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