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 Knight Transportation Reports Fourth Quarter and Annual 2014 Revenue and Earnings
   Wednesday, January 28, 2015 9:01:28 AM ET

Knight Transportation, Inc. (KNX ), one of North America’s largest and most diversified truckload transportation companies, today reported revenue and net income for the fourth quarter and year ended December 31, 2014.

Key financial highlights for the fourth quarter and annual period of 2014 and 2013 were as follows:

(dollars in thousands, except per share data)                                                                     Three Months Ended Dec 31,                                                                                                                                   Twelve Months Ended Dec 31,
                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 2014          2013      % Chg                                                                       2014           2013      % Chg
                                                                                                             -------------------- -------                                           -------------------- -------                                           --------                                                               -------------------- ---------                                           -------------------- -------                                           --------
Total revenue                                                                                                                   $ 317,468                                                              $ 249,716                                           27.1 %                                                                                    $ 1,102,332                                                              $ 969,237                                           13.7 %
Revenue, excluding trucking fuel surcharge                                                                                      $ 273,653                                                              $ 206,300                                           32.6 %                                                                                    $   925,985                                                              $ 791,851                                           16.9 %
Operating income                                                                                                                $  52,782                                                              $  32,165                                           64.1 %                                                                                    $   162,722                                                              $ 113,909                                           42.9 %
Net income, attributable to Knight                                                                                              $  32,938                                                              $  20,101                                           63.9 %                                                                                    $   102,862                                                              $  69,282                                           48.5 %
Earnings per diluted share                                                                                                      $    0.40                                                              $    0.25                                           59.7 %                                                                                    $      1.25                                                              $    0.86                                           45.4 %
 

The company previously announced a quarterly cash dividend of $0.06 per share to shareholders of record on December 5, 2014, which was paid on December 22, 2014.

Dave Jackson, President and Chief Executive Officer, commented on the quarter, ’’During the fourth quarter of 2014, the truckload freight environment remained strong while capacity continued to be tight. The robust freight environment coupled with the October 1, 2014 acquisition of Barr-Nunn Transportation, Inc. and certain affiliates led to revenue, excluding trucking fuel surcharge, growth of 32.6%. Excluding the growth related to the Barr-Nunn acquisition, Knight grew revenue, excluding trucking fuel surcharge, 18.9%, when compared to the same quarter last year. We experienced growth from both our trucking and logistics segments, as these businesses continue to complement one another. Our trucking segment grew revenue 26.7% as a result of the strong rate environment and bringing on additional capacity through acquisition and organic growth. Our logistics segment grew revenue 56.2%, as we continue to grow this segment through expansion of our partner carrier base and investments in the resources that enable this business to provide additional capacity for our customers. We expect continued growth from both the trucking and logistics segments of our business as we expand our capacity and pursue acquisition opportunities that enable us to meet the supply chain needs of our customers.’’

The following chart reflects the financial performance of our trucking (asset based) and our logistics (non-asset based) segments for the fourth quarter and annual period of 2014 and 2013.

(dollars in thousands)                                                                                                               Three Months Ended Dec 31,                                                                                                                                                                               Twelve Months Ended Dec 31,
                                                                                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              2014            2013            Chg                                                                       2014            2013            Chg
                                                                                                          -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -----------                                                               -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           ----------
Consolidated
Revenue, excluding trucking fuel surcharge                                                                                   $ 273,653                                                                                   $ 206,300                                                                 32.6 %                                                                                      $ 925,985                                                                                   $ 791,851                                                                16.9 %
Operating Income                                                                                                             $  52,782                                                                                   $  32,165                                                                 64.1 %                                                                                      $ 162,722                                                                                   $ 113,909                                                                42.9 %
Adjusted Operating Ratio(1)                                                                                                       80.7 %                                                                                      84.4 %                                                               -370 bps                                                                                         82.4 %                                                                                      85.6 %                                                               -320 bps
Trucking (Asset based)
Revenue, excluding trucking fuel surcharge                                                                                   $ 208,739                                                                                   $ 164,751                                                                 26.7 %                                                                                      $ 715,712                                                                                   $ 644,682                                                                11.0 %
Operating Income                                                                                                             $  46,934                                                                                   $  30,317                                                                 54.8 %                                                                                      $ 147,424                                                                                   $ 106,167                                                                38.9 %
Adjusted Operating Ratio(1)                                                                                                       77.5 %                                                                                      81.6 %                                                               -410 bps                                                                                         79.4 %                                                                                      83.5 %                                                               -410 bps
Logistics (Non-asset based)
Revenue                                                                                                                      $  64,914                                                                                   $  41,549                                                                 56.2 %                                                                                      $ 210,273                                                                                   $ 147,169                                                                42.9 %
Operating Income                                                                                                             $   5,848                                                                                   $   1,848                                                                216.4 %                                                                                      $  15,298                                                                                   $   7,742                                                                97.6 %
Operating Ratio(1)                                                                                                                91.0 %                                                                                      95.6 %                                                               -460 bps                                                                                         92.7 %                                                                                      94.7 %                                                               -200 bps

