ship is also reflected in the pur- - · PDF fileship is also reflected in the pur-chase of Swift Transportation ... as one of best ways to keep score. ... AAA Cooper Transportation

In this 2007 edition of the Trans-port Topics Top 100 For-HireCarriers, the focus has shiftedfrom Main Street to Wall Street.Private equity investment firms

have become the driving force forchange, based on our annual reviewof financial and operating statisticsfor the nation’s top for-hire truckingcompanies.

Of course, well-heeled investorsand Wall Street money managershave been involved in truckingbefore, but today’s breed of moneymen appears to be taking a differentapproach than did the corporateraiders in the 1980s who used high-interest debt to target vulnerablecompanies. And they are different from the Inter-net-inspired corporate roll-ups that we saw in the1990s when small companies were patchedtogether to create new, bigger businesses thatwere assumed to have magical superhero marketpower.

The current crop of private equity dealmakers— there were 16 buyouts of for-hire carriers in thefirst five months of 2007 — appear to be taking adifferent, more sustainable approach. And asDaniel P. Bearth’s reporting for this issue of the TT100 For-Hire Carriers shows, it has the potential toalter the competitive landscape for many truckingcompanies.

Who could have imagined, for instance, thattwo of the nation’s largest auto haulers would cometo be owned by an investment firm with ties to theTeamsters union? That’s what happened whenAllied Holdings and Performance TransportationServices fell into bankruptcy and were “rescued”by Yucaipa Cos., a Los Angeles-based investmentfund headed by Ron Burkle, a man who made hisfortune by investing in and selling several WestCoast grocery chains.

New York-based Fenway Partners acquiredmore than two dozen companies over six years tocreate Greatwide Logistics Services, now a billion-dollar company with significant market share indedicated contract carriage, truckload and freightbrokerage services. Fenway recently sold a majori-ty stake in Greatwide to two other investmentfirms, Hicks Holdings and Investcorp, and now isfocusing on growing three other platform business-es — intermodal specialist RoadLink USA, Pan-ther Expedited Services and freight brokerage firmGemini Traffic.

Other prominent for-hire carriers that havecome under the spell of private equity includeJevic Transportation, Transport America, CevaLogistics (formerly TNT Logistics) and, mostrecently, EGL Inc.

The shift to private owner-ship is also reflected in the pur-chase of Swift Transportationby its former chairman JerryMoyes and the proposed buy-out of U.S. Xpress Enterprisesby top executives of that com-pany.

No one knows how long thistrend will last, or even how suc-cessful these new investmentstrategies will be over the longterm. But what is clear from areading of the Transport TopicsTop 100 For-Hire Carriers listis a sense that the game haschanged.

With private equity fundsproviding a source of new capital, many carriersare making investments in technology andexpanding services in order to increase theirshare of the freight market.

They say you can’t tell the players without ascorecard. We like to think of the TT Top 100 listas one of best ways to keep score.

A Word From the Publisher

Howard S. Abramson

Page 3This Transport Topics 100 PDF is sponsored by Polk Commercial Vehicle Solutions and Innovative Computer Corporation.

Acknowledgements & SourcesThe 2007 TRANSPORT TOPICS 100 list is a

special project of TT Publishing Group thatfeatures financial and operating informationon the largest for-hire freight carriers in theUnited States and Canada. Data was com-piled from annual reports of publicly ownedcompanies and directly from the manage-ment of privately owned companies. In a fewcases, revenue est imates were used todetermine rankings.

Senior Features Writer Daniel P. Bearth isthe project coordinator, with assistance fromresearch intern Marjorie Pouyes. The designis by Patrick Donlon, assistant director of artand production.

This Transport Topics 100 PDF is sponsored by Polk Commercial Vehicle Solutions and Innovative Computer Corporation.Page 4

1. UPS Inc.2. FedEx Corp.3. DHL Americas4. YRC Worldwide5. Ryder System6. Con-way Inc.7. Penske Truck Leasing Co.8. Schneider National Inc.9. J.B. Hunt Transport Services

10. EGL Inc.11. Swift Transportation12. Landstar System13. UniGroup Inc.14. Werner Enterprises15. Pacer International16. Arkansas Best Corp.17. Estes Express Lines18. U.S. Xpress Enterprises19. TransForce Income Fund20. Old Dominion Freight Line21. Greatwide Logistics Services22. Sirva Inc.23. Crete Carrier Corp.24. Purolator Courier 25. Atlas World Group26. Averitt Express

27. Ceva Logistics 28. Allied Systems Holdings29. Saia Inc.30. CRST International31. Southeastern Freight Lines32. R+L Carriers33. NFI Industries34. Prime Inc.35. Quality Distribution Inc.36. C.R. England Inc.37. Ruan Transportation Management Systems38. Covenant Transportation Group39. Lynden Inc.40. Knight Transportation41. Universal Truckload Services Inc.42. Anderson Trucking Service43. Interstate Distributor Co.44. JHT Holdings 45. Heartland Express46. Kenan Advantage Group47. Roadrunner Dawes Inc.48. Trimac Group49. AAA Cooper Transportation50. Western Express51. Marten Transport52. Dart Transit Co.53. Vitran Corp.54. Comcar Industries55. Frozen Food Express Industries56. Celadon Group57. USA Truck58. Stevens Transport59. Central Transport International60. Shevell Group61. Gainey Corp.62. Contract Freighters Inc.63. Mercer Transportation

64. P.A.M. Transportation Services Inc.65. RoadLink USA66. Forward Air Corp.67. Cardinal Logistics Management68. Contrans Income Fund69. Graebel Cos.70. Central Freight Lines71. Jevic Transportation72. Central Refrigerated Service73. Performance Transportation Services74. Velocity Express75. Dynamex Inc.76. Ace Transportation77. Mullen Group Income Fund78. Suddath Cos.79. Pitt Ohio Express80. Mesilla Valley Transportation81. Bennett International Group82. Transport America83. KLLM Transport Services84. Jack Cooper Transit Co.85. Roehl Transport86. Maverick USA87. Epes Carriers88. Canada Cartage Diversified Income Fund89. Gordon Trucking Inc.90. Cassens Transport91. Arrow Trucking Co.92. TransAm Trucking93. Paschall Truck Lines94. Superior Bulk Logistics95. The Waggoners Trucking96. A. Duie Pyle Cos.97. Falcon Transport98. Panther Expedited Services99. United Road Services100. Groendyke Transport

By Daniel P. BearthSenior Features Writer

A rising tide of buyouts by private equityfirms is changing the competitive land-scape of trucking.

Not only is the process accelerating a transitionfrom small family-run companies to large, pro-fessionally managed corporations, it is changingthe way many for-hire carriers are organized andmanaged.

“Private equity is raising the bar,” said Ben-jamin Gordon of BG Strategic Advisors, a busi-ness consulting firm in Boston that specializes in the transportation and logistics sectors. “Compa-nies who compete against private equity-backedcompanies are going to find it tougher to succeed because capital is flowing to the bestcompanies and giving them the resources toaccelerate their growth.”

In just the first five months of 2007, privateequity firms have acquired 16 for-hire carriers,more than all of last year. In addition, severalpublicly owned trucking companies, includingtruckload carriers Swift Transportation andSmithway Motor Xpress and parcel carrier

CD&L Inc., have been taken private or mergedwith other publicly owned companies.

Two of the nation’s largest autohaulers, AlliedHoldings and Performance Transportation Ser-vices, were taken over by a private investmentcompany — Yucaipa Cos. — with close ties tothe Teamsters union, giving labor leadersunprecedented control over management andwiping out the value of stockholders’ investmentin both companies.

The trucking industry has seen surges in out-side investment before. However, private equityfirms appear to be targeting well-run companies— unlike leveraged buyouts in the 1980s, drivenby low stock prices and high-interest debt, or cor-porate roll-ups in the 1990s, most of which failed.They are focusing on making them bigger andbetter, rather than buying what are perceived asundervalued assets or attempting a majorrestructuring in order to turn a quick profit.

Doug Christensen, a former executive withUSF Corp. who recently joined Chapman &Associates, a merger and acquisition advisoryfirm, said investors today are more discriminat-ing about the companies they buy. “We [have]gone through the conglomeration cycle and thehot industry cycle,” he said. “We no longer have

‘hot’ industries. We have companies within allindustries that are doing well.”

John Anderson, a partner with Fenway Part-ners, a private equity firm that has made morethan two dozen acquisitions over the past sixyears, said the goal is to “leave good companiesin our wake.”

