Landstar System Reports Fourth Quarter Results
Rhea-AI Summary
Landstar System (NASDAQ:LSTR) reported 4Q2025 revenue of $1,174.5M and GAAP EPS of $0.70, down from $1,209.3M and $1.31 EPS in 4Q2024. Elevated insurance and claims costs of $56M notably weighed on results, including $16.7M tied to three vehicular accidents and a $5.3M reserve increase.
The company repurchased 1,281,863 shares in fiscal 2025 for ~$180.9M, declared a $0.40 quarterly dividend payable March 11, 2026, and held approximately $452M in cash and short-term investments.
Positive
- $180.9M in share repurchases during fiscal 2025
- Declared $0.40 quarterly dividend payable March 11, 2026
- Cash and short-term investments of approximately $452M
- Unsided/platform truck revenue up ~11% to $401M in 4Q2025
Negative
- GAAP EPS declined 46% to $0.70 in 4Q2025 from $1.31
- Insurance and claims costs rose to $56M in 4Q2025 from ~$30M in 4Q2024
- Gross profit declined from $109M to $86M in 4Q2025
- Recorded $2.1M of additional non-cash impairment charges tied to Landstar Metro sale process
Key Figures
Market Reality Check
Peers on Argus
LSTR is down 1.06% while peers are mixed: GXO up 1.76%, HUBG -0.65%, JBHT -1.12%, EXPD -0.31%, PBI -1.07%. This points to a stock-specific earnings reaction rather than a uniform sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 28 | Q3 2025 earnings | Negative | -3.8% | Q3 2025 revenue flat but GAAP EPS down sharply with impairment charges. |
| Jul 29 | Q2 2025 earnings | Negative | -3.3% | Q2 2025 revenue and EPS declined year over year despite stable truck metrics. |
| Jan 29 | Q4 2024 earnings | Positive | -3.5% | First YoY quarterly revenue growth since 2022 with solid EPS and cash. |
| Oct 29 | Q3 2024 earnings | Negative | -1.9% | Q3 2024 EPS down amid challenging freight conditions despite pricing gains. |
| Apr 24 | Q1 2024 earnings | Neutral | +3.7% | Q1 2024 revenue and EPS reported; limited context on year-over-year change. |
Recent earnings releases often saw negative next-day moves, especially when EPS declined or one-time charges were highlighted, with one notable divergence when solid Q4 2024 results sold off.
Over the past several quarters, Landstar’s earnings releases have featured relatively stable revenue but pressured EPS, often due to non-cash impairment charges or softer freight conditions. Prior quarters, such as Q2 2025 and Q3 2025, showed year-over-year EPS declines and produced single-digit percentage share price drops. A stronger Q4 2024 print with the first revenue growth since 2022 still led to a negative reaction. Today’s Q4 2025 results, with lower EPS and elevated insurance costs, fit this pattern of cautious investor response.
Historical Comparison
In the last 5 earnings releases, LSTR’s average move was about 3.24%, usually skewed negative when EPS fell or special charges were highlighted.
Earnings over 2024–2025 show largely stable revenue but declining EPS, influenced by impairments and now elevated insurance costs, while truck revenue per load trends modestly higher.
Market Pulse Summary
This announcement confirms previously signaled Q4 2025 results: revenue of $1,174 million and EPS of $0.70, pressured by $56 million in insurance and claims costs and a $2.1 million impairment tied to the Mexican subsidiary sale process. At the same time, truck revenue per load and unsided/platform revenue improved, and cash stood at $452 million with continued buybacks and a $0.40 dividend. Investors may watch future quarters for normalization of claim expenses.
Key Terms
non-gaap financial measures financial
return on invested capital financial
iso 9001:2015 technical
rc14001:2015 technical
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
JACKSONVILLE, Fla., Jan. 28, 2026 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today confirmed its financial results for the 2025 fourth quarter. As previously disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 21, 2026, the Company reported total revenue of
“The Landstar team of independent business owners and employees performed well during the 2025 fourth quarter despite continued tough macro demand conditions in the freight transportation market. In fact, fourth quarter truck transportation revenue was nearly flat year over year, as the decrease in total revenue was primarily attributable to decreased ocean revenue. Our services hauled by unsided/platform equipment, a real bright spot for Landstar throughout 2025, continued to demonstrate sustained strength in the fourth quarter,” said Landstar President and Chief Executive Officer Frank Lonegro. “Truck revenue per load was another positive development related to the top line. Landstar achieved sequential improvement in truck revenue per load in the fourth quarter that exceeded pre-pandemic normal seasonality, and December truck revenue per load was six percent above fiscal October’s truck revenue per load. Increased insurance and claims expense, however, had a significant adverse impact on our fourth quarter results, as the claim environment for freight transportation providers remains extremely challenging.”
