Walter Luce, the CEO of Landstar Development Group Inc (OTCMKTS:LSDC) announced that the company contracted with Heptagon Seven to progress with the key projects that are in process. He analyzed the performance of several companies that specialized in the senior housing sector and after due diligence selected Heptagon Seven. The reason behind selection was Heptagon’s association with Otak Corporation. The firm has extensive experience and expertise operating in the senior housing space. It has been involved in several large scale projects completed on the west coast.
Landstar stated that integrity, skill and creativity are the three key principles that have supported Otak’s efforts to become an award winning engineering, architecture, and planning firm. The employees have a strong background in technology and management and are accomplished in their field of expertise. The company has been recognized both nationally and regionally for the nixed-use projects, landscape architecture, transit and transportation work and civil engineering. It is the prime reason Landstar has selected Heptagon Seven to advance with underway projects.
The financial performance
Landstar Development Group Inc (OTCMKTS:LSDC) has been making right decisions related to its operations. It was evident in the last financial numbers when the company announced 4Q2014 revenue of $863 million. It beat the estimated revenue of $820 million-$840 million. The diluted earnings came at $0.86 per share much better than the guidance of $0.79 to $0.82. The company recorded a robust demand for transportation services in fiscal. The operating income came at $61.1 million in 4Q2014.
Landstar 4Q2014 revenue and diluted EPS surged 25% and 56%, respectively from 4Q2013. The growth in 4Q was recorded across the various geographic locations, and other industry segments. A large part of revenue, almost 40% came from the top hundred clients.
In last trading session, the stock price of Landstar jumped 12.85% to close at $0.101 on share volume of 1.30 million.