“We are more certain of getting a return with abetter business than we would through somefinancial engineering,” he said.

In December, Fenway sold controlling interestin its biggest holding, Greatwide Logistics Ser-vices, to two other private equity firms, Invest-corp and Hicks Holdings.

Over the past six years, annual revenue for theGreatwide organization, which now includestrucking, warehousing and freight brokerageservices, grew from $175 million to $1.2 billion,Anderson said. Fenway still owns Panther Expe-dited Services, intermodal group RoadLink USAand its latest “platform” company Gemini Traf-fic, a freight brokerage firm.

Fenway’s approach, which includes giving own-ers of acquired companies a stake in the fund,appeals to many potential sellers, said MarcKramer, a Fenway partner who works withAnderson to pursue deals in the transportationsector.

“We see good momentum with our franchise,”Kramer said. He noted that the company haslooked at more than 300 buyout proposalsalready this year, compared with 220 in all of lastyear and 150 in 2005.

Competition for buyouts is such that some

Private Equity Reshapes TruckingAs Investors Bolster Top Carriers


investment firms are beginning to target compa-nies that aren’t even for sale to avoid bidding upprices, said Kathleen Ross, a vice president atLaSalle Bank in Chicago.

“Private equity firms are aggressively calling onpotential candidates to avoid an auction situationthat can drive up the price,” she said.

Ross said nonbank investment firms accountedfor 80% of all corporate financing activity in2006. Ten years ago, she said, the numbers wereflipped, with nonbank investment firms provid-ing no more than 25% to 30% of all corporatefinancing.

“It is a favorable market for borrowers,” saidDave Thomas, a financial analyst at LaSalle.“Banks continue to enjoy a relatively low level ofproblem loans and that has created an environ-ment in which banks are competing for loans.”

Not all buyouts involve private equity firms.In June, Max Fuller and Patrick Quinn,

founders of U.S. Xpress Enterprises, announceda plan to take the company private.

In addition, Swift Transportation, one of themost widely followed stocks among publiclyowned trucking companies, was taken private inMay by company founder and former chairmanJerry Moyes.

Swift was one of a few fast-growing truckloadcarriers — J.B. Hunt Transport Services andHeartland Express were two of the others —that completed initial public offerings in the1980s. Over the years, Swift used proceeds fromthe sale of stock to fuel expansion of its fleet andto make numerous acquisitions, the last of which— M.S. Carriers — proved to be the toughest.Moyes was ousted from Swift after an investiga-tion by the Securities and Exchange Commis-sion raised questions about stock sales. Heremained a large shareholder and has manyinterlocking business agreements with Swift.

Moyes said, in a recently published interview,he sees more benefit to being a private companynow because he can make decisions withoutworrying about meeting quarterly profit targetsor spending large amounts of money to complywith public company reporting requirements.

Other publicly owned companies have beenactive in making acquisitions as well. Both UPSInc. and FedEx Corp. have purchased motorcarriers as a way to expand and diversify theirparcel operations. UPS bought Overnite Trans-portation Co. and FedEx bought Watkins MotorLines.

Some publicly owned carriers have also accept-ed buyouts. In June, stockholders of SmithwayMotor Xpress approved a deal with WesternExpress, a company that had planned to do aninitial public offering of stock last year but hasnot yet completed it.

In fact, no trucking company has completed aninitial public offering since Canada Cartage wentpublic in March 2006. And now, barely a yearafter becoming a public company, CanadaCartage is being taken over by private equityfirm Nautic Partners.

Richard Mikes, a former executive at RuanTransportation Management Systems who advis-

es business owners on mergers and acquisitions,said new private equity investors are providingan alternative for trucking companies looking tosell their business.

“It’s given trucking more liquidity,” he said.“That keeps the industry healthier in the longterm. At least I’d rather have more money com-ing in rather than less.”

Mikes said trucking is made up of thousands ofsmall and midsize carriers that “have reached aplateau or critical mass and ask, ‘What do we donext?’ The answer today tends to be privateequity.”

But Mikes also detects a major difference inthe way private equity investors and classictrucking company owners view potential deals.

“The private equity investor is driven by finan-cial parameters,” he said. “The typical questionsare: What is the cash flow? What is the return onassets? What is the capital expenditures?”Among traditional trucking company owners,Mikes said the questions are: What is revenueper mile? What is the operating ratio? What isthe utilization of equipment? How much fuelsurcharge are you getting? What are the milesper week?

“Traditional trucking company owners aremore conservative in use of debt,” Mikes said.“They’ve been through good cycles and badcycles and once you go through a bad cycle, youdo not want to do it again.”

Most private equity firms expect their portfoliocompanies to generate returns of at least 30%annually, said logistics consultant Gordon.

“This means they tend to seek companies whoare growing at a fast rate and they tend to bor-row as much debt as possible, to increase theirreturn on equity,” he said.

Gordon said private equity firms are fuelingwhat you might call the “fruit fly effect.” Withfruit flies, evolutional cycles are compressedbecause fruit flies go through birth, life anddeath in just one day.

“The same is true with private equity,” Gor-don said. “As more money flows to innovativelogistics companies, the cycles of change willcontinue to accelerate. This will create moreand more wealth for a smaller and smallergroup of winners.”

“Growth is the best driver of value,” said Fen-way’s Anderson, “but we also work on opera-tional efficiency, building new services and prod-ucts with the company.”

Growth and profitability go together, said Fen-way’s Kramer. Profits at RoadLink USA, for

instance, quadrupled while revenue increasedfrom $200 million to $450 million over fouryears, he said.

Andy Clarke, chief executive of Panther Expe-dited Services, said the company’s affiliation withFenway has provided resources to expand its on-demand freight service from the dry van sectorto the refrigerated and air cargo sectors and themilitary.

“There is an alignment of interests betweeninvestors and management that leads to a highdegree of focus,” Clarke said.

Seth Wilson, a partner in Jeffries Capital, saidhis goal is to work with existing carrier manage-ment to grow the business.

Jeffries sold a stake it held in truckload carrierArnold Transportation to U.S. Xpress Enterpris-es and now owns controlling interest in New Jer-sey-based New Century Transportation andmunitions hauler R&R Trucking in Joplin, Mo.

“These companies are already operating well,”Wilson said. “We simply provide capital to grow.”

In December, New Century acquired Col-orado-based Western Freightways, giving thecompany a platform for expansion in westernstates.

Todd Solow, a principal at Norwest EquityPartners, said the firm’s 2004 purchase of Jacob-son Cos., an Iowa-based dedicated contract car-rier and warehouse specialist, recently paid offwith the sale of controlling interest to Oak HillCapital Partners.

The company’s strategy, Solow said, was to helpdiversify Jacobson’s customer base, which it didby making four acquisitions. The deals helpedboost Jacobson’s business in the food and gro-cery industry and gave it a foothold in packagingservices.

Adam Lehrhoff, a partner with ZS Fund, saidhis firm acquired controlling interest in Transer-vice Lease Corp., Lake Success, N.Y., a dedicat-ed contract carrier and equipment leasing andrental firm, because they saw the potential tobuild on an established and successful business.

“We see growth internally and through acquisi-tions,” Lehrhoff said.

Joe Evangelist, executive vice president ofTranservice, said freight management and bro-kerage are two areas of interest for expansion.

Dave Thomas, a trucking industry financialanalyst at LaSalle, said although most privateequity firms prefer to invest in companies thatdon’t own a lot of assets, he sees a strong marketfor asset-based and non-asset-based companies.

“There’s enough capital for everybody,” he said.In his experience, Thomas said, few companies

will consciously change their business strategy tomake themselves more appealing to potentialbuyers.

Still, he said, “It’s not surprising that firms con-templating selling would be trying to placegreater emphasis on non-asset-based operations.”

Chapman & Associates’ Christensen said heexpects buyout activity to remain strong leadingup to the 2008 elections and the possibility of achange in political power that could lead toincreases in capital gains taxes.