As previously disclosed in a Form 8-K filed with the SEC on January 21, 2026, 2025 fourth quarter EPS reflected highly elevated insurance and claims costs of
$16.7 million , or$0.37 per share, of insurance and claims costs related to three tragic vehicular accidents, two of which occurred during the 2025 fourth fiscal quarter and the third of which occurred during fiscal year 2022 but involved a post-trial judgment entered against the Company by the court in January 2026; and$5.3 million , or$0.12 per share, related to an increase in the Company’s actuarily determined claim reserves.
In addition to the insurance and claims items reference above, the Company also recorded
| 4Q 2025 | 4Q 2024 | ||||||
| Revenue | $ | 1,174,469 | $ | 1,209,330 | |||
| Gross profit | $ | 85,568 | $ | 109,423 | |||
| Variable contribution | $ | 166,019 | $ | 166,523 | |||
| Operating income | $ | 29,552 | $ | 57,771 | |||
| Basic and diluted earnings per share (“EPS”) | $ | 0.70 | $ | 1.31 | |||
| (1) | Dollars above in thousands, except per share amounts. |
| (2) | Please refer to the Consolidated Statements of Income and the Reconciliation of Gross Profit to Variable Contribution included below. |
Landstar continues to return capital to stockholders through the Company’s stock purchase program and dividends. During the 2025 fourth quarter, Landstar purchased 286,695 shares of its common stock at an aggregate cost of
Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2025 fourth quarter was
During the 2025 fourth quarter, truck revenue per load increased approximately
Gross profit in the 2025 fourth quarter was
The Company’s balance sheet continues to be very strong, with cash and short-term investments of approximately
Landstar will provide a live webcast of its quarterly earnings conference call this afternoon at 4:30 p.m. ET. To access the webcast, visit www.investor.landstar.com; click on “Webcasts,” then click on “Landstar’s Fourth Quarter 2025 Earnings Release Conference Call.” A slide presentation to accompany the webcast presentation is also available on Landstar’s investor relations website at https://investor.landstar.com/.
About Landstar:
Landstar System, Inc., is a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third-party capacity providers and employees. Landstar transportation services companies are certified to ISO 9001:2015 quality management system standards and RC14001:2015 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.
Non-GAAP Financial Measures:
In this earnings release and accompanying financial disclosures, the Company provides the following information that may be deemed non-GAAP financial measures: variable contribution and variable contribution margin. The Company believes variable contribution and variable contribution margin are useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. The Company also believes that it is appropriate to present each of the financial measures that may be deemed a non-GAAP financial measure, as referred to above, for the following reasons: (1) disclosure of these matters will allow investors to better understand the underlying trends in the Company’s financial condition and results of operations; (2) this information will facilitate comparisons by investors of the Company’s results as compared to the results of peer companies; and (3) management considers this financial information in its decision making.
Forward Looking Statements Disclaimer:
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are “forward-looking statements.” This press release contains forward-looking statements, such as statements which relate to Landstar’s business objectives, plans, strategies and expectations. Terms such as “anticipates,” “believes,” “estimates,” “intention,” “expects,” “plans,” “predicts,” “may,” “should,” “could,” “will,” the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: decreased demand for transportation services; U.S. trade relationships and potential or imposed tariffs; an increase in the frequency or severity of accidents or other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; the impact of the Russian conflict with Ukraine on the operations of certain independent commission sales agents, including the Company’s second largest such agent by revenue in the 2025 fiscal year; substantial industry competition; disruptions or failures in the Company’s computer systems; cyber and other information security incidents; dependence on key vendors; potential changes in taxes; status of independent contractors; regulatory and legislative changes; regulations focused on diesel emissions and other air quality matters; regulations requiring the purchase and use of zero-emission vehicles; intellectual property; acquisitions and investments; and other operational, financial or legal risks or uncertainties detailed in Landstar’s Form 10-K for the 2024 fiscal year, described in Part I, Item 1A Risk Factors, Landstar’s Form 10-Q for the 2025 first quarter, described in Part II, Item 1A Risk Factors, and in other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.
