|
|
|
|
| |
  |
| |
 |
| |
 |
 |
| |
In thousands except share data |
|
|
|
|
|
|
|
| |
Years ended December 31, |
|
2003 |
|
2002 |
|
2001 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Revenues: |
|
|
|
|
|
|
|
| |
Airfreight |
$ |
1,213,167 |
|
1,206,057 |
|
971,980 |
|
| |
Ocean freight and ocean services |
|
954,541 |
|
728,174 |
|
590,684 |
|
| |
Customs brokerage and import services |
|
457,233 |
|
362,672 |
|
320,406 |
|
|
|
| |
|
Total revenues |
|
2,624,941 |
|
2,296,903 |
|
1,883,070 |
|
| |
|
|
|
|
|
|
|
|
| |
Operating Expenses: |
|
|
|
|
|
|
|
| |
Airfreight consolidation |
|
934,199 |
|
921,103 |
|
717,478 |
|
| |
Ocean freight consolidation |
|
763,425 |
|
564,060 |
|
451,803 |
|
| |
Customs brokerage and import services |
|
176,807 |
|
129,527 |
|
107,253 |
|
| |
Salaries and related costs |
|
398,475 |
|
359,769 |
|
325,545 |
|
| |
Rent and occupancy costs |
|
47,100 |
|
40,816 |
|
36,294 |
|
| |
Depreciation and amortization |
|
24,392 |
|
22,725 |
|
23,544 |
|
| |
Selling and promotion |
|
23,496 |
|
19,796 |
|
20,163 |
|
| |
Other |
|
70,285 |
|
68,098 |
|
54,973 |
|
|
|
| |
|
Total operating expenses |
|
2,438,179 |
|
2,125,894 |
|
1,737,053 |
|
|
|
| |
|
Operating income |
|
186,762 |
|
171,009 |
|
146,017 |
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Other Income (Expense): |
|
|
|
|
|
|
|
| |
Interest income |
|
4,522 |
|
6,299 |
|
9,201 |
|
| |
Interest expense |
|
(186 |
) |
(178 |
) |
(521 |
) |
| |
Other, net |
|
4,544 |
|
2,080 |
|
(183 |
) |
|
|
| |
|
Other income, net |
|
8,880 |
|
8,201 |
|
8,497 |
|
|
|
| |
Earnings before income taxes and minority interest |
|
195,642 |
|
179,210 |
|
154,514 |
|
| |
Income tax expense |
|
71,142 |
|
65,461 |
|
57,051 |
|
|
|
| |
|
Net earnings before minority interest |
|
124,500 |
|
113,749 |
|
97,463 |
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Minority interest |
|
(2,548 |
) |
(1,220 |
) |
(220 |
) |
|
|
| |
|
Net earnings |
$ |
121,952 |
|
112,529 |
|
97,243 |
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Basic earnings per share |
$ |
1.16 |
|
1.08 |
|
.93 |
|
|
|
| |
Diluted earnings per share |
$ |
1.12 |
|
1.03 |
|
.89 |
|
|
|
| |
Weighted average basic shares outstanding |
|
104,733,442 |
|
103,892,827 |
|
104,159,504 |
|
|
|
| |
Weighted average diluted shares outstanding |
|
109,001,543 |
|
108,881,369 |
|
109,741,340 |
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
| |
See accompanying notes to consolidated financial statements. |
| |
|
| |
Note: All share and per share amounts have been adjusted to reflect a 2-for-1 stock split effected in June 2002. |
| |
|
| |
Certain 2002 and 2001 amounts have been reclassified to conform to the 2003 presentation. |
| |
|
| |
|
|
|
|
|
 |
|
