Pacer International, Inc. (Nasdaq: PACR), the asset-light North
American freight transportation and logistics services provider,
today reported financial results for the three- and twelve-month
periods ended December 31, 2010.
2010 Highlights
- Replaced a significant portion of the
transitioned east-west big box business from intermodal marketing
companies, or “IMCs,” that was substantially transitioned away from
the Company by the end of the 2010 first quarter, which represented
$248.6 million in revenues in 2009;
- Reduced intermodal equipment directly
owned and leased, and continued our progress on moving towards a
more flexible equipment capacity model utilizing a combination of
controlled equipment and pooled equipment to meet capacity
needs;
- Reduced selling, general and
administrative costs by $32.8 million or 17.6% year over year;
- Implemented a new internally-developed
transportation management system replacing the systems previously
provided by APL for our intermodal operations resulting in
significant annual savings;
- Strengthened our executive management
team with people experienced in our industry and a history of
achieving strategic objectives and growing intermodal and logistics
business;
- Successfully negotiated a new long-term
five year, $125 million revolving credit facility, which matures on
December 30, 2015. The new facility will lower interest rates and
fees, as well as, increase flexibility through the elimination of
capital expenditure limitations and easing of restrictive
covenants;
- Renewed multi-year automotive
agreements in the north-south lanes.
FOURTH QUARTER RESULTS
- Revenues were $373.3 million. Excluding
the impact of the transition of the east-west big box IMC business,
revenues improved by 2.7%;
- Selling, general and administrative
expenses decreased $6.0 million or 13.2%;
- Operating income decreased by $17.3
million. Excluding the impact of significant items affecting
comparability (see details below and tabular reconciliation
attached), operating income increased 5.1%;
- Net income decreased by $10.4 million.
Excluding the impact of significant items affecting comparability,
net income increased $1.4 million; and
- Earnings per share decreased from
income per share of $0.27 in 2009 to a loss per share of $0.03 in
2010. Excluding the impact of significant items affecting
comparability, earnings per share increased from $0.01 to $0.05 per
share in 2010.
(In millions, except for per share data)
2010 2009 Q1 Q2 Q3 Q4 Q4 Revenue
$ 363.7 $ 401.0 $ 364.8 $ 373.3 $
420.2 Gross margin $ 40.8 $ 44.8 $ 40.0 $ 42.2 $ 47.8 Gross
margin % 11.2 % 11.2 % 11.0 % 11.3 % 11.4 % SG&A $ 38.8 $ 40.2
$ 34.8 $ 39.4 $ 45.4 Operating income 0.6 3.2 3.3 1.0 18.3 Net
income (loss) (0.5 ) 1.4 1.1 (1.1 ) 9.3 Earnings per share $ (0.01
) $ 0.04 $ 0.03 $ (0.03 ) $ 0.27
“Over the past year we have continued to make progress towards
achieving our strategic objectives and positioning our Company for
future growth. We have successfully right-sized our infrastructure
through the reduction of our equipment levels and overhead costs.
The solidification of our business with our automotive customers
and the execution of our long-term credit facility provide
additional momentum as we enter 2011. We have made significant
progress in 2010 on our journey towards becoming a world class
integrated global door-to-door transportation and logistics
solution provider.” commented Daniel W. Avramovich, chairman and
CEO of Pacer.
ANNUAL RESULTS
- Revenues decreased $71.4 million or
4.5%. Excluding the impact of the transition of the east-west big
box IMC business and the sale of the truck services unit in August
2009, revenues increased by 16.1%;
- Selling, general and administrative
expenses decreased $32.8 million or 17.6%;
- Operating income increased by $224.0
million. Excluding the impact of significant items affecting
comparability (see details below and tabular reconciliation
attached), operating income increased $40.6 million;
- In the third quarter, Hurricane Alex
adversely impacted the operating income by an estimated $3.5
million to $4.0 million in the 2010 period;
- Net income increased from a loss of
$174.8 million to income of $0.9 million. Excluding the impact of
significant items affecting comparability, net income increased
$26.0 million; and
- Earnings per share increased from a
loss per share of $5.03 in 2009 to income per share of $0.03 in
2010. Excluding the impact of significant items affecting
comparability, earnings per share increased $0.75.
