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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1993
COMMISSION FILE NO. 0-11757
J.B. HUNT TRANSPORT SERVICES, INC.
(exact name of registrant as specified in its charter)
ARKANSAS 71-0335111
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
615 J.B. HUNT CORPORATE DRIVE 72745
LOWELL, ARKANSAS (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (501) 820-0000
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
COMMON STOCK, $.01 PAR VALUE
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to the filing
requirements for at least the past 90 days.
YES X NO
----- -----
The aggregate market value of 18,065,067 shares of the registrant's $.01 par
value common stock held by non-affiliates of the registrant as of March 11, 1994
was $438,077,875,(based upon $24.25 per share being the closing sale price on
that date, as reported by NASDAQ). In making this calculation, the issuer has
assumed, without admitting for any purpose, that all executive officers and
directors of the registrant, and no other persons, are affiliates.
At March 11, 1994, the registrant had outstanding 38,546,916 shares of common
stock at $.01 par value.
Part II of this report incorporates by reference certain portions of the Notice
and Proxy Statement for the 1994 annual stockholders' meeting and certain
portions of the 1993 Annual Report to Stockholders.
PART I
ITEM 1. BUSINESS
GENERAL
J.B. Hunt Transport Services, Inc. (Services) is a diversified
transportation company focusing on the movement of full-load containerizable
freight in North America. Services is an Arkansas holding company incorporated
on August 10, 1961. Through its wholly-owned subsidiaries, Services operates as
an irregular route, common motor carrier operating under the jurisdiction of the
Interstate Commerce Commission (ICC) and various state regulatory agencies.
References to "J.B. Hunt" or "the Company" are to Services and its wholly-owned
subsidiaries.
Utilizing its various operating authorities, the Company may transport any
type of freight (except certain types of explosives) from any point in the
continental United States to any other point in another state, over any route
selected by the Company. The Company also has certain intrastate authorities,
allowing it to pick-up and deliver within those states. The principal types of
freight transported include foodstuffs, automotive parts, plastics and plastic
products, general retail store merchandise, chemicals, paper and paper products,
and manufacturing materials and supplies.
The Company received Canadian authority in 1988 and 1989, which allowed
general commodity service between certain Canadian provinces. Transportation
services are also provided to and from all points in the continental United
States to Quebec, British Columbia and Ontario. An agreement announced in March
1993 with Canada's largest railway, Canadian National, provides for expanded
joint truck and rail service to Canada. J.B. Hunt has provided transportation
services to and from Mexico since 1989 through interchange operations with
various Mexican motor carriers. In May 1992 a joint venture with Transportacion
Maritima Mexicana, the largest transportation company in Mexico, was announced.
In 1990, the Company and the Atchison, Topeka and Santa Fe Railway Company
(Santa Fe) initiated an intermodal operation with trailer-on-flatcar (TOFC)
service. Since this initial agreement with Santa Fe, intermodal operations have
been expanded to include nine railroads. The Company also provides
double-stack container services which utilize a newly-designed container on
a number of rail routes. Substantially all of the freight carried under these
rail agreements is guaranteed space on trains and receives preferential loading
and unloading at rail terminal facilities.
The Company offers related full truckload transportation services such as
regional, intrastate, flatbed, special (hazardous) commodities and dedicated
equipment and logistics management services. Growth and expansion of these
related businesses has been achieved through a combination of new internal
service offerings and acquisitions. The new flatbed and special commodities
operations were created in 1991. A company with Texas intrastate authority was
acquired in 1991. A small hazardous waste carrier was acquired in 1992, and a
new dedicated unit commenced operation in 1993.
MARKETING AND OPERATIONS
J.B. Hunt has targeted the service sensitive segment of the truckload dry
van market rather than those segments that use price as their primary
consideration. The truckload market has traditionally been a lower price, lower
service market when
2
compared to the less-than-truckload segment. The Company has opted to provide a
premium service and charge compensating rates rather than compete primarily on
the basis of price.
The Company's business is well diversified and no one customer accounted
for more than 6% of revenues during 1992 or 1993. Marketing efforts include
significant focus on the diversified group of "Fortune 500" customers. A broad
geographic dispersion and a good balance in the type of industries served allows
J.B. Hunt some protection from major seasonal fluctuations. However, consistent
with the truckload industry in general, freight is typically stronger in the
second half of the year with peak months being August, September and October, In
addition, demand for services is usually strong at the end of the first two
quarters, (i.e. March and June). Revenue is also affected by bad weather and
holidays, since revenue is directly related to available working days of
shippers.
The Company markets door-to-door truckload service through its nationwide
marketing network. Services involving intermodal transportation mediums are
billed by J.B. Hunt and all inquiries, claims and other customer contact is
handled by the Company.
PERSONNEL
At December 31, 1993, J.B. Hunt employed 10,476 people including 7,531
drivers. The Company increased the rate of over-the-road driver compensation in
late 1990 in order to attract and retain experienced drivers. The pay scale for
certain local drivers was increased in January 1993. Both experienced and
non-experienced drivers are trained in all phases of Company policies and
operations as well as defensive driving, safety techniques and fuel efficient
operations of equipment. During 1992 three distinct driving jobs (local,
regional and over-the-road) were identified in order to get drivers home more
frequently and provide quality service to intermodal and regional operations.
Drivers receive additional incentive compensation based upon fuel economy and
other operating performance criteria.
Each operating unit measures the quality of on-time service provided to
customers each day. This focus on quality has also generated internal operating
efficiencies in a number of functional areas.
None of the Company's drivers or other employees are represented by a
collective bargaining unit. In the opinion of management, the Company's
relationship with all of its employees is excellent.
REVENUE EQUIPMENT
At December 31, 1993, J.B. Hunt operated 6,775 tractors and 19,089
trailers/containers. The average age of the tractor fleet at year-end was less
than two years. The trailer pool consisted primarily of 48-foot and 53-foot dry
vans or containers. The number of 53-foot trailers/containers has been
increased during the last few years in order to offer improved cost advantages
to customers. In late 1992, J.B. Hunt announced the development of a new
multi-purpose container which can be utilized for over-the-road truck
transportation and provide double-stack capabilities for intermodal movements.
The Company intends to convert a significant portion of its trailer fleet to
these containers
3
during the next few years. At December 31, 1993, there were approximately 7,600
containers in the fleet.
The Company strictly enforces a periodic maintenance program based upon the
specific type and use of a vehicle. This commitment to a quality maintenance
program minimizes equipment downtime and enhances the trade-in value of all used
equipment. The Company believes that modern, late-model, clean equipment
differentiates service in the market place.
COMPETITION
J.B. Hunt is one of the two largest irregular route truckload carriers in
the country. It competes primarily with other irregular route, short,
intermediate and long-haul truckload common carriers. Less-than-truckload motor
common carriers and private carriers generally provide competition to a lesser
degree. Although any one of these may represent competition on a regional basis,
there are a very limited number of companies that represent competition in all
markets. The principal method of competition since deregulation of the industry
has been through price reductions. Increasingly, shippers are looking for "core
carriers" that can offer equipment availability, geographical coverage and
technical expertise to handle a substantial part of their transportation needs.
REGULATION
The Company is a motor common carrier regulated by the ICC. The ICC
generally governs activities such as authority to engage in motor carrier
operations, accounting systems, certain mergers, consolidations, acquisitions,
and periodic financial reporting.
Motor carrier operations are subject to safety requirements prescribed by
the United States Department of Transportation (DOT) governing interstate
operation. Such matters as weight and dimensions of equipment and commercial
driver's licensing are also subject to federal and state regulations. A new
federal requirement that all drivers obtain a commercial driver's license became
effective in April 1992.
The federal Motor Carrier Act of 1980 was the start of a program to
increase competition among motor carriers and limit the level of regulation in
the industry (sometimes referred to as "deregulation"). The Motor Carrier Act of
1980 enables applicants to obtain ICC operating authority more easily and allows
interstate motor carriers, such as the Company, to change their rates by a
certain percentage per year without ICC approval. The new law also allowed for
the removal of many route and commodity restrictions regarding the
transportation of freight. As a result of the Motor Carrier Act of 1980, the
Company was able to obtain unlimited authority to carry general commodities
throughout the 48 contiguous states.
ITEM 2. PROPERTIES
The Company's corporate headquarters are in Lowell, Arkansas. A 150,000
square foot building was constructed and occupied in September 1990. The
building is situated on a 127-acre tract of land. In addition, to the corporate
headquarters, the Company owns a separate 62-acre tract in Lowell, Arkansas with
four separate buildings totaling 21,000 square feet of office space and 90,000
square feet of maintenance and
4
warehouse space. These buildings serve as the Lowell operations terminal,
tractor and trailer maintenance facilities and additional administrative
offices.
A summary of the Company's principal facilities follows:
VAN DIVISION TERMINALS
Maintenance Shop Office Space
Location Acreage (square feet) (square feet)
-------- ------ ---------------- -------------
Atlanta, Georgia 30 29,800 10,400
Chicago, Illinois 10 5,800 6,400
Dallas, Texas 14 24,000 7,800
Detroit, Michigan 9 44,300 10,800
East Brunswick, New Jersey 19 3,000 7,800
Houston, Texas 13 24,700 7,200
Little Rock, Arkansas 24 29,200 7,200
Lowell, Arkansas 40 50,200 14,000
Lowell, Arkansas (trailer facilities) 14 29,800 3,700
Oklahoma City, Oklahoma 12 15,000 3,500
South Gate, California 12 12,000 5,500
Springfield, Ohio 12 25,900 10,400
FLATBED DIVISION TERMINALS
Hueytown, Alabama 9 16,000 3,000
The Company owns all of the above listed facilities except Chicago and
Oklahoma City which are leased. In addition to the above facilities, the Company
leases several small offices and/or trailer parking yards in various locations
throughout the country.
ITEM 3. LEGAL PROCEEDINGS
The Company is a party to routine litigation incidental to its business,
primarily involving claims for personal injury and property damage incurred in
the transportation of freight. The Company maintains excess insurance above its
self-insured levels which covers extraordinary liability resulting from such
claims. Adverse results in one or more of these cases would not have a material
adverse affect on the financial position of the Company.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The 1993 Annual Meeting of stockholders was held on May 13, 1993. At that
meeting, the following matters were submitted to a vote of security holders:
5
1. To elect nine (9) directors as recommended by the Board of Directors
For Against Abstain
--- ------- -------
Number of shares voted 32,070,726 0 60,585
Percentage of shares voted 99.81% -- .19%
2. To fix the number of Directors for the ensuing year at nine (9)
For Against Abstain
--- ------- -------
Number of shares voted 32,102,143 13,385 15,783
Percentage of shares voted 99.91% .04% .05%
No matters were submitted during the fourth quarter of 1993 to a vote of
security holders.
PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED
SECURITY HOLDER MATTERS
PRICE RANGE OF COMMON STOCK
The Company's common stock is traded in the over-the-counter market under
the symbol "JBHT". The following table sets forth, for the calendar periods
indicated, the range of high and low sales prices for the Company's common stock
as reported by the National Association of Securities Dealers Automated
Quotations National Market System ("NASDAQ"). The following quotations reflect
a three-for-two stock split paid on March 13, 1992.
Period High Low
Calendar Year 1992
1st Quarter 26 16 7/8
2nd Quarter 26 16 1/4
3rd Quarter 23 1/2 17 1/2
4th Quarter 24 1/4 20 1/4
Calendar Year 1993
1st Quarter 26 1/4 18 1/8
2nd Quarter 22 1/2 17 1/4
3rd Quarter 24 1/2 20 1/8
4th Quarter 24 1/4 20 1/4
6
On March 11, 1994, the high and low sales prices for the Company's common
stock as reported by the NASDAQ were 24 3/4 and 24 1/4 respectively. As of
March 11, 1994, the Company had 1,778 stockholders of record.
DIVIDEND POLICY
On January 13, 1994, the Board of Directors declared a quarterly dividend
of $.05 per share, payable to shareholders of record on February 3, 1994.
Although it is the present intention of the Board of Directors to continue
quarterly dividends, payment of future dividends will depend upon the Company's
financial condition, results of operations and other factors deemed relevant by
the Board of Directors. The Company declared and paid cash dividends of $.20
per share in 1993 and $.20 per share in 1992.
ITEM 6. SELECTED FINANCIAL DATA
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information set forth under the sections entitled "Management's
Discussion and Analysis of Results of Operations and Financial Condition",
"Selected Financial Data", "Independent Auditors' Report", "Consolidated
Statements of Earnings", "Consolidated Balance Sheets", "Consolidated Statements
of Stockholders' Equity", "Consolidated Statements of Cash Flows", and "Notes to
Consolidated Financial Statements", of the Company's 1993 Annual Report to
Stockholders is hereby incorporated by reference for items 6, 7 and 8 above.
ITEM 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
No reports on Form 8-K have been filed within the twenty-four months prior
to December 31, 1993, involving a change of accountants or disagreements on
accounting and financial disclosure.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT
ITEM 11. EXECUTIVE COMPENSATION
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information set forth under sections entitled "Proposal One Election of
Directors", "Board Committees", "Executive Officers", "Voting Securities and
Security Ownership of Management and Principal Stockholders", "Executive
Compensation and
7
Other Information", "1994 Performance Based Compensation" and "Proposal Two
Ratification of Appointment of Auditors" of the Notice and Proxy Statement For
Annual Stockholders' meeting is hereby incorporated by reference for items 10,
11 and 12 above.
The Proxy Statement had not yet been mailed to stockholders and was not
available as of March 31, 1994. It will be filed no later than April 30, 1994.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
The following documents are filed as part of this report:
(a) The following additional information for the years 1993, 1992 and
1991 is submitted herewith. Page references are to the consecutively
numbered pages of this report on Form 10-K.
Independent Auditors' Report . . . . . . . . . . . . . . . . . . 11
Schedule V - Property and Equipment - Years ended
December 31, 1993, 1992, 1991. . . . . . . . . . . . . . . . . 12
Schedule VI - Accumulated Depreciation of Property and Equipment -
Years ended December 31, 1993, 1992, 1991. . . . . . . . . . . 13
Schedule X - Supplementary Statement of Earnings Information -
Years ended December 31, 1993, 1992, 1991. . . . . . . . . . . 14
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the fourth quarter of 1993.
(c) Exhibits
The response to this portion of ITEM 14 is submitted as a separate
section of this report ("Exhibit Index").
8
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Lowell,
Arkansas, on the 25th day of March 1994.
J.B. HUNT TRANSPORT SERVICES, INC.
(Registrant)
By: /s/ Kirk Thompson
------------------------------------------
Kirk Thompson
President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
/s/ John A. Cooper, Jr. Member of the Board March 25, 1994
- ---------------------------- of Directors
John A. Cooper, Jr.
/s/ Fred K. Darragh, Jr. Member of the Board March 25, 1994
- ---------------------------- of Directors
Fred K. Darragh, Jr.
/s/ Wayne Garrison Member of the Board March 25, 1994
- ---------------------------- of Directors
Wayne Garrison
/s/ Gene George Member of the Board March 25, 1994
- --------------------------- of Directors
Gene George
/s/ Roy Grimsley Member of the Board March 25, 1994
- --------------------------- of Directors
Roy Grimsley
/s/ Bryan Hunt Member of the Board March 25, 1994
- --------------------------- of Directors (Vice Chairman)
J. Bryan Hunt, Jr.
/s/ J.B. Hunt Member of the Board March 25, 1994
- --------------------------- of Directors (Chairman)
J.B. Hunt
/s/ Johnelle Hunt Member of the Board March 25, 1994
- --------------------------- of Directors (Corporate
Johnelle Hunt Secretary)
/s/ Lloyd E. Peterson Member of the Board March 25, 1994
- --------------------------- of Directors
Lloyd E. Peterson
/s/ Kirk Thompson Member of the Board March 25, 1994
- --------------------------- of Directors (President and
Kirk Thompson Chief Executive Officer)
/s/ Jerry W. Walton Executive Vice President, March 25, 1994
- --------------------------- Finance and Chief Financial
Jerry W. Walton Officer
9
EXHIBIT INDEX
Exhibit
Number
3A The Company's Amended and Restated Articles of Incorporation dated
May 19, 1988 (incorporated by reference from Exhibit 4A of the Company's
S-8 Registration Statement filed April 16, 1991; Registration Statement
Number 33-40028).
3B The Company's Bylaws as amended (incorporated by reference from Exhibit 3B
of the Company's S-1 Registration Statement filed November 22, 1983;
Registration Number 2-86684).
3C The Company's Amended Bylaws dated September 19, 1983 (incorporated by
reference from Exhibit 3C of the Company's S-1 Registration Statement filed
February 7, 1985; Registration Number 2-95714).
10A Material Contracts of the Company (incorporated by reference from Exhibits
10A-10N of the Company's S-1 Registration Statement; Registration Number
2-95714).
10B The Company has an Employee Stock Purchase Plan filed on Form S-8 on
February 3, 1984 (Registration Number 2-93928), and a Management Incentive
Plan filed on Form S-8 on April 16, 1991 (Registration Statement
Number 33-40028). The Management Incentive Plan is incorporated herein by
reference from Exhibit 4B of Registration Statement 33-40028.
13A Selected Financial Data
13B Management's Discussion and Analysis of Results of Operations and
Financial Condition
13C Independent Auditor's Report
13D Financial Statements and Supplementary Data
22 Subsidiaries of J.B. Hunt Transport Services, Inc.
* J.B. Hunt Transport, Inc., a Georgia corporation
* L.A., Inc., an Arkansas corporation
* J.B. Hunt Corp., a Delaware corporation
* J.B. Hunt Special Commodities, Inc., an Arkansas corporation
* Great Western Trucking Co., Inc., a Texas corporation
* J.B. Hunt Logistics, Inc., an Arkansas corporation
* Comercializadora Internacional De Cargo S.A. De C.V., a Mexican
corporation
* Hunt Mexicana, S.A. de C.V., a Mexican corporation
23 Consent of KPMG Peat Marwick
10
INDEPENDENT AUDITORS' REPORT
The Board of Directors
J.B. Hunt Transport Services, Inc.:
Under date of February 11, 1994, we reported on the consolidated balance sheets
of J.B. Hunt Transport Services, Inc. and subsidiaries as of December 31, 1993
and 1992, and the related consolidated statements of earnings, stockholders'
equity, and cash flows for each of the years in the three-year period ended
December 31, 1993, as contained in the 1993 annual report to stockholders. These
consolidated financial statements and our report thereon are incorporated by
reference in the annual report on Form 10-K for the year 1993. In connection
with our audits of the aforementioned consolidated financial statements, we also
have audited the related financial statement schedules as listed in the
accompanying index. These financial statement schedules are the responsibility
of the Company's management. Our responsibility is to express an opinion on
these financial statement schedules based on our audits.
In our opinion, such financial statement schedules, when considered in relation
to the basic consolidated financial statements taken as a whole, present fairly,
in all material respects, the information set forth therein.
/s/ KPMG Peat Marwick
Little Rock, Arkansas
February 11, 1994
11
Schedule V
J.B. HUNT TRANSPORT SERVICES, INC.
AND SUBSIDIARIES
Property and Equipment
Years ended December 31, 1993, 1992 and 1991
(Dollars in thousands)
Balance at Balance
beginning Additions at end
Classification of period at cost Retirements Other of period
-------------- ---------- ---------- ----------- ----- ---------
Year ended December 31, 1993:
Revenue and service equipment $674,536 277,565 (160,194) -- 791,907
Land 11,841 109 -- -- 11,950
Structures and improvements 40,685 3,860 (347) -- 44,198
Furniture and office equipment 61,943 4,153 (189) -- 65,907
-------- ------- -------- -------- -------
$789,005 285,687 (160,730) -- 913,962
-------- ------- -------- -------- -------
-------- ------- -------- -------- -------
Year ended December 31, 1992:
Revenue and service equipment 454,829 253,517 70,139 36,329(A) 674,536
Land 12,181 -- 340 -- 11,841
Structures and improvements 38,671 2,014 -- -- 40,685
Furniture and office equipment 42,910 33,878 14,845 -- 61,943
-------- ------- -------- -------- -------
$548,591 289,409 85,324 36,329 789,005
-------- ------- -------- -------- -------
-------- ------- -------- -------- -------
Year ended December 31, 1991:
Revenue and service equipment 391,676 143,342 80,189 -- 454,829
Land 11,116 1,065 -- -- 12,181
Structures and improvements 38,198 473 -- -- 38,671
Furniture and office equipment 36,217 6,901 208 -- 42,910
-------- ------- -------- -------- -------
$477,207 151,781 80,397 -- 548,591
-------- ------- -------- -------- -------
-------- ------- -------- -------- -------
(A) Represents reclassification made as a result of the change in method of
accounting for tires in service as described in note 1(b) to the
consolidated financial statements.
12
Schedule VI
J.B. HUNT TRANSPORT SERVICES, INC.
AND SUBSIDIARIES
Accumulated Depreciation of Property and Equipment
Years ended December 31, 1993, 1992 and 1991
(Dollars in thousands)
Additions
Balance at charged to Balance
beginning costs and at end
Classification of period expenses Retirements Other of period
-------------- --------- --------- ----------- ----- ---------
Year ended December 31, 1993:
Revenue and service equipment $189,991 91,834 (91,991) -- 189,834
Structures and improvements 11,061 2,357 -- -- 13,418
Furniture and office equipment 20,140 9,111 (180) -- 29,071
-------- ------- ------- ------- -------
$221,192 103,302 (92,171) -- 232,323
-------- ------- ------- ------- -------
-------- ------- ------- ------- -------
Year ended December 31, 1992:
Revenue and service equipment 138,681 83,791 44,395 11,914(A) 189,991
Structures and improvements 8,721 2,339 -- -- 11,061
Furniture and office equipment 20,265 7,872 7,996 -- 20,140
-------- ------- ------- ------- -------
$167,667 94,002 52,391 11,914 221,192
-------- ------- ------- ------- -------
-------- ------- ------- ------- -------
Year ended December 31, 1991:
Revenue and service equipment 120,452 64,923 46,694 -- 138,681
Structures and improvements 6,389 2,332 -- -- 8,721
Furniture and office equipment 13,338 7,019 92 -- 20,265
-------- ------- ------- ------- -------
$140,179 74,274 46,786 -- 167,667
-------- ------- ------- ------- -------
-------- ------- ------- ------- -------
(A) Represents accumulated depreciation applicable to tires in service
reclassified to revenue and equipment as a result of the change in
accounting method described in note 1(b) to the consolidated financial
statements.
13
Schedule X
J.B. HUNT TRANSPORT SERVICES, INC.
AND SUBSIDIARIES
Supplementary Statements of Earnings Information
Years ended December 31, 1993, 1992 and 1991
(Dollars in thousands)
1993 1992 1991
---- ---- ----
Maintenance and repairs $21,708 18,827 15,622
------- ------ ------
------- ------ ------
Taxes, other than payroll and income taxes $61,920 60,187 53,878
------- ------ ------
------- ------ ------
14