SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) /x/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1999 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO ____________ Commission File Number 000-23189 C.H. ROBINSON WORLDWIDE, INC. (Exact name of registrant as specified in its charter) Delaware 41-1883630 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 8100 Mitchell Road, Suite 200, Eden Prairie, Minnesota 55344-2248 (Address of principal executive offices) (Zip Code) (612) 937-8500 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes /x/ No As of October 31, 1999, the number of outstanding shares of the registrant's common stock was 41,174,579.
PART I -- FINANCIAL INFORMATION ITEM 1. Financial Statements C.H. ROBINSON WORLDWIDE, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share amounts) <TABLE> <CAPTION> ASSETS September 30, December 31, 1999 1998 ------------- ------------ (unaudited) <S> <C> <C> CURRENT ASSETS: Cash and cash equivalents $ 99,820 $ 99,341 Available-for-sale securities 30,895 30,730 Receivables, net of allowance for doubtful accounts of $19,377 and $12,412 279,804 221,021 Deferred tax benefit 18,781 12,821 Inventories 3,218 3,488 Prepaid expenses and other 3,662 7,442 ------------- ------------ Total current assets 436,180 374,843 PROPERTY AND EQUIPMENT, net 19,145 19,484 INTANGIBLE & OTHER ASSETS, net 25,223 14,789 ------------- ------------ $ 480,548 $ 409,116 ============= ============ LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES: Accounts payable $ 232,316 $ 192,908 Accrued expenses- Compensation and profit-sharing contribution 24,618 27,481 Income taxes & other 24,725 19,209 ------------- ------------ Total current liabilities 281,659 239,598 STOCKHOLDERS' INVESTMENT: Preferred stock, $0.10 par value, 20,000 shares authorized; none outstanding -- -- Common stock, $0.10 par value; 130,000 shares authorized; 41,265 shares issued, 41,176 and 41,190 shares outstanding 4,118 4,119 Additional paid-in capital 62,073 62,054 Retained earnings 136,326 106,178 Cumulative other comprehensive loss (1,177) (1,145) Treasury stock at cost (89 and 75 shares) (2,451) (1,688) ------------- ------------ Total stockholders' investment 198,889 169,518 ------------- ------------ $ 480,548 $ 409,116 ============= ============ </TABLE> The accompanying notes are an integral part of these condensed consolidated balance sheets. -2-
C.H. ROBINSON WORLDWIDE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Comprehensive Income (In thousands, except per share data) (unaudited) <TABLE> <CAPTION> Three Months Nine Months Ended September 30, Ended September 30, ------------------------ ------------------------- 1999 1998 1999 1998 ----------- ----------- ----------- ----------- <S> <C> <C> <C> <C> GROSS REVENUES $ 593,354 $ 516,181 $ 1,682,052 $ 1,531,042 COST OF TRANSPORTATION AND PRODUCTS 518,351 452,422 1,466,634 1,348,770 ----------- ----------- ----------- ----------- NET REVENUES 75,003 63,759 215,418 182,272 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 52,810 44,826 154,254 131,364 ----------- ----------- ----------- ----------- INCOME FROM OPERATIONS 22,193 18,933 61,164 50,908 INVESTMENT AND OTHER INCOME 1,095 831 3,175 1,961 ----------- ----------- ----------- ----------- INCOME BEFORE PROVISION FOR INCOME TAXES 23,288 19,764 64,339 52,869 PROVISION FOR INCOME TAXES 9,246 7,853 25,543 20,972 ----------- ----------- ----------- ----------- NET INCOME 14,042 11,911 38,796 31,897 OTHER COMPREHENSIVE INCOME (LOSS): Foreign currency translation adjustment 74 (88) (32) (334) ----------- ----------- ----------- ----------- COMPREHENSIVE INCOME $ 14,116 $ 11,823 $ 38,764 $ 31,563 =========== =========== =========== =========== BASIC NET INCOME PER SHARE $ 0.34 $ 0.29 $ 0.94 $ 0.77 DILUTED NET INCOME PER SHARE $ 0.34 $ 0.29 $ 0.94 $ 0.77 BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 41,181 41,203 41,187 41,223 DILUTIVE EFFECT OF OUTSTANDING STOCK OPTIONS 331 89 257 97 ----------- ----------- ----------- ----------- DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 41,512 41,292 41,444 41,320 =========== =========== =========== =========== </TABLE> The accompanying notes are an integral part of these condensed consolidated statements. -3-
C.H. ROBINSON WORLDWIDE INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited) <TABLE> <CAPTION> Nine Months Ended September 30, ---------------------- 1999 1998 ---------- --------- <S> <C> <C> OPERATING ACTIVITIES: Net income $ 38,796 $ 31,897 Adjustments to reconcile net income to net cash provided by operating activities- Depreciation and amortization 7,020 6,274 Deferred income taxes (6,603) (2,692) Loss on sale of assets 7 32 Changes in operating elements- Receivables (44,704) (28,669) Inventories 270 (193) Prepaid expenses and other 3,099 491 Accounts payable 26,883 29,969 Accrued compensation and profit sharing contribution (3,158) (1,230) Accrued income taxes and other 5,394 25,323 ---------- --------- Net cash provided by operating activities 27,004 61,202 INVESTING ACTIVITIES: Purchases of property and equipment (5,013) (4,007) Sales of property and equipment 111 1,857 Sales/maturities of available-for-sale securities 13,116 22,285 Purchases of available-for-sale securities (13,281) (32,578) Other, net (12,065) (3,538) ---------- --------- Net cash used for investing activities (17,132) (15,981) FINANCING ACTIVITIES: Sales of common stock 1,207 1,062 Repurchases of common stock (1,951) (2,575) Cash dividends (8,649) (4,947) ---------- --------- Net cash used for financing activities (9,393) (6,460) ---------- --------- Net increase in cash and cash equivalents 479 38,761 CASH AND CASH EQUIVALENTS, beginning of period 99,341 62,497 ---------- --------- CASH AND CASH EQUIVALENTS, end of period $ 99,820 $ 101,258 ========== ========= </TABLE> The accompanying notes are an integral part of these condensed consolidated statements.
