Three
Months Ended
|
Three
Months Ended
|
|||||||||||||||||||||||
June
30, 2007
|
June
30, 2006
|
|||||||||||||||||||||||
Income
|
Shares
|
Per
Share Amount
|
Income
|
Shares
|
Per
Share Amount
|
|||||||||||||||||||
Basic
EPS
|
||||||||||||||||||||||||
Income
from continuing operations
|
$ |
13,775
|
39,043
|
$ |
0.35
|
$ |
12,219
|
40,768
|
$ |
0.30
|
||||||||||||||
Income
from discontinued
operations
|
-
|
39,043
|
-
|
324
|
40,768
|
0.01
|
||||||||||||||||||
Net
Income
|
$ |
13,775
|
39,043
|
$ |
0.35
|
$ |
12,543
|
40,768
|
$ |
0.31
|
||||||||||||||
Effect
of Dilutive Securities
|
||||||||||||||||||||||||
Stock
options and restricted stock
|
495
|
839
|
||||||||||||||||||||||
Diluted
EPS
|
||||||||||||||||||||||||
Income
from continuing operations
|
$ |
13,775
|
39,538
|
$ |
0.35
|
$ |
12,219
|
41,607
|
$ |
0.29
|
||||||||||||||
Income
from discontinued
operations
|
-
|
39,538
|
-
|
324
|
41,607
|
0.01
|
||||||||||||||||||
Net
Income
|
$ |
13,775
|
39,538
|
$ |
0.35
|
$ |
12,543
|
41,607
|
$ |
0.30
|
Six
Months Ended
|
Six
Months Ended
|
|||||||||||||||||||||||
June
30, 2007
|
June
30, 2006
|
|||||||||||||||||||||||
Income
|
Shares
|
Per
Share Amount
|
Income
|
Shares
|
Per
Share Amount
|
|||||||||||||||||||
Basic
EPS
|
||||||||||||||||||||||||
Income
from continuing operations
|
$ |
25,194
|
39,150
|
$ |
0.64
|
$ |
20,692
|
40,482
|
$ |
0.51
|
||||||||||||||
Income
from discontinued
operations
|
-
|
39,150
|
-
|
981
|
40,482
|
0.03
|
||||||||||||||||||
Net
Income
|
$ |
25,194
|
39,150
|
$ |
0.64
|
$ |
21,673
|
40,482
|
$ |
0.54
|
||||||||||||||
Effect
of Dilutive Securities
|
||||||||||||||||||||||||
Stock
options and restricted stock
|
502
|
973
|
||||||||||||||||||||||
Diluted
EPS
|
||||||||||||||||||||||||
Income
from continuing operations
|
$ |
25,194
|
39,652
|
$ |
0.64
|
$ |
20,692
|
41,455
|
$ |
0.50
|
||||||||||||||
Income
from discontinued
operations
|
-
|
39,652
|
-
|
981
|
41,455
|
0.02
|
||||||||||||||||||
Net
Income
|
$ |
25,194
|
39,652
|
$ |
0.64
|
$ |
21,673
|
41,455
|
$ |
0.52
|
·
|
the
degree and rate of market growth in the domestic intermodal, truck
brokerage and logistics markets we
serve;
|
·
|
deterioration
in our relationships with existing railroads or adverse changes to
the
railroads’ operating rules;
|
·
|
changes
in rail service conditions or adverse weather
conditions;
|
·
|
further
consolidation of railroads;
|
·
|
the
impact of competitive pressures in the marketplace, including entry
of new
competitors, direct marketing efforts by the railroads or marketing
efforts of asset-based carriers;
|
·
|
changes
in rail, drayage and trucking company
capacity;
|
·
|
railroads
moving away from ownership of intermodal
assets;
|
·
|
equipment
shortages or equipment surplus;
|
·
|
changes
in the cost of services from rail, drayage, truck or other
vendors;
|
·
|
labor
unrest in the rail, drayage or trucking company
communities;
|
·
|
general
economic and business conditions;
|
·
|
fuel
shortages or fluctuations in fuel
prices;
|
·
|
increases
in interest rates;
|
·
|
changes
in homeland security or terrorist
activity;
|
·
|
difficulties
in maintaining or enhancing our information technology
systems;
|
·
|
changes
to or new governmental regulation;
|
·
|
loss
of several of our largest
customers;
|
·
|
inability
to recruit and retain key
personnel;
