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) December 17, 2008
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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o
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 2.02 RESULTS OF OPERATIONS AND FINANCIAL
CONDITION
On December
17, 2008, Hub Group, Inc. issued a press release updating its full year
2008 earnings guidance. The 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: December
17, 2008
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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 December 17, 2008, updating its full year
2008 earnings guidance for Hub Group, Inc.
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Exhibit
99.1
Hub
Group, Inc. Updates 2008 Earnings Outlook
DOWNERS
GROVE, Ill. – (PRNewswire) – December 17, 2008 -- Hub Group, Inc. (Nasdaq: HUBG)
announced today that it expects full year 2008 earnings to be in the range of
$1.56 to $1.61 per diluted share. Previous earnings guidance for the
year had been $1.65 to $1.70 per diluted share. This updated earnings
guidance assumes 37.5 million diluted shares outstanding.
Intermodal
and truck brokerage volume has been lower than expected due to the rapid
downturn in the economy. The biggest volume declines have come from
customers in the retail and durable goods segments. The Company does
not believe it has lost intermodal share in these markets, rather, due to the
economy, there has been an overall reduction in freight volumes in these
segments. The Company expects intermodal volume to range between flat
and down 3% for the fourth quarter. Hub estimates truck brokerage
revenue will be down between 8% and 12% in the fourth quarter due to declines in
price, volume and fuel. The truck brokerage business is
experiencing excess capacity in the market which results in downward pressure on
prices.
“The
economic downturn has been more dramatic than we anticipated at the time of our
last earnings call,” said Dave Yeager, Chief Executive
Officer. “While the downturn has impacted volume, our asset light,
variable cost model allows us to be nimble and adjust quickly to market
conditions. Our expenses will be more closely aligned with these
weaker business conditions. We expect total costs and expenses in the
fourth quarter to be between $32 and $33 million. This decrease in
expenses is due in part to a reduction in bonuses since Hub will not meet its
internal EPS target. Hub is very strong financially. We
have no debt, $80 million in cash as of November 30, 2008 and positive cash
flow. We are confident in our ability to adapt to the weak freight
market and take advantage of higher freight volumes when the economy
improves.”
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, 2007 and our reports on Form 10-Q for
the periods ended March 31, 2008, June 30, 2008 and September 30, 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