XML 33 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Subsequent Event
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Subsequent Events [Text Block]
Note
1
2
.
Subsequent Event
 
On
July 3, 2018
the Company completed the acquisition of Landair Holdings, Inc. (“Landair”) of Greeneville, Tennessee, the holding company for Landair Transport, Inc. and Landair Logistics, Inc. Landair is a leading provider of dedicated and for-hire truckload services, as well as
3PL
transportation, warehousing, and logistics inventory management services.
 
Under the terms of the agreement, the Company purchased
100%
of Landair’s outstanding stock in exchange for approximately
$83.0
million in cash. At closing, Landair also had approximately
$15.5
million of debt which the Company has refinanced. The acquisition was funded by cash on hand of approximately
$45.5
million accumulated from positive operating cash flows since the end of
February 2018
and approximately
$53.0
million of previously unencumbered used revenue equipment financing. Landair Transport’s results will be reported within our Truckload segment, while Landair Logistics’ results will be reported within our Managed Freight segment. The initial accounting for the Landair acquisition is incomplete and as such pro-forma financials will be filed at a later date.
 
Landair operates approximately
430
tractors and
900
trailers, as well as managing
12
distribution facilities covering approximately
1.8
million square feet of warehouse space. Landair generated approximately
$121
million in total revenue for the year ended
December 31, 2017.
Approximately
$60
million of Landair’s fiscal
2017
total revenue related to dedicated truckload operations,
$41
million related to managed freight services, and the remaining
$20
million related to
one
-way truckload operations.