C.H. ROBINSON WORLDWIDE INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. General: Basis of Presentation C.H. Robinson Worldwide, Inc. and its Subsidiaries (the "Company," "we," "us," or "our") is a global provider of multimodal transportation services and logistic solutions through a network of 130 branch offices in 38 states throughout the United States, along with offices in Canada, Mexico, Belgium, the United Kingdom, France, Spain, Germany, Italy, Poland, Brazil, Argentina and Venezuela. The condensed consolidated financial statements include the accounts of C.H. Robinson Worldwide, Inc. and its majority owned and controlled subsidiaries. Minority interests in subsidiaries are not significant. All significant intercompany transactions and balances have been eliminated in the condensed consolidated financial statements. The condensed consolidated financial statements which are unaudited have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In management's opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for the nine months ended September 30, 1999 and 1998 are not necessarily indicative of results to be expected for the entire year. Pursuant to SEC rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from these statements. The condensed consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K.
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the Company's Condensed Consolidated Financial Statements and Notes thereto. General Gross revenues represent the total dollar value of services and goods we sell to our customers. Our costs of transportation and products include the direct costs of transportation, including motor carrier, railroad, ocean, air, and other costs, and the purchase price of the products we source. We act principally as a service provider to add value and expertise in the execution and procurement of these services for our customers. Our net revenues (gross revenues less cost of transportation and products) are the primary indicator of our ability to source, add value and resell services and products that are provided by third parties, and are considered by management to be our primary measurement of growth. Accordingly, the discussion of results of operations below focuses on the changes in our net revenues. In the transportation industry, results of operations generally show a seasonal pattern as customers reduce shipments during and after the winter holiday season. Seasonality in the transportation industry has not had a significant impact on our results of operations or our cash flows in recent years. Also, inflation has not materially affected our operations due to the short-term, transactional basis of our business. However, we cannot fully predict the impact seasonality and inflation may have in the future. Results of Operations The following table summarizes net revenues by service line: <TABLE> <CAPTION> Three Months Ended Nine Months Ended September 30, September 30, ----------------------------- ------------------------------- 1999 1998 % change 1999 1998 % change --------- -------- -------- --------- --------- -------- <S> <C> <C> <C> <C> <C> <C> Net revenues (in thousands) Transportation $ 58,787 $ 49,036 19.9% $ 170,365 $ 139,261 22.3% Sourcing 11,737 11,451 2.5% 33,176 34,734 (4.5)% Information services 4,479 3,272 36.9% 11,877 8,277 43.5% ----------------------------- ------------------------------- Total $ 75,003 $ 63,759 17.6% $ 215,418 $ 182,272 18.2% ============================= =============================== </TABLE> The following table represents certain income statement data shown as percentages of our net revenues: <TABLE> <CAPTION> Three Months Ended Nine Months Ended September 30, September 30, -------------------- --------------------- 1999 1998 1999 1998 ---------- -------- --------- --------- <S> <C> <C> <C> <C> Net revenues 100.0% 100.0% 100.0% 100.0% Selling, general and administrative expenses 70.4% 70.3% 71.6% 72.1% -------------------- -------------------- Income from operations 29.6% 29.7% 28.4% 27.9% Investment and other income 1.4% 1.3% 1.5% 1.1% -------------------- -------------------- Income before provision for income taxes 31.0% 31.0% 29.9% 29.0% Provision for income taxes 12.3% 12.3% 11.9% 11.5% -------------------- --------------------- Net income 18.7% 18.7% 18.0% 17.5% ==================== ===================== </TABLE>
Three Months Ended September 30, 1999 Compared to Three Months Ended September 30, 1998 Revenues. Gross revenues for the three months ended September 30, 1999 were $593.4 million, an increase of 15.0% over gross revenues of $516.2 million for the three months ended September 30, 1998. Net revenues for the three months ended September 30, 1999 were $75.0 million, an increase of 17.6% over net revenues of $63.8 million for the three months ended September 30, 1998 resulting from an increase in transportation services net revenues of 19.9% to $58.8 million, an increase in sourcing net revenues of 2.5% to $11.7 million, and an increase in information services net revenues of 36.9% to $4.5 million. Our net revenues are increasing at a faster rate than our gross revenues due to the different growth rates in the mix of our service lines. Our information