FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended September 30, 1994March 31, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-11757
J.B. HUNT TRANSPORT SERVICES, INC.
(Exact name of registrant as specified in its charter)
Arkansas 71-0335111
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
615 J.B. Hunt Corporate Drive, Lowell, Arkansas 72745
(Address of principal executive offices, and Zip Code)
(501) 820-0000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has
been subject to the filing requirements for at least the
past 90 days.
Yes X/X/ No ------- -------/ /
The number of shares of the Company's $.01 par value
common stock outstanding on September 30, 1994March 31, 1995 was 38,635,541.38,572,964.
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The interim consolidated financial statements contained
herein reflect all adjustments which, in the opinion of
management, are necessary for a fair statement of the financial
condition, results of operations and cash flows for the periods
presented. They have been prepared in accordance with Rule 10-01
of Regulation S-X and do not include all the information and
footnotes required by generally accepted accounting principles
for complete financial statements. Operating results for the
three and nine month periodsperiod ended September 30, 1994March 31, 1995 are not necessarily
indicative of the results that may be expected for the entire
year ending December 31, 1994.1995.
The interim consolidated financial statements have been
reviewed by KPMG Peat Marwick LLP, independent public
accountants.
These interim consolidated financial statements should be
read in conjunction with the Company's latest annual report (portions of which are
incorporated by reference in theand
Form 10-K for the year ended December 31, 1993).1994.
INDEX
Consolidated Statements of Earnings for the Three and
Nine Month Periods Ended September 30, 1994 and 1993.................. Page 3
Consolidated Balance Sheets as of
September 30, 1994 and December 31, 1993.............................. Page 4
Consolidated Statements of Cash Flows for the
Nine Month Periods Ended September 30, 1994 and 1993.................. Page 5
Notes to Consolidated Financial Statements
as of September 30, 1994.............................................. Page 6
Review Report of KPMG Peat Marwick LLP ................................. Page 8
ITEM 2.
Management's Discussion and Analysis of Results of Operations
and Financial Condition................................................. PageConsolidated Statements of Earnings for the Three Months
Ended March 31, 1995 and 1994............................Page 3
Consolidated Balance Sheets as of March 31, 1995 and
December 31,1994.........................................Page 4
Consolidated Statements of Cash Flows for the Three Months
Ended March 31, 1995 and 1994............................Page 5
Notes to Consolidated Financial Statements as of
March 31, 1995...........................................Page 6
Review Report of KPMG Peat Marwick LLP.....................Page 8
ITEM 2.
Management's Discussion and Analysis of Results of
Operations and Financial Condition.......................Page 9
2
J.B. HUNT TRANSPORT SERVICES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)(in thousands, except per share data)
(unaudited)
- ------------------------------------------------------------------------
THREE MONTHS ENDED
NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
------------------ -----------------MARCH 31
- ------------------------------------------------------------------------
1995 1994
1993 1994 1993
---- ---- ---- ----- ------------------------------------------------------------------------
Operating revenues ........................ $313,911 $253,579 $876,308 $761,160$309,424 $264,663
Operating expenses:expenses
Salaries, wages and employee benefits ... 103,411 91,295 296,575 282,206105,117 92,565
Purchased transportation 77,452 60,364
Fuel and fuel taxes ..................... 32,712 28,319 97,180 94,032
Purchased transportation and spotting ... 77,173 47,147 205,947 132,97035,582 32,393
Depreciation ............................ 28,028 23,915 78,384 64,53532,023 24,492
Operating supplies and expenses ......... 20,952 18,451 59,524 55,05720,987 18,562
Insurance and claims .................... 9,242 8,820 28,304 31,22610,541 9,192
Operating taxes and licenses ............ 7,122 7,457 19,363 21,657
Communication and utilities ............. 3,228 2,207 9,096 8,4745,879 5,184
General and administrative expenses ..... 7,017 4,256 20,706 14,078
-------- -------- -------- --------6,312 6,009
Communication and utilities 1,793 2,883
- ------------------------------------------------------------------------
Total operating expenses .............. 288,885 231,867 815,079 704,235
-------- -------- -------- --------295,686 251,644