|
·
|
inability
to recruit and maintain drivers and owner
operators;
|
·
|
changes
in insurance costs and claims expense;
and
|
·
|
inability
to close and successfully integrate any future business
combinations
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||||||||||
%
|
%
|
|||||||||||||||||||||||
2007
|
2006
|
Change
|
2007
|
2006
|
Change
|
|||||||||||||||||||
Revenue
|
||||||||||||||||||||||||
Intermodal
|
$ |
300,877
|
$ |
285,879
|
5.2 | % | $ |
588,710
|
$ |
546,571
|
7.7 | % | ||||||||||||
Truck
brokerage
|
73,238
|
78,139
|
(6.3 | ) |
147,818
|
147,676
|
0.1
|
|||||||||||||||||
Logistics
|
27,450
|
31,278
|
(12.2 | ) |
58,334
|
57,813
|
0.9
|
|||||||||||||||||
Total
revenue from continuing operations
|
$ |
401,565
|
$ |
395,296
|
1.6 | % | $ |
794,862
|
$ |
752,060
|
5.7 | % |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Revenue
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Transportation
costs
|
85.6
|
86.0
|
85.6
|
86.3
|
||||||||||||
Gross
margin
|
14.4
|
14.0
|
14.4
|
13.7
|
||||||||||||
Costs
and expenses:
|
||||||||||||||||
Salaries
and benefits
|
6.0
|
6.1
|
6.3
|
6.3
|
||||||||||||
General
and administrative
|
2.6
|
2.5
|
2.7
|
2.5
|
||||||||||||
Depreciation
and amortization
|
0.3
|
0.4
|
0.3
|
0.4
|
||||||||||||
Total
costs and expenses
|
8.9
|
9.0
|
9.3
|
9.2
|
||||||||||||
Operating
income
|
5.5
|
5.0
|
5.1
|
4.5
|
||||||||||||
Other
income:
|
||||||||||||||||
Interest
income
|
0.2
|
0.1
|
0.1
|
0.1
|
||||||||||||
Total
other income
|
0.2
|
0.1
|
0.1
|
0.1
|
||||||||||||
Income
from continuing operations before provision for income
taxes
|
5.7
|
5.1
|
5.2
|
4.6
|
||||||||||||
Provision
for income taxes
|
2.3
|
2.0
|
2.0
|
1.8
|
||||||||||||
Income
from continuing operations
|
3.4 | % | 3.1 | % | 3.2 | % | 2.8 | % |
2007
|
$ |
10,611
|
||
2008
|
17,563
|
|||
2009
|
14,531
|
|||
2010
|
12,583
|
|||
2011
|
11,790
|
|||
2012
and thereafter
|
14,798
|
|||
$ |
81,876
|
2007
|
$ |
-
|
||
2008
|
1,899
|
|||
2009
|
980
|
|||
2010
|
1,552
|
|||
2011
|
628
|
|||
2012
and thereafter
|
4,589
|
|||
$ |
9,648
|
Total
Number of Shares Purchased
|
Average
Price Paid Per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced
Plan
|
Maximum
Value of Shares that May Yet Be Purchased Under the Plan (in
000’s)
|
|||||||||||||
January
1 to
January
31
|
--
|
--
|
--
|
$ |
75,000
|
|||||||||||
February
1 to
February
28
|
--
|
--
|
--
|
75,000
|
||||||||||||
March
1 to
March
31
|
408,205
|
$ |
30.62
|
408,205
|
62,500
|
|||||||||||
April
1 to
April
30
|
--
|
--
|
--
|
62,500
|
||||||||||||
May
1 to
May
31
|
--
|
--
|
--
|
62,500
|
||||||||||||
June
1 to
June
30
|
--
|
--
|
--
|
62,500
|
||||||||||||
Total
|
408,205
|
$ |
30.62
|
408,205
|
$ |
62,500
|
HUB GROUP, INC. | |
DATE: July 23, 2007 | /s/ Terri A. Pizzuto |
Terri A. Pizzuto | |
Executive Vice President, Chief Financial | |
Officer and Treasurer | |
(Principal Financial Officer) |
3.1
|
Complete
copy of Articles of Incorporation, as
amended
|
10.1
|
Asset
Purchase Agreement, dated June 6, 2007, by and among Hub Group, Inc.,
Comtrak Logistics, Inc., Hub City Terminals, Inc., Interdom
Partners, Commercial Cartage, Inc., Pride Logistics, L.L.C. and the
other
parties signatory thereto. (incorporated by reference to Exhibit
10.1 to
the Registrant’s report on Form 8-K filed June 8, 2007, File No.
