Company Quick10K Filing
Quick10K
Landstar System
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$108.38 40 $4,350
10-Q 2019-06-29 Quarter: 2019-06-29
10-Q 2019-03-30 Quarter: 2019-03-30
10-K 2018-12-29 Annual: 2018-12-29
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-30 Annual: 2017-12-30
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-24 Quarter: 2016-09-24
10-Q 2016-06-25 Quarter: 2016-06-25
10-Q 2016-03-26 Quarter: 2016-03-26
10-K 2015-12-26 Annual: 2015-12-26
10-Q 2015-09-26 Quarter: 2015-09-26
10-Q 2015-06-27 Quarter: 2015-06-27
10-Q 2015-03-28 Quarter: 2015-03-28
10-K 2014-12-27 Annual: 2014-12-27
10-Q 2014-09-27 Quarter: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-K 2013-12-28 Annual: 2013-12-28
8-K 2019-07-24 Earnings, Regulation FD, Exhibits
8-K 2019-06-05 Regulation FD
8-K 2019-05-30 Officers, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-04-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-30 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-10-24 Earnings, Regulation FD, Exhibits
8-K 2018-07-25 Earnings, Regulation FD, Exhibits
8-K 2018-05-22 Shareholder Vote
8-K 2018-04-24 Earnings, Officers, Regulation FD, Exhibits
8-K 2018-04-03 Regulation FD
8-K 2018-01-31 Earnings, Regulation FD, Exhibits
GHC Graham Holdings 3,760
HGV Hilton Grand Vacations 2,630
JAG Jagged Peak Energy 2,360
FIXX Homology Medicines 964
TGLS Tecnoglass 310
FBIZ First Business Financial Services 210
BTX Biotime 177
XOMA Xoma 129
PLYZ Plyzer Technologies 0
EMYB Embassy Bancorp 0
LSTR 2019-06-29
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 1 of The Company's Annual Report on Form
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d753612dex311.htm
EX-31.2 d753612dex312.htm
EX-32.1 d753612dex321.htm
EX-32.2 d753612dex322.htm

Landstar System Earnings 2019-06-29

LSTR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Form 10-Q
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Table of Contents 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended
June 29, 2019
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from
                
 to
                
Commission File Number:
0-21238
 
 
LANDSTAR SYSTEM, INC.
(Exact name of registrant as specified in its charter)
 
     
Delaware
 
06-1313069
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13410 Sutton Park Drive South
,
Jacksonville
,
Florida
(Address of principal executive offices)
32224
(Zip Code)
(
904
)
398-9400
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock
 
LSTR
 
NASDAQ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 such filing requirements for the past 90 days:    
Yes
  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files):    
Yes
  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
             
 
 
 
 
 
 
 
Large accelerated filer  
 
Accelerated filer
 
             
Non-accelerated filer
 
 
Smaller reporting company
 
             
 
 
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes  
    
No
   
The number of shares of the registrant’s common stock, par value $0.01 per share, outstanding as of the close of business on July 22, 2019 was 39,629,695.
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
Table of Contents
 
Index
     
 
     
 
     
 
Page 4
     
 
Page 5
     
 
Page 6
     
 
Page 7
     
 
Page 8
     
 
Page 10
     
 
Page 19
     
 
Page 30
     
 
Page 31
     
 
     
 
Page 31
     
 
Page 32
     
 
Page 32
     
 
Page 33
     
 
Page 35
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EX – 31.1 Section 302 CEO Certification
EX – 31.2 Section 302 CFO Certification
EX – 32.1 Section 906 CEO Certification
EX – 32.2 Section 906 CFO Certification
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2
 
 
 
Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The interim consolidated financial statements contained herein reflect all adjustments (all of a normal, recurring nature) which, in the opinion of management, are necessary for a fair statement of the financial condition, results of operations, cash flows and changes in equity 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 twenty six weeks ended June 29, 2019 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 28, 2019.
These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2018 Annual Report on Form 10-K.  
 
