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Operating Results

(000's omitted)

2009

2008  

2007  

2006 (1)

2005    

Revenue (2)

$343,144

$409,674

$429,183

$399,929

$342,066

EBITDA

$  43,700

$  52,172

$  56,007

$ 52,215 

$  41,106

EBIT

$  27,885

$  36,052

$  39,272

$  36,589

$  29,485

Net Income

$ 22, 953

$  29,512

$  26,225

$ 33,322 

$  27,469

Cash Flow From Operations

$  33,194

$  51,310

$  48,951

$ 49,566 

$  39,571

Financial Position

(000's omitted)

Total Assets

$275,429

$274,592

$270,599

$260,896

$220,532

Long-Term Debt (3)

$  92,171

$  91,204

$  82,553

$  74,914 

$  40,038

Unitholders' Equity

$129,199

$128,454

$128,784

$137,443 

$131,900

Financial Ratios

Operating Ratio (4)

91.9%

91.2%

90.8%

90.9%

91.4%

EBITDA / Revenue

12.7%

12.7%

13.0%

13.0 %

12.0%

Return on Equity

17.8%

22.9%

19.7%

24.7 %

20.3%

Debt to Equity (5)

1.13

1.13

1.1

0.90

0.67

Price Earnings Ratio

9.1

5.8

10.4

10.3 

14.3 

Per Share Value

E.P.S.- Basic

$0.77

$1.01

0.91 

$   1.17 

$  0.98 

Tangible Book Value

$1.68

$1.54

1.54 

$   1.89

$  3.51

Closing Trading Price

$7.00

$5.85

9.44

$ 12.02

$14.06

Share Information

(000's omitted)

Weighted Average # Shares       

-Basic

29,897

29,122

28,826

28,513  

27,980 

Shares
Outstanding at
Year End

29,938

29,619

28,749 

28,688 

28,266 

Stock Options
Outstanding at
Year End

―

2,019

2,029

2,179  

1,331

(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.