Question-and-Answer Session
Operator
(Operator Instructions) The first question comes from the line of Edward Wolfe – Wolfe Research LLC.
Edward Wolfe – Wolfe Research LLC
I thought I heard you say that substitute line-haul was down 50% quarter-over-quarter. Did you mean year-over-year?
Henry Gerkens
Quarter-over-quarter.
Edward Wolfe – Wolfe Research LLC
So second quarter is down 50 relative to first quarter?
Henry Gerkens
Well quarter-over-quarter when I refer to quarter-over-quarter that is not sequential, that is 2008 to 2009.
Edward Wolfe – Wolfe Research LLC
Second quarter 2009 over second quarter 2008?
Henry Gerkens
2009 over 2008 first quarter as I recall was down 43%.
Edward Wolfe – Wolfe Research LLC
So it is down 50. So there is not one big line-haul customer that capitulated between second quarter and first quarter in other words?
Henry Gerkens
No, we knew that was going to be slow. We had a very good second quarter in 2008 vis a vie substitute line-haul and the difference this year.
Edward Wolfe – Wolfe Research LLC
When you say the worst is over you think are you talking in terms of demand, pricing or both?
Henry Gerkens
I think from a demand standpoint we have started to see clear stabilization. In fact we have seen a slight increase in load volumes. There is still some fluctuation and some uncertainty in the pricing environment and I am hesitant to say that is bottom but clearly there is an element of stabilization in pricing and when it relates to Landstar, as I move towards the end of the third quarter I know my comps become a lot easier.
Edward Wolfe – Wolfe Research LLC
Can you talk in terms of the revenue per load if you have it net of fuel, but if not gross of fuel, how it went through the quarter April, May, June into July?
Henry Gerkens
That Jim might have. Do you have that in front of you?
James Gattoni
From the brokerage standpoint, because it is not in the BCO, if you look at rate per load from a brokerage truck, brokerage piece, the rates, April, May and June were off 21%, 24% and 26%. Without fuel, if you take fuel out of that, 13%, 15% and 18%.
Edward Wolfe – Wolfe Research LLC
Any sign in July yet?
James Gattoni
No.
Edward Wolfe – Wolfe Research LLC
Can you just do the same for BCO’s gross or however you have it?
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