services net revenues as a percentage of their gross revenues is highest of our three lines, followed by our transportation business and finally our sourcing business. The increase in transportation net revenues resulted primarily from an increase in our truck transportation, including our short haul and less-than- truckload business. The increase in transaction volume was driven by significant expansion of business with current customers and from new domestic and international customers. Our truck margins decreased due primarily to equipment supply constraints in the marketplace. Sourcing net revenues increased by 2.5% consistent with our long term growth rates. Our growth in this line is primarily related to our existing customer base. The increase in information services net revenues was the result of significant growth in transaction volume with our existing customers. Additionally, during the fourth quarter of 1998, we added many new customers to our portfolio which contributed to the current growth. Selling, General and Administrative Expenses. Selling, general and administrative expenses for the three months ended September 30, 1999 were $52.8 million, an increase of 17.8% over $44.8 million for the three months ended September 30, 1998. This increase was primarily due to increased costs associated with our growth. Selling, general and administrative expenses as a percentage of net revenues increased slightly to 70.4% for the three months ended September 30, 1999 compared to 70.3% for the three months ended September 30, 1998. Income from Operations. Income from operations was $22.2 million for the three months ended September 30, 1999, an increase of 17.2% over $18.9 million for the three months ended September 30, 1998. Income from operations as a percentage of net revenues was 29.6% and 29.7% for the three months ended September 30, 1999 and 1998. Investment and Other Income. Investment and other income was $1.1 million for the three months ended September 30, 1999, an increase of 31.8% from $831,000 for the three months ended September 30, 1998. Our cash and investments as of September 30, 1999 increased $8.7 million over the balance as of September 30, 1998 as a result of our operations. Provision for Income Taxes. The effective income tax rates from operations were 39.7% and 39.7% for the three months ended September 30, 1999 and 1998. The effective income tax rate for both periods is greater than the statutory federal income tax rate primarily due to state income taxes, net of federal benefit. Net Income. Net income was $14.0 million for the three months ended September 30, 1999, an increase of 17.9% over $11.9 million for the three months ended September 30, 1998. Net income per share increased by 17.2% to $0.34 (basic and diluted) for the three months ended September 30, 1999 compared to $0.29 (basic and diluted) for the three months ended September 30, 1998. Nine Months Ended September 30, 1999 Compared to Nine Months Ended September 30, 1998 Revenues. Gross revenues for the nine months ended September 30, 1999 were $1.68 billion, an increase of 9.9% over gross revenues of $1.53 billion for the nine months ended September 30, 1998. Net revenues for the nine months ended September 30, 1999 were $215.4 million, an increase of 18.2% over net revenues of $182.3 million for the nine months ended September 30, 1998 resulting from an increase in transportation services net
revenues of 22.3% to $170.4 million, a decrease in sourcing net revenues of 4.5% to $33.2 million, and an increase in information services net revenues of 43.5% to $11.9 million. Our net revenues are increasing at a faster rate than our gross revenues due to the different growth rates in the mix of our service lines. Our information services net revenues as a percentage of their gross revenues is highest of our three lines, followed by our transportation business and finally our sourcing business . The increase in transportation net revenues resulted primarily from an increase in our truck transportation, including our short haul and less-than- truckload business. The increase in transaction volume was driven by significant expansion of business with current customers and from new domestic and international customers. Sourcing net revenues decreased by 4.5% due principally to the abnormal growth of 17.9% shown in the first nine months of 1998 as compared to the first nine months of 1997. Adverse weather conditions in major produce growing areas in the first nine months of 1998 coupled with the strength of our branch network and relationships with produce growers worldwide provided us with sources of produce in this challenging market. This provided growth to both our number of transactions and our profit per transaction. No similar conditions existed in the first nine months of 1999. The increase in information services net revenues was the result of significant growth in transaction volume with our existing customers. Additionally, during the fourth quarter of 1998, we added many new customers to our portfolio which contributed to the current growth. Selling, General and Administrative Expenses. Selling, general and administrative expenses for the nine months ended September 30, 1999 were $154.3 million, an increase of 17.4% over $131.4 million for the nine months ended September 30, 1998. This increase was primarily due to increased costs associated with our growth. Selling, general and administrative expenses as a percentage of net revenues decreased to 71.6% for the nine months ended September 30, 1999 compared to 