(1)Operating ratio is defined in our trucking segment as total operating expenses, net of trucking fuel surcharge, as a percentage of revenue before trucking fuel surcharge. Operating ratio is defined in our Logistics segment as total operating expenses as a percentage of total revenue.

In the fourth quarter, the trucking segment operating ratio improved to 77.5% from 81.6% for the same quarter last year. The trucking segment experienced revenue, excluding trucking fuel surcharge, growth of 26.7%, while improving operating income by 54.8%. A portion of this growth is associated with the October 1, 2014 acquisition of Barr-Nunn Transportation, Inc. and certain affiliates, which operated an average of 545 tractors during the quarter. We continue to experience positive results from our efforts to improve yield and drive operational efficiencies. Revenue per tractor, excluding fuel surcharge, increased 9.0%, year over year, attributable to a 10.6% improvement in revenue per total mile, an 0.8% increase in average length of haul, and a 1.4% decrease in average miles per tractor. Along with the strong rate environment, the rapid decline in fuel prices and the favorable used equipment market during the fourth quarter resulted in a benefit to our cost per mile that was partially offset by increased salaries and wages, increased recruiting and hiring costs, and rising equipment prices. Cost control remains an integral part of our culture and enables us to effectively manage these inflationary pressures. Our consolidated non-paid empty mile percentage increased 130 basis points as a result of the expedited business operated by Barr-Nunn. Excluding Barr-Nunn, our consolidated non-paid empty mile percentage improved 20 basis points when compared to the fourth quarter last year.

Our logistics segment continues to show meaningful growth and complements our trucking segment by enabling us to source more capacity and offer more solutions for our customers. Our brokerage business increased revenue 99.3% and operating income 220.0%, when compared to the same quarter last year. Our intermodal business recorded the third consecutive profitable quarter with an 88.1% operating ratio. We expect continued profitable growth in the logistics segment as we continue to invest in technology and drive operational efficiencies.

Attracting and retaining high quality driving associates to the industry continues to be a challenge. Despite a strong freight environment, the current shortage of qualified driving associates has been a headwind for adding additional capacity. Our driver development and training programs remain a primary focus area for our management team, and we feel well positioned to continue to make progress in the coming quarters.

Our tractor fleet remains one of the most modern fleets in the industry with an average age of 1.6 years. During the fourth quarter our average tractor count increased 16.4%, when compared to the same quarter last year. Excluding Barr-Nunn, we ended the fourth quarter with 88 additional tractors when compared to the end of the third quarter, a 2.1% increase, and with 199 additional tractors when compared to the end of 2013, a 5.0% increase. The used equipment market remained strong during the quarter and resulted in gain on sale of revenue equipment in the fourth quarter of 2014 of $3.6 million, compared to $2.6 million in the fourth quarter of 2013.

We have returned $19.6 million to our shareholders in the form of quarterly dividends over the twelve months ended December 31, 2014. We ended the quarter with $17.1 million of cash, $134.4 million of long term debt, and $677.8 million of shareholders’ equity. Excluding the $112.4 million borrowed on October 1, 2014 to fund the acquisition of Barr-Nunn, we reduced our net debt by $30.5 million in the fourth quarter. Our net capital expenditures for the year were $178.8 million, while our cash flow from operations was $177.2 million.