- ------------------------------------------------------------------------
Operating income ...................... 25,026 21,712 61,229 56,92513,738 13,019
Interest expense .......................... 5,257 3,611 14,275 9,486
-------- -------- -------- --------5,976 4,487
- ------------------------------------------------------------------------
Earnings before income taxes .......... 19,769 18,101 46,954 47,4397,762 8,532
Income taxes .............................. 7,509 9,319 17,393 20,174
-------- -------- -------- --------
*2,872 2,806
- ------------------------------------------------------------------------
Net earnings .......................... $ 12,2604,890 $ 8,782* $ 29,561 $ 27,265**
======== ======== ======== ========5,726
- ------------------------------------------------------------------------
- ------------------------------------------------------------------------
Common shares outstanding ................. 38,616 38,361 38,553 38,234
======== ======== ======== ========
*38,555 38,503
- ------------------------------------------------------------------------
- ------------------------------------------------------------------------
Earnings per share:share $ .320.13 $ .23* $ .77 $ .71**
======== ======== ======== ========
0.15
- ------------------------------------------------------------------------
- - -------------------
* Net earnings were reduced by $2.6 million, or 7 cents per share, for
additional income taxes applied retroactively to January 1, 1993.
** Net earnings were increased by $1.6 million, or 4 cents per share, by a
change in the estimate of salvage value for certain trailers, adopted
April 1, 1993.------------------------------------------------------------------------
3
J.B. HUNT TRANSPORT SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
ASSETS(unaudited)
SEPTEMBER 30, 1994- -------------------------------------------------------------------------
MARCH 31, 1995 DECEMBER 31, 1993
------------------ -----------------1994
- -------------------------------------------------------------------------
ASSETS
Current assets:
Cash and temporary investments ...... $ 2,8205,978 $ 3,3902,142
Accounts receivable ................. 138,185 137,284145,137 138,295
Prepaid expenses .................... 24,723 23,21026,358 32,713
Deferred income taxes ............... 3,525 4,593
---------- ----------8,083 8,083
- ------------------------------------------------------------------------
Total current assets ............. 169,253 168,477
---------- ----------185,556 181,233
- ------------------------------------------------------------------------
Property and equipment ................ 1,060,742 913,9621,113,627 1,089,235
Less accumulated depreciation ....... 271,106 232,323
---------- ----------322,742 299,539
- ------------------------------------------------------------------------
Net property and equipment ....... 789,636 681,639790,885 789,696
- ------------------------------------------------------------------------
Other ................................. 19,532 12,326
---------- ----------26,919 22,770
- ------------------------------------------------------------------------
$1,003,360 $ 978,421 $ 862,442
========== ==========993,699
- ------------------------------------------------------------------------
- ------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portionmaturities of long-term debt ... $ 65,15060,650 $ --68,075
Trade accounts payable .............. 65,747 37,57869,362 48,847
Claims accruals ..................... 34,598 35,12435,494 34,248
Accrued expenses .................... 25,129 20,00724,580 24,031
Other current liabilities ........... 1,851 2,981
---------- ----------1,941 2,720
- ------------------------------------------------------------------------
Total current liabilities ........ 192,475 95,690
---------- ----------192,027 177,921
- ------------------------------------------------------------------------
Long-term debt ........................ 288,533 303,499293,197 299,243
Claims accruals ....................... 12,000 12,00016,750 16,750
Deferred income taxes ................. 114,335 107,289119,834 121,887
Stockholders' equity .................. 371,078 343,964
---------- ----------381,552 377,898
- ------------------------------------------------------------------------
$1,003,360 $ 978,421 $ 862,442
========== ==========993,699
- ------------------------------------------------------------------------
- ------------------------------------------------------------------------
4
J.B. HUNT TRANSPORT SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
NINE- -------------------------------------------------------------------------------
THREE MONTHS ENDED
SEPTEMBER 30
(UNAUDITED)
-----------------MARCH 31
(In thousands) (Unaudited)
- -------------------------------------------------------------------------------
1995 1994
1993
