C.H. Robinson Reports First Quarter Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 18, 2000 Net Revenues Up 46.8 Percent For the Quarter 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, 2000. For the first quarter of 2000, net revenues increased 46.8 percent to $98.4 million from $67.0 million in the previous year. Income from operations increased 48.4 percent to $25.1 million from $16.9 million in 1999. Net income increased 41.2 percent to $15.2 million from $10.8 million in 1999. Basic and 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 38.5 percent to $0.36 from $0.26 per share in 1999. "We're we're Contraction of we are. we're we are very pleased with our performance this quarter," said D.R. "Sid (1) (Society for Information Display, Santa Ana, CA, www.sid.org) A membership organization founded in 1962 devoted to the information display industry. With chapters around the world, SID hosts conferences in the U.S. and abroad and publishes a monthly magazine. " Verdoorn, C.H. Robinson chairman and chief executive officer. "We're seeing greater demand in the marketplace for integrated, full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. transportation capabilities, and a major factor in our growth in transportation was increased demand from our larger customers for these services. Information services See Information Systems. continues to perform very well, and sourcing was up primarily due to expanding relationships with our major retail customers. Overall, our strategy of building enhanced, integrated customer relationships is working." 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, operating through a network of 132 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. that are dependent on 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, the effect of the company's accounting policies, 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 24, 2000.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(In thousands, except per share data)
Three months ended
March 31,
-------------------------
2000 1999
--------- ---------
Gross revenues and management fees $ 650,091 $ 509,275
========= =========
Net revenues:
Transportation:
Truck $ 73,298 $ 46,533
Intermodal
3,170 2,116
Ocean
3,404 2,479
Air
599 483
Miscellaneous
2,038 1,460
--------- ---------
Total transportation 82,509 53,071
Sourcing 10,890 10,374
Information services
4,976 3,574
--------- ---------
Total net revenues 98,375 67,019
--------- ---------
Operating expenses:
Personnel 50,155 32,302
Selling, general and administrative 23,131 17,806
--------- ---------
Total operating expenses 73,286 50,108
--------- ---------
Income from operations 25,089 16,911
Investment and other income 50
947
--------- ---------
Income before provision for
income taxes 25,139 17,858
Provision for income taxes
9,930 7,086
--------- ---------
Net income $ 15,209 $ 10,772
========= =========
Net income per share (basic and diluted) $ 0.36 $ 0.26
Weighted average shares outstanding (basic) 42,281 41,186
Weighted average shares outstanding (diluted) 42,737 41,343
March 31,
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Operational Data: 2000 1999
--------- ---------
Employees 3,314 2,331
Branches
132 129
CONDENSED CONSOLIDATED BALANCE SHEET
March 31, 2000
(unaudited)
(In thousands)
Assets
Current assets:
Cash & investments $ 27,213
Receivables 323,208
Other current assets 24,830
---------------
Total current assets 375,251
Net property and equipment 27,577
Intangible and other assets
153,522
---------------
$ 556,350
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Liabilities and stockholders' investment
Current liabilities:
Accounts payable $257,320
Accrued compensation 18,643
Other accrued expenses 21,673
---------------
Total current liabilities 297,636
Total stockholders' investment 258,714
---------------
$ 556,350
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