000-27754)
|
10.2
|
Termination
letter, dated July 9, 2007, by and among Comtrak Logistics, Inc.,
Hub City
Terminals, Inc., Interdom Partners, Commercial Cartage, Inc. and
Pride
Logistics, L.L.C. (incorporated by reference to Exhibit 10.2 to the
Registrant’s report on Form 8-K filed July 10, 2007, File No.
000-27754)
|
31.1
|
Certification
of David P. Yeager, Vice Chairman and Chief Executive Officer, Pursuant
to
Rule 13a-14(a) under the Securities Exchange Act of
1934.
|
31.2
|
Certification
of Terri A. Pizzuto, Executive Vice President, Chief Financial Officer
and
Treasurer, Pursuant to Rule 13a-14(a) under the Securities Exchange
Act of
1934.
|
32.1
|
Certification
of David P. Yeager and Terri A. Pizzuto, Chief Executive Officer
and Chief
Financial Officer, respectively, Pursuant to 18 U.S.C. Section
1350.
|
1)
|
I
have reviewed this report on Form 10-Q of Hub Group,
Inc.;
|
2)
|
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3)
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4)
|
The
registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and
have:
|
a)
|
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is
being
prepared;
|
b)
|
designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
|
c)
|
evaluated
the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
d)
|
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting and;
|
5)
|
The
registrant's other certifying officer and I have disclosed, based
on our
most recent evaluation of internal control over financial reporting,
to
the registrant's auditors and the audit committee of registrant's
board of
directors (or persons performing the equivalent
functions):
|
a)
|
all
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record,
process, summarize and report financial information;
and
|
b)
|
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control
over financial reporting.
|
Date: July 23, 2007 | /s/ David P.Yeager |
Name: David P. Yeager | |
Title: Vice Chairman and Chief Executive Officer |
1)
|
I
have reviewed this report on Form 10-Q of Hub Group,
Inc.;
|
2)
|
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3)
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4)
|
The
registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and
have:
|
a)
|
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is
being
prepared;
|
b)
|
designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
|
c)
|
evaluated
the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
d)
|
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting and;
|
5)
|
The
registrant's other certifying officer and I have disclosed, based
on our
most recent evaluation of internal control over financial reporting,
to
the registrant's auditors and the audit committee of registrant's
board of
directors (or persons performing the equivalent
functions):
|
a)
|
all
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record,
process, summarize and report financial information;
and
|
b)
|
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control
over financial reporting.
|
Date: July 23, 2007 | /s/ Terri A. Pizzuto |
Name: Terri A. Pizzuto | |
Title: Executive Vice President, | |
Chief Financial Officer and | |
Treasurer |
/s/David
P. Yeager
David
P. Yeager
Vice
Chairman and Chief Executive Officer
Hub
Group, Inc.
|
/s/Terri
A. Pizzuto
Terri
A. Pizzuto
Executive
Vice President,Chief Financial Officer and Treasurer
Hub
Group, Inc.
|