---- ----- -------------------------------------------------------------------------------
Cash flows from operating activities:
Net earnings .............................................. $ 29,5614,890 $ 27,2655,726
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation, net of gain on disposition of equipment ... 78,384 64,53532,023 24,492
Provision (credit) for noncurrent deferred income taxes .......... 7,046 14,532(2,053) 15
Tax benefit of stock options exercised .................. 718 646264 567
Changes in assets and liabilities:
Increase in accountsAccounts receivable ....................... (901) (18,469)
(Increase) Decrease in other current assets ........... (445) 6,438
Increase in trade(6,842) 8,220
Prepaid expenses 6,355 (2,910)
Trade accounts payable .................... 28,169 13,077
Decrease in claims20,515 21,947
Claims accruals ........................... (526) (607)
Increase in other1,246 1,207
Other current liabilities ................. 3,992 9,354
--------- ---------(230) 1,532
- -------------------------------------------------------------------------------
Net cash provided by operating activities .......... 145,998 116,771
--------- ---------56,168 60,796
- -------------------------------------------------------------------------------
Cash flows from investing activities:
Additions to property and equipment ....................... (246,421) (222,591)(48,408) (73,869)
Proceeds from sale of equipment ........................... 60,040 48,08015,196 19,132
Increase in other assets .................................. (7,206) (5,412)
--------- ---------(4,149) (5,123)
- -------------------------------------------------------------------------------
Net cash used in investing activities .............. (193,587) (179,923)
--------- ---------(37,361) (59,860)
- -------------------------------------------------------------------------------
Cash flows from financing activities:
Net proceeds fromrepayments of long-term debt .......................... 50,184 66,672(13,471) (1,072)
Proceeds from exercisesale of treasury stock options ................... 2,615 3,709427 1,432
Dividends paid ............................................ (5,780) (5,733)
--------- ---------(1,927) (1,923)
- -------------------------------------------------------------------------------
Net cash provided by financing activities .......... 47,019 64,648
--------- ---------(14,971) (1,563)
- -------------------------------------------------------------------------------
Net increase (decrease) in cash .................... (570) 1,496
--------- ---------3,836 (627)
- -------------------------------------------------------------------------------
Cash - beginning of period ..................................2,142 3,390
1,833
--------- ---------- -------------------------------------------------------------------------------
Cash - end of period ........................................ $ 2,8205,978 $ 3,329
========= ========2,763
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest ............................................... $ 15,5636,833 $ 7,5035,383
Income Taxes ........................................... 8,133 4,351
========= ========1,875 2,490
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
5
J.B. HUNT TRANSPORT SERVICES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)(Unaudited)
(1) LONG-TERM DEBT
Long-term debt consists of (in thousands):
SEPTEMBER 30, 1994 DECEMBER 31, 1993
------------------ -----------------3/31/95 12/31/94
------- --------
Commercial paper .................. $163,968 $106,492$174,116 $182,595
Senior notes payable, interest at 6.25%
payable semiannually ...... 99,715 99,691
Senior notes payable, interest at
9.20% payable semiannually ...... -0- 6,66699,731 99,723
Senior notes payable, interest at 7.75%
payable semiannually ...... 15,000 15,00010,000 10,000
Senior notes payable, interest at 7.84%
payable semiannually ...... 25,00020,000 25,000
Senior subordinated notes, interest at
7.80% payable semiannually ... 50,000 50,000
Other ............................. -0- 650
-------- --------
Total debt ...................... 353,683 303,499353,847 367,318
Less current portion ............ (65,150) --maturities (60,650) (68,075)
-------- --------
Long-term debt ................ $288,533 $303,499
======== ========293,197 299,243
-------- --------
-------- --------
The Company'sCompany is authorized to issue up to $250 million in
notes under its commercial paper note program was modified effective
April 1, 1994, to reduce administration expense.program. The program currently
consists ofnotes are
supported by two $100 million revolving credit agreements which expire
throughwith a group of banks. One
agreement for $125 million expires March 31, 1996 and $125
million expires March 31, 1997. The terms of the two agreements remain substantially
the same as described in the Company's annual report for 1993.
