The success of the Landstar business model is demonstrated by the 2000 financial results:
- Record revenue of $1.418 billion compared to $1.388 billion in 1999.
- Record operating income, excluding non-recurring costs, was $87.9 million, compared with $81.7 million in 1999.
- Operating margin, excluding non-recurring costs, was 6.2 percent in 2000, the fifth consecutive year with an improvement in operating margin.
- Earnings before interest, income taxes, depreciation and amortization and non-recurring costs was $100.9 million in 2000 as the Company continued to demonstrate its ability to generate cash flow.
- Insurance and claims expense as a percent of revenue was 2.3 percent in 2000 compared with 2.5 percent in 1999, which again demonstrated the long-term commitment to safety at Landstar.
- Net income in 2000, excluding non-recurring costs, was $48.4 million, or $5.38 per diluted share, compared with net income of $45.9 million, or $4.55 per diluted share, in 1999. This represented an 18 percent increase in diluted earnings per share.
- Return on shareholders’ equity was 42 percent. This is the second consecutive year Landstar had a 42 percent return on shareholders’ equity.
- Return on invested capital, defined as earnings before interest and income taxes divided by the sum of average equity plus average debt, was 44 percent in 2000 and 51 percent in 1999.
- Common stock outstanding at December 30, 2000 was 8,492,033 shares compared with 9,154,933 shares at December 25, 1999. The large decrease was due to the purchase of 864,000 shares of the Company’s common stock in 2000 at a total cost of $46 million.
- Since 1997, the Company has purchased 4,679,000 shares of its common stock at a total cost of $171,778,000.
- Shareholders’ equity at December 30, 2000 was $108 million and represented 53 percent of total capitalization.