“Traditional trucking company ownersare more conservative in use of debt.They’ve been through good cycles andbad cycles and once you go through abad cycle, you do not want to do itagain.” — Richard Mikes

RANK RANK REVENUE % NET INCOME % OPERATING UNITS2006 2005 COMPANY (000) CHANGE (000) CHANGE EMPLOYEES EQUIPMENT (DESCRIPTION OF SERVICES)

47,547,00042,581,000

35,241,00032,294,000

16,384,0009,991,000

9,918,6908,741,557

6,306,6435,740,847

4,221,4784,115,575

89,521 package cars, vans and motorcycles11,479 tractors65,983 trailers607 aircraft

14,000 company tractors19,000 owner operator tractors,straight trucks and vans44,000 straight trucks and vans672 aircraft

23,263 company tractors,straight trucks and vans

27,786 company tractors andstraight trucks89,402 trailers

65,200 trucks 56,100 tractors38,900 trailers

8,152 company tractors32,400 trailers

1

2

3

4

5

6

1

2

4

3

5

6

11.6

9.1

64.0

13.5

9.9

2.6

4,202,0003,870,000

2,016,0001,806,000

NANA

276,632288,130

249,000227,628

258,978214,034

8.6

11.6

NA

-4.0

9.4

21.0

427,700407,000

275,000260,000

81,17574,122

66,00068,000

28,60027,800

21,80024,555

UPS Package Operations (air and ground package delivery)UPS Supply Chain Solutions (transportation management; air, ocean and groundfreight forwarding; customs brokerage; supply chain design; contract carriage; refriger-ated intermodal; service parts distribution and repair; returns management; assemblyand distribution; vehicle routing; dispatch and tracking systems)UPS Freight (regional and interregional LTL)UPS Capital (equipment leasing, trade finance, freight payment and insurance)UPS Mail Innovations (mail processing)Mail Boxes Etc./The UPS Store (retail shipping franchisor, postal, business service stores)UPS Professional Services (management consulting)UPS Air Cargo (air freight)

FedEx Express (air and ground package and freight delivery)FedEx Ground (commercial and residential ground package delivery)FedEx Freight (regional and national LTL — includes Watkins Motor Lines andWatkins Canada Express acquired September 2006)FedEx Truckload Brokerage (freight brokerage — established January 2007)FedEx Custom Critical (air and ground expedited, vehicle hauling)FedEx Trade Networks (air and ocean freight forwarding, customs brokerage)FedEx Kinko’s Office and Print Services (copying, printing, packing, Internet, signand banner services)FedEx Supply Chain Services (supply chain consulting)FedEx Services (sales and marketing, information technology support)

DHL Express (air and ground package delivery)DHL Freight (national and international LTL and TL in Europe)DHL Global Forwarding (air and ocean freight forwarding)DHL Exel Supply Chain (supply chain consulting, warehousing and distribution,packaging, returns management, order fulfillment)DHL Global Mail (direct mail, packaging, order fulfillment)Astar Air Cargo, Polar Air Cargo (air freight, 49% interest)

YRC National TransportationYellow Transportation, Roadway Express, Reimer Express Lines (national and

international LTL)YRC Regional TransportationNew Penn Motor Express, USF Holland, USF Reddaway (regional and interregional

LTL)USF Glen Moore (dry van TL)

YRC Logistics (transportation management and technology services, air and oceanfreight forwarding, freight brokerage)JHJ International Transportation Co. (China-based air and ocean freight forwarding,warehousing, 50% ownership)Shanghai Jiayu Logistics Ltd. (LTL freight services in China, acquisition pending)

Ryder Fleet Management Solutions (truck and trailer leasing, commercial truckrental, contract maintenance, emergency roadside assistance, used-truck sales)Ryder Supply Chain Solutions (supply chain consulting, transportation management,warehousing and distribution, freight brokerage, trade services)Ryder Dedicated Contract Carriage (contract carriage)

Con-way Freight (regional and interregional LTL)Con-way Truckload Services (dry van truckload)Menlo Worldwide Logistics (supply chain consulting, transportation management,contract carriage, warehousing and distribution, freight brokerage)Road Systems (trailer manufacturing)

UPS Inc.AtlantaNYSE: UPSMichael Eskew, Chairman and CEODavid Abney, Chief Operating Officerwww.ups.com

FedEx Corp.1

Memphis, Tenn.NYSE: FDXFrederick Smith, Chairman and CEOwww.fedex.com

DHL Americas2

Plantation, Fla.Hans Hickler, CEOwww.dhl-usa.com

YRC WorldwideOverland Park, Kan.Nasdaq: YRCWWilliam Zollars, Chairman and CEOwww.yrcw.com

Ryder SystemMiamiNYSE: RGregory Swienton, Chairman and CEOwww.ryder.com

Con-way Inc.San Mateo, Calif.NYSE: CNWDouglas Stotlar, CEOwww.con-way.com

This Transport Topics 100 PDF is sponsored by Polk Commercial Vehicle Solutions and Innovative Computer Corporation. Page 6

Page 7


4,000,0004,000,000

3,700,0003,400,000

3,327,9873,127,899

3,217,6363,096,516

3,172,7903,197,455

2,513,7562,517,828

2,300,0002,209,256

66,500 company tractors97,000 straight trucks55,100 trailers

15,000 company and owner-operator tractors40,000 trailers11,000 containers

10,961 company tractors1,107 owner-operator tractors25,727 trailers27,622 containers

1,900 owner-operator tractorsand straight trucks

14,977 company tractors2,950 owner-operator tractors50,013 trailers5,000 containers

8,794 owner-operator tractors411 owner-operator straight trucks13,569 trailers

NA

7

8

9

10

11

12

13

7

8

10

11

9

14

15

0

8.8

6.4

3.9

-0.8

-0.2

4.1

NANA

NANA

219,952207,311

56,33058,160

141,055101,127

113,085119,956

NANA

NA

NA

6.1

-3.1

39.5

-5.7

NA

20,00020,000

20,00022,300

17,15016,370

11,50010,500

21,90020,000

1,2981,285

1,3501,350

Penske Truck Leasing (truck leasing, contract maintenance, commercial/consumertruck rental, used-truck sales)Penske Logistics (supply chain consulting, transportation management, contract car-riage, warehousing, air and ocean freight forwarding)

Schneider National Carriers (dry van TL, expedited, contract carriage, intermodal,freight brokerage)Schneider National Bulk Carriers (liquid and chemical bulk, hazardous waste)Schneider Finance (equipment leasing and financing)Schneider Logistics (supply chain consulting, transportation management, freightbrokerage, freight payment, air and ocean freight forwarding, warehousing and distri-bution, customs brokerage)

J.B. Hunt Intermodal (intermodal and drayage)J.B. Hunt Truck (dry van TL)J.B. Hunt Dedicated Contract Services (contract carriage)Integrated Capacity Solutions (freight brokerage)Transplace Inc. (supply chain consulting and transportation management, 37%ownership)

EGL/Eagle Global Logistics (air and ocean freight forwarding, expedited LTL and TL,customs brokerage, warehousing and distribution, supply chain consulting)Select Carrier Group (air freight, dry van TL and LTL)EGL Compliance Source (trade services)

Swift Transportation Co. (dry van and refrigerated TL, heavy specialized, contractcarriage, intermodal)Transplace Inc. (supply chain consulting and transportation management, 29%ownership)

Landstar Ranger, Landstar Inway, Landstar Ligon, Landstar Gemini (dry van andflatbed TL, intermodal, heavy specialized)Landstar Logistics, Landstar Express America (transportation management, air and ocean freight forwarding, expedited, intermodal, freight brokerage, warehousing)Signature Insurance Co. (insurance, claims management)

United Van Lines, Mayflower Transit (household goods, commercial and industrial moving and storage, motor vehicle delivery, high-value products, trade showexhibits, warehousing)UniGroup Worldwide UTS (international household goods moving, air and oceanfreight forwarding, high-value products, trade show exhibits, flatbed TL and heavyspecialized)Vanliner Group (insurance)InSite Logistics (supply chain consulting, transportation management, freight pay-ment, warehousing)Trans Advantage (equipment sales and service)Allegiant Move Management (transportation management)UniGroup Container Services (portable storage and move service)

Penske Truck Leasing Co.Reading, Pa.(Penske Corp./General Electric Co.)Roger Penske, ChairmanBrian Hard, Presidentwww.pensketruckleasing.com

Schneider National Inc.Green Bay, Wis.Donald Schneider, ChairmanChristopher Lofgren, CEOwww.schneider.com

J.B. Hunt Transport ServicesLowell, Ark.Nasdaq: JBHTKirk Thompson, CEOCraig Harper, Chief Operating Officer www.jbhunt.com

EGL Inc.HoustonNasdaq: EAGLJames Crane, Chairman and CEOwww.eaglegl.com

Swift TransportationPhoenixJerry Moyes, Chairman and CEOwww.swifttrans.com

Landstar SystemJacksonville, Fla.Nasdaq: LSTRJeffrey Crowe, ChairmanHenry Gerkens, CEOwww.landstar.com

UniGroup Inc.Fenton, Mo.H. Daniel McCollister, Chairman and CEORichard McClure, Presidentwww.unigroupinc.com

This Transport Topics 100 PDF is sponsored by Polk Commercial Vehicle Solutions and Innovative Computer Corporation.