The 6.25% senior notes were issued on September 1, 1993 and
are due on September 1, 2003.
The 9.20% senior notes were issued on July 1, 1988 and are payable in
three equal annual installments beginning July 1, 1992 and were paid off as of
July 1, 1994.
The 7.75% senior notes were issued on October 1, 1991 and
are payable in five equal annual installments beginning October
31, 1992.
The 7.84% senior notes were issued on March 31, 1992 and are
payable in five equal annual installments beginning March 31,
1995.
The 7.80% senior subordinated notes were issued on October
30, 1992 and are payable in five equal annual installments
beginning October 31,30, 2000.
6
(2) CAPITAL STOCK
The Company maintains a Management Incentive Plan that
provides various vehicles to compensate key employees with
Company common stock. A summary of the restricted and
nonstatutory options to purchase restrictedCompany common stock and non-statutory stock options
activity follows:
NUMBER OF
NUMBER OF OPTION PRICE SHARES
SHARES PER SHARE EXERCISABLENumber of
Number of Option price shares
shares per share exercisable
--------- ------------ -----------
Outstanding at December 31, 1993 ..... 1,189,3561994 1,334,461 $ 6.00-24.63 369,663
=======399,536
-------
-------
Granted ........................... 381,750 17.00-23.5062,500 15.63-19.25
Exercised ......................... 181,715 6.00-19.00(77,580) 6.00-13.17
Terminated ........................ 39,980 6.00-18.25
---------(23,250) 13.17-22.75
---------- ------------
Outstanding at September 30, 1994 ... 1,349,411 364,008
========= ======March 31, 1995 1,296,131 6.00 - 24.63 317,081
---------- ------------ -------
---------- ------------ -------
On OctoberApril 13, 1994,1995, the Company's Board of Directors declared a
regular quarterly cash dividend of $.05 per share payable on November 22, 1994,May
19, 1995 to stockholders of record on November 4, 1994.May 3, 1995.
7
KPMG Peat Marwick LLP
1400 Worthen Bank Building
200 West Capitol Avenue
Little Rock, AR 72201-3619
INDEPENDENT AUDITORS' REPORT
The Board of Directors
J.B. Hunt Transport Services, Inc.:
We have reviewed the condensed consolidated balance sheet of J.B.
Hunt Transport Services, Inc. and subsidiaries as of September 30, 1994,March 31,
1995, and the related condensed consolidated statements of earnings
and cash flows for the three-month and nine-month periods ended September 30,March 31, 1995 and
1994, and 1993, in accordance with standards established by the American
Institute of Certified Public Accountants.
A review of the interim financial information consists principally of
obtaining an understanding of the system for the preparation of
interim financial information, applying analytical review
procedures to financial data, and making inquiries of persons
responsible for financial and accounting matters. It is
substantially less in scope than an audit in accordance with
generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material
modifications that should be made to the condensed consolidated
financial statements referred to above for them to be in
conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet of J.B. Hunt
Transport Services, Inc. and subsidiaries as of December 31, 1993,1994,
and the related consolidated statements of earnings, stockholders'
equity, and cash flows for the year then ended (not presented
herein); and in our report dated February 5, 1994,7, 1995, we expressed an
unqualified opinion on those consolidated financial statements. In
our opinion, the information set forth in the accompanying
condensed consolidated balance sheet as of December 31, 1993,1994, is
fairly presented, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.
As discussed in note 1(b) to the consolidated financial statements as of and
for the year ended December 31, 1993, the Company changed its method of
accounting for the costs of tires in service during 1993.
/s//S/ KPMG PEAT MARWICK LLP
Little Rock, Arkansas
OctoberApril 12, 19941995
8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION
The following discussion should be read in conjunction with
the attached interim consolidated financial statements and notes
thereto, and with the company'sCompany's audited consolidated financial
statements and notes thereto for the calendar year ended December
31, 1993.1994.