The company will hold a conference call on January 28, 2015, at 4:30 PM EST, to further discuss its results of operations for the quarter ended December 31, 2014. The dial in number for this conference call is 1-855-733-9163. Slides to accompany this call will be posted on the company’s website and will be available to download prior to the scheduled conference time. To view the presentation, please visit http://investor.knighttrans.com/events, ’’Fourth Quarter 2014 Conference Call Presentation.’’

Knight Transportation, Inc. is a provider of multiple truckload transportation and logistics services using a nationwide network of business units and service centers in the U.S. to serve customers throughout North America. In addition to operating one of the country’s largest tractor fleets, Knight also contracts with third-party equipment providers to provide a broad range of truckload services to its customers while creating quality driving jobs for our driving associates and successful business opportunities for owner-operators.

 
INCOME STATEMENT DATA:                                                                                                   Three Months Ended December 31,                                                                                                                          Twelve Months Ended December 31,
                                                                                                                                                                                                                                                                                                                                                                                 (Unaudited, in thousands, except per share amounts)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                             2014                                                                                        2013                                                                                                                                                         2014                                                                                         2013
                                                                                                                                                                                                                           -------                                                                                     -------                                                                                                                                                     ---------                                                                                     -------
REVENUE:
  Revenue, before fuel surcharge                                                                                                                                                                                         $ 273,653                                                                                   $ 206,300                                                                                                                                                   $   925,985                                                                                   $ 791,851
  Fuel surcharge                                                                                                                                                                                         43,815          43,416                                                                                                                 176,347         177,386  
                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- -------------------- ------- --------------------                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- -------------------- ------- --------------------
TOTAL REVENUE                                                                                                                                                                                           317,468         249,716                                                                                                               1,102,332         969,237  
                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- -------------------- ------- --------------------                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
OPERATING EXPENSES:
    Salaries, wages and benefits                                                                                                                                                                                            81,036                                                                                      59,749                                                                                                                                                       271,815                                                                                     234,306
    Fuel expense - gross                                                                                                                                                                                                    48,336                                                                                      52,073                                                                                                                                                       203,758                                                                                     214,843
    Operations and maintenance                                                                                                                                                                                              20,078                                                                                      15,799                                                                                                                                                        71,558                                                                                      64,715
    Insurance and claims                                                                                                                                                                                                     8,718                                                                                       7,710                                                                                                                                                        31,133                                                                                      29,350
    Operating taxes and licenses                                                                                                                                                                                             5,708                                                                                       3,979                                                                                                                                                        17,972                                                                                      15,624
    Communications                                                                                                                                                                                                           1,278                                                                                       1,399                                                                                                                                                         4,899                                                                                       5,015
    Depreciation and amortization                                                                                                                                                                                           26,471                                                                                      21,551                                                                                                                                                        92,893                                                                                      86,129
    Purchased transportation                                                                                                                                                                                                69,736                                                                                      51,389                                                                                                                                                       238,041                                                                                     189,667
    Miscellaneous operating expenses                                                                                                                                                                      3,325           3,902                                                                                                                   7,541          15,679  
                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- -------------------- ------- --------------------                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- -------------------- ------- --------------------
           Total operating expenses                                                                                                                                                                     264,686         217,551                                                                                                                 939,610         855,328  
                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- -------------------- ------- --------------------                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                      ---------------------------------------------------------------------- -------------------- --------------------------------------------------                                                                                                          ------------------------------------------------------------------------ -------------------- --------------------------------------------------
    Income From Operations                                                                                                                                                                               52,782          32,165                                                                                                                 162,722         113,909  
                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- -------------------- ------- --------------------                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
    Interest income                                                                                                                                                                                                            132                                                                                         119                                                                                                                                                           458                                                                                         413
    Interest expense                                                                                                                                                                                                          (391 )                                                                                      (152 )                                                                                                                                                        (730 )                                                                                      (462 )
    Other income (expense)                                                                                                                                                                                3,524           1,820                                                                                                                   9,380           2,844  
                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- -------------------- ------- --------------------                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- -------------------- ------- --------------------
    Income before income taxes                                                                                                                                                                                              56,047                                                                                      33,952                                                                                                                                                       171,830                                                                                     116,704
INCOME TAXES                                                                                                                                                                                             22,747          13,580                                                                                                                  67,809          46,680  
                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- -------------------- ------- --------------------                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- -------------------- ------- --------------------
Net Income                                                                                                                                                                                                                  33,300                                                                                      20,372                                                                                                                                                       104,021                                                                                      70,024
Net income attributable to noncontrolling interest                                                                                                                                                         (362 )                             (271 )                                                                                                                                   (1,159 )                             (742 )
                                                                                                                                                                                                      -------------------- ------- -------------------- -------------------- -------------------- -------------------- ------- --------------------                                                                                                           -------------------- --------- -------------------- -------------------- -------------------- -------------------- ------- --------------------
NET INCOME ATTRIBUTABLE TO KNIGHT TRANSPORTATION                                                                                                                                                                         $  32,938                          $  20,101                                                                                                                                $   102,862                          $  69,282  
                                                                                                                                                                                                      ==================== ======= ==================== ==================== ==================== ==================== ======= ====================                                                                                                           ==================== ========= ==================== ==================== ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
     Basic Earnings Per Share                                                                                                                                                                                            $    0.40                                                                                   $    0.25                                                                                                                                                   $      1.27                                                                                   $    0.87
     Diluted Earnings Per Share                                                                                                                                                                                          $    0.40                                                                                   $    0.25                                                                                                                                                   $      1.25                                                                                   $    0.86
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
     Weighted Average Shares Outstanding - Basic                                                                                                                                                                            81,376                                                                                      80,131                                                                                                                                                        80,947                                                                                      79,994
     Weighted Average Shares Outstanding - Diluted                                                                                                                                                                          82,713                                                                                      80,587                                                                                                                                                        82,042                                                                                      80,330
 
