UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 29, 2015
LANDSTAR SYSTEM, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 021238 | 06-1313069 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 13410 Sutton Park Drive South, Jacksonville, Florida | 32224 | |
| (Address of principal executive offices) | (Zip Code) |
(904) 398-9400
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events
As of the first quarter of 2015, the Company has revised the format of its financial statement supplemental information presentation to include truck transportation revenue by trailer type. Included with this 8-K is a supplemental information presentation in the new format for each quarter of the Company’s three most recently completed fiscal years. This change in the reporting of supplemental information has no impact on reporting with respect to the Company’s consolidated balance sheets, income statements, cash flows or changes in shareholders’ equity for any periods.
Item 9.01 Financial Statements and Exhibits
| Exhibits | ||
| 99.1 | Supplemental Information by Trailer Type for Landstar System, Inc. for 2014, 2013 and 2012. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LANDSTAR SYSTEM, INC. | ||||||
| Date: January 29, 2015 | By: | /s/ L. Kevin Stout | ||||
| Name: L. Kevin Stout | ||||||
| Title: Vice President, Chief Financial Officer and Assistant Secretary | ||||||
Exhibit 99.1
Landstar System, Inc. and Subsidiary
Supplemental Information by Trailer Type
(Unaudited)
| Fiscal Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year Ended 2014 |
December 27, 2014 |
September 27, 2014 |
June 28, 2014 |
March 29, 2014 |
Fiscal Year Ended 2013 |
December 28, 2013 |
September 28, 2013 |
June 29, 2013 |
March 30, 2013 |
Fiscal Year Ended 2012 |
December 29, 2012 |
September 29, 2012 |
June 30, 2012 |
March 31, 2012 |
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| Revenue generated through (in thousands): |
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| Truck transportation |
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| Truckload: |
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| Van equipment |
$ | 1,814,195 | $ | 499,651 | $ | 458,534 | $ | 458,749 | $ | 397,261 | $ | 1,464,558 | $ | 391,424 | $ | 368,957 | $ | 362,904 | $ | 341,273 | $ | 1,463,671 | $ | 371,593 | $ | 368,613 | $ | 382,756 | $ | 340,709 | ||||||||||||||||||||||||||||||
| Unsided/platform equipment |
1,093,999 | 289,627 | 287,876 | 285,477 | 231,019 | 932,176 | 233,366 | 240,440 | 241,993 | 216,377 | 1,047,262 | 249,083 | 275,765 | 278,277 | 244,137 | |||||||||||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
80,384 | 21,969 | 21,078 | 20,452 | 16,885 | 71,769 | 18,794 | 18,152 | 17,783 | 17,040 | 71,989 | 18,605 | 19,083 | 18,943 | 15,358 | |||||||||||||||||||||||||||||||||||||||||||||
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| Total truck transportation |
2,988,578 | 811,247 | 767,488 | 764,678 | 645,165 | 2,468,503 | 643,584 | 627,549 | 622,680 | 574,690 | 2,582,922 | 639,281 | 663,461 | 679,976 | 600,204 | |||||||||||||||||||||||||||||||||||||||||||||
| Rail intermodal |
81,220 | 22,263 | 21,936 | 20,526 | 16,495 | 73,820 | 18,370 | 18,762 | 18,677 | 18,011 | 73,932 | 18,930 | 18,782 | 18,838 | 17,382 | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
74,952 | 18,784 | 19,731 | 19,421 | 17,016 | 85,681 | 20,599 | 20,061 | 23,918 | 21,103 | 77,898 | 17,671 | 20,100 | 22,458 | 17,669 | |||||||||||||||||||||||||||||||||||||||||||||
| Other (1) |
40,040 | 10,536 | 10,165 | 9,818 | 9,521 | 36,776 | 9,422 | 9,163 | 9,115 | 9,076 | 36,047 | 9,211 | 9,124 | 8,888 | 8,824 | |||||||||||||||||||||||||||||||||||||||||||||
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| $ | 3,184,790 | $ | 862,830 | $ | 819,320 | $ | 814,443 | $ | 688,197 | $ | 2,664,780 | $ | 691,975 | $ | 675,535 | $ | 674,390 | $ | 622,880 | $ | 2,770,799 | $ | 685,093 | $ | 711,467 | $ | 730,160 | $ | 644,079 | |||||||||||||||||||||||||||||||
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| Number of loads: |
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| Truck transportation |
