Hunt J B Transport Services Inc 8-K, filed Mar 26, 2020
Hunt J B Transport Services Inc (JBHT)
About this 8-K
Hunt J B Transport Services Inc filed this 8-K on March 26, 2020, reporting on events of March 23, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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ITEM 7.01 REGULATION FD DISCLOSURE
On March 23, 2020, we issued a news release announcing we would provide a one-time bonus of $500 for employee drivers and certain personnel at field operations and customer facilities supporting the drivers who have kept the country’s freight moving during the COVID-19 pandemic. Accordingly, we will incur a $12.3 million pre-tax charge in the first quarter 2020 in salaries, wages and employee benefits related to these bonuses. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference.
In addition, during the first quarter 2020, we will record an $8.2 million pre-tax accrual related to our adjusted calculation of the revenue divisions owed to BNSF Railway Company for 2019 under the final award in our arbitration with BNSF, which is recorded in rents and purchased transportation expense.
Also, in the first quarter 2020, we expect to record $3.4 million of additional stock compensation expense in salaries, wages and employee benefits, related to the acceleration of equity award vesting for two executive vice presidents due to their retirements.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Exhibits. |
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99.1 |
News release dated March 23, 2020, issued by J.B. Hunt Transport Services, Inc. |
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104 |
Cover Page Interactive Data File(embedded within the Inline XBRL Document) |
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 on the 26th day of March 2020.
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J.B. HUNT TRANSPORT SERVICES, INC. |
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BY: |
/s/ John N. Roberts, III |
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John N. Roberts, III |
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President and Chief Executive Officer |
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| (Principal Executive Officer) | |||
| BY: | /s/ John Kuhlow | ||
| John Kuhlow | |||
| Senior Vice President, Controller, Chief | |||
| Accounting Officer, and Interim Chief | |||
| Financial Officer | |||
| (Principal Financial Officer) | |||
Exhibit 99.1
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J.B. Hunt Transport Services, Inc. 615 J.B. Hunt Corporate Drive Lowell, Arkansas 72745 |
Contact: |
A. Brad Delco Vice President – Finance & Investor Relations 479.820.2723(O) www.jbhunt.com |
FOR IMMEDIATE RELEASE
J.B. HUNT PROVIDES BONUSES IN APPRECIATION OF COVID-19 RESPONSE EFFORTS
LOWELL, Ark., March 23, 2020 –J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT), one of the largest supply chain solutions providers in North America, today announced that J.B. Hunt Transport, Inc. will provide a one-time bonus of $500 for drivers and personnel at field operations and customer facilities supporting the drivers who have kept the country’s freight moving during the COVID-19 pandemic.
“All of our employees have gone above and beyond the call to action during this crisis. And nearly all of our field-level, front-line employees and certainly all of our drivers are required in person and have upheld the high standards of our company. They have kept pace with the evolving supply chain needs of our customers in the face of great uncertainty,” said John Roberts, president and CEO of J.B. Hunt. “These bonuses serve as a token of our appreciation for their service and hard work during these unprecedented times.”
The bonus will be available to eligible employee drivers, as well as field employees and managers in terminals, intermodal ramps, maintenance shops, Dedicated Contract Service account locations, and Final Mile distribution centers who directly support drivers. The bonus will be paid on March 27.
J.B. Hunt has taken several precautions to prevent the spread of COVID-19. Earlier this month the company issued a directive to work from home until at least April 3, 2020, for employees whose on-site presence is not required to perform their work. J.B. Hunt has also established internal protocols around travel restrictions, self-quarantining, social distancing, and other safety precautions. The company is providing employees with hand sanitizer and gloves and established an emergency COVID-19 paid time off policy for employees who are unable to work due to the illness or quarantine.
“The safety and health of all J.B. Hunt employees and their families are of the utmost importance to us. We are very grateful for their dedication to ensure critical supplies reach their destination in these challenging times,” added Roberts.
About J.B. Hunt
J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, final mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.