(In millions, except for per share data)
2010 2009 Revenue $ 1,502.8 $ 1,574.2
Gross margin $ 167.8 $ 158.4 Gross margin % 11.2 % 10.1 % SG&A
$ 153.2 $ 186.0 Operating income 8.1 (215.9 ) Net income (loss) 0.9
(174.8 ) Earnings per share $ 0.03 $ (5.03 )
“Our 2010 earnings per share increased from a loss of $5.03 to
income of $0.03, and excluding significant items affecting
comparability, our earnings per share increased $0.75 from a loss
per share of $0.60 in 2009. This earnings increase is reflective of
the hard work we have put into our transformation, and in laying a
strong foundation for future success.” said John J. Hafferty, CFO
of Pacer. “We are pleased to see continued reductions in our costs,
debt levels, increases in our operating cash flows, and with the
execution of our long-term credit facility, additional flexibility
and momentum as we enter 2011. We will continue to drive
efficiencies in our network and leverage our infrastructure to
drive results in 2011 and beyond.”
2011 GUIDANCE
Given the number of significant changes in our business model
during 2010, we believe it is appropriate to provide guidance for
the full year of 2011. We expect revenue to grow between 6% and 8%
over 2010 driven by continued growth in our intermodal and
international logistics businesses. Earnings per share is projected
to range between $0.25 and $0.30 per share.
SIGNIFICANT ITEMS AFFECTING COMPARABILITY
A tabular reconciliation detailing the adjustments made to
arrive at the adjusted financial results set forth above and
elsewhere in this press release from financial results determined
in accordance with accounting principles generally accepted in the
United States of America (“GAAP”) is contained in the
reconciliation schedules attached to this press release.
Significant items affecting comparability between periods, which
primarily relate to the transformation of our business and the 2009
goodwill impairment charges, were as follows:
Fourth Quarter 2010 and 2009
Results:
- Severance costs incurred in both
periods;
- Office exit costs incurred in both
periods;
- Equipment exit costs incurred in 2010
for right-sizing of our equipment fleet as a result of the
transition of our east-west big box IMC business;
- Deferred financing cost written off in
2010 associated with the refinancing of our credit agreement;
- 2009 gain recognized as a result of the
execution of the November 3, 2009 Union Pacific contract.
Annual 2010 and 2009 Results (in addition
to the items above):
- Goodwill impairment charges in
2009;
- Gain on sale of chassis recognized in
2010 associated with the right-sizing of our equipment fleet as a
result of the transition of our east-west big box IMC
business;
- Deferred financing cost write off in
2009 associated with the amending our prior credit agreement;
and
- 2009 gain recognized as a result of the
sale of certain assets of our truck service unit.
CONFERENCE CALL TODAY Pacer International will hold a
conference call for investors, analysts, business and trade media,
and other interested parties at 5:00 p.m. ET, today (Wednesday,
February 9, 2011). To participate, please call five minutes early
by dialing (800) 230-1085(in USA) and ask for "Pacer International
4th Quarter Earnings Call." International callers can dial (612)
288-0329.
An audio-only, simultaneous Webcast of the live conference call
can be accessed through the Investors link on the company’s website
at www.pacer.com. For persons unable to participate in either the
conference call or the Webcast, a digitized replay will be
available from February 9, 2011 at 7:30 p.m. ET to March 9, 2011 at
11:59 p.m. ET. For the replay, dial (800) 475-6701(USA) or (320)
365-3844 (international), using access code 188608. During such
period, the replay also can be accessed through the Investors link
on the company's website at www.pacer.com
ABOUT PACER INTERNATIONAL (www.pacer.com)
Pacer International, a leading asset-light North American
freight transportation and logistics services provider, offers a
broad array of services to facilitate the movement of freight from
origin to destination through its intermodal and logistics
operating segments. The intermodal segment offers container
capacity, integrated local transportation services, and
door-to-door intermodal shipment management. The logistics segment
provides truck brokerage, warehousing and distribution,
international freight forwarding, and supply-chain management
services. For more information on Pacer International visit
www.pacer.com.
SOURCE: Pacer International, Inc.