8,180 company tractors820 owner-operator tractors25,200 trailers

Werner Enterprises (dry van, flatbed and refrigerated TL, expedited, contract carriage,intermodal, freight brokerage, air and ocean freight forwarding, equipment sales)Werner Global Logistics (ocean freight forwarder, customs brokerage in China —established July 2006)Transplace Inc. (supply chain consulting and transportation management, 5% ownership)

5.5 98,64398,534

0.1 14,32613,722

2,080,5551,971,847

Werner EnterprisesOmaha, Neb.Nasdaq: WERNClarence Werner, ChairmanGary Werner, Vice ChairmanGregory Werner, CEOwww.werner.com

14 16

650 owner-operator tractors28,558 containers31,565 chassis1,854 rail cars

Pacer Global Logistics (freight brokerage, supply chain consulting, transportationmanagement and freight payment)Pacer Transport (flatbed LTL and TL, vehicle transport, heavy specialized)Pacer Distribution Services (warehousing, assembly and distribution)Ocean World Lines/RF International (ocean freight forwarding, customs brokerage)Pacer Rail Brokerage (freight brokerage)Pacer Cartage (intermodal drayage, regional LTL)Pacer Stacktrain (rail intermodal)

1.5 68,30050,900

34.2 1,5741,675

1,887,8001,860,100

Pacer InternationalConcord, Calif.Nasdaq: PACRMichael Uremovich, Chairmanand CEOJeffrey Brashares, Vice ChairmanThomas Shurstad, Presidentwww.pacer-international.com

15 18

6,571 company tractorsand straight trucks22,763 trailers

Estes Express Lines (regional and national LTL and TL, contract carriage, air and oceanfreight forwarding, freight brokerage, warehousing, expedited, assembly and distribution, returned goods management, supply chain consulting)Estes Leasing (truck leasing and commercial truck rental)

6.4 NANA

NA 13,8241,477,2321,388,348

Estes Express LinesRichmond, Va.Rob Estes, PresidentBilly Hupp, Chief Operating Officerwww.estes-express.com

17 19

4,100 company tractors90 straight trucks17,210 trailers

ABF Freight System (national and regional LTL)FleetNet America (vehicle maintenance, emergency breakdown services)Data-Tronics (computer information services)

.01 84,094104,626

-19.6 12,23512,327

1,860,4771,860,269

Arkansas Best Corp.Fort Smith, Ark.Nasdaq: ABFSRobert Young III, ChairmanRobert Davidson, CEOwww.arkbest.com

16 17

7,092 company tractors858 owner operator tractors20,993 trailers

U.S. Xpress (dry van TL and expedited, intermodal, contract carriage)Arnold Transportation Services (dry van TL, contract carriage, 80% ownership)Total Transportation of Mississippi (dry van TL, contract carriage, 80% ownership)Abilene Motor Express (dry van TL, 49% ownership — acquired August 2006)Transplace Inc. (supply chain consulting and transportation management, 12% ownership)

26.4 20,1049,432

113.0 10,8858,269

1,471,7641,164,232

U.S. Xpress EnterprisesChattanooga, Tenn.Nasdaq: XPRSAMax Fuller, Co-Chairman and CEOPatrick Quinn, Co-Chairman and Presidentwww.usxpress.com

18 21

4,700 company tractors1,670 owner-operator tractors11,500 trailers

Canadian Freightways, Byers, Epic Express, Click Express, TST Overland Express,Kingsway, TST Porter, Select Daily (national and international LTL)Canpar (ground package delivery)Papineau International, A&M International, Lacaille International, Besner, Fortier,Montkar, Highland, Gregoire, J.C. Germain, UTL Transportation Services, TST Truckload Express, Ganeca (dry van TL)Kingsway Bulk, Nordique, Transpel, P&W Intermodal, Highland Intermodal, Mirald,Golden International, Durocher International, TST Expedited Services, TST Air,McGill Air, Bergeron (flatbed TL and heavy specialized, curtain van, liquid and dry bulk,chemical and petroleum tank, dump, explosives, air and ground expedited, intermodal)Trans4Logistics, CK Logistics, St-Lambert, Stream Logistics, TST Automotive Ser-vices, TST Load Brokerage Services, Transterm/N.A.T., Universal Contract Services,Mirabel Dedicated Services (transportation management, contract carriage, freightbrokerage)Kos Oilfield Services, Howard’s, Hemphill, Rebel, Streeper (oil-field services)Mastrec, Malex (waste management)

8.3 111,769121,735

-8.2 12,0009,800

1,328,4341,226,926

TransForce Income FundSaint-Laurent, QuebecTSE: TFIAlain Bedard, Chairman and CEOwww.transforce.ca

19 22


Page 9

4,643 company tractors66 trucks17,915 trailers

20.5 72,56953,475

35.7 10,7629,376

1,279,4311,061,403

Old Dominion Freight LineThomasville, N.C.Nasdaq: ODFLEarl Congdon, Chairman and CEODavid Congdon, Chief Operating Officerwww.odfl.com

20 24

7,200 owner-operator tractorsand trailers

Greatwide Dedicated Transport (contract carriage)Greatwide Truckload Management (dry van, refrigerated and flatbed TL, intermodal)Greatwide Truckload Brokerage (freight brokerage)Greatwide Distribution Logistics (warehousing and distribution)

40.6 NANA

NA NANA

1,140,000810,702

Greatwide Logistics ServicesDallas(Investcorp, Hicks Holdings, Fenway Partners)Raymond Greer, CEOwww.greatwide.com

21 29

NA Allied Van Lines, North American Van Lines, Global Van Lines (household goods,commercial and industrial moving and storage)Sirva Relocation (relocation management support services, mortgage services)

-4.8 NANA

NA NANA

1,043,6001,096,200

Sirva Inc.3

Westmont, Ill.NYSE: SIRRobert Tieken, Interim CEOwww.sirva.com

22 13


Crete Carrier Corp. (dry van TL, contract carriage)Shaffer Trucking (refrigerated TL, contract carriage)Hunt Transportation (flatbed TL, heavy specialized)Transportation Claims Inc. (insurance claims and employee benefits administration)Capital Casualty (insurance)

8.4 NANA

NA 6,1005,888

1,003,679925,870

Crete Carrier Corp.Lincoln, Neb.Duane Acklie, ChairmanTonn Ostergard, CEOwww.cretecarrier.com

23 26

411 tractors3,260 straight trucks and vans999 trailers15 aircraft

Purolator Courier (air and ground package delivery, warehousing, air and ocean freight forwarding)Purolator Freight (regional and interregional LTL)

-3.8 NANA

NA 12,500NA

996,7331,036,279

Purolator CourierMississauga, Ontario(Canada Post Corp., Barry LapointeHoldings)Robert Johnson, CEOwww.purolator.com

24 NotRanked

2,791 company and owner-operator tractors1,787 straight trucks4,298 trailers

Atlas Van Lines, Atlas Van Lines Canada (household goods, commercial and industrialmoving and storage)Atlas Van Lines International, Red Ball International, American Vanpac Carriers (international freight forwarding)Cornerstone Relocation Group, Avail Resource Management (relocation and move management services)Titan Global Distribution (transportation, warehousing and installation services)Atlas World-Class Travel (travel and lodging services)Atlas Terminal Co. (equipment sales and repair, financial services)

3.9 NA NA 700700

986,000949,000

Atlas World GroupEvansville, Ill.Michael Shaffer, ChairmanJames Stamm, Vice Chairman and CEOwww.atlasworldgroup.com

25 25


Averitt Express (regional and interregional LTL and TL, contract carriage, expedited, airand ocean freight forwarding, freight brokerage, intermodal, warehousing and distribu-tion, drayage, assembly, transportation management, returns management, supply chainconsulting)

9.4 NA NA NA923,000843,700

Averitt ExpressCookeville, Tenn.Gary Sasser, CEOWayne Spain, Chief Operating Officerwww.averittexpress.com

26 28


NA Ceva Logistics North America (supply chain consulting, transportation management,contract carriage, warehousing, assembly and distribution, returns management)

-5.8 NANA

NA NANA

915,646971,880

Ceva LogisticsJacksonville, Fla.(Apollo Management)Dave Kulik, CEOwww.cevalogistics.com

27 30

This Transport Topics 100 PDF is sponsored by Polk Commercial Vehicle Solutions and Innovative Computer Corporation.