 
3
 
 
 
 
Table of Contents
 
LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
(Unaudited)
                 
 
June 29,
2019
   
December 29,
2018
 
ASSETS
   
     
 
Current Assets
   
     
 
Cash and cash equivalents
  $
250,212
    $
199,736
 
Short-term investments
   
35,138
     
40,058
 
Trade accounts receivable, less allowance of $6,744 and $6,413
   
594,122
     
691,604
 
Other receivables, including advances to independent contractors, less allowance of $7,729 and $6,216
   
27,212
     
23,744
 
Other current assets
   
32,619
     
16,287
 
                 
Total current assets
   
939,303
     
971,429
 
                 
Operating property, less accumulated depreciation and amortization of $264,910 and $250,153
   
269,246
     
284,032
 
Goodwill
   
38,407
     
38,232
 
Other assets
   
101,737
     
86,871
 
                 
Total assets
  $
1,348,693
    $
1,380,564
 
LIABILITIES AND EQUITY
   
     
 
Current Liabilities
   
     
 
Cash overdraft
  $
43,620
    $
55,339
 
Accounts payable
   
285,569
     
314,134
 
Current maturities of long-term debt
   
39,194
     
43,561
 
Insurance claims
   
41,254
     
40,176
 
Accrued compensation
   
11,372
     
29,489
 
Contractor escrow
   
25,530
     
25,202
 
Other current liabilities
   
27,711
     
27,917
 
                 
Total current liabilities
   
474,250
     
535,818
 
                 
Long-term debt, excluding current maturities
   
65,573
     
84,864
 
Insurance claims
   
31,016
     
30,429
 
Deferred income taxes and other noncurrent liabilities
   
49,554
     
40,320
 
Equity
   
     
 
Landstar System, Inc. and subsidiary shareholders’ equity
   
     
 
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,064,877 and 67,870,962 shares
   
681
     
679
 
Additional
paid-in
capital
   
224,550
     
226,852
 
Retained earnings
   
1,952,439
     
1,841,279
 
Cost of 28,435,182 and 27,755,001 shares of common stock in treasury
   
(1,446,425
)    
(1,376,111
)
Accumulated other comprehensive loss
   
(2,945
)    
(5,875
)
                 
Total Landstar System, Inc. and subsidiary shareholders’ equity
   
728,300
     
686,824
 
Noncontrolling interest
   
—  
     
2,309
 
                 
Total equity
   
728,300
     
689,133
 
                 
Total liabilities and equity
  $
1,348,693
    $
1,380,564
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
4
 
 
 
 
Table of Contents
 
LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
                                 
 
Twenty Six Weeks Ended
   
Thirteen Weeks Ended
 
 
June 29,
2019
   
June 30,
2018
   
June 29,
2019
   
June 30,
2018
 
Revenue
  $
2,078,040
    $
2,230,712
    $
1,045,040
    $
1,182,786
 
Investment income
   
2,421
     
1,752
     
1,283
     
891
 
Costs and expenses:
   
     
     
     
 
Purchased transportation
   
1,591,126
     
1,727,237
     
799,371
     
916,940
 
Commissions to agents
   
173,294
     
176,524
     
87,623
     
94,399
 
Other operating costs, net of gains on asset sales/dispositions
   
18,100
     
15,210
     
9,861
     
7,606
 
Insurance and claims
   
31,279
     
38,899
     
16,286
     
21,539
 
Selling, general and administrative
   
82,565
     
94,249
     
41,297
     
48,998
 
Depreciation and amortization
   
22,350
     
21,766
     
11,034
     
10,769
 
                                 
Total costs and expenses
   
1,918,714
     
2,073,885
     
965,472
     
1,100,251
 
                                 
Operating income
   
161,747
     
158,579
     
80,851
     
83,426
 
Interest and debt expense
   
1,514
     
1,639
     
709
     
839
 
                                 
Income before income taxes
   
160,233
     
156,940
     
80,142
     
82,587
 
Income taxes
   
35,833
     
36,975
     
19,042
     
20,095
 
                                 
Net income
   
124,400
     
119,965
     
61,100
     
62,492
 
Less: Net loss attributable to noncontrolling interest
   
(17
)    
(75
)    
     
(31
)
                                 
Net income attributable to Landstar System, Inc. and subsidiary
  $
124,417
    $
120,040
    $
61,100
    $
62,523
 
                                 
Earnings per common share attributable to Landstar System, Inc. and subsidiary
  $
3.11
    $
2.88
    $
1.53
    $
1.51
 
                                 
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary
  $
3.11
    $
2.87
    $
1.53
    $
1.51
 
                                 
Average number of shares outstanding:
   
     
     
     
 
Earnings per common share
   
40,053,000
     
41,744,000
     
39,945,000
     
41,450,000
 
                                 
Diluted earnings per share
   
40,053,000
     
41,795,000
     
39,945,000
     
41,491,000
 
                                 
Dividends per common share
  $
0.330
    $
0.300
    $
0.165
    $
0.150
 
                                 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
5
  
 
 
 
Table of Contents
 
LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
                                 
 
Twenty Six Weeks Ended
   
Thirteen Weeks Ended
 
 
June 29,
2019
   
June 30,
2018
   
June 29,
2019
   
June 30,
2018
 
Net income attributable to Landstar System, Inc. and subsidiary
  $
 124,417
    $
 120,040
    $
 61,100
    $
 62,523
 
