Hub Group Reports 17% Revenue Decline

Hub Group repored income for the quarter ended March 31, 2009 of $6.2 million. Revenue for the group was down 17% to $352 million compared with the first quarter 2008. Intermodal volumes declined 5%and the company reported a 14% decline related mostly to fuel.

Truck brokerage revenue dropped 24% to $68 million for the quarter, according to the company. However, logistics revenue increased 18% to $38 million.

The company generated $29 million of cash flow from operations and ended the quarter with $113 million in cash.

“We are pleased that we have been able to maintain our market share and generate strong cash flow, despite the challenging freight market," said David P. Yeager, chairman and chief executive officer. "We remain focused on providing excellent service to our customers as we drive multiple initiatives to improve efficiency and increase productivity. We are confident that we have the right strategy and team to weather this current economic downturn and thrive when conditions improve."

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