OD Domestic (regional and interregional LTL, assembly and distribution — includes assets of Priority Freight Lines acquired April 2007)OD Expedited (air and ground expedited)OD Global (air and ocean freight forwarding, package consolidation, drayage)OD Technology (information services)


2,915 company tractor-trailerrigs500 owner-operator tractor-trailer rigs

Allied Automotive Group (vehicle hauling)Axis Group (transportation management)

0.1 NANA

NA NANA

893,837892,934

Allied Systems HoldingsDecatur, Ga.(Yucaipa American Alliance Fund)Mark Gendregske, CEOwww.alliedholdings.com

28 27

3,392 tractors11,317 trailers

Saia Motor Freight Line (regional and interregional LTL, expedited — includes opera-tions of The Connection Company and Madison Freight Systems acquired in November2006 and April 2007, respectively)

16.0 (20,681)27,459

NA 8,400NA

874,738754,038

Saia Inc.Duluth, Ga.Nasdaq: SAIAHerbert Trucksess III, ChairmanRichard O’Dell, CEOwww.saia.com

29 23


CRST Van Expedited (dry van TL, expedited, contract carriage)CRST Malone (flatbed TL, contract carriage)CRST Premier Transport (dry van TL)CRST Dedicated Services (contract carriage)

11.0 NANA

NA 3,4513,375

812,770732,578

CRST InternationalCedar Rapids, IowaJohn Smith, CEODavid Rusch, Carrier Group Presidentwww.crst.com

30 33

3,091 company tractors179 owner-operator tractors9 straight trucks9,254 trailers

Southeastern Freight Lines (regional LTL)G&P Trucking (dry van TL)

9.5 54,350NA

NA 7,2237,171

804,360734,323

Southeastern Freight LinesLexington, S.C.W.T. Cassels Jr., ChairmanW.T. Cassels III, Presidentwww.sefl.com

31 32


2,894 company owned tractors179 owner-operator tractors154 straight trucks7,875 trailers500 containers

National Freight (dry van TL, intermodal)National Distribution Centers (warehousing and distribution)NFI Interactive Logistics (supply chain consulting, transportation management, contractcarriage, order fulfillment, returns management)NFI Real Estate (commercial and industrial real estate development and construction)

20.1 NANA

NA 5,1344,050

772,977643,577

NFI IndustriesVineland, N.J.Bernard Brown, ChairmanIke Brown, Vice ChairmanJeffrey Brown, Vice ChairmanSidney Brown, CEOwww.nfiindustries.com

33 36

353 company tractors2,400 owner-operator tractors5,007 trailers

Prime Inc. (refrigerated, dry van and flatbed TL, liquid bulk, transportation management, contract carriage)Prime Logistics (freight brokerage)Prime Floral (floral transportation, consolidation and distribution services)LHP Transportation Services (freight brokerage, intermodal)

18.0 NANA

NA 1,037990

738,269625,544

Prime Inc.4

Springfield, Mo.Robert Low, Presidentwww.primeinc.com

34 38


Quality Carriers (chemical tank, liquid bulk)Quala Systems (tank cleaning)TransPlastics (dry bulk, intermodal, warehousing and rail-to-truck transfer)Quality Transload & Terminals (intermodal liquid and dry bulk, warehousing andpackaging)

7.7 54,20711,873

356.5 1,2281,079

730,159678,076

Quality Distribution Inc.Tampa, Fla.Nasdaq: QLTYGerald Detter, ChairmanGary Enzor, CEOwww.qualitydistribution.com

35 34

12,500 tractors and trailers200 straight trucks

R+L Transfer, Gator Freightways, Greenwood Motor Lines, Paramount Transportation (regional and interregional LTL)Robert’s Truck Parts (towing, equipment sales and service)R.L.R. Investments (real estate development)

4.0 NANA

NA NA788,000758,000

R+L Carriers11

Wilmington, OhioRalph Roberts, Chairman and CEOThomas Cavellier, Presidentwww.rlcarriers.com

32 31


England North American (refrigerated and dry van TL, financial services, equipmentsales and leasing)England Dedicated (contract carriage)England Mexico (cross-border services)England Logistics (transportation management, intermodal, drayage, freight brokerage)Premier Truck Driving Schools (driver training)

16.1 51,62834,258

50.7 772829

708,228609,930

C.R. England Inc.5

Salt Lake CityDan England, ChairmanGene England, PresidentDean England, CEOWayne Cederholm, COOwww.crengland.com

36 42


Ruan Transport Corp. (contract carriage, liquid and dry bulk, chemical tank, transporta-tion management, freight brokerage, warehousing, intermodal)Kings County Truck Lines (liquid bulk)Aartman Transport Corp. (liquid bulk — acquired January 2007)

5.6 NANA

NA 5,1064,031

700,000663,000

Ruan Transportation Management Systems Des Moines, IowaJohn Ruan III, ChairmanMichael Kandris, Presidentwww.ruan.com

37 35


Covenant Transport (dry van and refrigerated TL, expedited, contract carriage)Star Transportation (dry van TL — acquired September 2006)Transplace Inc. (supply chain consulting and transportation management, 12.4%ownership)

6.3 (1,381)5,186

NA 5,9265,722

683,828643,054

Covenant TransportationGroupChattanooga, Tenn.Nasdaq: CVTIDavid Parker, Chairman and CEOJoey Hogan, Chief Operating Officerwww.covenanttransport.com

38 37

578 company tractors2,514 trailers

Lynden Transport (dry van, flatbed and refrigerated TL and LTL)LTI Inc. (liquid and dry bulk)Alaska West Express (chemical and petroleum tank, intermodal, dry bulk, flatbed TL,heavy specialized)Lynden International (air and ocean freight forwarding, customs brokerage)Alaska Marine Lines (barge)Lynden Air Cargo (cargo airline)Lynden Logistics (transportation management, contract carriage)

11.7 NANA

NA 1,9631,773

670,000600,000

Lynden Inc.Anchorage, AlaskaPaul Steere, ChairmanJim Jansen, CEOwww.lynden.com

39 39


Knight Transportation (dry van and refrigerated TL, contract carriage, freight brokerage — includes operations of Roads West Transportation in October 2006)Knight Management Services (business consulting)

17.2 72,99661,714

18.2 4,1763,531

664,400566,813

Knight TransportationPhoenixNYSE: KNXKevin Knight, Chairman and CEOTimothy Kohl, PresidentKeith Knight, Chief Operating Officerwww.knighttrans.com

40 40


Universal Am-Can Ltd., Mason & Dixon Lines, Louisiana Transportation, EconomyTransport, Great American Lines, NYP of Michigan (dry van and flatbed TL, heavyspecialized, freight brokerage)Mason Dixon Intermodal (drayage)CrossRoad Carriers (freight brokerage)

20.8 21,00917,167

22.4 644494

641,627531,339

Universal Truckload Services Inc.Warren, Mich.Nasdaq: UACLDonald Cochran, CEOwww.goutsi.com

41 44

2,184 company and owner-operator tractors5,250 trailers

ATS Specialized (flatbed TL, heavy specialized)ATS Inc. (dry van TL)ATS Logistics Services (freight brokerage and transportation management)ATS International Services (international heavy specialized, project management, cus-toms brokerage)ICE International (barge)Warren Transport (heavy specialized)SunBelt Furniture Xpress (furniture transportation)

19.5 NANA

NA 1,3501,350

627,855525,386

Anderson Trucking ServiceSt. Cloud, Minn.Rollie Anderson, CEOJake Wood, Chief Operating Officer

www.ats-inc.com

42 45





Interstate Distributor Co. (dry van and refrigerated TL, contract carriage, intermodal, expe-dited, warehousing and distribution, freight brokerage and transportation management)

4.8 NANA

NA 3,0003,760

583,925557,056

Interstate Distributor Co.Tacoma, Wash.George Payne, CEOGary McLean, Presidentwww.intd.com

