Long Term Financial Needs
Long-Term Financial Needs FIN/486
International Finance Paper Huffman Trucking has adjusted to the needed changes in our industry. They were able to double their fleet within the first 10 years of business and it proves their dedication and to the success of this business. The company has continued to advance in technology and is able to stay competitive and to move into different regions with ease. Huffman Trucking’s vision is to remain competitive with other trucking companies by offering the lowest prices, providing quality services, and to continue to grow financially over the next few years.
Balance Sheet and Income Statement
Taking pride in our customers is Huffman’s main goal and we will continue to reach out to key customers and maintain a strong relationship with them. Utilizing large cities throughout the United States gives us a huge advantage over our competitors. Keeping up with upgrades and top of the line equipment has caused Huffman to be recognized as a top player in the trucking industry. Reviewing all financial data has helped to see that we are taking this market by leaps and bounds but we can always be better. The balance sheet and the income statement below will give a better description of how well the company is improving year over year.
Income Statement
2012
2011
Revenue
$1,198,039
$1,109,295
Operating Expenses
Salaries, Wages & Benefits
$438,686
$406,191
Fuel Expense
$344,236
$318,737
Operating Supplies and Expenses
$127,084
$117,670
Purchased Transportation
$149,191
$138,140
Operating Taxes & Licenses
$20,556
$19,033
Insurance & Claims
$12,955
$11,995
Provision for Depreciation
$3,250
$3,009
Total Operating Expenses
$1,095,958
$1,014,775
Operating Income from Continuing Operations
$102,081
$94,520
Interest Expense
$489
$466
Tax Expense
$41,864
$34,887
Net Income
$60,217
$59,167
2011
International Finance Paper Huffman Trucking has adjusted to the needed changes in our industry. They were able to double their fleet within the first 10 years of business and it proves their dedication and to the success of this business. The company has continued to advance in technology and is able to stay competitive and to move into different regions with ease. Huffman Trucking’s vision is to remain competitive with other trucking companies by offering the lowest prices, providing quality services, and to continue to grow financially over the next few years.
Balance Sheet and Income Statement
Taking pride in our customers is Huffman’s main goal and we will continue to reach out to key customers and maintain a strong relationship with them. Utilizing large cities throughout the United States gives us a huge advantage over our competitors. Keeping up with upgrades and top of the line equipment has caused Huffman to be recognized as a top player in the trucking industry. Reviewing all financial data has helped to see that we are taking this market by leaps and bounds but we can always be better. The balance sheet and the income statement below will give a better description of how well the company is improving year over year.
Income Statement
2012
2011
Revenue
$1,198,039
$1,109,295
Operating Expenses
Salaries, Wages & Benefits
$438,686
$406,191
Fuel Expense
$344,236
$318,737
Operating Supplies and Expenses
$127,084
$117,670
Purchased Transportation
$149,191
$138,140
Operating Taxes & Licenses
$20,556
$19,033
Insurance & Claims
$12,955
$11,995
Provision for Depreciation
$3,250
$3,009
Total Operating Expenses
$1,095,958
$1,014,775
Operating Income from Continuing Operations
$102,081
$94,520
Interest Expense
$489
$466
Tax Expense
$41,864
$34,887
Net Income
$60,217
$59,167
2011