USE OF NON-GAAP FINANCIAL MEASURES: This press release
contains “non-GAAP financial measures” as defined by the Securities
and Exchange Commission. These non-GAAP measures include (1)
adjusted net income and adjusted income from operations for the
logistics and intermodal segments and on a consolidated basis,
which exclude the effect significant items affecting comparability
between periods (see discussion above) and (2) adjusted revenues,
which exclude the impact of the transition of the east-west big box
IMC business and the sale of the truck services unit in August
2009. These non-GAAP measures are used by management and the Board
of Directors in their analysis of the company's ongoing core
operating performance. Management believes that these non-GAAP
financial measures provide useful supplemental information that is
essential to a proper understanding of the operating results of the
company's core businesses and allows investors to more easily
compare operating results from period to period. A tabular
reconciliation of the differences between the non-GAAP financial
information discussed in this release and the most directly
comparable financial information calculated and presented in
accordance with GAAP is contained in the financial summary
statements attached to this press release.
CERTAIN FORWARD-LOOKING STATEMENTS--This press release
contains or may contain forward-looking statements, including
revenue and earnings per share guidance, within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on the company's current
expectations and beliefs and are subject to a number of risks,
uncertainties and assumptions. Among the important factors that
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements are general
economic and business conditions including the continued effect of
the current U.S. and global economic environment and the timing and
strength of economic recovery in the U.S. and internationally;
industry trends, including changes in the costs of services from
rail, motor, ocean and air transportation providers; changes
resulting from our November 2009 arrangements with Union Pacific
that have reduced revenues and have compressed margins; changes in
the terms of new or replacement contracts with our underlying rail
carriers that are less favorable to us relative to our legacy
contracts as these expire (including our legacy contract with Union
Pacific, expiring in 2011 which continues to apply to our
automotive and international lines of business, and our legacy
contract with CSX, expiring in 2014); our reliance on Union Pacific
to provide us with, and to service and maintain, the equipment used
in our business; our ability to borrow amounts under our credit
agreement due to borrowing base limitations and/or to comply with
the covenants in our credit agreement; increases in interest rates;
the loss of one or more of our major customers; the effect of
uncertainty surrounding the current economic environment on the
transportation needs of our customers; the impact of competitive
pressures in the marketplace; the frequency and severity of
accidents, particularly involving our trucking operations;
increases in interest rates; changes in, or the failure to comply
with, government regulation; changes in our business strategy,
development plans or cost savings plans; congestion, work
stoppages, equipment and capacity shortages, weather related issues
and service disruptions affecting our rail and motor transportation
providers; the degree and timing of changes in fuel prices,
including changes in the fuel costs and surcharges that we pay to
our vendors and those that we are able to collect from our
customers; changes in international and domestic shipping patterns;
availability of qualified personnel; difficulties in selecting,
developing and implementing applications and solutions to update or
replace our diverse legacy systems; increases in our leverage; and
terrorism and acts of war. Additional information about these and
other factors that could affect the company's business is set forth
in the company's various filings with the Securities and Exchange
Commission, including those set forth in the company's annual
report on Form 10-K for the year ended December 31, 2009 filed with
the SEC on February 23, 2010 and the Company’s Quarterly Report on
Form 10-Q for the three and nine month periods ended September 30,
2010 filed with the SEC on November 8, 2010. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions or estimates prove incorrect, actual results may vary
materially from those described herein as anticipated, believed,
expected or intended. Except as otherwise required by federal
securities laws, the company does not undertake any obligation to
update such forward-looking statements whether as a result of new
information, future events or otherwise.