43 41

NA Active Truck Transport, Auto Truck Transport (truck haul-away)Unimark Truck Transport, Unimark Carhaul (aftermarket vehicle hauling)Mexicana Logistics (vehicle hauling in Mexico, 50% interest)ATC Leasing (equipment leasing, real estate, administrative services)

22.3 NANA

NA 2,6002,900

576,262471,000

JHT HoldingsKenosha, Wis.T. Michael Riggs, Presidentwww.jhtholdings.com

44 59

NA Heartland Express (dry van TL)9.2 87,17171,906

21.2 3,3173,029

571,919523,793

Heartland Express Coralville, IowaNasdaq: HTLDRussell Gerdin, Chairman and CEOMichael Gerdin, Presidentwww.heartlandexpress.com

45 48


Petro-Chemical Transport, KAG West (petroleum tank)Kenan Transport, Advantage Tank Lines, Klemm Tank Lines, North CantonTransfer, BXI (petroleum and chemical tank)KAG Logistics and KAG Ethanol Logistics (supply chain consulting, transportationmanagement)

8.7 NANA

NA 4,3604,296

569,885524,153

Kenan Advantage GroupCanton, OhioLee Shaffer, ChairmanDennis Nash, CEODouglas Allen, Chief Operating Officerwww.thekag.com

46 46

15 company tractors1,286 owner-operator tractors30 straight trucks2,051 trailers

Roadrunner Dawes Freight Systems (expedited LTL and TL)Sargent Transportation Group (dry van TL, freight brokerage, acquired March 2007)

61.0 NANA

NA 998850

555,620345,162

Roadrunner Dawes Inc.Cudahy, Wis.(Thayer Capital Partners)Mark DeBlasi, CEOwww.rdfs.com

47 67


Trimac Transportation Services (chemical and petroleum tank, liquid and dry bulk, woodchips, pressurized gases, hazardous materials, tank cleaning in Canada)Trimac Transportation Inc. (chemical and petroleum tank, liquid and dry bulk, pressur-ized gases in the U.S. — includes assets of KFJ Trucking and Logistics Express acquiredin April and June 2007, respectively)Bulk Plus Logistics (supply chain consulting, transportation management, contractcarriage, freight brokerage, bulk transfer and storage, inventory management)Northern Resource Trucking (liquid and dry bulk, 29% ownership)Harris Transportation (petroleum tank, 50% ownership)Cross Border Logistics (transportation management, 50% ownership)

1.3 NANA

NA 2,9753,211

538,577532,160

Trimac Group6

Calgary, AlbertaTSE: TMA-UNJeffrey McCaig, ChairmanTerry Owen, CEOwww.trimac.com

48 43

2,275 company tractors49 straight trucks6,046 trailers

AAA Cooper Transportation (regional and interregional LTL and TL, contract carriage,freight brokerage, ocean freight forwarding)

6.7 NANA

NA 4,5004,452

530,329496,857

AAA Cooper TransportationDothan, Ala.G. Mack Dove, Chairman and CEOReid Dove, Chief Operating Officerwww.aaacooper.com

49 49



Western Express (dry van and flatbed TL, intermodal, freight brokerage — includesoperations of Smithway Motor Xpress acquired in June)

9.5 NANA

NA NANA

528,800482,386

Western Express7

Nashville, Tenn.Wayne Wise, CEOwww.westernexp.com

50 79




Marten Transport (refrigerated TL, intermodal)MW Logistics (freight brokerage, liquid and dry bulk)

12.8 24,51825,061

-2.2 2,7272,440

518,890460,202

Marten Transport Mondovi, Wis.Nasdaq: MRTNRandolph Marten, Chairman and CEORobert Smith, Chief Operating Officerwww.marten.com

51 53

2,500 owner-operator tractors7,200 trailers150 containers

Dart Transit Co. (dry van TL, contract carriage — includes operations of Major TransportInc. acquired May 2007)Dart Intermodal (intermodal)Dart Advantage Logistics (freight brokerage)Dart Advantage Warehousing (warehousing, order fulfillment)Dart Portable Storage (container rental)Pro Stop Truck Service, Safety Lane Inc. (truck and trailer maintenance and repair)Highway Sales Inc. (tractor sales and leasing)

7.4 NANA

NA 532382

518,662482,909

Dart Transit Co.Eagan, Minn.Donald Oren, ChairmanDavid Oren, President www.dart.net

52 52

10,700 tractors, trailers andcontainers439 owner-operator tractors

Vitran Express (regional and interregional LTL — includes operations of PJAX FreightSystem acquired October 2006)Vitran Express Canada (national and international LTL)Frontier Transport Corp. (dry and refrigerated TL)Vitran Logistics (transportation management, warehousing and distribution, freightbrokerage)

20.0 19,39917,938

8.1 4,9292,932

514,059428,192

Vitran Corp. TorontoTSX: VTN, Nasdaq: VTNCRichard McGraw, ChairmanRick Gaetz, CEOwww.vitran.com

53 60


Commercial Carrier Corp. (refrigerated, dry van and flatbed TL, liquid and dry bulk, transportation management)Coastal Transport (flatbed TL, freight brokerage)CTL Distribution (chemical tank and dry bulk)Midwest Coast Transport (refrigerated and dry van TL, freight brokerage)Willis Shaw Express (refrigerated TL, freight brokerage)Commercial Truck & Trailer Sales (truck, trailer, and parts sales)Commercial Warehousing, Super Cool Cold Storage (warehousing)Comcar Logistics (contract carriage, transportation management)

0 NANA

NA 3,6784,042

491,403491,200

Comcar IndustriesAuburndale, Fla.Mark Bostick, CEOTom Hindle, Chief Operating Officerwww.comcar.com

54 51


FFE Transportation Services, Lisa Motor Lines (refrigerated LTL and TL, contract carriage, freight brokerage)American Eagle Lines (dry van TL)

-5.9 11,22620,437

-45.1 2,6912,956

483,721514,017

Frozen Food ExpressIndustriesDallasNasdaq: FFEXStoney Stubbs Jr., Chairman and CEOS. Russell Stubbs, Chief Operating Officerwww.ffex.net

55 47


Celadon Trucking Services, Celadon Canada, Servicios de Transportacion Jaquar (dry van TL — includes assets of Digby Truck Lines, Warrior Xpress and Air Road Express acquired in October 2006, February and June 2007, respectively)Celadon Logistics Services (freight brokerage)Celadon Dedicated Services (warehousing and distribution, contract carriage)TruckersB2B (buying cooperative)

9.9 20,54812,580

63.3 3,3533,210

480,194436,763

Celadon Group8

IndianapolisNasdaq: CLDNStephen Russell, Chairman and CEOThomas Glaser, Chief Operating Officerwww.celadontrucking.com

56 58


USA Truck (dry van TL)USA Logistics (contract carriage, transportation management, freight brokerage)

5.9 12,44115,568

-20.0 3,7773,300

465,618439,703

USA TruckVan Buren, Ark.Robert Powell, ChairmanJerry Orler, CEOwww.usa-truck.com

57 55



Stevens Transport (refrigerated TL, intermodal, transportation management)6.0 65,89564,794

1.7 2,7502,520

465,500439,000

Stevens TransportDallasSteven Aaron, Chairman and CEOTodd Aaron, Vice ChairmanClay Aaron, Presidentwww.stevenstransport.com

58 56

NA Central Transport International (regional and interregional LTL)CTX Inc. (expedited)Central Global Express (freight forwarding, warehousing and distribution)Customs Services International (customs brokerage)

2.0 NANA

NA NANA

465,000456,000

Central Transport11

InternationalWarren, Mich.(CenTra Inc.)Manuel Moroun, Chairman and CEOMatthew Moroun, Vice Chairmanwww.centraltransportint.com

59 54


New England Motor Freight (regional LTL, expedited)Eastern Freight Ways (dry van TL)Carrier Industries (warehousing, contract carriage, transportation management)Apex Logistics (freight brokerage)NEMF World Transport (ocean freight forwarding)

4.8 NANA

NA NANA

460,000439,000

Shevell Group Elizabeth, N.J.Myron Shevell, ChairmanJon Shevell, Vice ChairmanMichael Bare, CEOwww.nemf.com

60 57


Gainey Transportation Services, Super Service (dry van TL)Aero Bulk Carrier (chemical and pressurized gases)Freight Brokers of America (freight brokerage)LCT Transportation Services (refrigerated TL and LTL)

