C.H. Robinson Reports First Quarter Results
19 April 2000
C.H. Robinson Reports First Quarter Results
MINNEAPOLIS--April 18, 2000--C.H. Robinson Worldwide, Inc. ("C.H. Robinson") (Nasdaq:CHRW), 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 net income per share increased 38.5 percent to $0.36 from $0.26 per share in 1999.
"We're very pleased with our performance this quarter," said D.R. "Sid" Verdoorn, C.H. Robinson chairman and chief executive officer. "We're seeing greater demand in the marketplace for integrated, full-service transportation capabilities, and a major factor in our growth in transportation was increased demand from our larger customers for these services. Information services 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 companies in North America. C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, operating through a network of 132 offices in North America, South America and Europe. 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 services in the United States.
Except for the historical information contained herein, the matters set forth in this release are forward-looking statements 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 filed on March 24, 2000.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(In thousands, except per share data)
Three months ended
March 31,
-------------------------
2000 1999
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Gross revenues and management fees $ 650,091 $ 509,275
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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
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Total transportation 82,509 53,071
Sourcing 10,890 10,374
Information services
4,976 3,574
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Total net revenues 98,375 67,019
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Operating expenses:
Personnel 50,155 32,302
Selling, general and administrative 23,131 17,806
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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
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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
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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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