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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. The segment information for prior periods has been restated to reflect the Company’s current reported business segments. In the current and future periods, information that was previously reported in the service and other business segment will be reported in the logistics operations segment.
Year Ended December 31
1995 1994 1993
($ thousands)
OPERATING REVENUES
LTL motor carrier operations $ 1,088,416 $ 918,663 $ 893,504
Forwarding operations 140,691 31,468 -
Truckload motor carrier operations 27,992 - -
Logistics operations 31,699 7,514 2,890
Tire operations 145,127 138,665 111,585
Other 3,354 2,111 1,939
$ 1,437,279 $ 1,098,421 $ 1,009,918
OPERATING EXPENSES AND COSTS
LTL MOTOR CARRIER OPERATIONS
Salaries and wages $ 779,453 $ 613,187 $ 594,213
Supplies and expenses 120,439 96,210 99,146
Operating taxes and licenses 45,906 35,928 35,152
Insurance 24,122 18,237 16,835
Communications and utilities 26,776 22,639 23,680
Depreciation and amortization 37,822 24,302 25,714
Rents and purchased transportation 76,823 67,550 53,192
Other 8,219 4,298 3,779
Other non-operating (net) 1,771 690 148
1,121,331 883,041 851,859
FORWARDING OPERATIONS
Cost of services 117,455 26,817 -
Selling, administrative and general 18,711 3,542 -
Other non-operating (net) 1,705 414 -
137,871 30,773 -
TRUCKLOAD MOTOR CARRIER OPERATIONS
Salaries and wages $ 9,746 $ - $ -
Supplies and expenses 4,530 - -
Operating taxes and licenses 2,571 - -
Insurance 980 - -
Communications and utilities 420 - -
Depreciation and amortization 1,249 - -
Rents and purchased transportation 5,348 - -
Other 108 - -
Other non-operating (net) 9 - -
24,961 - -
LOGISTICS OPERATIONS
Cost of services 30,588 7,100 2,915
Selling, administrative and general 3,711 1,388 821
Other non-operating (net) 11 (6) (12)
34,310 8,482 3,724
TIRE OPERATIONS
Cost of sales 108,686 100,909 79,718
Selling, administrative and general 31,642 26,206 21,522
Other non-operating (net) 375 471 159
140,703 127,586 101,399
SERVICE AND OTHER 6,747 1,392 2,298
$ 1,465,923 $ 1,051,274 $ 959,280
OPERATING PROFIT (LOSS)
LTL motor carrier operations $ (32,915) $ 35,622 $ 41,645
Forwarding operations 2,820 695 -
Truckload motor carrier operations 3,031 - -
Logistics operations (2,611) (968) (834)
Tire operations 4,424 11,079 10,186
Other (3,393) 719 (359)
TOTAL OPERATING PROFIT (LOSS) (28,644) 47,147 50,638
INTEREST EXPENSE 17,046 6,985 7,248
MINORITY INTEREST 1,297 3,523 3,140
INCOME (LOSS) BEFORE INCOME
TAXES AND EXTRAORDINARY ITEM $ (46,987) $ 36,639 $ 40,250
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 D.O.T.
Year Ended December 31
1995 1994 1993
LTL MOTOR CARRIER OPERATIONS
Salaries and wages 71.6% 66.7% 66.5%
Supplies and expenses 11.1 10.5 11.1
Operating taxes and licenses 4.2 3.9 3.9
Insurance 2.2 2.0 1.9
Communications and utilities 2.5 2.5 2.7
Depreciation and amortization 3.5 2.6 2.9
Rents and purchased transportation 7.1 7.4 5.9
Other 0.7 0.4 0.4
Other non-operating (net) 0.1 0.1 -
Total LTL Motor Carrier Operations 103.0% 96.1% 95.3%
FORWARDING OPERATIONS
Cost of services 83.5% 85.2% -
Selling, administrative and general 13.3 11.3 -
Other non-operating (net) 1.2 1.3 -
Total Forwarding Operations 98.0% 97.8% -
TRUCKLOAD MOTOR CARRIER OPERATIONS
Salaries and wages 34.8% - -
Supplies and expenses 16.2 - -
Operating taxes and licenses 9.2 - -
Insurance 3.5 - -
Communications and utilities 1.5 - -
Depreciation and amortization 4.5 - -
Rents and purchased transportation 19.1 - -
Other 0.4 - -
Total Truckload Operations 89.2% - -
LOGISTICS OPERATIONS
Cost of sales 96.5% 94.5% 100.9%
Selling, administrative and general 11.7 18.5 28.4
Other non-operating (net) - (0.1) (0.4)
Total Logistics Operations 108.2% 112.9% 128.9%
TIRE OPERATIONS
Cost of sales 74.9% 72.8% 71.5%
Selling, administrative and general 21.8 18.9 19.3
Other non-operating (net) 0.3 0.3 0.1
Total Tire Operations 97.0% 92.0% 90.9%
OPERATING PROFIT
LTL motor carrier operations (3.0)% 3.9% 4.7%
Forwarding operations 2.0 2.2 -
Truckload motor carrier operations 10.8 - -
Logistics operations (8.2) (12.9) (28.9)
Tire operations 3.0 8.0 9.1
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