 
BALANCE SHEET DATA:                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                           12/31/14                                                                                                                      12/31/13
                                                                                                                                                                                                                                                                                                                     --------------------                                                                                                          --------------------
ASSETS                                                                                                                                                                                                                                                                                                                                                                            (Unaudited, in thousands)
Cash and cash equivalents                                                                                                                                                                                                                                                                                          $               17,066                                                                                                        $                  992
Trade receivables, net of allowance for doubtful accounts                                                                                                                                                                                                                                                                         143,531                                                                                                                       116,391
Notes receivable, net of allowance for doubtful accounts                                                                                                                                                                                                                                                                            1,020                                                                                                                           774
Related party notes and interest receivable                                                                                                                                                                                                                                                                                             0                                                                                                                           748
Prepaid expenses                                                                                                                                                                                                                                                                                                                   17,423                                                                                                                        15,026
Assets held for sale                                                                                                                                                                                                                                                                                                               23,248                                                                                                                        16,476
Other current assets                                                                                                                                                                                                                                                                                                               13,345                                                                                                                        11,066
Current deferred tax assets                                                                                                                                                                                                                                                                                      3,187                          3,359  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Total Current Assets                                                                                                                                                                                                                                                                                      218,820                        164,832  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Property and equipment, net                                                                                                                                                                                                                                                                                                       752,046                                                                                                                       591,791
Notes receivable, long-term                                                                                                                                                                                                                                                                                                         4,065                                                                                                                         4,047
Goodwill and Intangible Assets                                                                                                                                                                                                                                                                                                     50,642                                                                                                                        10,257
Other assets and restricted cash                                                                                                                                                                                                                                                                                37,280                         36,194  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Total Long-term Assets                                                                                                                                                                                                                                                                                                       844,033                                                                                                                       642,289
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
     Total Assets                                                                                                                                                                                                                                                                                                  $            1,062,853                            $              807,121  
                                                                                                                                                                                                                                                                                                ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable                                                                                                                                                                                                                                                                                                   $               19,122                                                                                                        $               14,354
Accrued payroll and purchased transportation                                                                                                                                                                                                                                                                                       34,127                                                                                                                        13,864
Accrued liabilities                                                                                                                                                                                                                                                                                                                25,042                                                                                                                        19,062
Claims accrual - current portion                                                                                                                                                                                                                                                                                                   18,532                                                                                                                        15,616
Dividend payable - current portion                                                                                                                                                                                                                                                                                 200                            168  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Total Current Liabilities                                                                                                                                                                                                                                                                                                     97,023                                                                                                                        63,064
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Claims accrual - long-term portion                                                                                                                                                                                                                                                                                                 11,505                                                                                                                         8,889
Long-term dividend payable and other liabilities                                                                                                                                                                                                                                                                                    2,513                                                                                                                         2,486
Deferred tax liabilities                                                                                                                                                                                                                                                                                                          138,137                                                                                                                       140,149
