UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
20549
FORM 8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
AND EXCHANGE ACT OF 1934
Date of
Report (Date of Earliest Event Reported) March 23, 2009
HUB GROUP, INC.
(Exact
name of registrant as specified in its charter)
DELAWARE
(State or
Other Jurisdiction of Incorporation)
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0-27754
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36-4007085
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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3050 Highland Parkway, Suite
100
Downers Grove, Illinois
60515
(Address,
including zip code, of principal executive offices)
(630) 271-3600
(Registrant’s
telephone number, including area code)
NOT
APPLICABLE
(Former
Name or Former Address, If Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item
7.01 Regulation FD Disclosure
Hub
Group, Inc. (the “Company”) has traditionally provided annual earnings guidance
at the time of its quarterly earnings release. The Company believes,
consistent with past practice, that it is too early to update its annual
earnings guidance. In addition, in light of the current economic
situation, it is particularly difficult to provide accurate
guidance. However, to aid the investor in evaluating the possible
financial performance of the Company in this uncertain economic environment, the
Company is providing an estimate of what earnings could be based on certain
assumed intermodal volume and pricing levels. Assuming intermodal
volume is down between 5% and 10% and intermodal pricing excluding fuel is down
between 1% and 5% for the remainder of the year, the Company estimates that
diluted earnings per share for the year will be in the range of $0.78 -
$1.23. The Company is not predicting that intermodal volume and
pricing will necessarily decline within these ranges nor should this range be
interpreted as earnings guidance. Rather, the foregoing illustrates
the impact of certain key variables on the Company’s earnings.
CERTAIN
FORWARD-LOOKING STATEMENTS: Statements in this filing that are not historical,
including statements about Hub Group's or management's intentions, beliefs,
expectations, representations, projections, plans or predictions of the future,
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are inherently
uncertain and subject to risks. Such statements should be viewed with caution.
Actual results or experience could differ materially from the forward-looking
statements as a result of many factors. Factors that could cause actual results
to differ materially include the factors listed from time to time in Hub Group's
SEC reports including, but not limited to, the annual report on Form 10-K for
the year ended December 31, 2008. The Company assumes no responsibility to
update any such forward-looking statements.
Item 8.01. Other
Events.
On March
23, 2009, the Company issued a press release announcing first quarter 2009
earnings guidance. This press release is furnished as Exhibit 99.1 to
this Form 8-K.
Item 9.01 FINANCIAL STATEMENTS AND
EXHIBITS
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(a) Not
Applicable.
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(b) Not
Applicable.
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(c) Not
Applicable.
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(d) A
list of exhibits filed herewith is contained on the
Exhibit
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Index which immediately precedes such exhibits and is |
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incorporated herein by reference. |
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
HUB GROUP, INC.
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DATE: March
23, 2009
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/s/ Terri A.
Pizzuto
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By: Terri
A. Pizzuto
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Title: Executive
Vice President, Chief
Financial
Officer and
Treasurer
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EXHIBIT INDEX
Exhibit
No.
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99.1
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Press
release, issued on March 23, 2009, announcing first
quarter 2009 earnings guidance for Hub Group, Inc.
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EXHIBIT 99.1
Hub
Group, Inc. Announces First Quarter Earnings Guidance And Schedules First
Quarter Earnings Conference Call
DOWNERS
GROVE, Ill. – (PRNewswire) – March 23, 2009 -- Hub Group, Inc. (Nasdaq: HUBG)
announced today that it expects first quarter 2009 earnings to be in the range
of $0.15 to $0.20 per diluted share. This earnings guidance includes
approximately $800,000 of severance as part of our previously announced
restructuring plan and assumes 37.5 million diluted shares
outstanding.
Intermodal
and truck brokerage volume declined due to the continued downturn in the
economy. The Company expects intermodal volume to be down 5% to 7%
for the first quarter. The Company estimates truck brokerage revenue
will be down 22% to 28% in the first quarter due to declines in price, volume
and fuel. Hub Group estimates the decline related to fuel to be
about 8%. We believe our volume decline is in line with recent market
trends and does not represent a loss of market share. The logistics
business continues to perform well, with revenue expected to increase 18% to 22%
in the first quarter.
“Hub
Group’s freight levels and earnings continue to be impacted by the severe
economic recession,” said Dave Yeager, Chief Executive
Officer. ”Despite the economic challenges, each business line remains
profitable, with our logistics business showing impressive growth. We
remain focused on protecting our market share and servicing our
customers. The cost-cutting initiatives that we previously announced
are well underway and our headcount is down approximately 70 people since
January 1. Our variable cost, asset-light model combined with our
excellent financial position, which includes no debt and over $100 million in
cash, ensure that we will emerge from this downturn in a position of
strength.”
Hub Group, Inc. will announce
its first quarter results on Wednesday, April 22 after the market
closes. Hub Group will hold a conference call at 5:00 p.m. Eastern
Time on April 22, 2009 to discuss its first quarter results.
Hosting
the conference call will be David P. Yeager, Chairman and Chief Executive
Officer, and Terri A. Pizzuto, Executive Vice-President, Chief Financial Officer
and Treasurer.
This call
is being webcast and can be accessed through the Investors link on Hub Group’s
Web site at www.hubgroup.com. The
webcast is listen-only. Those interested in participating in the
question and answer session should follow the telephone dial-in instructions
below.
To
participate in the conference call by telephone, please call ten minutes early
by dialing (888) 680-0865. The conference call participant code is
15068357. Participants may
pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PX96NYBH7 . Pre-registrants will be issued a pin
number to use when dialing into the live call which will provide quick access to
the conference, bypassing the operator. The call will be
limited to 60 minutes, including questions and answers.
An audio
replay will be available through the Investors link on the Company's Web site at
www.hubgroup.com.
This replay will be available for 30 days.
ABOUT HUB
GROUP: Hub Group, Inc. is a leading asset light freight transportation
management company providing comprehensive intermodal, truck brokerage and
logistics services. The Company operates through a network of over 30 offices
throughout the United States, Canada and Mexico.
CERTAIN
FORWARD-LOOKING STATEMENTS: Statements in this press release that are not
historical, including statements about Hub Group's or management's intentions,
beliefs, expectations, representations, projections, plans or predictions of the
future, are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
inherently uncertain and subject to risks. Such statements should be viewed with
caution. Actual results or experience could differ materially from the
forward-looking statements as a result of many factors. Factors that could cause
actual results to differ materially include the factors listed from time to time
in Hub Group's SEC reports including, but not limited to, the annual report on
Form 10-K for the year ended December 31, 2008. Hub Group assumes no
responsibility to update any such forward-looking statements.
SOURCE: Hub Group,
Inc.
CONTACT:
Amy Lisek of Hub Group, Inc., +1-630-795-2214