1,001)
Cash dividends (5,064) (4,220)
--------- ---------
Net cash used for financing activity (4,704) (5,221)
Net increase (decrease) in cash 2,296 (8,343)
Cash and cash equivalents, beginning of period 115,741 79,912
--------- ---------
Cash and cash equivalents, end of period $ 118,037 $ 71,569
========= =========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion