Attached files
Exhibit 99.5
CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) (a)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
(IN THOUSANDS)
| Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||
| Swift Transportation Company |
Central Refrigerated Transportation, Inc. (b) |
Intercompany Elimination Entries |
Total (recast) |
Swift Transportation Company |
Central Refrigerated Transportation, Inc. (b) |
Intercompany Elimination Entries |
Total (recast) |
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| Operating revenue |
$ | 2,570,563 | $ | 359,213 | $ | (1,251 | ) | $ | 2,928,525 | $ | 2,473,185 | $ | 328,559 | $ | (1,670 | ) | $ | 2,800,074 | ||||||||||||||
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| Operating expenses: |
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| Salaries, wages and employee benefits |
598,718 | 56,582 | — | 655,300 | 595,078 | 52,872 | — | 647,950 | ||||||||||||||||||||||||
| Operating supplies and expenses |
182,187 | 33,590 | — | 215,777 | 177,664 | 32,895 | — | 210,559 | ||||||||||||||||||||||||
| Fuel |
450,555 | 50,034 | — | 500,589 | 478,537 | 50,937 | — | 529,474 | ||||||||||||||||||||||||
| Purchased transportation |
744,742 | 137,533 | (861 | ) | 881,414 | 652,460 | 121,913 | (1,247 | ) | 773,126 | ||||||||||||||||||||||
| Rental expense |
78,948 | 29,895 | (71 | ) | 108,772 | 60,898 | 30,680 | (62 | ) | 91,516 | ||||||||||||||||||||||
| Insurance and claims |
82,565 | 10,746 | (319 | ) | 92,992 | 71,853 | 12,159 | (361 | ) | 83,651 | ||||||||||||||||||||||
| Depreciation and amortization of property and equipment |
150,071 | 14,283 | — | 164,354 | 152,969 | 9,610 | — | 162,579 | ||||||||||||||||||||||||
| Amortization of intangibles |
12,721 | — | — | 12,721 | 13,853 | — | — | 13,853 | ||||||||||||||||||||||||
| Impairments |
1,065 | — | — | 1,065 | — | — | — | — | ||||||||||||||||||||||||
| Gain on disposal of property and equipment |
(10,614 | ) | (3,273 | ) | — | (13,887 | ) | (5,901 | ) | (204 | ) | — | (6,105 | ) | ||||||||||||||||||
| Communication and utilities |
18,375 | 1,623 | — | 19,998 | 19,614 | 1,412 | — | 21,026 | ||||||||||||||||||||||||
| Operating taxes and licenses |
46,294 | 7,324 | — | 53,618 | 47,167 | 7,199 | — | 54,366 | ||||||||||||||||||||||||
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| Total operating expense |
2,355,627 | 338,337 | (1,251 | ) | 2,692,713 | 2,264,192 | 319,473 | (1,670 | ) | 2,581,995 | ||||||||||||||||||||||
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| Operating income |
214,936 | 20,876 | — | 235,812 | 208,993 | 9,086 | — | 218,079 | ||||||||||||||||||||||||
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| Other (income) expenses: |
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| Interest expense |
90,478 | 3,052 | — | 93,530 | 110,761 | 2,837 | — | 113,598 | ||||||||||||||||||||||||
| Derivative interest expense |
5,101 | — | — | 5,101 | 12,067 | — | — | 12,067 | ||||||||||||||||||||||||
| Interest income |
(1,503 | ) | (45 | ) | — | (1,548 | ) | (1,500 | ) | (69 | ) | — | (1,569 | ) | ||||||||||||||||||
| Loss on debt extinguishment |
22,219 | — | — | 22,219 | — | — | — | — | ||||||||||||||||||||||||
| Other |
(2,286 | ) | (180 | ) | — | (2,466 | ) | (1,555 | ) | (167 | ) | — | (1,722 | ) | ||||||||||||||||||
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| Total other (income) expenses, net |
114,009 | 2,827 | — | 116,836 | 119,773 | 2,601 | — | 122,374 | ||||||||||||||||||||||||
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| Income before income taxes |
100,927 | 18,049 | — | 118,976 | 89,220 | 6,485 | — | 95,705 | ||||||||||||||||||||||||
| Income tax expense |
33,188 | 385 | — | 33,573 | 35,482 | 115 | — | 35,597 | ||||||||||||||||||||||||
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| Net income |
$ | 67,739 | $ | 17,664 | $ | — | $ | 85,403 | $ | 53,738 | $ | 6,370 | $ | — | $ | 60,108 | ||||||||||||||||
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| GAAP Diluted EPS |
$ | 0.49 | $ | 0.13 | (d) | $ | 0.61 | $ | 0.38 | $ | 0.05 | (d) | $ | 0.43 | ||||||||||||||||||
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| Adjusted EPS (c) |
$ | 0.62 | $ | 0.08 | (d) | $ | 0.70 | $ | 0.50 | $ | 0.03 | (d) | $ | 0.53 | ||||||||||||||||||
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| Diluted weighted average shares used in per share calculation |
139,631 | 139,631 | (d) | 139,631 | 139,709 | 139,709 | (d) | 139,709 | ||||||||||||||||||||||||
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| Operating Ratio |
91.6 | % | 94.2 | % | 91.9 | % | 91.5 | % | 97.2 | % | 92.2 | % | ||||||||||||||||||||
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| Adjusted Operating Ratio (e) |
89.0 | % | 92.6 | % | 89.4 | % | 88.8 | % | 96.5 | % | 89.7 | % | ||||||||||||||||||||
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| EBITDA |
$ | 357,795 | $ | 35,339 | $ | 393,134 | $ | 377,370 | $ | 18,863 | $ | 396,233 | ||||||||||||||||||||
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| Adjusted EBITDA (f) |
$ | 385,210 | $ | 35,523 | $ | 420,733 | $ | 382,894 | $ | 19,014 | $ | 401,908 | ||||||||||||||||||||
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| (a) | On August 6, 2013, Swift Transportation Company (the “Company” or “Swift”) entered into a Stock Purchase Agreement with the shareholders of Central Refrigerated Transportation, Inc. (“Central”), pursuant to which the Company acquired all of the outstanding capital stock of Central (the “Acquisition”) in a cash transaction valued at $225 million. Mr. Jerry Moyes, the Chief Executive Officer and controlling stockholder of Swift, was the majority shareholder of Central. Given Mr. Moyes’ majority ownership in both Swift and Central, the Acquisition is accounted for as a combination of entities under common control similar to the pooling of interest method. Under common control accounting, the historical results of Central have been combined with Swift’s. The above consolidating statement of operations for the nine months ended September 30, 2012 and 2011 reflects the combination of the entities as if the Acquisition was effective on January 1, 2011. |
| (b) | Certain amounts have been reclassified to conform with current presentation. |
| (c) | See the reconciliation of Adjusted EPS at schedule titled “Consolidating Adjusted EPS Reconciliation (Unaudited)” for the nine months ended September 30, 2012 and 2011. |
| (d) | Represents Central’s pro forma diluted and adjusted EPS based on Swift’s diluted weighted average share count for the applicable period. |
| (e) | See the reconciliation of Adjusted OR at the schedule titled “Consolidating Adjusted Operating Income and Operating Ratio Reconciliation (Unaudited)” for the nine months ended September 30, 2012 and 2011. |
| (f) | See the reconciliation of Adjusted EBITDA at the schedule titled “Consolidating Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Unaudited)” for the nine months ended September 30, 2012 and 2011. |