Earnings Call Excerpt
Landstar System, Inc. (LSTR)
F1Q08 Mid-Quarter Update Call
March 3, 2008 2:00 pm ET
Executives
Henry H. Gerkens – President, Chief Executive Officer & Director
James B. Gattoni – Chief Financial Officer & Vice President
Presentation
Operator
Welcome to the Landstar Systems Incorporated first quarter mid quarter update call. All lines will be in a listen only mode. Today’s conference is being recorded, if you have any objections you may disconnect at this time. Joining us today from Landstar are Henry Gerkens, President and Chief Executive Officer; Jim Gattoni, Vice President and Chief Financial Officer. Now, I would like to turn the call over to Mr. Henry Gerkens. Sir, you may begin
Henry H. Gerkens
Good afternoon and welcome to the Landstar 2008 first quarter mid quarter update conference call. Jim Gattoni, Chief Financial Officer and I are here in Orlando at the Raymond James Institutional Investor Conference where we are scheduled to present tomorrow morning. Interested investors can listen in live via the Internet at www.Landstar.com, click on investor relations and then on webcasts.
Before we start this mid quarter update call let me read the following statement. The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts are forward-looking statements. During this conference call I may make certain statements containing forward-looking statements such as statements which relate to Landstar’s business objectives, plans, strategies and expectations. Such statements are by nature subject to uncertainties and risks including but not limited to the operational, financial and legal risks detailed in Landstar’s Form 10K for the 2007 fiscal year described in the section risk factors and other SEC filings from time-to-time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements and Landstar undertakes no obligation to publically update or revise any forward-looking statements.
As a reminder, let me review how our mid quarter update call works; there is no question and answer period during this call. The purpose of the call is to provide a brief update on how management sees the current quarter shaping up as it relates to business levels and earnings projections. The call will last approximately five minutes.
A couple of general things about the first quarter before we start, the first quarter of any year is typically Landstar’s slowest quarter with the first two months typically the slowest within the first quarter. The pickup in quarter-over-quarter revenue we saw in the 2007 versus 2006 fourth quarters has continued through the first two months of the 2008 first quarter when compared to the first two months of the 2007 first quarter. During the first two months of 2008 our overall revenue per load compared with the first two months of 2007 has improved. Weakness does still exist in the same sectors that were weak all of last year however, Landstar has continued to offset that weakness with increased revenue from new agents, new business, better revenue per load and increased account penetration. Despite some periods of bad weather across the US, 2008 so far has been a good year from a safety standpoint.
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