QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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☑ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller reporting company |
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Emerging growth company |
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Page 4 |
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Page 5 |
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Page 6 |
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Page 7 |
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Page 8 |
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Page 10 |
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Page 18 |
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Page 31 |
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Page 32 |
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Page 32 |
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Page 33 |
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Page 35 |
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Page 35 |
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Page 37 |
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June 27, 2020 |
December 28, 2019 |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
$ | |
$ | |
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Short-term investments |
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Trade accounts receivable, less allowance of $ |
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Other receivables, including advances to independent contractors, less allowance of $ |
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Other current assets |
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Total current assets |
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Operating property, less accumulated depreciation and amortization of $ |
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Goodwill |
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Other assets |
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Total assets |
$ | |
$ | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities |
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Cash overdraft |
$ | |
$ | |
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Accounts payable |
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Current maturities of long-term debt |
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Insurance claims |
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Dividends payable |
— |
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Contractor escrow |
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Other current liabilities |
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Total current liabilities |
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Long-term debt, excluding current maturities |
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Insurance claims |
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Deferred income taxes and other noncurrent liabilities |
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Shareholders’ Equity |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Cost of |
( |
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Accumulated other comprehensive loss |
( |
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
$ | |
$ | |
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Twenty Six Weeks Ended |
Thirteen Weeks Ended |
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June 27, 2020 |
June 29, 2019 |
June 27, 2020 |
June 29, 2019 |
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Revenue |
$ | |
$ | |
$ | |
$ | |
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Investment income |
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Costs and expenses: |
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Purchased transportation |
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Commissions to agents |
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Other operating costs, net of gains on asset sales/dispositions |
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Insurance and claims |
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Selling, general and administrative |
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Depreciation and amortization |
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Impairment of intangible and other assets |
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— |
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— |
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Total costs and expenses |
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Operating income |
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Interest and debt expense |
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Income before income taxes |
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Income taxes |
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Net income |
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Less: Net loss attributable to noncontrolling interest |
— |
( |
) | — |
— |
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Net income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
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Earnings per common share attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
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Diluted earnings per share attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
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Average number of shares outstanding: |
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Earnings per common share |
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Diluted earnings per share |
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Dividends per common share |
$ | |
$ | |
$ | |
$ | |
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Twenty Six Weeks Ended |
Thirteen Weeks Ended |
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June 27, 2020 |
June 29, 2019 |
June 27, 2020 |
June 29, 2019 |
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Net income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
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Other comprehensive (loss) income: |
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Unrealized holding gains on available-for-sale |
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tax expense of $ |
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Foreign currency translation (losses) gains |
( |
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Other comprehensive (loss) income |
( |
) | |
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Comprehensive income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
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Twenty Six Weeks Ended |
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June 27, 2020 |
June 29, 2019 |
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OPERATING ACTIVITIES |
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Net income |
$ | |
$ | |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization of operating property and intangible assets |
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Non-cash interest charges |
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Provisions for losses on trade and other accounts receivable |
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Gains on sales/disposals of operating property |
( |
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Impairment of intangible and other assets |
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— |
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Deferred income taxes, net |
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Stock-based compensation |
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Changes in operating assets and liabilities: |
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Decrease in trade and other accounts receivable |
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Increase in other assets |
( |
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Decrease in accounts payable |
( |
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Increase (decrease) in other liabilities |
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( |
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Increase in insurance claims |
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NET CASH PROVIDED BY OPERATING ACTIVITIES |
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INVESTING ACTIVITIES |
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Net changes in other short-term investments |
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— |
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Sales and maturities of investments |
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Purchases of investments |
( |
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Purchases of operating property |
( |
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Proceeds from sales of operating property |
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Consideration paid for acquisition |
( |
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NET CASH USED BY INVESTING ACTIVITIES |
( |
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FINANCING ACTIVITIES |
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Decrease in cash overdraft |
( |
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Dividends paid |
( |
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Proceeds from exercises of stock options |
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Taxes paid in lieu of shares issued related to stock-based compensation plans |
( |
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Purchases of common stock |
( |
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Principal payments on finance lease obligations |
( |
) | ( |
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Purchase of noncontrolling interest |
— |
( |
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NET CASH USED BY FINANCING ACTIVITIES |
( |
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Effect of exchange rate changes on cash and cash equivalents |
( |
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(Decrease) increase in cash and cash equivalents |
( |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
$ | |
$ | |
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Common Stock |
Additional Paid-In |
Retained |
Treasury Stock at Cost |
Accumulated Other Comprehensive |
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Shares |
Amount |
Capital |
Earnings |
Shares |
Amount |
(Loss) Income |
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Total |
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Balance December 28, 2019 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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Adoption of accounting standard (Note 1 4 ) |
( |
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( |
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Net income |
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Dividends ($ per share) |
( |
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( |
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Purchases of common stock |
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( |
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( |
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Issuance of stock related to stock-based compensation plans |
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( |
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( |
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( |
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Stock-based compensation |
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Other comprehensive loss |
( |
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( |
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Balance March 28, 2020 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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Net income |
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Dividends ($ per share) |
( |
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( |
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Issuance of stock related to stock-based compensation plans |
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— |
( |
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( |
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( |
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Stock-based compensation |
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Other comprehensive income |
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Balance June 27, 2020 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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Landstar System, Inc. and Subsidiary Shareholders |
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Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock at Cost |
Accumulated Other Comprehensive (Loss) Income |
Non-controlling Interests |
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Shares |
Amount |
Shares |
Amount |
Total |
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Balance December 29, 2018 |
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$ |
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$ |
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$ |
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$ |
( |
) |
$ |
( |
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$ |
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$ |
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Net income (loss) |
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( |
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Dividends ($ per share) |
( |
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( |
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Purchases of common stock |
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( |
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( |
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Purchase of noncontrolling interests |
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( |
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( |
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Issuance of stock related to stock-based compensation plans |
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( |
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( |
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( |
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Stock-based compensation |
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Other comprehensive income |
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Balance March 30, 2019 |
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$ |
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$ |
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$ |
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$ |
( |
) |
$ |
( |
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$ |
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$ |
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Net income |
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