72.1% for the nine months ended September 30, 1998. This decrease is due primarily to a reduction in personnel expenses as a percentage of net revenues resulting from efficiency gains and our compensation structure. Our personnel expenses as a percentage of net revenues have historically been highest in the first quarter of the year, with declining percentages each quarter thereafter as a result of our compensation structure. With the continued growth in our profitability, these declining percentages have been slightly accelerated. We can not be certain that these trends will continue in the future. Income from Operations. Income from operations was $61.2 million for the nine months ended September 30, 1999, an increase of 20.1% over $50.9 million for the nine months ended September 30, 1998. Income from operations as a percentage of net revenues was 28.4% and 27.9% for the nine months ended September 30, 1999 and 1998. Investment and Other Income. Investment and other income was $3.2 million for the nine months ended September 30, 1999, an increase of 61.9% from $2.0 million for the nine months ended September 30, 1998. Our cash and investments as of September 30, 1999 increased $8.7 million over the balance as of September 30, 1998 as a result of our operations. Provision for Income Taxes. The effective income tax rates from operations were 39.7% and 39.7% for the nine months ended September 30, 1999 and 1998. The effective income tax rate for both periods is greater than the statutory federal income tax rate primarily due to state income taxes, net of federal benefit. Net Income. Net income was $38.8 million for the nine months ended September 30, 1999, an increase of 21.6% over $31.9 million for the nine months ended September 30, 1998. Net income per share increased by 21.6% to $0.94 (basic and diluted) for the nine months ended September 30, 1999 compared to $0.77 (basic and diluted) for the nine months ended September 30, 1998. Liquidity and Capital Resources We have historically generated substantial cash from operations which has enabled us to fund our growth while paying cash dividends and repurchasing stock. Cash and cash equivalents totaled $99.8 million and $99.3 -8-
million and available-for-sale securities totaled $30.9 million and $30.7 million as of September 30, 1999 and December 31, 1998. Working capital at September 30, 1999 and December 31, 1998 totaled $154.5 million and $135.2 million. We have had no long-term debt for the last five years and have no material commitments for future capital expenditures. The conversion to the euro has not had a material business or financial impact on us, and we don't expect any material business or financial impacts to occur in the foreseeable future. We generated $27.0 million of positive cash flow from operating activities for the nine months ended September 30, 1999. This was due to net income generated, offset by increases in our receivables and accounts payable resulting from our growth. We used $17.1 million net of cash and cash equivalents for investing activities, resulting from $13.1 million generated by sales and maturities of available-for-sale securities, $13.3 million spent on purchases of available-for-sale securities, $12.1 million spent for acquisitions and other investing activities, and $5.0 million to fund capital expenditures necessary for continued growth. We also used $9.4 million of cash and cash equivalents for financing activities, primarily to pay quarterly cash dividends. We have declared a $0.07 per share dividend payable to shareholders of record as of September 10, 1999 payable on October 1, 1999. Assuming no change in our current business plan, management believes that our available cash, together with expected future cash generated from operations, are expected to be sufficient to satisfy our anticipated needs for working capital, capital expenditures and cash dividends for all future periods. During 1999, the Board of Directors authorized a stock repurchase program under which up to two million shares of our common stock may be repurchased. In addition, we have $17.5 million available under our two existing lines of credit, both with interest rates of 6.4%, as of September 30, 1999. The lines of credit renew annually and do not restrict the payment of dividends. There were no borrowings under the lines of credit during the nine months ended September 30, 1999 or during 1998. We expect to be able to renew these lines of credit in the future. Impact of Year 2000 We have completed an assessment of our compliance with Year 2000 issues and have modified or replaced portions of our hardware and software so that our computer systems will function properly with respect to dates after December 31, 1999. We have performed testing of these modifications and the rest of our existing systems to ensure the systems are Year 2000 compliant. This testing included running test transactions with dates beyond December 31, 1999 through our systems to ensure our daily, monthly and yearly processes accept the transactions, process and store them, and allow for extraction of the transaction data as needed to operate our business and generate our internal and external financial information. In addition, we do not anticipate any disruptions to be caused by embedded circuitry in our operational systems. We are not aware of any material relationships with any customer, produce supplier or transportation carrier that would have a material impact on our business, results of operations or financial condition in the instance that these