Pacer International, Inc. Unaudited Condensed
Consolidated Balance Sheet (in millions)
December 31, December 31, 2010 2009 (Unaudited)
Assets Current assets Cash and cash
equivalents $ 4.2 $ 2.8 Accounts receivable, net 152.5 152.3
Prepaid expenses and other 15.4 26.5 Deferred income taxes
6.3 4.8 Total current assets 178.4
186.4
Property and equipment
Property and equipment at cost 97.4 107.7 Accumulated depreciation
(53.7 ) (64.5 ) Property and equipment, net
43.7 43.2
Other assets Deferred
income taxes 24.3 31.3 Other assets 15.5 14.3
Total other assets 39.8 45.6
Total assets $ 261.9 $ 275.2
Liabilities & Equity Current liabilities
Current maturities of debt and capital leases $ - $ 23.3 Book
overdraft 2.7 4.5 Accounts payable and other accrued liabilities
144.8 144.7 Total current liabilities
147.5 172.5
Long-term
liabilities Long-term debt 13.4 - Other 2.5
5.9 Total long-term liabilities 15.9
5.9
Total liabilities 163.4
178.4
Stockholders' equity Preferred
stock - - Common stock 0.4 0.4 Additional paid-in-capital 302.5
301.5
Accumulated deficit
(204.1 ) (205.0 ) Accumulated other comprehensive loss (0.3
) (0.1 ) Total stockholders' equity 98.5
96.8
Total liabilities and
stockholders' equity $ 261.9 $ 275.2
Pacer International, Inc. Unaudited Condensed
Consolidated Statements of Operations (in millions, except
share and per share data) Three
Months Ended Year Ended December 31, 2010
December 31, 2009 December 31, 2010 December 31, 2009
Revenues $ 373.3 $ 420.2 $ 1,502.8 $ 1,574.2
Operating Expenses: Cost of purchased transportation and services
307.7 342.0 1,240.5 1,291.3 Direct operating expense (excluding
depreciation) 23.4 30.4 94.5 124.5
Selling, general and administrative
expenses
39.4 45.4 153.2 186.0 Goodwill impairment charge - - - 200.4 Other
income - (17.5 ) - (18.9 ) Depreciation and amortization
1.8 1.6 6.5
6.8 Total operating expenses 372.3
401.9 1,494.7
1,790.1 Income (loss) from operations 1.0 18.3
8.1 (215.9 ) Interest expense, net (2.9 )
(1.6 ) (6.6 ) (4.5 )
Income (loss) before income taxes (1.9 ) 16.7 1.5 (220.4 )
Income tax (benefit) (0.8 ) 7.4
0.6 (45.6 ) Net income (loss)
$ (1.1 ) $ 9.3 $ 0.9 $ (174.8 )
Earnings (loss) per share: Basic: Earnings
(loss) per share $ (0.03 ) $ 0.27 $ 0.03 $ (5.03 )
Weighted average shares outstanding 34,911,913
34,787,301 34,921,594 34,767,275
Diluted: Earnings (loss) per share $ (0.03 ) $ 0.27 $
0.03 $ (5.03 ) Weighted average shares outstanding
34,911,913 34,904,388 34,946,175
34,767,275
Pacer International,
Inc. Unaudited Condensed Consolidated Statement of Cash
Flows (in millions) Year
Ended December 31, 2010 December 31, 2009
Cash Flows from Operating Activities Net income (loss) $ 0.9
$ (174.8 ) Adjustments to reconcile net income (loss) to net cash
provided by operating activities: Depreciation and amortization 6.5
6.8 Gain on sale of property, equipment and other assets (2.5 )
(1.9 ) Gain on sale lease-back transaction (0.8 ) - Deferred taxes
5.2 (38.4 ) Goodwill impairment charge - 200.4 Stock based
compensation expense 1.3 2.1
Changes in operating assets and
liabilities:
Accounts receivables, net (0.2 ) 31.2 Prepaid expenses and other
11.1 0.7 Accounts payable and other accrued liabilities (1.2 )
(20.9 ) Other long-term assets 0.4 2.3 Other long-term liabilities
(4.6 ) 5.0 Net cash provided by
operating activities 16.1 12.5
Cash Flows from Investing Activities Capital expenditures
(8.2 ) (9.2 ) Net proceeds from sale lease-back transaction 2.4 -
Proceeds from software license amendment - 22.5 Proceeds from sales
of property, equipment and other assets 2.8
2.4 Net cash provided by (used in) investing