RESULTS OF OPERATIONS
The following table sets forth the change in amounts and
percentage change between the thirdfirst quarter of 19941995 and the
comparable period in 19931994 of certain revenue, expense and
operating items.
THREE MONTHS ENDED SEPTEMBER 30,Three Months Ended March 31, 1995 vs. 1994
VS. 1993
(IN THOUSANDS EXCEPT TRACTOR DATA)(In thousands except tractor data)
INCREASE
(DECREASE)Increase
(Decrease) %
IN AMOUNTS CHANGEin amounts change
---------- ------
Operating revenues ...................................... $60,332 24%
======= ==$44,761 17%
-------------------------------------------------------------
-------------------------------------------------------------
Average number of tractors in the fleet ................. 393 6%
======= ==661 10%
-------------------------------------------------------------
-------------------------------------------------------------
Operating expenses:
Salaries, wages and employee benefits ................. 12,116 13%$12,552 14%
Purchased transportation 17,088 28%
-------------------------------------------------------------
Fuel and fuel taxes ................................... 4,393 16%
------- --
Purchased transportation and spotting ................. 30,026 64%3,189 10%
Depreciation .......................................... 4,113 17%
------- --7,531 31%
-------------------------------------------------------------
Operating supplies and expenses ....................... 2,501 14%2,425 13%
Insurance and claims .................................. 422 5%
------- --1,349 15%
-------------------------------------------------------------
Operating taxes and licenses .......................... (335) (4%)
Communication and utilities ........................... 1,021 46%695 13%
General and administrative expenses ................... 2,761 65%
------- --303 5%
Communication and utilities (1,090) (38%)
-------------------------------------------------------------
Total operating expenses ........................... 57,018 25%
------- --44,042 18%
-------------------------------------------------------------
Operating income ................................... 3,314 15%
======= ==719 6%
-------------------------------------------------------------
-------------------------------------------------------------
The following discussion relates to the table set forth
above and the attached interim consolidated financial statements
for the quarter ended September 30,March 31, 1995 and 1994.
Operating revenues for the third quarter ended September 30, 1994,March 31, 1995
increased $60.3 million, or 2417 percent, to $313.9$309.4 million, compared to $253.6$264.7
million in 1993.1994. The $60$44.7 million increase in revenue includes $28included
$17 million of dry van volume, $11$13 million from Dedicated
Contract Services, $11$6 million from J.B. Hunt Logistics and $10$8
million from other specialized operations.transportation services.
Increases in revenue from J.B. Hunt Logistics and Dedicated
Contract Services were brisk and exceeded our expectations while
intermodal and truck dry van volume fell significantly below
plan. Slowing economic activity began in February and
accelerated throughout the remainder of the quarter. Freight
movement improved slightly near the end of March but remains
sluggish and below expectations. The average number of total
tractors in the fleet, including local units increased 610 percent
in the thirdfirst quarter of 1994,1995, compared to the third quartersame period in
1994. Due to the
9
diversity of 1993.transportation services provided, including intermodal
and logistics management, revenue growth cannot be directly related
to the size of the tractor fleet.
Total operating expenses for the thirdfirst quarter of 19941995
increased $57.0$44.0 million, or 2518 percent, over the comparable
period of 1993.1994. Operating income increased $3.3$.7 million to $25.0$13.7
million, a 156 percent increase over 1993.
9
the first quarter of 1994.
Salaries, wages and employee benefits increased 1314 percent
during the thirdfirst quarter of 19941995, reflecting the increase in
fleet size and personnel additions primarily in dedicated and
logistics operations and higher fringe benefit
costs, primarily health insurance and worker's compensation. Fuel and fuel
taxoperations. Purchased transportation expense increased
1628 percent reflecting fleet size and higher fuel cost
per gallon. The 64 percent increase in purchased transportation and spotting
was a result of thedue to continued growth of intermodal volume and
increased payments to third party transportation companies for logistics
services. Depreciation expenseFuel and fuel taxes increased 10 percent, in line with
the increase in the size of the fleet. Savings from a slightly
lower fuel cost per gallon was up 17 percent, reflecting additional trailing
equipment (containers and chassis) added to the fleet during 1994, offset by higher gainstate fuel tax
expense.
