2nd Quarter 2007 Financial Statistics
Last year information is either: 1) the average for the second quarter or 2) the end of the quarter of June 30, 2006.
Fleet Information
· Owner operators – Ended the quarter with 129 and averaged 128 – accounted for about 3.5% of the miles this quarter and about 4.0% of the miles last year.
· Teams – averaged 815 teams during the quarter versus 965 last year.
· Average age of tractors – 1.8 years versus 1.4 years last year. Star has a four year trade cycle that has taken up the overall average.
· Average age of trailers – 3.1 years versus 2.4 years last year.
· Open trucks, excluding wrecks – about 4% today versus 5% last year.
Balance Sheet Information
· Capital expenditures, net of proceeds from dispositions - $0.4 million during the quarter
· Average receivable days outstanding – 37.5 days versus 36.3 days last year.
· Intangible assets - $40.8 million this year versus $11.9 million last year, the difference being the intangibles recorded for the third quarter 2006 Star Transportation purchase.
· Balance sheet debt - $162.0 million versus $71.8 million last year.
· Balance sheet debt to total capitalization ratio – 48% versus 28% last year.
· Off balance sheet debt - $105 million versus $133 million last year, excluding the residual portion leases where we have trade back arrangements.
· Share repurchases – The Company purchased no additional shares during the quarter.
· Book value per share at June 30, 2007 was $12.52 versus $13.48 last year.
Other Financial Information
· Revenue equipment rental expense – $8.2 million during the quarter compared to $10.2 million last year.
· Gain (loss) on disposal of property and equipment - $561 thousand loss during the quarter compared to a gain of $1.5 million last year.
· Total miles increased 5.6% versus a year ago while total average trucks increased 7.0% versus year ago.
· Deadhead percentage – 11.1% versus 9.6% last year.
· Length of haul – 800 miles during the quarter versus 909 miles last year, mainly due to Star’s shorter length of haul.
Customer Information
· Top 100 accounts of Covenant Transport, Inc. – represent 88% of total volume and grew 25% during the quarter.
· We have 34 new accounts in the top 100, and excluding the new accounts the remaining accounts were down 7%.
· Last years top 100 accounts were down 30% during the quarter.
· Broker loads totaled 9.8% in the quarter versus 8.5% last year (including Star’s % of broker loads in 2006 prior to acquisition)
For the quarter, as a percentage of revenue:
|
Manufacturing
|
25%
|
|
Transportation
|
24%
|
|
Food & Beverage
|
14%
|
|
Paper/Packaging
|
11%
|
|
Retail
|
10%
|
|
Automotive
|
4%
|
|
Electronics
|
3%
|
|
Floor Coverings
|
3%
|
|
Consumer Goods
|
3%
|
|
Housing Materials
|
3%
|
Service Offering Information
|
|
Average Trucks
|
Average Truck Change Vs. Q2-2006
|
Length of Haul
|
2nd Quarter 2007 Percent of Freight Revenue
|
Revenue Change Vs. Q2-2006
|
|
Expedited-Covenant
|
1,062
|
8%
|
1,545
|
36%
|
7%
|
|
Refrigerated –SRT
|
761
|
50%
|
1,163
|
21%
|
34%
|
|
Dedicated-Covenant
|
675
|
2%
|
603
|
15%
|
(4%)
|
|
Regional-Star
|
615
|
100%
|
414
|
15%
|
100%
|
|
Over-the-Road Regional-Covenant
|
570
|
(40%)
|
511
|
13%
|
(34%)
|
|
Refrigerated-Covenant
|
0
|
(100%)
|
0
|
0%
|
(100%)
|
|
Covenant Transport Solutions ($000s)
|
Q207
|
Q206
|
|
Revenue (*)
|
$3,587
|
$275
|
|
Purchase Transportation Expense
|
$3,209
|
$237
|
|
(*) Includes fuel surcharge
|
|
|
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