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The following tables reflect information prepared on a business segment basis, which includes reclassification of certain expenses and costs between the Company and its subsidiaries and elimination of the effects of intercompany transactions. Operating profit on a business segment basis differs from operating income as reported in the Company’s Consolidated Financial Statements. Other income and other expenses (which include amortization expense), except for interest expense and minority interest, which appear below the operating income line in the Company’s Statement of Operations, have been allocated to individual segments for the purpose of calculating operating profit on a segment basis.
Year Ended December 31
1994 1993 1992
($ thousands)
OPERATING REVENUES
Carrier operations $ 918,663 $ 893,504 $ 858,755
Forwarding operations 31,468 - -
Tire operations 138,666 111,585 96,254
Other 9,625 4,829 4,940
$ 1,098,422 $ 1,009,918 $ 959,949
OPERATING EXPENSES AND COSTS
CARRIER OPERATIONS
Salaries and wages $ 613,187 $ 594,213 $ 560,460
Supplies and expenses 96,210 99,146 99,613
Operating taxes and licenses 35,928 35,152 32,697
Insurance 18,237 16,835 17,567
Communications and utilities 22,639 23,680 23,782
Depreciation and amortization 24,302 25,714 32,370
Rents 67,550 53,192 39,561
Other 4,299 3,779 4,324
Other non-operating (net) 689 148 1,656
883,041 851,859 812,030
FORWARDING OPERATIONS
Cost of services 26,817 - -
Selling, administrative and general 3,542 - -
Other non-operating (net) 414 - -
30,773 - -
TIRE OPERATIONS
Cost of sales 100,909 79,718 69,070
Selling, administrative and general 26,206 21,522 18,412
Other non-operating (net) 471 159 5
127,586 101,399 87,487
SERVICE AND OTHER 9,875 6,022 4,673
$ 1,051,275 $ 959,280 $ 904,190
OPERATING PROFIT (LOSS)
Carrier operations $ 35,622 $ 41,645 $ 46,725
Forwarding operations 695 - -
Tire operations 11,080 10,186 8,767
Other (250) (1,193) 267
TOTAL OPERATING PROFIT 47,147 50,638 55,759
INTEREST EXPENSE 6,985 7,248 17,285
MINORITY INTEREST 3,523 3,140 2,825
INCOME BEFORE INCOME TAXES,
EXTRAORDINARY ITEM AND CUMULATIVE
EFFECT OF ACCOUNTING CHANGE $ 36,639 $ 40,250 $ 35,649
The following table sets forth for the periods indicated a summary of the Company’s operations as a percentage of revenues presented on a business segment basis as shown in the table on the preceding page. The basis of presentation for business segment data differs from the basis of presentation for data the Company provides to the ICC.
Year Ended December 31
1994 1993 1992
CARRIER OPERATIONS
Salaries and wages 66.7% 66.5% 65.3%
Supplies and expenses 10.5 11.1 11.6
Operating taxes and licenses 3.9 3.9 3.8
Insurance 2.0 1.9 2.0
Communications and utilities 2.5 2.7 2.8
Depreciation and amortization 2.6 2.9 3.8
Rents 7.4 5.9 4.6
Other 0.4 0.4 0.5
Other non-operating (net) 0.1 - 0.2
Total Carrier Operations 96.1% 95.3% 94.6%
FORWARDING OPERATIONS
Cost of services 85.2% - -
Selling, administrative and general 11.3 - -
Other non-operating (net) 1.3 - -
Total Forwarding Operations 97.8% - -
TIRE OPERATIONS
Cost of sales 72.8% 71.5% 71.8%
Selling, administrative and general 18.9 19.3 19.1
Other non-operating (net) 0.3 0.1 -
Total Tire Operations 92.0% 90.9% 90.9%
OPERATING PROFIT
Carrier operations 3.9% 4.7% 5.4%
Forwarding operations 2.2 - -
Tire operations 8.0 9.l 9.1
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