4.9 NANA

NA NANA

445,896425,120

Gainey Corp.Grand Rapids, Mich.Harvey Gainey, Chairman and CEOwww.gaineycorp.com

61 61


Contract Freighters Inc. (dry van TL, contract carriage)CFI Logistics (transportation management)CFI de Mexico (sales and marketing, administrative services)

3.9 NA NA 3,1532,771

416,900401,300

Contract Freighters Inc.Joplin, Mo.Glenn Brown, ChairmanHerbert Schmidt, CEOwww.cfi-us.com

62 62

1,966 owner-operator tractorsand trailers

Mercer Transportation (flatbed, dry van TL)9.9 27,65424,192

14.3 265249

414,330377,060

Mercer TransportationLouisville, Ky.James Stone, Presidentwww.mercer-trans.com

63 63


P.A.M. Transport, Allen Freight Services, Choctaw Express, Decker Transport, McNeill Express, East Coast Transport & Logistics (dry van TL, contractcarriage)Transcend Logistics (transportation management)

10.9 17,96413,139

36.7 3,0623,035

400,269360,880

P.A.M. Transportation Services Inc.Tontitown, Ark.Nasdaq: PTSIRobert Weaver, CEOwww.pamt.com

64 65

350 company tractors1,700 owner-operator tractors800 trailers

RoadLink USA (intermodal drayage, regional dry van TL, warehousing, port distribution)GPS Terminals (rail terminal management, equipment repair and maintenance)World Super Services, Staffworks Inc. (freight loading and unloading, assembly anddistribution)

95.5 NANA

3,280928

391,200200,055

RoadLink USABethlehem, Pa.(Fenway Partners)John Anderson, ChairmanRonald Sorrow, Vice ChairmanChris Munro, CEOwww.roadlink.com

65 99




NA Forward Air Corp. (air cargo, dry van TL and LTL)9.9 48,92344,909

8.9 1,2251,134

352,758320,934

Forward Air Corp.Greeneville, Tenn.Nasdaq: FWRDBruce Campbell, CEOwww.forwardair.com

66 72

2,200 company and owner-operator tractors and straighttrucks4,762 trailers

Cardinal Logistics Management Corp. (contract carriage, residential and commercial delivery, LTL, warehousing and inventory management, supply chain consulting)

5.3 NA13,112

NA 2,4001,449

350,000332,529

Cardinal Logistics ManagementConcord, N.C.Vin McLoughlin, ChairmanTom Hostetler, CEOJerry Bowman, Chief Operating Officerwww.cardlog.com

67 68

795 company tractors827 owner-operator tractors2,376 trailers

Brookville Carriers, Clark Transportation, Hopefield Trucking, L.A. Dalton Systems, General Freight Carriers, Tripar Transportation (dry van and flatbed TL)Glen Tay Transportation (liquid and dry bulk, chemical tank, pneumatic, dump, dry vanTL — includes operations of Vanadium Machines Ltd., Future Transfer Co. and B.I.Z. Mechanical acquired in April, May and June 2006)Tri-Line Carriers (flatbed TL, liquid and dry bulk, chemical tank)ECL Carriers (waste — includes operations of Garcha Transport acquired in November 2006)Brookville Logistics, Cornerstone Logistics, Firm Transportation (transportation man-agement, warehousing and distribution, air and ocean freight forwarding, freight brokerage)

5.8 26,48923,564

12.4 1,200NA

336,944318,586

Contrans Income FundWoodstock, OntarioTSE: CSS.UNStan Dunford, Chairman and CEOGregory Rumble, Chief Operating Officerwww.contrans.ca

68 73

169 company tractors660 owner-operator tractors412 straight trucks924 trailers

Graebel Van Lines, Graebel Movers (household goods, commercial and industrial moving and storage)Graebel Relocation Services Worldwide (international relocation services)Graebel Movers International (household goods forwarding)

1.1 NA(9,636)

NA 1,620NA

334,163330,431

Graebel Cos.Aurora, Colo.Dave Graebel, Chairman and CEOWill Graebel, Chief Operating Officerwww.graebel.com

69 69

1,951 tractors8,464 trailers

Central Freight Lines (regional and interregional LTL)-12.7 NANA

NA NANA

325,000372,140

Central Freight Lines11

Waco, TexasJerry Moyes, Chairmanwww.centralfreight.com

70 64


Jevic Transportation (regional and interregional LTL and TL, freight brokerage)-7.2 NANA

NA 2,500NA

320,300345,300

Jevic TransportationDelanco, N.J.(Sun Capital Partners)Dave Gorman, CEOwww.jevic.com

71 23


Central Refrigerated Service (refrigerated TL, contract carriage, intermodal, freightbrokerage)

22.1 NANA

NA 1,580NA

320,204262,320

Central Refrigerated ServiceWest Valley City, UtahJon Isaacson, CEOwww.centralref.com

72 78

1,400 company tractor-trailerrigs

Hadley Auto Transport, E&L Transport Co., Leaseway Auto Carriers (vehicle hauling)Transportation Releasing LLC (transportation management)

-10.0 NANA

NA 2,1002,500

315,000350,000

Performance TransportationServicesWayne, Mich.(Yucaipa American Alliance Fund)Jeff Cornish, CEOwww.pts-inc.biz

73 66



5,500 owner-operator trucksand vans

Velocity Express (air and ground package delivery, transportation management, ware-housing and distribution, supply chain consulting — includes operations of CD&L Inc. acquired August 2006)

26.3 (59,800)(49,844)

NA 1,1551,241

311,546246,642

Velocity Express9

Westport, Conn.Nasdaq: VEXPVincent Wasik, Chairman and CEOJeffrey Hendrickson, Chief OperatingOfficerwww.velocityexp.com

74 84

4,300 owner-operator trucksand vans

Dynamex Inc. (air and package delivery, expedited, facilities management,contract carriage, inventory management, call centers)

15.7 10,8579,080

19.6 2,0001,900

305,129263,831

Dynamex Inc.10

DallasNasdaq: DDMXRichard McClelland, CEOMaurice Levy, Chief Operating Officerwww.dynamex.com

75 71

1,237 owner-operator tractors1,003 straight trucks2,240 trailers

Ace Transportation, Dynasty Transportation, Lesco Transportation, Lesco Trucking Co. (flatbed TL, heavy specialized, freight brokerage)

10.6 24,61919,544

26.0 2,6582,297

301,991272,983

Ace TransportationBroussard, La.James Glasgow, Co-ownerBill Busbice Jr., Co-ownerwww.acetrans.com

76 75


Mullen Trucking (dry van and flatbed TL, heavy specialized)Cascade Carriers (dry bulk)Grimshaw Trucking (regional LTL)Mill Creek Motor Freight, Payne Transportation (dry van TL and LTL)Tenold Transportation (flatbed TL and LTL)Kleyson Group (dry bulk, flatbed TL, intermodal)Pe Ben Bulk Transport (bulk)

39.9 45,00032,066

40.3 1,9901,443

296,350211,901

Mullen Group Income FundAldersyde, AlbertaTSE: MTL.UNMurray Mullen, Chairman and CEOStephen Lockwood, Co-CEOPat Powell, Co-CE0www.mullen-group.com

77 95

292 company tractors359 owner-operator tractors203 straight trucks498 trailers

Suddath Relocation Systems (household goods, commercial and industrial moving and storage, temporary holding)Lexicon Relocation (relocation-management support services)Suddath Transportation Systems (high-value product distribution, trade show exhibits,store fixtures, horticulture transport)Centra Worldwide (air and ocean freight forwarding)Suddath Logistics Group (warehousing and distribution, inventory management, trans-portation management, call center, packaging and assembly, freight payment, warranty and repair services)

3.3 NA11,268

NA 1,2001,203

271,996263,329

Suddath Cos.Jacksonville, Fla.Stephen Suddath, ChairmanBarry Vaughn, CEOwww.suddath.com

78 77

679 company tractors340 straight trucks1,500 trailers

Pitt Ohio Express (regional LTL, expedited, assembly and distribution, information technology)ECM Transport (dry van TL, 51% ownership)

4.3 24,65431,433

-21.6 2,6612,740

269,983258,841

Pitt Ohio ExpressPittsburghCharles Hammel III, Presidentwww.pittohio.com

79 86


Mesilla Valley Transportation (dry van TL)J.H. Rose Logistics (freight brokerage)

