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Operating Results

(000's omitted)

2010

2009

2008  

2007  

2006 (1)

Revenue (2)

$358,530

$343,144

$409,674

$429,183

$399,929

EBITDA

$  46,786

$  43,700

$  52,172

$  56,007

$ 52,215 

EBIT

$  29,927

$  27,885

$  36,052

$  39,272

$  36,589

Net Income

$  17,643

$ 22, 953

$  29,512

$  26,225

$ 33,322 

Cash Flow From Operations

$  34,437

$  33,194

$  51,310

$  48,951

$ 49,566 

Financial Position

(000's omitted)

Total Assets

$344,270

$275,429

$274,592

$270,599

$260,896

Long-Term Debt (3)

$  94,773

$  92,171

$  91,204

$  82,553

$  74,914 

Unitholders' Equity

$192,926

$129,199

$128,454

$128,784

$137,443 

Financial Ratios

Operating Ratio (4)

91.7%

91.9%

91.2%

90.8%

90.9%

EBITDA / Revenue

13.0%

12.7%

12.7%

13.0%

13.0 %

Return on Equity

11.0%

17.8%

22.9%

19.7%

24.7 %

Debt to Equity (5)

0.78

1.13

1.13

1.1

0.90

Price Earnings Ratio

16.9

9.1

5.8

10.4

10.3 

Per Share Value

E.P.S.- Basic

$0.53

$0.77

$1.01

$0.91 

$   1.17 

Tangible Book Value

$2.95

$1.68

$1.54

$1.54 

$   1.89

Closing Trading Price

$8.95

$7.00

$5.85

$9.44

$ 12.02

Share Information

(000's omitted)

Weighted Average # Shares       

-Basic

33,339

29,897

29,122

28,826

28,513  

Shares
Outstanding at
Year End

35,794

29,938

29,619

28,749 

28,688 

Stock Options
Outstanding at
Year End

―

―

2,019

2,029

2,179  

(1)  Excludes gain on sale of real estate of $2.9 million.
(2)  Exclusive of fuel surcharges.
(3)  Long Term portion only.
(4) Operating ratio was calculated by dividing total expenses before interest and taxes by
      revenue from transportation services.
(5) Debt is total liabilities including future income tax obligations.