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| Truckload: |
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| Van equipment |
1,038,517 | 270,875 | 260,721 | 264,185 | 242,736 | 935,530 | 241,837 | 232,587 | 236,409 | 224,697 | 938,159 | 229,449 | 235,506 | 246,507 | 226,697 | |||||||||||||||||||||||||||||||||||||||||||||
| Unsided/platform equipment |
444,852 | 112,300 | 114,758 | 115,901 | 101,893 | 418,982 | 103,484 | 106,342 | 108,981 | 100,175 | 442,327 | 103,944 | 113,966 | 117,341 | 107,076 | |||||||||||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
96,541 | 26,835 | 25,881 | 24,134 | 19,691 | 101,498 | 24,249 | 23,401 | 26,990 | 26,858 | 106,834 | 27,367 | 28,338 | 27,672 | 23,457 | |||||||||||||||||||||||||||||||||||||||||||||
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| Total truck transportation |
1,579,910 | 410,010 | 401,360 | 404,220 | 364,320 | 1,456,010 | 369,570 | 362,330 | 372,380 | 351,730 | 1,487,320 | 360,760 | 377,810 | 391,520 | 357,230 | |||||||||||||||||||||||||||||||||||||||||||||
| Rail intermodal |
31,640 | 8,800 | 8,560 | 7,870 | 6,410 | 29,450 | 7,350 | 7,710 | 7,370 | 7,020 | 29,810 | 7,520 | 7,470 | 7,660 | 7,160 | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
16,260 | 4,150 | 4,100 | 4,120 | 3,890 | 16,660 | 4,290 | 4,330 | 4,070 | 3,970 | 15,390 | 3,630 | 3,850 | 3,930 | 3,980 | |||||||||||||||||||||||||||||||||||||||||||||
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| 1,627,810 | 422,960 | 414,020 | 416,210 | 374,620 | 1,502,120 | 381,210 | 374,370 | 383,820 | 362,720 | 1,532,520 | 371,910 | 389,130 | 403,110 | 368,370 | ||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue per load: |
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| Truck transportation |
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| Truckload: |
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| Van equipment |
$ | 1,747 | $ | 1,845 | $ | 1,759 | $ | 1,736 | $ | 1,637 | $ | 1,565 | $ | 1,619 | $ | 1,586 | $ | 1,535 | $ | 1,519 | $ | 1,560 | $ | 1,620 | $ | 1,565 | $ | 1,553 | $ | 1,503 | ||||||||||||||||||||||||||||||
| Unsided/platform equipment |
2,459 | 2,579 | 2,509 | 2,463 | 2,267 | 2,225 | 2,255 | 2,261 | 2,221 | 2,160 | 2,368 | 2,396 | 2,420 | 2,372 | 2,280 | |||||||||||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
833 | 819 | 814 | 847 | 857 | 707 | 775 | 776 | 659 | 634 | 674 | 680 | 673 | 685 | 655 | |||||||||||||||||||||||||||||||||||||||||||||
| Total truck transportation |
1,892 | 1,979 | 1,912 | 1,892 | 1,771 | 1,695 | 1,741 | 1,732 | 1,672 | 1,634 | 1,737 | 1,772 | 1,756 | 1,737 | 1,680 | |||||||||||||||||||||||||||||||||||||||||||||
| Rail intermodal |
2,567 | 2,530 | 2,563 | 2,608 | 2,573 | 2,507 | 2,499 | 2,433 | 2,534 | 2,566 | 2,480 | 2,517 | 2,514 | 2,459 | 2,428 | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
4,610 | 4,526 | 4,812 | 4,714 | 4,374 | 5,143 | 4,802 | 4,633 | 5,877 | 5,316 | 5,062 | 4,868 | 5,221 | 5,715 | 4,439 | |||||||||||||||||||||||||||||||||||||||||||||
| Revenue by capacity type (as a % of total revenue); |
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| Truck capacity providers |
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| BCO independent contractors (2) |
48 | % | 45 | % | 47 | % | 49 | % | 50 | % | 50 | % | 49 | % | 51 | % | 51 | % | 49 | % | 50 | % | 48 | % | 50 | % | 51 | % | 51 | % | ||||||||||||||||||||||||||||||
| Truck brokerage carriers |
46 | % | 49 | % | 47 | % | 45 | % | 44 | % | 43 | % | 44 | % | 42 | % | 42 | % | 43 | % | 43 | % | 45 | % | 43 | % | 42 | % | 42 | % | ||||||||||||||||||||||||||||||
| Rail intermodal |
3 | % | 3 | % | 3 | % | 3 | % | 2 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
2 | % | 2 | % | 2 | % | 2 | % | 2 | % | 3 | % | 3 | % | 3 | % | 4 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||||||||||
| Other |
1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
| (1) | Includes primarily premium revenue generated by the insurance segment. |
| (2) | Business Capacity Owners are independent contractors who provide truck capacity to the Company under exclusive lease arrangements. |