v2.4.0.6
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2012
Business Combinations [Abstract]  
Business Acquisition, Pro Forma Information

The following pro forma consolidated statement of income for the year ended December 31, 2011 gives effect to the acquisition as of January 1, 2011: 


 

    As previously reported     Pro Forma adjustments         Pro Forma  
                       
Gross revenues            
Transportation services   $ 318,080,000     $ (65,042,000 )   (g)   $ 253,038,000  
Agent support services     1,890,000       (986,000 )   (a)     904,000  
Total revenues     319,970,000       (66,028,000 )         253,942,000  
                             
Purchased transportation     259,493,000       (56,451,000 )   (g)     203,042,000  
Purchased equipment for resale     566,000                   566,000  
Commissions     41,371,000       (1,545,000 )   (b)        
              (8,225,000 )   (g)     31,601,000  
Operating expenses     12,108,000       532,000     (c) (d) (e)        
              (366,000 )   (g)     12,274,000  
      313,538,000       (66,055,000 )         247,483,000  
                             
Income from operations     6,432,000       27,000           6,459,000  
                             
Interest expense     520,000                   520,000  
                             
Income before income taxes     5,912,000       27,000           5,939,000  
Income taxes     2,274,000       10,000     (f)   2,284,000
                             
Net income   $ 3,638,000       17,000         $ 3,655,000  
                             
Net income per share:                            
Basic   $ .11                 $ .11  
Diluted   $ .10                 $ .10  
                             
Weighted average number of common shares:                            
Basic     33,908,000                   33,908,000  
Diluted     35,396,000                   35,396,000  

 

Footnotes to Pro Forma Statement of Income:

(a) Interest income on debt component of consideration discharged to acquire Truck Agent Business Unit.

(b) Commissions paid to the Significant Agent pursuant to Agent Agreement.

(c) $512,000 represents direct operating expenses, primarily payroll and related expenses, of Truck Agent Business Unit acquired.

(d) $5,000 represents an increase in management compensation based upon an increase in income from operations.

(e) $15,000 represents amortization of acquired identifiable intangible assets.

(f) Represent an increase in federal and state taxes on income.

(g) Represents the impact of the loss of the Significant Agent’s brokerage division business
Business Acquisitions Proforma Revenue Impact Of Loss

Represents the impact of the loss of the Significant Agent’s brokerage division business, as follows:

Revenues   $ 65,042,000  
Cost of transportation     56,451,000  
Commissions     8,225,000  
Operating expenses     366,000