29.9 NANA

NA 1,300NA

265,000205,000

Mesilla Valley TransportationLas Cruces, N.M.Royal Jones, CEOwww.m-v-t.com

80 NotRanked

3,500 owner-operator tractorsand trucks

Bennett Motor Express (flatbed TL, heavy specialized)Bennett Truck Transport (manufactured housing and trailer-moving services)Bennett DriveAway (truck and bus hauling service)Bennett Distribution Services (warehousing and distribution)Bennett International Transport (air and ocean freight forwarding, intermodal)Bennett Network Systems (freight brokerage)

5.3 14,266NA

NA 615638

263,034250,682

Bennett International GroupMcDonough, Ga.Marcia Taylor, CEOwww.bennettig.com

81 81


Transport America (dry van TL, expedited, contract carriage)TA Logistics (intermodal, freight brokerage)

2.9 NANA

NA 378NA

261,887254,395

Transport AmericaEagan, Minn.(Goldner Hawn Johnson & Morrison)Scott Arves, CEOwww.transportamerica.com

82 80


KLLM Inc. (refrigerated and dry van TL, contract carriage)-4.6 NANA

NA 1,9501,600

261,055273,620

KLLM Transport Services Richland, Miss.Bill Grothe, CEOJames Richards, Chief Operating Officerwww.kllm.com

83 74

1,196 company tractor-trailer rigs

Jack Cooper Transportation Co., Pacific Motor Trucking (vehicle hauling)16.0 3,9043,260

19.8 1,4731,479

260,068224,235

Jack Cooper Transit Co. Kansas City, Mo.Thom Cooper Jr., ChairmanGreg May, Presidentwww.jackcooper.com

84 91


Roehl Transport (flatbed and dry van TL, heavy specialized, dry bulk)3.3 NANA

NA 2,1632,050

258,238250,033

Roehl TransportMarshfield, Wis.Everett Roehl, ChairmanRichard Roehl, Chief Operating Officerwww.roehl.net

85 82


Maverick Transportation (flatbed TL, heavy specialized)Maverick Logistics (freight brokerage)

25.3 NANA

NA 1,7651,224

250,375199,745

Maverick USA Little Rock, Ark.Steve Williams, Chairman and CEOStephen Selig, Chief Operating Officerwww.maverickusa.com

86 100


Epes Transport System (dry van TL, contract carriage)Texas Star Express (regional dry van TL, contract carriage)Epes Logistics Services (freight brokerage, supply chain consulting, transportationmanagement, freight payment)

4.8 NA18,333

NA 1,3181,111

244,343233,254

Epes CarriersGreensboro, N.C.Al Bodford, Chairman and CEOBill Fobert, Presidentwww.epescarriers.com

87 86

550 tractors275 straight trucks1,900 trailers

Canada Cartage System (dedicated contract carriage, truckload and LTL, home delivery, expedited, warehousing and distribution — includes operations of MacCosham Inc. acquired in February 2007)

5.9 20,29623,219

-12.6 N/AN/A

240,820227,485

Canada Cartage DiversifiedIncome FundMississauga, OntarioTSE: TRK.UNJeffrey Lindsay, President and CEOwww.canadacartage.com

88 NotRanked


Gordon Trucking (dry van, flatbed and refrigerated TL, heavy specialized, contract carriage)Gordon Logistics Management (freight brokerage)

11.7 NANA

NA NANA

239,000214,000

Gordon Trucking Inc.Pacific, Wash.Larry Gordon, CEOSteve Gordon, Chief Operating Officerwww.gordontrucking.com

89 NotRanked




1,092 tractor-trailer rigs Cassens Transport Co. (vehicle hauling)5.8 NA8,759

NA 1,2511,215

238,960225,917

Cassens TransportEdwardsville, Ill.Albert Cassens, ChairmanRichard Suhre, President and CEOwww.cassens.com

90 89


Arrow Trucking (flatbed TL and LTL, heavy specialized)Arrow Logistics (contract carriage, freight brokerage, warehousing)

15.8 NANA

NA 1,6931,750

235,000203,000

Arrow Trucking Co.Tulsa, Okla.James Pielsticker, CEOThomas Witt, Presidentwww.arrowtrucking.com

91 98


TransAm Trucking (refrigerated TL, contract carriage, freight brokerage)5.2 NANA

NA 1,5281,450

234,180222,605

TransAm TruckingOlathe, Kan.John Jacobson Jr., CEOwww.transamtruck.com

92 92

905 company tractors460 owner operator tractors3,050 trailers

Paschall Truck Lines (dry van TL)Paschall Logistics (freight brokerage)

2.1 NANA

NA NANA

230,264225,470

Paschall Truck Lines Murray, Ky.Randall Waller, Presidentwww.ptl-inc.com

93 90

926 company tractors298 owner-operator tractors2 straight trucks2,202 trailers

Superior Carriers, Carry Transit (liquid and dry bulk, rail transfer and storage, inter-modal tank container maintenance and management)Sanicare Wash Systems (tank cleaning)

5.1 NANA

NA 1,5331,497

220,461209,835

Superior Bulk LogisticsOak Brook, Ill.Richard Lewis, Chairman and CEOWilliam O’Donnell, Chief OperatingOfficerwww.superiorbulklogistics.com

94 97

1,061 tractor-trailer rigs The Waggoners Trucking (vehicle hauling, flatbed TL and LTL)2.7 NANA

NA 1,1301,140

216,091210,313

The Waggoners TruckingBillings, Mont.Wayne Waggoner, ChairmanDavid Waggoner, Presidentwww.waggonerstrucking.com

95 96

580 company tractors110 owner-operator tractors22 straight trucks1,452 trailers

A. Duie Pyle Inc. (regional LTL)A. Duie Pyle Warehousing & Distribution (warehousing, assembly and distribution)Pyle Transport Services (dry van and flatbed TL)ADP Logistics (freight payment, contract carriage, freight consolidation)Pyle Leasing (equipment rental and leasing, driver leasing)

8.9 NANA

NA 1,9871,823

212,470195,119

A. Duie Pyle Cos.West Chester, Pa.Peter Latta, ChairmanSteve O’Kane, Presidentwww.pyleco.com

96 NotRanked


Falcon Transport (dry van and flatbed TL)Comprehensive Logistics (supply chain consulting, transportation management, ware-housing and distribution)

14.8 NANA

NA 2,400NA

205,500179,000

Falcon TransportYoungstown, OhioDon Constantini, Chairman and CEOwww.falcontransport.com

97 NotRanked



300 owner-operator tractors1,200 owner-operator straighttrucks and vans

Panther Expedited Services (air and ground expedited — includes operations of Con-way Expedite acquired July 2006 and Integres Global Logistics acquired March2007)

30.8 NANA

NA 390NA

205,000156,731

Panther Expedited ServicesSeville, Ohio(Fenway Partners)Andrew Clarke, CEOwww.pantherexpedite.com

98 NotRanked

826 company tractor-trailerrigs127 owner-operator tractor-trailer rigs

United Road (vehicle hauling)16.6 5,2485,974

-12.2 1,087NA

197,013168,968

United Road ServicesRomulus, Mich.(Charterhouse Group)Michael Wysocki, CEOwww.unitedroad.com

99 83


Groendyke Transport (petroleum and chemical tank, liquid and dry bulk)7.6 NANA

NA 1,376NA

194,512181,612

Groendyke TransportEnid, Okla.John Groendyke, CEOGreg Hodgen, Chief Operating Officerwww.groendyke.com

NotRanked100


TT 100 For-Hire Footnotes:All numbers for 2005 are printed in blue.

1 FedEx Corp. revenue and net income are for 12 months ended May 31, 2007 and May 31, 2006.2 DHL Americas revenue and employment are for operations in North, South and Central America.3 Sirva Inc. revenue is for moving operations in North America for nine months ended Sept. 30, 2006, and Sept. 30, 2005.4 Prime Inc. data are for 12 months ended March 31, 2007, and March 31, 2006.5 C.R. England Inc. employment numbers are non-driver employees only.6 Trimac Group data are for operations in the United States and Trimac Income Fund in Canada.7 Western Express and Smithway Motor Xpress revenue is combined for 2006 and 2005.8 Celadon Group revenue and net income are for 12 months ended June 30, 2006, and June 30, 2005.9 Velocity Express revenue is for nine months ended March 31, 2007, and March 31, 2006.10 Dynamex Inc. revenue is for nine months ended April 30, 2007, and April 30, 2006.11 Revenue is estimated by Satish Jindel of SJ Consulting.

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