third parties would have material systems interruptions as a result of the Year 2000 situation. We have no single third party relationship that accounts for more than 6% of our business. Although we believe we have internally addressed our risks and have not discovered any material exposure with our third party relationships, there are inherent risks that we may not meet our objectives by December 31, 1999 or that unforeseen circumstances may arise. We could experience business interruption in the event our systems would be unable to process information or would process information incorrectly. Additionally, we could suffer loss of business if a number of our third party relationships, taken together, would have similar problems. It is impossible to fully assess the potential consequences in the event there are disruptions in such infrastructure areas as utilities, communications, transportation, banking and government. Any such business interruption could have a material adverse effect on our results of operations, liquidity, and financial condition depending on the duration and severity of the interruption. We are in the final stages of developing contingency plans on our significant systems and applications in the event we are unable to complete remediation efforts or unidentified problems develop. We are using primarily internal resources for system modifications and testing. Total costs we have incurred, plus costs we plan to incur for programming, testing, purchase of Year 2000 testing software, and outside consultant costs are expected to be in the range of $500,000 to $600,000. The actual cost could exceed this estimate. These costs, however, are not expected to have a material effect on our financial condition, results of -9-
operations or cash flows. We have incurred and expensed approximately $500,000 as of September 30, 1999. All system modification costs are being expensed as incurred. ITEM 3. Quantitative and Qualitative Disclosures About Market Risk We had approximately $130.7 million of cash and investments on September 30, 1999, approximately $99.8 million of which were cash and cash equivalents and $30.9 million of which were available for sale (non-trading) securities. Substantially all of the cash equivalents and available for sale securities are investment grade, fixed income securities from domestic issuers. Because of the credit risk criteria of our investment policy, the primary market risk associated with these investments is interest rate risk. We do not use derivative financial instruments to manage interest rate risk or to speculate on future changes in interest rates. A rise in interest rates could negatively affect the fair value of our investments. We also conduct business in foreign currencies and at times we enter into forward contracts to hedge against foreign currency exposure. There were no such contracts outstanding during the nine months ended September 30, 1999. We also have inventory which is subject to certain commodity price volatility, and we sometimes choose to hedge our positions with futures and options. We believe a reasonable near-term change in foreign currency exchange rates or commodity prices would not have a material impact on our future earnings or cash flows because the amount of our inventory and foreign currency exposure is not material. Cautionary Statement Relevant to Forward-Looking Information Our discussions and analysis of our financial condition and results of operations, including our Year 2000 and market risk discussions, contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our expectations or beliefs, including, but not limited to, our current assumptions about future financial performance, anticipated problems, estimated Year 2000 costs and our plans for future operations, which are subject to various risks and uncertainties. When used in this Form 10-Q and in future filings by the Company with the Securities and Exchange Commission, in our press releases, presentations to securities analysts or investors, in oral statements made by or with the approval of an executive officer of the Company, the words or phrases "believes," "may," "will," "expects," "should," "continue," "anticipates," "intends," "will likely result," "estimates," "projects" or similar expressions and variations thereof are intended to identify such forward-looking statements. However, any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors, including those described in Exhibit 99 to our Form 10-K filed with the Securities and Exchange Commission with respect to the fiscal year ended December 31, 1998. PART II -- OTHER INFORMATION ITEM 1. Legal Proceedings In accordance with reporting requirements promulgated by the Securities and Exchange Commission, the Company has no new information to report regarding legal proceedings for this Quarterly Report on Form 10-Q. ITEM 2. Changes in Securities and Use of Proceeds None. ITEM 3. Defaults Upon Senior Securities None. -10-
ITEM 4. Submission of Matters to a Vote of Security Holders None. ITEM 5. Other Information None. ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter ended September 30, 1999. -11-
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. Date: November 9, 1999 C.H. ROBINSON WORLDWIDE, INC. By /s/ D.R. Verdoorn -------------------------------- D.R. Verdoorn Chief Executive Officer By /s/ Chad Lindbloom -------------------------------- Chad Lindbloom Controller (principal accounting officer) -12-
EXHIBIT INDEX Exhibit No. Description - ---------- ----------- 27 Financial Data Schedule -13-