activities (3.0 ) 15.7
Cash Flows
from Financing Activities Net repayments under revolving line
of credit agreement (9.6 ) (23.4 ) Debt issuance costs paid to
third parties (1.6 ) (1.4 ) Dividends paid to shareholders - (5.2 )
Repurchase and retirement of Pacer common stock (0.2 ) (0.1 )
Capital lease obligation repayment (0.3 ) (0.3 )
Net cash used in financing activities (11.7 )
(30.4 )
Net increase (decrease) in cash and cash
equivalents 1.4 (2.2 )
Cash and cash equivalents -
beginning of period 2.8 5.0
Cash
and cash equivalents - end of period $ 4.2 $ 2.8
Pacer International, Inc. Unaudited Results
by Segment (in millions)
Three Months Ended Years Ended
2010 2009 Change % Change 2010 2009 Change % Change
Revenues Intermodal $ 281.2 $ 325.9 $ (44.7 ) (13.7 ) % $
1,081.5 $ 1,190.7 $ (109.2 ) (9.2 ) % Logistics 92.1 94.9 (2.8 )
(3.0 ) 422.1 385.6 36.5 9.5 Inter-segment eliminations -
(0.6 ) 0.6 (100.0 )
(0.8 ) (2.1 ) 1.3
(61.9 ) Total 373.3 420.2 (46.9 ) (11.2 ) 1,502.8 1,574.2 (71.4 )
(4.5 )
Cost of purchased transportation and services
and direct operating expense 1/ Intermodal 254.5 292.0 (37.5
) (12.8 ) 970.1 1,089.4 (119.3 ) (11.0 ) Logistics 76.6 81.0 (4.4 )
(5.4 ) 365.7 328.5 37.2 11.3 Corporate - (0.6
) 0.6 (100.0 ) (0.8 )
(2.1 ) 1.3 (61.9 ) Total 331.1
372.4 (41.3 ) (11.1 ) 1,335.0 1,415.8 (80.8 ) (5.7 )
Gross margin Intermodal 26.7 33.9 (7.2 ) (21.2 ) 111.4 101.3
10.1 10.0 Logistics 15.5 13.9
1.6 11.5 56.4
57.1 (0.7 ) (1.2 ) Total $ 42.2
$ 47.8 $ (5.6 ) (11.7 ) % $ 167.8 $ 158.4 $ 9.4 5.9 %
Gross margin percentage Intermodal 9.5 % 10.4 % (1.0 ) %
10.3 % 8.5 % 1.8 % Logistics 16.8 14.6
2.2 13.4 14.8
(1.4 ) Total 11.3 % 11.4 % (0.1 ) % 11.2 % 10.1 % 1.1 %
1/ Direct operating expenses are only incurred
in the intermodal segment
Pacer International,
Inc. Reconciliation of GAAP Financial Results to Adjusted
Financial Results For the Three Months Ended December 31,
2010 and December 31, 2009 (in millions, except share and
per share amounts)
Three Months Ended December 31,
2010 Three Months Ended December 31, 2009 Adjusted GAAP Adjusted
GAAP Adjusted Variance Item Results Adjustments Results Results
Adjustments Results 2010 vs 2009 % Income (loss) from
operations - intermodal $ 4.7 $ 2.7 1/ $ 7.4 $ 23.5 $ (15.4 ) 6/ $
8.1 $ (0.7 ) -8.6 % Income (loss) from operations - logistics (0.3
) 0.3 2/ - (0.1 ) 0.2 7/ 0.1 (0.1 ) -100.0 % Income (loss) from
operations - corporate (3.4 ) 0.1 3/
(3.3 ) (5.1 ) 0.8 8/ (4.3 ) 1.0
23.3 % Income (loss) from operations - total 1.0 3.1 4.1
18.3 (14.4 ) 3.9 0.2 5.1 % Interest expense 2.9
(1.6 ) 4/ 1.3 1.6 -
1.6 (0.3 ) -18.8 % Income (loss) before
income taxes (1.9 ) 4.7 2.8 16.7 (14.4 ) 2.3 0.5 21.7 % Income tax
(benefit) (0.8 ) 1.8 5/ 1.0
7.4 (5.5 ) 9/ 1.9 (0.9 )
-47.4 % Net income (loss) $ (1.1 ) $ 2.9 $ 1.8 $ 9.3
$ (8.9 ) $ 0.4 $ 1.4 350.0 % Diluted
earnings (loss) per share $ (0.03 ) $ 0.08 $ 0.05 $
0.27 $ (0.25 ) $ 0.01 $ 0.04 349.9 % Weighted
average shares outstanding 34,911,913
34,911,913 34,911,913 34,904,388
34,904,388 34,904,388 1/
Intermodal severance expense of $0.9 million, $1.0 million of
office and $0.8 million of equipment exit costs. 2/ Logistics
severance expense. 3/ Corporate office exit costs. 4/ Write off of
deferred financing costs associated with the prior debt agreement
as a result of refinancing. 5/ Income tax impact of the
adjustments. 6/ Intermodal segment gain on Union Pacific contract
of $17.5 million, offset by office exit costs of $0.2 million and
severance expense of $1.9 million. 7/ Logistics segment severance
expense. 8/ Corporate severance expense. 9/ Income tax impact of
the adjustments.
Pacer International, Inc.
