Landstar registers record fourth-quarter revenue

Jacksonville FL-based Landstar System Inc reported 2002 fourth-quarter net income of $14.5 million, compared with net income of $11.6 million in the 2001 fourth quarter. The 2001 period included $305,000 of goodwill amortization; excluding this charge, net income would have been $11.9 million. Revenue was a record $394.0 million for the 13-week period ended Dec 28, 2002, compared with $347.8 million for the 13-week period ended Dec 29, 2001.

Landstar’s carrier group of companies generated $299.4 million of revenue in the 2002 fourth quarter compared with $278.2 million in the 2001 fourth quarter. Landstar’s multimodal services group of companies generated revenue of $87.7 million in the 2002 fourth quarter compared with $63.6 million in the 2001 fourth quarter. Operating margin was 6.1% in the 2002 fourth quarter compared with 5.8% (5.9% exclusive of goodwill amortization) in the 2001 fourth quarter.

Net income for the 2002 fiscal year was a record $49.2 million, compared with net income of $42.8 million in the prior year. The 2001 fiscal year included $1,216,000 of goodwill amortization; excluding this charge, net income would have been $44.0 million. Revenue in the 2002 fiscal year was a record $1.507 billion, compared with revenue of $1.393 billion in the 2001 year. Landstar’s carrier group of companies generated $1.178 billion of revenue in the 2002 full year compared with $1.098 billion in 2001.