SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
AMENDMENT NO. 1 TO FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 0-24908
TRANSPORT CORPORATION OF AMERICA, INC.
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(Exact name of registrant as specified in its charter)
MINNESOTA 41-1386925
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1769 YANKEE DOODLE ROAD
EAGAN, MINNESOTA 55121
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(Address of principal executive offices and zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (651) 686-2500
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days: YES _X_ NO ___
As of August 10, 1998, the Company had outstanding 7,915,303 shares of Common
Stock, $.01 par value.
<PAGE>
TRANSPORT CORPORATION OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS, EXCEPT SHARES AND EARNINGS PER SHARE)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1998 1997 1998 1997
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AMOUNT AMOUNT AMOUNT AMOUNT
----------- ----------- ----------- -----------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 53,075 $ 46,369 $ 102,563 $ 89,844
OPERATING EXPENSES:
Salaries, wages, and benefits 16,059 12,827 31,165 25,189
Fuel, maintenance, and other expense 6,405 6,209 13,202 12,577
Purchased transportation 15,238 13,744 29,397 27,216
Revenue equipment leases 949 1,261 1,915 2,545
Depreciation and amortization 4,694 3,848 9,104 7,554
Insurance, claims, and damage 1,390 1,436 2,915 2,777
Taxes and licenses 915 856 1,750 1,655
Communication 653 531 1,265 1,066
Other general and administrative expenses 2,139 1,509 4,072 3,138
(Gain) on disposition of equipment (47) (51) (59) (359)
----------- ----------- ----------- -----------
TOTAL OPERATING EXPENSES 48,395 42,170 94,726 83,358
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OPERATING INCOME 4,680 4,199 7,837 6,486
Interest expense 1,075 755 2,190 1,419
Interest income (25) (6) (116) (58)
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INTEREST EXPENSE, NET 1,050 749 2,074 1,361
EARNINGS BEFORE INCOME TAXES 3,630 3,450 5,763 5,125
Provision for income taxes 1,416 1,376 2,249 2,063
----------- ----------- ----------- -----------
NET EARNINGS $ 2,214 $ 2,074 $ 3,514 $ 3,062
=========== =========== =========== ===========
Earnings per common share
Basic $ 0.33 $ 0.31 $ 0.53 $ 0.47
Diluted $ 0.33 $ 0.31 $ 0.52 $ 0.45
Average common shares outstanding
Basic 6,712,746 6,590,141 6,691,223 6,552,883
Diluted 6,785,200 6,728,434 6,776,435 6,732,131
</TABLE>
4
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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 thereunto duly authorized.
TRANSPORT CORPORATION OF AMERICA, INC.
Date: September 3, 1998 /s/ Robert J. Meyers
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Robert J. Meyers
President and Chief Operating Officer
/s/ Michael D. Kandris
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Michael D. Kandris
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
