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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. During 1996, the Company changed the name of its Forwarding Operations Segment to the Intermodal Operations Segment. The segment information for 1994 has been restated to reflect the Company’s current reported business segments. For 1995 and subsequent 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
1996 1995 1994
($ thousands)
OPERATING REVENUES
LTL motor carrier operations $ 1,199,437 $ 1,088,416 $ 918,663
Intermodal operations 180,619 140,691 31,468
Truckload motor carrier operations 74,623 27,992 -
Logistics operations 54,849 31,699 7,514
Tire operations 141,613 145,127 138,665
Other 8,043 3,354 2,111
$ 1,659,184 $ 1,437,279 $ 1,098,421
OPERATING EXPENSES AND COSTS
LTL MOTOR CARRIER OPERATIONS
Salaries and wages $ 832,474 $ 779,453 $ 613,187
Supplies and expenses 130,330 120,439 96,210
Operating taxes and licenses 47,552 45,906 35,928
Insurance 28,393 24,122 18,237
Communications and utilities 29,897 26,776 22,639
Depreciation and amortization 41,755 37,822 24,302
Rents and purchased transportation 95,169 76,823 67,550
Other 12,296 8,219 4,298
Other non-operating (net) (269) 1,771 690
1,217,597 1,121,331 883,041
INTERMODAL OPERATIONS
Cost of services 151,799 117,455 26,817
Selling, administrative and general 27,658 18,711 3,542
Other non-operating (net) 1,708 1,705 414
181,165 137,871 30,773
TRUCKLOAD MOTOR CARRIER OPERATIONS
Salaries and wages 27,483 9,746 -
Supplies and expenses 13,552 4,530 -
Operating taxes and licenses 7,060 2,571 -
Insurance 2,208 980 -
Communications and utilities 1,038 420 -
Depreciation and amortization 3,580 1,249 -
Rents and purchased transportation 14,880 5,348 -
Other 434 108 -
Other non-operating (net) 17 9 -
70,252 24,961 -
LOGISTICS OPERATIONS
Cost of services 50,612 30,588 7,100
Selling, administrative and general 7,081 3,711 1,388
Other non-operating (net) (62) 11 (6)
57,631 34,310 8,482
TIRE OPERATIONS
Cost of sales 109,673 108,686 100,909
Selling, administrative and general 37,491 31,642 26,206
Other non-operating (net) (730) 375 471
146,434 140,703 127,586
SERVICE AND OTHER 12,742 6,747 1,392
$ 1,685,821 $ 1,465,923 $ 1,051,274
OPERATING PROFIT (LOSS)
LTL motor carrier operations $ (18,160) $ (32,915) $ 35,622
Intermodal operations (546) 2,820 695
Truckload motor carrier operations 4,371 3,031 -
Logistics operations (2,782) (2,611) (968)
Tire operations (4,821) 4,424 11,079
Other (4,699) (3,393) 719
TOTAL OPERATING PROFIT (LOSS) (26,637) (28,644) 47,147
INTEREST EXPENSE 31,869 17,046 6,985
MINORITY INTEREST (1,768) 1,297 3,523
INCOME (LOSS) BEFORE INCOME TAXES $ (56,738) $ (46,987) $ 36,639
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 Department of Transportation (“D.O.T.”).
Year Ended December 31
1996 1995 1994
LTL MOTOR CARRIER OPERATIONS
Salaries and wages 69.4% 71.6% 66.7%
Supplies and expenses 10.9 11.1 10.5
Operating taxes and licenses 4.0 4.2 3.9
Insurance 2.4 2.2 2.0
Communications and utilities 2.5 2.5 2.5
Depreciation and amortization 3.5 3.5 2.6
Rents and purchased transportation 7.9 7.1 7.4
Other 1.0 0.7 0.4
Other non-operating (net) (0.1) 0.1 0.1
Total LTL Motor Carrier Operations 101.5% 103.0% 96.1%
INTERMODAL OPERATIONS
Cost of services 84.0% 83.5% 85.2%
Selling, administrative and general 15.3 13.3 11.3
Other non-operating (net) 1.0 1.2 1.3
Total Intermodal Operations 100.3% 98.0% 97.8%
TRUCKLOAD MOTOR CARRIER OPERATIONS
Salaries and wages 36.8% 34.8% -
Supplies and expenses 18.2 16.2 -
Operating taxes and licenses 9.5 9.2 -
Insurance 3.0 3.5 -
Communications and utilities 1.4 1.5 -
Depreciation and amortization 4.8 4.5 -
Rents and purchased transportation 19.9 19.1 -
Other 0.6 0.4 -
Other non-operating (net) (0.1) - -
Total Truckload Motor Carrier Operations 94.1% 89.2% -
LOGISTICS OPERATIONS
Cost of sales 92.3% 96.5% 94.5%
Selling, administrative and general 12.9 11.7 18.5
Other non-operating (net) (0.1) - (0.1)
Total Logistics Operations 105.1% 108.2% 112.9%
TIRE OPERATIONS
Cost of sales 77.4% 74.9% 72.8%
Selling, administrative and general 26.5 21.8 18.9
Other non-operating (net) (0.5) 0.3 0.3
Total Tire Operations 103.4% 97.0% 92.0%
OPERATING PROFIT
LTL motor carrier operations (1.5)% (3.0)% 3.9%
Intermodal operations (0.3) 2.0 2.2
Truckload motor carrier operations 5.9 10.8 -
Logistics operations (5.1) (8.2) (12.9)
Tire operations (3.4) 3.0 8.0
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