C.H. Robinson Reports Third-Quarter Results.MINNEAPOLIS--(BUSINESS WIRE)--Oct. 20, 1998-- Income from Operations Up 23.6 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 and nine months ended September September: see month. 30, 1998. For the third quarter of 1998, net revenues increased 19.3 percent to $63.8 million from $53.5 million for the third quarter of 1997. Income from operations increased 23.6 percent to $18.9 million from $15.3 million in 1997. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the increased 20.5 percent to $11.9 million from $9.9 million in 1997. 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 from continuing operations increased 20.8 percent to $0.29 from $0.24 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 1997. Net income from continuing operations in the third quarter of 1998, compared to the prior year, was adversely affected by a reduction in investment income resulting from a special cash dividend of $1.50 per share paid immediately prior to C.H. Robinson's Robinson's might be:
For the first nine months of 1998, net revenues increased 19.4 percent to $182.3 million from $152.6 million for the first nine months of 1997. Income from operations increased 21.2 percent to $50.9 million from $42.0 million in 1997. Net income from continuing operations increased 17.6 percent to $31.9 million from $27.1 million in 1997. Basic and diluted net income per share from continuing operations increased 16.7 percent to $0.77 from $0.66 cents per share in 1997. Net income from continuing operations for the first nine months of 1998, compared to the prior year, was adversely affected by a reduction in investment income resulting from a special cash dividend of $1.50 per share paid immediately prior to C.H. Robinson's initial public offering during the fourth quarter of 1997. "Our strong third-quarter performance is the culmination of a successful first year as a public company for C.H. Robinson," 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 president and chief executive officer. "We're pleased that our continued focus on customers and solid growth is yielding results." Founded in 1905, C.H. Robinson Worldwide, Inc., is 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. company 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 solutions, operating through a network of 117 offices in 38 states, Canada, Mexico, Belgium, the United Kingdom, France, Italy, Poland, Brazil, Venezuela and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . C.H. Robinson maintains the single largest network of motor carrier capacity in North America through contracts with more than 15,500 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 Annual Report on Form 10-K Form 10-K 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 25, 1998. -0-
C.H. ROBINSON WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(In thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
1998 1997 1998 1997
Gross revenues $ 516,181 $ 466,408 $ 1,531,042 $1,321,560
========= ========= ========= ==========
Net revenues
Transportation $ 49,036 $ 41,205 $ 139,261 $ 116,887
Sourcing 11,451 9,997 34,734 29,659
Information services 3,272 2,262 8,277 6,074
------------ ------------ ----------- -------
Total net revenues 63,759 53,464 182,272 152,620
----------- ----------- ------------- -------
Operating costs and expenses:
Personnel expenses 29,098 24,456 86,359 72,382
Selling, general
and administrative 15,728 13,690 45,005 38,229
----------- ---------- ------------- -------
Total operating
expenses 44,826 38,146 131,364 110,611
----------- ---------- ------------ -------
Income from operations 18,933 15,318 50,908 42,009
Investment and other income 831 936 1,961 2,817
------------- ------------ ------------- ------
Income from continuing operations before
provision for
income taxes 19,764 16,254 52,869 44,826
Provision for
income taxes 7,853 6,369 20,972 17,708
------------- ----------- ------------ -------
Net income from
continuing operations 11,911 9,885 31,897 27,118
Net income from
discontinued operations - 550 - 1,450
------------- ----------- ----------- --------
Net income $ 11,911 $ 10,435 $ 31,897 $ 28,568
=========== ========== =========== ========
Net income per share (basic and diluted):
Net income from
continuing operations $ 0.29 $ 0.24 $ 0.77 $ 0.66
Net income from
discontinued operations - 0.01 - 0.03
------------ ----------- ------------ -------
Net income $ 0.29 $ 0.25 $ 0.77 $ 0.69
============ ========== ========== =======
Weighted average
shares outstanding
(basic) 41,203 41,265 41,223 41,292
Weighted average
shares outstanding
(diluted) 41,292 41,265 41,320 41,292
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