Depreciation expense increased 31 percent due to
significantly lower gains on the disposition of revenue equipment
duringin 1995 and a 17 percent increase in the third quartersize of 1994.the trailing
fleet. Operating supplies and expenses increased 1413 percent,
due primarily to higher
tractor maintenance costs.reflecting fleet size and travel expenses of dedicated and
logistics personnel.
The 15 percent increase in insurance and claims expense was in line withpartly
due to some unusually high cargo damage experienced during the
change
in average fleet size. The decline in operatingfirst quarter of 1995. Operating taxes and licenses reflects
increased intermodal volume13
percent due to fleet size and a correspondingslightly higher accrual rates. The
significant decrease in tractor miles.
The significant increase in communicationscommunication and utilities reflectswas primarily
due to certain rate reductions and credits awardedrecognized during the
thirdfirst quarter of 1993. The
substantial increase in general1995. General and administrative costs primarilyexpense
reflects highercertain equipment rental credits which more than offset
increases in driver advertising and other driver recruiting expenses incurred during 1994.expenses.
Interest expense increased significantly during 1994by $1.5 million or 33 percent,
primarily due to higher levels of debt associated with the
acquisition of new revenue equipmentcontainers and chassis during 1994 and
slightly higher rates.rates in 1995. The higher effective income tax rate was
37 percent in 1995 compared to 33 percent for the first quarter
of 1994. The 1994 rate was lower reflecting tax credits and
favorable state tax audits settled during the third quarter
of 1993 was due to the federal tax rate increase which was retroactive to
January 1, 1993.quarter.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities for the nine months ended
September 30, 1994first
quarter of 1995 was $146.0$56.2 million, up from $116.8compared to $60.8 million in
1993. This1994. Except for a slight increase reflects an improvement in accounts receivable, aging, sales of
certain revenue equipment in late 1993, with the related funds receivednet
cash provided by operations during the first few monthsquarter of 1994, and a temporary increase1995 was
in accounts payable at
September 30, 1994.line with normal expectations for such period. Net additions
to property and equipment during the first nine monthsquarter of 19941995
totaled $186$33.2 million compared to $175$54.7 million in 1993. These1994. This
decrease primarily reflects lower capital expenditures reflect planned investments infor
containers, chassis and on-board computer equipment. With more
than 75 percent of the dry van fleet converted to containers,
capital spending during 1995 should remain below 1994 levels.
The Company modified its commercial paper note program effective April 1,
1994. The program currently consists of two $100 million revolving credit
agreements which expire through March 31, 1997.plans to fund future capital expenditures with
cash provided by operating activities and additional borrowings,
if required.
10
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None applicable.
ITEM 2. CHANGES IN SECURITIES
None applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None applicable.
ITEM 5. OTHER INFORMATION
At a regular meeting of the Board of Directors on October 13, 1994,
the Board:
1. Authorized the Company to repurchase up to 500,000 shares of
outstanding $.01 par value common stock.
2. Expanded the Board of Directors from ten to eleven members and
elected Mr. Thomas L. Hardeman to the additional seat.None applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports(a) Exhibits
27 Financial Data Schedules
(b) Reports on Form 8-K
None were filed during the period covered by this report.
11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
J.B. HUNT TRANSPORT SERVICES, INC.
DATE: November 1, 1994May 10, 1995 BY: /s/ Kirk Thompson
------------------------------------------------- ------------------------------
Kirk Thompson
PRESIDENT AND CHIEF
EXECUTIVE OFFICERPresident and
Chief Executive Officer
DATE: November 1,1994May 10, 1995 BY: /s/ Jerry W. Walton
------------------------------------------------- ------------------------------
Jerry W. Walton
EXECUTIVE VICE PRESIDENT,
FINANCE AND CHIEF
FINANCIAL OFFICERExecutive Vice President, Finance
and Chief Financial Officer
12