Other comprehensive income (loss):
   
     
     
     
 
Unrealized holding gains (losses) on
available-for-sale
investments, net of tax expense
(benefit) of $494, ($233), $222 and ($42)
   
1,805
     
(883
)    
810
     
(153
)
Foreign currency translation gains (losses)
   
1,125
     
(1,239
)    
571
     
(1,580
)
                                 
Other comprehensive income (loss)
   
2,930
     
(2,122
)    
1,381
     
(1,733
)
                                 
Comprehensive income attributable to Landstar System, Inc. and subsidiary
  $
127,347
    $
117,918
    $
62,481
    $
60,790
 
                                 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
6
 
 
 
 
Table of Contents
 
LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
                 
 
Twenty Six Weeks Ended
 
 
June 29,
2019
   
June 30,
2018
 
OPERATING ACTIVITIES
   
     
 
Net income
  $
124,400
    $
119,965
 
Adjustments to reconcile net income to net cash provided by operating activities:
   
     
 
Depreciation and amortization of operating property and intangible assets
   
22,350
     
21,766
 
Non-cash
interest charges
   
126
     
126
 
Provisions for losses on trade and other accounts receivable
   
4,194
     
4,297
 
Gains on sales/disposals of operating property
   
(1,219
)    
(988
)
Deferred income taxes, net
   
5,060
     
5,585
 
Stock-based compensation
   
3,368
     
8,102
 
Changes in operating assets and liabilities:
   
     
 
Decrease (increase) in trade and other accounts receivable
   
89,820
     
(48,651
)
Increase in other assets
   
(22,808
)    
(16,537
)
(Decrease) increase in accounts payable
   
(28,565
)    
20,161
 
Decrease in other liabilities
   
(14,315
)    
(4,488
)
Increase in insurance claims
   
1,665
     
3,691
 
                 
NET CASH PROVIDED BY OPERATING ACTIVITIES
   
184,076
     
113,029
 
                 
INVESTING ACTIVITIES
   
     
 
Sales and maturities of investments
   
41,345
     
18,399
 
Purchases of investments
   
(42,812
)    
(19,653
)
Purchases of operating property
   
(9,224
)    
(4,121
)
Proceeds from sales of operating property
   
3,219
     
2,939
 
                 
NET CASH USED BY INVESTING ACTIVITIES
   
(7,472
)    
(2,436
)
                 
FINANCING ACTIVITIES
   
     
 
(Decrease) increase in cash overdraft
   
(11,719
)    
3,123
 
Dividends paid
   
(13,257
)    
(75,481
)
Proceeds from exercises of stock options
   
343
     
1,039
 
Taxes paid in lieu of shares issued related to stock-based compensation plans
   
(8,438
)    
(2,812
)
Purchases of common stock
   
(69,729
)    
(105,488
)
Principal payments on finance lease obligations
   
(23,658
)    
(22,768
)
Purchase of noncontrolling interest
   
(600
)    
—  
 
Payment of contingent consideration
   
—  
     
(985
)
                 
NET CASH USED BY FINANCING ACTIVITIES
   
(127,058
)    
(203,372
)
                 
Effect of exchange rate changes on cash and cash equivalents
   
930
     
(996
)
                 
Increase (decrease) in cash and cash equivalents
   
50,476
     
(93,775
)
Cash and cash equivalents at beginning of period
   
199,736
     
242,416
 
                 
Cash and cash equivalents at end of period
  $
250,212
    $
148,641
 
                 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
7
 
 
 
  
Table of Contents
 
LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Twenty Six and Thirteen Weeks Ended June 29, 2019 and June 30, 2018
(Dollars in thousands)
(Unaudited)
                                                                         
 
Landstar System, Inc. and Subsidiary Shareholders
   
   
   
 
Common Stock
   
Additional
Paid-In
   
Retained
   
Treasury Stock at
Cost
   
Accumulated
Other
Comprehensive
   
Non-
controlling
   
   
 
Shares
   
Amount
   
Capital
   
Earnings
   
Shares
   
Amount
   
(Loss) Income
   
Interests
   
Total
 
Balance December 
29, 2018
 
 
67,870,962
 
 
$
679
 
 
$
226,852
 
 
$
1,841,279
 
 
 
27,755,001
 
 
$
(1,376,111
)
 
$
(5,875
)
 
$
2,309
 
 
$
689,133
 
Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
63,317
 
 
 
 
 
 
 
 
 
 
 
 
(17
)
 
 
63,300
 
Dividends ($0.165 per share)
 
