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2nd Quarter 2007 Financial Statistics
Last year information is either: 1) the average for the second quarter or 2) the end of the quarter of June 30, 2006.
Fleet Information
· Owner operators – Ended the quarter with 129 and averaged 128 – accounted for about 3.5% of the miles this quarter and about 4.0% of the miles last year.
· Teams – averaged 815 teams during the quarter versus 965 last year.
· Average age of tractors – 1.8 years versus 1.4 years last year. Star has a four year trade cycle that has taken up the overall average.
· Average age of trailers – 3.1 years versus 2.4 years last year.
· Open trucks, excluding wrecks – about 4% today versus 5% last year.
Balance Sheet Information
· Capital expenditures, net of proceeds from dispositions - $0.4 million during the quarter
· Average receivable days outstanding – 37.5 days versus 36.3 days last year.
· Intangible assets - $40.8 million this year versus $11.9 million last year, the difference being the intangibles recorded for the third quarter 2006 Star Transportation purchase.
· Balance sheet debt - $162.0 million versus $71.8 million last year.
· Balance sheet debt to total capitalization ratio – 48% versus 28% last year.
· Off balance sheet debt - $105 million versus $133 million last year, excluding the residual portion leases where we have trade back arrangements.
· Share repurchases – The Company purchased no additional shares during the quarter.
· Book value per share at June 30, 2007 was $12.52 versus $13.48 last year.
Other Financial Information
· Revenue equipment rental expense – $8.2 million during the quarter compared to $10.2 million last year.
· Gain (loss) on disposal of property and equipment - $561 thousand loss during the quarter compared to a gain of $1.5 million last year.
· Total miles increased 5.6% versus a year ago while total average trucks increased 7.0% versus year ago.
· Deadhead percentage – 11.1% versus 9.6% last year.
· Length of haul – 800 miles during the quarter versus 909 miles last year, mainly due to Star’s shorter length of haul.
Customer Information
· Top 100 accounts of Covenant Transport, Inc. – represent 88% of total volume and grew 25% during the quarter.
· We have 34 new accounts in the top 100, and excluding the new accounts the remaining accounts were down 7%.
· Last years top 100 accounts were down 30% during the quarter.
· Broker loads totaled 9.8% in the quarter versus 8.5% last year (including Star’s % of broker loads in 2006 prior to acquisition)
For the quarter, as a percentage of revenue:
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Manufacturing
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25%
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Transportation
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24%
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Food & Beverage
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14%
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Paper/Packaging
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11%
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Retail
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10%
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Automotive
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4%
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Electronics
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3%
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Floor Coverings
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3%
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Consumer Goods
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3%
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Housing Materials
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3%
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Service Offering Information
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Average Trucks
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Average Truck Change Vs. Q2-2006
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Length of Haul
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2nd Quarter 2007 Percent of Freight Revenue
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Revenue Change Vs. Q2-2006
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Expedited-Covenant
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1,062
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8%
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1,545
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36%
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7%
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Refrigerated –SRT
|
761
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50%
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1,163
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21%
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34%
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Dedicated-Covenant
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675
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2%
|
603
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15%
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(4%)
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Regional-Star
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615
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100%
|
414
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15%
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100%
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Over-the-Road Regional-Covenant
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570
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(40%)
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511
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13%
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(34%)
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Refrigerated-Covenant
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0
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(100%)
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0
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0%
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(100%)
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Covenant Transport Solutions ($000s)
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Q207
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Q206
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Revenue (*)
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$3,587
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$275
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Purchase Transportation Expense
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$3,209
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$237
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(*) Includes fuel surcharge
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