Operating income decreased 48.3% year over year to $2.8 million due to a decline in gross profit margin and increased personnel expenses. On a year-over-year basis, the carrier base rose 8% and employee count grew 14.5%. Liquidity At the end of the third quarter, cash and cash equivalents increased to $5.9 million from $5.6 million at year-end 2012. Total debt was $687 million compared with $685.0 million at the end of 2012. Capital expenditures for the first nine months of 2013 were $333.6 million against $279.0 million at the end of the comparable period of last year. Share Repurchase As of Sep 30, 2013, the company had approximately $388 million worth of shares remaining under its repurchase authorization. Our Analysis Looking ahead, we expect the company to reap benefits from its unique intermodal network and secular growth of the dedicated business segment. J.B. Hunt enjoys a leading market position, and operates with high-class systems and advance technologies.