| Landstar System, Inc. and Subsidiary | ||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Fiscal Years Ended | Fiscal Quarters Ended | |||||||||||||||||
| December 27, | December 28, | December 27, | December 28, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Revenue | $ | 4,743,760 | $ | 4,819,245 | $ | 1,174,469 | $ | 1,209,330 | ||||||||||
| Investment income | 13,685 | 14,810 | 3,065 | 3,822 | ||||||||||||||
| Costs and expenses: | ||||||||||||||||||
| Purchased transportation | 3,688,343 | 3,745,241 | 912,582 | 945,857 | ||||||||||||||
| Commissions to agents | 387,397 | 392,751 | 95,868 | 96,950 | ||||||||||||||
| Other operating costs, net of gains on asset sales/dispositions | 61,586 | 58,781 | 14,590 | 14,643 | ||||||||||||||
| Insurance and claims | 159,436 | 113,929 | 56,127 | 30,099 | ||||||||||||||
| Selling, general and administrative | 230,548 | 217,708 | 56,245 | 55,095 | ||||||||||||||
| Depreciation and amortization | 46,388 | 56,738 | 10,504 | 12,737 | ||||||||||||||
| Impairment of intangible and other assets | 32,170 | - | 2,066 | - | ||||||||||||||
| Total costs and expenses | 4,605,868 | 4,585,148 | 1,147,982 | 1,155,381 | ||||||||||||||
| Operating income | 151,577 | 248,907 | 29,552 | 57,771 | ||||||||||||||
| Interest and debt expense (income) | 996 | (5,419 | ) | 240 | (964 | ) | ||||||||||||
| Income before income taxes | 150,581 | 254,326 | 29,312 | 58,735 | ||||||||||||||
| Income taxes | 35,574 | 58,380 | 5,368 | 12,542 | ||||||||||||||
| Net income | $ | 115,007 | $ | 195,946 | $ | 23,944 | $ | 46,193 | ||||||||||
| Basic and diluted earnings per share | $ | 3.31 | $ | 5.51 | $ | 0.70 | $ | 1.31 | ||||||||||
| Average basic and diluted shares outstanding | 34,717,000 | 35,538,000 | 34,214,000 | 35,328,000 | ||||||||||||||
| Dividends per common share | $ | 3.56 | $ | 3.38 | $ | 2.40 | $ | 2.36 | ||||||||||
| Landstar System, Inc. and Subsidiary | |||||||||||||
| Consolidated Balance Sheets | |||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||
| (Unaudited) | |||||||||||||
| December 27, | December 28, | ||||||||||||
| 2025 | 2024 | ||||||||||||
| ASSETS | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 396,694 | $ | 515,018 | |||||||||
| Short-term investments | 55,531 | 51,619 | |||||||||||
| Trade accounts receivable, less allowance | |||||||||||||
| of | 670,137 | 683,841 | |||||||||||
| Other receivables, including advances to independent | |||||||||||||
| contractors, less allowance of | 52,784 | 47,160 | |||||||||||
| Assets held for sale | 12,231 | - | |||||||||||
| Other current assets | 28,949 | 22,229 | |||||||||||
| Total current assets | 1,216,326 | 1,319,867 | |||||||||||
| Operating property, less accumulated depreciation | |||||||||||||
| and amortization of | 261,322 | 311,345 | |||||||||||
| Goodwill | 34,005 | 40,933 | |||||||||||
| Other assets | 124,282 | 141,166 | |||||||||||
| Total assets | $ | 1,635,935 | $ | 1,813,311 | |||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
| Current liabilities: | |||||||||||||
| Cash overdraft | $ | 56,654 | $ | 61,033 | |||||||||
| Accounts payable | 369,567 | 383,625 | |||||||||||
| Current maturities of long-term debt | 28,342 | 33,116 | |||||||||||
| Insurance claims | 87,343 | 40,511 | |||||||||||
| Dividends payable | 68,117 | 70,632 | |||||||||||
| Liabilities held for sale | 6,961 | - | |||||||||||
| Other current liabilities | 78,856 | 84,237 | |||||||||||
| Total current liabilities | 695,840 | 673,154 | |||||||||||
| Long-term debt, excluding current maturities | 48,480 | 69,191 | |||||||||||
| Insurance claims | 62,706 | 62,842 | |||||||||||
| Deferred income taxes and other non-current liabilities | 33,244 | 35,685 | |||||||||||
| Shareholders' equity: | |||||||||||||
| Common stock, | |||||||||||||