Long-term debt                                                                                                                                                                                                                                                                                                 134,400                         38,000  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Total Long-term Liabilities                                                                                                                                                                                                                                                                                                  286,555                                                                                                                       189,524
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
     Total Liabilities                                                                                                                                                                                                                                                                                         383,578                        252,588  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Common stock                                                                                                                                                                                                                                                                                                                          818                                                                                                                           802
Additional paid-in capital                                                                                                                                                                                                                                                                                                        185,184                                                                                                                       150,858
Accumulated other comprehensive income                                                                                                                                                                                                                                                                                             12,231                                                                                                                         4,582
Retained earnings                                                                                                                                                                                                                                                                                              479,527                        397,346  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Total Knight Transportation Shareholders’ Equity                                                                                                                                                                                                                                                                             677,760                                                                                                                       553,588
     Noncontrolling interest                                                                                                                                                                                                                                                                                     1,515                            945  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Total Shareholders’ Equity                                                                                                                                                                                                                                                                                679,275                        554,533  
                                                                                                                                                                                                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Total Liabilities and Shareholders’ Equity                                                                                                                                                                                                                                                                    $            1,062,853                            $              807,121  
                                                                                                                                                                                                                                                                                                ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                                                                                                                                                       
                                                                                 Three Months Ended December 31,                                                                                                                                                                                                                                                              Twelve Months Ended December 31,
                                                             2014                                                                            2013                                                                     % Change                                                                                               2014                                                                                                                          2013                                                                                              % Change
                                                        --------------                                                                      ------                                                                                                                                                                   --------------------                                                                                                          --------------------
                                                                                           (Unaudited)                                                                                                                                                                                                                                                                                   (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
OPERATING STATISTICS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Average Revenue Per Tractor*                          $         44,583                                                                    $ 40,918                                                                       9.0   %                                                                                   $              171,510                                                                                                        $              160,186                                                                                         7.1    %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Non-paid Empty Mile Percent                                       11.5 %                                                                      10.2 %                                                                    12.7   %                                                                                                     10.1 %                                                                                                                        10.6 %                                                                                      -4.7    %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Average Length of Haul                                             478                                                                         474                                                                       0.8   %                                                                                                      492                                                                                                                           479                                                                                         2.7    %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Operating Ratio**                                                 80.7 %                                                                      84.4 %                                                                                                                                                                                 82.4 %                                                                                                                        85.6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Average Tractors - Total                                         4,682                                                                       4,021                                                                                                                                                                                  4,173                                                                                                                         4,017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Average Trailers - Total                                        11,441                                                                       9,382                                                                                                                                                                                  9,732                                                                                                                         9,382
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Net Capital Expenditures (in thousands)               $         57,526                                                                    $ 28,217                                                                                                                                                                 $              178,834                                                                                                        $               85,368
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Cash Flow From Operations (in thousands)              $         60,120                                                                    $ 38,271                                                                                                                                                                 $              177,187                                                                                                        $              138,985
                                                                                                                                   

* Includes asset segment revenue excluding fuel surcharge. ** Operating ratio as reported in this press release is based upon total operating expenses, net of fuel surcharge, as a percentage of revenue before fuel surcharge. We measure our revenue, before fuel surcharge, and our operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally may be identified by their use of terms or phrases such as ’’expects,’’ ’’estimates,’’ ’’anticipates,’’ ’’projects,’’ ’’believes,’’ ’’plans,’’ ’’intends,’’ ’’may,’’ ’’will,’’ ’’should,’’ ’’could,’’ ’’potential,’’ ’’continue,’’ ’’future,’’ and terms or phrases of similar substance. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Accordingly, actual results may differ from those set forth in the forward-looking statements. Readers should review and consider the factors that may affect future results and other disclosures by the Company in its press releases, stockholder reports, Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150128005165r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Knight Transportation, Inc.

Knight Transportation, Inc. 
David A. Jackson, President and CEO 
or 
Adam W. Miller, CFO 
602-606-6315


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