|
STAR
TRANSPORTATION, INC.
BALANCE
SHEET
JUNE
30, 2006
(In
thousands, except share data)
|
||||
|
6/30/06
(unaudited)
|
||||
|
ASSETS
|
||||
|
Current
assets:
|
||||
|
Cash
and cash equivalents
|
$
|
11,246
|
||
|
Accounts
receivable, net of allowance of $115 at June 30, 2006
and
$132 at June
30, 2005
|
9,806
|
|||
|
Driver
advances and other receivables
|
107
|
|||
|
Inventory
and supplies
|
39
|
|||
|
Prepaid
expenses
|
1,334
|
|||
|
Deferred
income taxes
|
106
|
|||
|
Total
current assets
|
$
|
22,638
|
||
|
Net
property and equipment
|
51,889
|
|||
|
Other
assets, net
|
705
|
|||
|
Total
assets
|
$
|
75,232
|
||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||
|
Current
liabilities:
|
||||
|
Current
maturities of long-term debt
|
$
|
5,881
|
||
|
Accounts
payable
|
2,401
|
|||
|
Accrued
expenses
|
2,695
|
|||
|
Insurance
and claims accrual
|
2,499
|
|||
|
Total
current liabilities
|
13,476
|
|||
|
Long-term
debt, less current maturities
|
33,469
|
|||
|
Deferred
income taxes
|
1,061
|
|||
|
Total
liabilities
|
48,006
|
|||
|
Stockholders'
equity:
|
||||
|
Common
stock, no par value; 10,000 shares authorized, 4,640 shares
issued
and
outstanding
|
1
|
|||
|
Retained
earnings
|
26,842
|
|||
|
Accumulated
other comprehensive income (loss)
|
383
|
|||
|
Total
stockholders' equity
|
27,226
|
|||
|
Total
liabilities and stockholders' equity
|
$
|
75,232
|
||
|
STAR
TRANSPORTATION, INC.
STATEMENTS
OF OPERATIONS
PERIODS
ENDED JUNE 30, 2006 AND JUNE 30, 2005
(In
thousands)
|
|||||||
|
6/30/06
(unaudited)
|
6/30/05
(unaudited)
|
||||||
|
Revenues
|
|||||||
|
Freight
revenue
|
$
|
46,139
|
$
|
42,345
|
|||
|
Fuel
surcharges
|
7,296
|
4,110
|
|||||
|
Total
revenue
|
53,435
|
46,455
|
|||||
|
Operating
expenses:
|
|||||||
|
Salaries,
wages, and related expenses
|
19,812
|
19,275
|
|||||
|
Fuel
expense & maintenance
|
18,084
|
13,575
|
|||||
|
Revenue
equipment rentals and purchased
transportation
|
1,613
|
2,832
|
|||||
|
Operating
taxes and licenses
|
1,003
|
1,091
|
|||||
|
Insurance
and claims
|
2,361
|
2,181
|
|||||
|
Communications
and utilities
|
484
|
416
|
|||||
|
General
supplies and expenses
|
1,564
|
1,238
|
|||||
|
Depreciation
and amortization, including gains (losses) on
disposition
of
equipment
|
3,606
|
2,426
|
|||||
|
Total
operating expenses
|
48,527
|
43,034
|
|||||
|
Operating
income
|
4,908
|
3,421
|
|||||
|
Other
(income) expenses:
|
|||||||
|
Interest
expense
|
843
|
454
|
|||||
|
Interest
income
|
(154
|
)
|
(16
|
) | |||
|
Other
|
-
|
101
|
|||||
|
Other
expenses, net
|
689
|
539
|
|||||
|
Income
before income taxes
|
4,219
|
2,882
|
|||||
|
Income
tax expense
|
274
|
187
|
|||||
|
Net
income
|
$
|
3,945
|
$
|
2,695
|
|||
|
Six
months ended June 30,
(unaudited)
|
|||||||
|
2006
|
2005
|
||||||
|
Cash
flows from operating activities:
|
|||||||
|
Net
income
|
$
|
3,945
|
$
|
2,695
|
|||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||
|
Provision
for losses (recoveries) on accounts receivable
|
(5
|
)
|
11
|
||||
|
Depreciation
and amortization
|
3,577
|
2,425
|
|||||
|
Net
loss on disposition of property and equipment
|
29
|
1
|
|||||
|
Changes
in operating assets and liabilities:
|
|||||||
|
Receivables
and advances
|
67
|
(906
|
)
|
||||
|
Prepaid
expenses and other assets
|
5
|
87
|
|||||
|
Accounts
payable and accrued expenses
|
1,556
|
2,301
|
|||||
|
Net
cash flows provided by operating activities
|
9,174
|
6,614
|
|||||
|
Cash
flows from investing activities:
|
|||||||
|
Acquisition
of property and equipment
|
(12,318
|
)
|
(13,264
|
)
|
|||
|
Net
cash flows used in investing activities
|
(12,318
|
)
|
(13,264
|
)
|
|||
|
Cash
flows from financing activities:
|
|||||||
|
Proceeds
from issuance of debt
|
12,949
|
10,084
|
|||||
|
Repayments
of debt
|
(2,942
|
)
|
(2,018
|
)
|
|||
|
Dividends
paid to stockholders
|
(190
|
)
|
-
|
||||
|
Net
cash provided by financing activities
|
9,817
|
8,066
|
|||||
|
Net
change in cash and cash equivalents
|
6,673
|
1,416
|
|||||
|
Cash
and cash equivalents at beginning of period
|
4,573
|
1,481
|
|||||
|
Cash
and cash equivalents at end of period
|
$
|
11,246
|
$
|
2,897
|
|||
|
(in
thousands)
|
|
|||
|
Land
|
$
|
1,094
|
||
|
Buildings
and improvements
|
3,986
|
|||
|
Revenue
equipment
|
68,312
|
|||
|
Computer
equipment
|
1,807
|
|||
|
Furniture
and fixtures
|
380
|
|||
|
Automobiles
|
375
|
|||
|
75,954
|
||||
|
Accumulated
depreciation
|
(24,065
|
)
|
||
|
$
|
51,889
|
|||
|
(in
thousands)
|
|
|||
|
Installment
notes payable with banks, weighted average
interest
rate of
6.02% at June 30, 2006, due in monthly
installments
with
final maturities at various dates
through
September
2010, secured by related revenue
equipment
|
$
|
39,350
|
||
|
39,350
|
||||
|
Less
current maturities
|
(5,881
|
)
|
||
|
Long-term
debt, less current maturities
|
$
|
33,469
|
||