| shares, issued 68,590,708 and 68,559,269 | 686 | 686 | |||||||||||
| Additional paid-in capital | 261,256 | 255,260 | |||||||||||
| Retained earnings | 2,852,680 | 2,859,916 | |||||||||||
| Cost of 34,531,982 and 33,243,196 shares of common | |||||||||||||
| stock in treasury | (2,313,245 | ) | (2,131,413 | ) | |||||||||
| Accumulated other comprehensive loss | (5,712 | ) | (12,010 | ) | |||||||||
| Total shareholders' equity | 795,665 | 972,439 | |||||||||||
| Total liabilities and shareholders' equity | $ | 1,635,935 | $ | 1,813,311 | |||||||||
| Landstar System, Inc. and Subsidiary | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Fiscal Years Ended | Fiscal Quarters Ended | |||||||||||||||||||
| December 27, | December 28, | December 27, | December 28, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Revenue generated through (in thousands): | ||||||||||||||||||||
| Truck transportation | ||||||||||||||||||||
| Truckload: | ||||||||||||||||||||
| Van equipment | $ | 2,328,386 | $ | 2,447,810 | $ | 558,946 | $ | 596,573 | ||||||||||||
| Unsided/platform equipment | 1,527,802 | 1,455,663 | 400,526 | 361,910 | ||||||||||||||||
| Less-than-truckload | 95,856 | 99,828 | 23,627 | 21,926 | ||||||||||||||||
| Other truck transportation (1) | 383,970 | 343,253 | 95,163 | 100,400 | ||||||||||||||||
| Total truck transportation | 4,336,014 | 4,346,554 | 1,078,262 | 1,080,809 | ||||||||||||||||
| Rail intermodal | 87,164 | 84,328 | 23,981 | 18,347 | ||||||||||||||||
| Ocean and air cargo carriers | 241,433 | 289,902 | 52,737 | 88,173 | ||||||||||||||||
| Other (2) | 79,149 | 98,461 | 19,489 | 22,001 | ||||||||||||||||
| $ | 4,743,760 | $ | 4,819,245 | $ | 1,174,469 | $ | 1,209,330 | |||||||||||||
| Revenue on loads hauled via BCO Independent Contractors (3) included in total truck transportation | $ | 1,803,514 | $ | 1,821,989 | $ | 457,662 | $ | 447,074 | ||||||||||||
| Number of loads: | ||||||||||||||||||||
| Truck transportation | ||||||||||||||||||||
| Truckload: | ||||||||||||||||||||
| Van equipment | 1,124,539 | 1,170,772 | 274,492 | 282,877 | ||||||||||||||||
| Unsided/platform equipment | 487,060 | 476,815 | 117,565 | 114,188 | ||||||||||||||||
| Less-than-truckload | 151,518 | 153,253 | 35,826 | 33,907 | ||||||||||||||||
| Other truck transportation (1) | 180,683 | 160,120 | 45,077 | 45,568 | ||||||||||||||||
| Total truck transportation | 1,943,800 | 1,960,960 | 472,960 | 476,540 | ||||||||||||||||
| Rail intermodal | 29,970 | 27,970 | 8,010 | 6,550 | ||||||||||||||||
| Ocean and air cargo carriers | 31,120 | 34,440 | 6,750 | 8,320 | ||||||||||||||||
| 2,004,890 | 2,023,370 | 487,720 | 491,410 | |||||||||||||||||
| Loads hauled via BCO Independent Contractors (3) included in total truck transportation | 798,050 | 814,150 | 201,040 | 193,510 | ||||||||||||||||
| Revenue per load: | ||||||||||||||||||||
| Truck transportation | ||||||||||||||||||||
| Truckload: | ||||||||||||||||||||
| Van equipment | $ | 2,071 | $ | 2,091 | $ | 2,036 | $ | 2,109 | ||||||||||||
| Unsided/platform equipment | 3,137 | 3,053 | 3,407 | 3,169 | ||||||||||||||||
| Less-than-truckload | 633 | 651 | 659 | 647 | ||||||||||||||||
| Other truck transportation (1) | 2,125 | 2,144 | 2,111 | 2,203 | ||||||||||||||||
| Total truck transportation | 2,231 | 2,217 | 2,280 | 2,268 | ||||||||||||||||
| Rail intermodal | 2,908 | 3,015 | 2,994 | 2,801 | ||||||||||||||||
| Ocean and air cargo carriers | 7,758 | 8,418 | 7,813 | 10,598 | ||||||||||||||||
| Revenue per load on loads hauled via BCO Independent Contractors (3) | $ | 2,260 | $ | 2,238 | $ | 2,276 | $ | 2,310 | ||||||||||||
| Revenue by capacity type (as a % of total revenue): | ||||||||||||||||||||
| Truck capacity providers: | ||||||||||||||||||||