 
 
 
 
 
 
 
 
 
 
(6,629
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(6,629
)
Purchases of common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
124,481
 
 
 
(12,977
)
 
 
 
 
 
 
 
 
(12,977
)
Purchase of noncontrolling interests
 
 
 
 
 
 
 
 
1,842
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,442
)
 
 
(600
)
Issuance of stock related to stock-based compensation
plans
 
 
176,079
 
 
 
1
 
 
 
(7,081
)
 
 
 
 
 
5,199
 
 
 
(524
)
 
 
 
 
 
 
 
 
(7,604
)
Stock-based compensation
 
 
 
 
 
 
 
 
1,938
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,938
 
Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,549
 
 
 
150
 
 
 
1,699
 
Balance March 
30, 2019
 
 
68,047,041
 
 
$
680
 
 
$
223,551
 
 
$
1,897,967
 
 
 
27,884,681
 
 
$
(1,389,612
)
 
$
(4,326
)
 
$
—  
 
 
$
728,260
 
Net income
 
 
 
 
 
 
 
 
 
 
 
61,100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
61,100
 
Dividends ($0.165 per share)
 
 
 
 
 
 
 
 
 
 
 
(6,628
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(6,628
)
Purchases of common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
549,929
 
 
 
(56,752
)
 
 
 
 
 
 
 
 
(56,752
)
Issuance of stock related to stock-based compensation
plans
 
 
17,836
 
 
 
1
 
 
 
(431
)
 
 
 
 
 
572
 
 
 
(61
)
 
 
 
 
 
 
 
 
(491
)
Stock-based compensation
 
 
 
 
 
 
 
 
1,430
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,430
 
Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,381
 
 
 
 
 
 
1,381
 
Balance June 
29, 2019
 
 
68,064,877
 
 
$
681
 
 
$
224,550
 
 
$
1,952,439
 
 
 
28,435,182
 
 
$
(1,446,425
)
 
$
(2,945
)
 
$
  
 
 
$
728,300
 
                                                                         
 
 
 
 
 
 
 
 
 
 
 
  
8
  
 
 
  
Table of Contents
 
                                                                         
 
Landstar System, Inc. and Subsidiary Shareholders
   
   
   
 
Common Stock
   
Additional
Paid-In
   
Retained
   
Treasury Stock at Cost
   
Accumulated
Other
Comprehensive
   
Non-
controlling
   
   
 
Shares
   
Amount
   
Capital
   
Earnings
   
Shares
   
Amount
   
Loss
   
Interests
   
Total
 
Balance December 
30, 2017
 
 
67,740,380
 
 
$
677
 
 
$
209,599
 
 
$
1,611,158
 
 
 
25,749,493
 
 
$
(1,167,600
)
 
$
(3,162
)
 
$
3,205
 
 
$
653,877
 
Adoption of accounting standards
 
 
 
 
 
 
 
 
 
 
 
773
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
773
 
Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
57,517
 
 
 
 
 
 
 
 
 
 
 
 
(44
)
 
 
57,473
 
Dividends ($0.15 per share)
 
 
 
 
 
 
 
 
 
 
 
(6,308
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(6,308
)
Purchases of common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14,354
 
 
 
(1,508
)
 
 
 
 
 
 
 
 
(1,508
)
Issuance of stock related to stock-based compensation plans
 
 
95,784
 
 
 
1
 
 
 
(1,376
)
 
 
 
 
 
4,822
 
 
 
(350
)
 
 
 
 
 
 
 
 
(1,725
)
Stock-based compensation
 
 
 
 
 
 
 
 
3,710
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,710
 
Other comprehensive (loss) income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(389
)
 
 
377
 
 
 
(12
)
Balance March 
31, 2018
 
 
67,836,164
 
 
$
678
 
 
$
211,933
 
 
$
1,663,140
 
 
 
25,768,669
 
 
$
(1,169,458
)
 
$
(3,551
)
 
$
3,538
 
 
$
706,280
 
Net income (loss)
 
 
 
 
 
 
 
 
 
 
 
62,523
 
 
 
 
 
 
 
 
 
 
 
 
(31
)
 
 
62,492
 
Dividends ($0.15 per share)
 
 
 
 
 
 
 
 
 
 
 
(6,188
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(6,188
)
Purchases of common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
985,646
 
 
 
(103,980
)
 
 
 
 
 
 
 
 
(103,980
)
Issuance of stock related to stock-based compensation plans
 
 
11,528
 
 
 
 
 
 
3
 
 
 
 
 
 
495
 
 
 
(51
)
 
 
 
 
 
 
 
 
(48
)
Stock-based compensation