Reconciliation of GAAP Financial Results to Adjusted Financial
Results For the Years Ended December 31, 2010 and December
31, 2009 (in millions, except share and per share
amounts)
Year Ended December 31, 2010 Year Ended
December 31, 2009 Adjusted GAAP Adjusted GAAP Adjusted Variance
Item Results Adjustments Results Results Adjustments Results 2010
vs 2009
%
Income (loss) from operations - intermodal $ 24.2 $ 3.4 1/ $
27.6 $ (161.0 ) $ 156.3 6/ $ (4.7 ) $ 32.3 687.2 % Income (loss)
from operations - logistics 0.9 0.3 2/ 1.2 (36.4 ) 31.3 7/ (5.1 )
6.3 123.5 % Income (loss) from operations - corporate (17.0
) 1.8 3/ (15.2 ) (18.5 ) 1.3
8/ (17.2 ) 2.0 11.6 % Income (loss) from
operations - total 8.1 5.5 13.6 (215.9 ) 188.9 (27.0 ) 40.6 150.4 %
Interest expense, net 6.6 (1.6 ) 4/ 5.0
4.5 (0.3 ) 4/ 4.2
0.8 19.0 % Income (loss) before income taxes 1.5 7.1 8.6 (220.4 )
189.2 (31.2 ) 39.8 127.6 % Income tax (benefit) 0.6
2.7 5/ 3.3 (45.6 ) 35.1
9/ (10.5 ) 13.8 131.4 % Net income (loss) $
0.9 $ 4.4 $ 5.3 $ (174.8 ) $ 154.1 $
(20.7 ) $ 26.0 125.6 % Diluted earnings (loss) per share $
0.03 $ 0.13 $ 0.15 $ (5.03 ) $ 4.43 $
(0.60 ) $ 0.75 125.5 % Weighted average shares outstanding
34,946,175 34,946,175 34,946,175
34,767,275 34,767,275 34,767,275
1/ Intermodal severance expense of $2.1
million, $1.0 million of office and $2.5 million of equipment exit
costs, offset by a $2.2 million gain on sale of chassis. 2/
Logistics severance expense. 3/ Corporate severance expense of $1.7
million and $0.1 million of office exit costs. 4/ Write off of
deferred financing costs associated with the prior debt agreements
as a result of refinancing. 5/ Income tax impact of the
adjustments. 6/ Intermodal segment goodwill impairment charge of
$169.0 million, severance expense of $4.6 million and office exit
costs of $0.2 million, offset by $17.5 million of Union Pacific
contract gain. 7/ Logistics segment goodwill impairment charge of
$31.4 million plus severance expense of $1.3 million, offset by a
$1.4 million gain on the sale of certain assets of the truck
services unit. 8/ Corporate severance expense. 9/ Income tax impact
of the adjustments.
Pacer International, Inc.
Reconciliation of GAAP Revenues to Adjusted Revenues For
the Three Months and Years Ended December 31, 2010 and December 31,
2009 (in millions) Three Months Ended
December 31, 2010 Three Months Ended December 31, 2009 Adjusted
GAAP Adjusted GAAP Adjusted Variance Revenues: Results Adjustments
Results Results Adjustments Results 2010 vs 2009 % Intermodal $
281.2 $ (2.3 ) 1/ $ 278.9 $ 325.9 $ (58.8 ) 1/ $ 267.1 $ 11.8 -4.4
% Logistics 92.1 - 92.1 94.9 - 94.9 (2.8 ) 3.0 % Inter-segment
elimination - - -
(0.6 ) - (0.6 ) 0.6 100.0 % $
373.3 $ (2.3 ) $ 371.0 $ 420.2 $ (58.8 ) $ 361.4 $ 9.6 -2.7 %
Year Ended December 31, 2010 Year Ended
December 31, 2009 Adjusted GAAP Adjusted GAAP Adjusted Variance
Revenues: Results Adjustments Results Results Adjustments Results
2010 vs 2009 % Intermodal $ 1,081.5 $ (26.6 ) 1/ $ 1,054.9 $
1,190.7 $ (248.6 ) 1/ $ 942.1 $ 112.8 -12.0 % Logistics 422.1 -
422.1 385.6 (53.6 ) 2/ 332.0 90.1 -27.1 % Inter-segment elimination
(0.8 ) - (0.8 ) (2.1 ) -
(2.1 ) 1.3 61.9 % $ 1,502.8 $ (26.6 ) $
1,476.2 $ 1,574.2 $ (302.2 ) $ 1,272.0 $ 204.2 -16.1 %
1/ Transitioned east-west big box revenues from intermodal
marketing companies. 2/ Revenues from truck services unit, certain
assets of which were sold in August 2009.
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