| BCO Independent Contractors (3) | 38 | % | 38 | % | 39 | % | 37 | % | ||||||||||||
| Truck Brokerage Carriers | 53 | % | 52 | % | 53 | % | 52 | % | ||||||||||||
| Rail intermodal | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||
| Ocean and air cargo carriers | 5 | % | 6 | % | 4 | % | 7 | % | ||||||||||||
| Other | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||
| December 27, | December 28, | |||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Truck Capacity Providers: | ||||||||||||||||||||
| BCO Independent Contractors (3) | 7,712 | 8,082 | ||||||||||||||||||
| Truck Brokerage Carriers: | ||||||||||||||||||||
| Approved and active (4) | 36,852 | 43,718 | ||||||||||||||||||
| Other approved | 25,938 | 26,527 | ||||||||||||||||||
| 62,790 | 70,245 | |||||||||||||||||||
| Total available truck capacity providers | 70,502 | 78,327 | ||||||||||||||||||
| Trucks provided by BCO Independent Contractors (3) | 8,514 | 8,843 | ||||||||||||||||||
| (1) | Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. | |||||||||||||||||||
| (2) | Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico transportation services revenue generated by Landstar Metro. | |||||||||||||||||||
| (3) | BCO Independent Contractors are independent contractors who provide truck capacity to the Company under exclusive lease arrangements. | |||||||||||||||||||
| (4) | Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. | |||||||||||||||||||
| Landstar System, Inc. and Subsidiary | ||||||||||||||||||||
| Reconciliation of Gross Profit to Variable Contribution | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Fiscal Years Ended | Fiscal Quarters Ended | |||||||||||||||||||
| December 27, | December 28, | December 27, | December 28, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Revenue | $ | 4,743,760 | $ | 4,819,245 | $ | 1,174,469 | $ | 1,209,330 | ||||||||||||
| Costs of revenue: | ||||||||||||||||||||
| Purchased transportation | 3,688,343 | 3,745,241 | 912,582 | 945,857 | ||||||||||||||||
| Commissions to agents | 387,397 | 392,751 | 95,868 | 96,950 | ||||||||||||||||
| Variable costs of revenue | 4,075,740 | 4,137,992 | 1,008,450 | 1,042,807 | ||||||||||||||||
| Trailing equipment depreciation | 27,195 | 27,950 | 6,366 | 7,186 | ||||||||||||||||
| Information technology costs (1) | 13,675 | 22,744 | 2,747 | 4,629 | ||||||||||||||||
| Insurance-related costs (2) | 161,370 | 115,764 | 56,748 | 30,642 | ||||||||||||||||
| Other operating costs | 61,586 | 58,781 | 14,590 | 14,643 | ||||||||||||||||
| Other costs of revenue | 263,826 | 225,239 | 80,451 | 57,100 | ||||||||||||||||
| Total costs of revenue | 4,339,566 | 4,363,231 | 1,088,901 | 1,099,907 | ||||||||||||||||
| Gross profit | $ | 404,194 | $ | 456,014 | $ | 85,568 | $ | 109,423 | ||||||||||||
| Gross profit margin | 8.5 | % | 9.5 | % | 7.3 | % | 9.0 | % | ||||||||||||
| Plus: other costs of revenue | 263,826 | 225,239 | 80,451 | 57,100 | ||||||||||||||||
| Variable contribution | $ | 668,020 | $ | 681,253 | $ | 166,019 | $ | 166,523 | ||||||||||||
| Variable contribution margin | 14.1 | % | 14.1 | % | 14.1 | % | 13.8 | % | ||||||||||||
| (1) | Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company’s independent commission sales agents, third party capacity providers, and customers, included as a portion of depreciation and amortization and of selling, general and administrative in the Company's Consolidated Statements of Income. | |||||||||||||||||||
| (2) | Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight; (ii) the related cost of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by the Company, which are included in selling, general and administrative in the Company’s Consolidated Statements of Income. | |||||||||||||||||||

Contact: Jim Todd Chief Financial Officer 904-398-9400