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Covenant Transportation Group - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Covenant Transportation Group (ISIN: US22284P1057, WKN: 893229) Kursdatum: 21.07.2017 Kurs: 16,950 USD
Beschreibung Daten
Symbol CVTI
Marktkapitalisierung 309.608.704,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Transport & Logistik
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 14.03.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
-29,87 3,02 0,00% 2,71 0,03 18,42 0,46 1.821,23

Firmenbeschreibung

17.             QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)       (in thousands except per share amounts)   Quarters ended   Mar. 31, 2015(2)     June 30, 2015(3)     Sep. 30, 2015     Dec. 31, 2015                                     Total revenue   $ 167,216     $ 175,451     $ 173,512     $ 208,061   Operating income     10,043       18,774       14,629       24,336   Net income     10,227       11,001       7,627       13,230   Basic income per share     0.56       0.60       0.42       0.74   Diluted income per share     0.56       0.60       0.42       0.72         (in thousands except per share amounts)           Quarters ended   Mar. 31, 2014     June 30, 2014     Sep. 30, 2014 (4)     Dec. 31, 2014                                     Total revenue   $ 160,957     $ 173,654     $ 177,581     $ 206,788   Operating income     354       9,056       5,586       24,650   Net income (loss)     (1,374 )     3,780       1,857       13,545   Basic (loss) income per share (1)     (0.09 )     0.25       0.12       0.84   Diluted (loss) income per share (1)     (0.09 )     0.25       0.12       0.82     (1)   Quarter totals do not aggregate to annual results due to the dilution related to the follow-on stock offering. (2)   Includes $4.7 million after tax one-time federal income tax credit. (3)   Includes $3.6 million in return of previously expensed insurance premiums for the commutation of our primary auto liability policy for the period of April 1, 2013, through September 30, 2014. (4)   Includes $7.5 million increase to claims reserves for a 2008 cargo claim.

Firmenstrategie

Principles of Consolidation The consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a holding company incorporated in the state of Nevada in 1994, and its wholly-owned subsidiaries: Covenant Transport, Inc., a Tennessee corporation; Southern Refrigerated Transport, Inc., an Arkansas corporation; Star Transportation, Inc., a Tennessee corporation; Covenant Transport Solutions, Inc., a Nevada corporation; Covenant Logistics, Inc., a Nevada corporation; Covenant Asset Management, LLC., a Nevada limited liability corporation; CTG Leasing Company, a Nevada corporation; IQS Insurance Retention Group, Inc., a Vermont corporation; Driven Analytic Solutions, LLC, a Nevada limited liability company; and Covenant Properties, LLC., a Nevada limited liability corporation.  References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

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Revenue Recognition

 

Revenue, drivers' wages, and other direct operating expenses generated by our Truckload reportable segment are recognized on the date shipments are delivered to the customer. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services.

 

Revenue generated by our Solutions subsidiary is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third party purchased transportation costs, as we act as a principal with substantial risks as primary obligor, except for transactions whereby equipment from our Truckload segment perform the related services, which we record on a net basis in accordance with the related authoritative guidance. Solutions' revenue includes $2.4 million, $2.3 million, and $1.7 million of revenue in 2015, 2014

, and 2013, respectively, related to an accounts receivable factoring business started in 2013 to supplement several aspects of our non-asset operations. Revenue for this business is recognized on a net basis after giving effect to receivables payments we make to the factoring client, given we are acting as an agent and are not the primary generator of the factored receivables in these transactions.

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16

.            

SEGMENT INFORMATION

 

 

 

As previously discussed, we have one reportable segment, our asset-based truckload services or Truckload. Our other operations consist of several operating segments, which neither individually nor in the aggregate meet the quantitative or qualitative reporting thresholds. As a result, these operations are grouped in "Other" in the tables below.

 

 

 

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Substantially all intersegment sales prices are market based. We evaluate performance based on operating income of the respective business units.

 

 

 

"Unallocated Corporate Overhead" includes expenses that are incidental to our activities and are not specifically allocated to one of the segments.

 

 

 

The following tables summarize our segment information:

 

 

 

 

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Income

Per Share

 

Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. The calculation of diluted earnings per share includes all unexercised options and 0.1 million unvested shares. A de minimus number of unvested shares have been excluded from the calculation of diluted earnings per share since the effect of any assumed exercise of the related awards would be anti-dilutive for the years ended December 31, 2015, 2014, and 2013, respectively

.

Income per share is the same for both Class A and Class B shares.

 

The following table sets forth the calculation of net income per share included in

the consolidated statements of operations for each of the three years ended December 31:

 

 

 
 
 
Year Ended December 31, 2015
   
 
 
Truckload
     
 
 
Other
     
Unallocated
 
Corporate
 
Overhead
     
 
 
Consolidated
 
 
Revenue
  $ 655,918     $ 71,057     $ -     $ 726,975  
 
Intersegment revenue
    -       (2,735 )     -       (2,735 )
 
Operating income (loss)
    74,107       5,768       (12,093 )     67,782  
 
Depreciation and amortization (1)
    60,138       13       1,233       61,384  
 
Total assets
    581,212       26,315       39,896       647,423  
 
Capital expenditures, net (2)
    147,896       29       1,069       148,994  
                                 
 
Year Ended December 31, 2014
                               
 
Revenue
  $ 663,001     $ 59,796     $ -     $ 722,797  
 
Intersegment revenue
    -       (3,817 )     -       (3,817 )
 
Operating income (loss)
    54,151       3,894       (18,399 )     39,646  
 
Depreciation and amortization (1)
    45,669       59       656       46,384  
 
Total assets
    463,900       27,338       48,066       539,304  
 
Capital expenditures, net (2)
    87,871       14       1,570       89,455  
                                 
 
Year Ended December 31, 2013
                               
 
Revenue
  $ 644,403     $ 51,702     $ -     $ 690,327  
 
Intersegment revenue
    -       (5,778 )     -       (5,778 )
 
Operating income (loss)
    27,746       1,271       (8,623 )     20,394  
 
Depreciation and amortization (1)
    42,848       72       775  
 
(in thousands except per share data)
                       
     
2015
     
2014
     
2013
 
 
Numerator:
                       
                         
 
Net income
  $ 42,085     $ 17,808     $ 5,244  
                         
 
Denominator:
                       
                         
 
Denominator for basic income per share – weighted-average shares
    18,145       15,250       14,837  
 
Effect of dilutive securities:
                       
 
Equivalent shares issuable upon conversion of unvested restricted shares
    161       266       202  
 
Equivalent shares issuable upon conversion of unvested employee stock options
    5       1       -  
 
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions
    18,311       15,517       15,039  
                         
 
Net income per share:
                       
 
Basic income per share
  $ 2.32     $ 1.17     $ 0.35  
 
Diluted income per share
  $ 2.30     $ 1.15     $ 0.35