1. RKJ Partners, LLC: Weekly M&A
Market Summary
JULY 30, 2012
RKJ Partners, LLC (“RKJ”) is pleased to present our weekly M&A market
RKJ Partners, LLC is an update. RKJ’s weekly update will spotlight three of our core industries:
Atlanta, Georgia based Business Process Outsourcing, Government Services and Transportation/
investment banking firm Logistics.
designed to specifically assist
lower middle-market growth
companies in executing BUSINESS PROCESS OUTSOURCING (“BPO”)INDUSTRY
transactions between $2MM
to $75MM. The BPO industry has continued to grow global strength. The TPI index, a
measure of outsourcing contracts, showed a 7% increase in 2Q 2012. The
Philippines has generated recent buzz in the market, with a report indicating
that it could posses 10% of the global BPO market share.
Highlights – Recent Deals:
 Harland Clarke raised $235 million in private placement
 Racemi raised $7 million in series B round of funding
 Data Dimensions acquired Data Exchange Center
 Frontier Capital invested $15 Million in iMapData
CYRIL JONES
Managing Partner
cyril@rkjpartners.com
GOVERNMENT SERVICES INDUSTRY
Deal volume declined in 2Q 2012, with 18 announced transactions (down from
GREGORY FICKLIN
24). This trend was fueled by continued federal budget cuts. However, several
Managing Partner
specific sectors such as healthcare IT and cybersecurity are expected to
greg@rkjpartners.com
outperform the industry average. There is a continued shift from large company
acquisitions towards middle market acquisitions.
ADAM GOLDFARB
Highlights – Recent Deals:
Analyst
 GTCR acquired CAMP Systems International
adam@rkjpartners.com
 CACI International, Inc. acquired IE Discovery, Inc.
 CGI Group, Inc. acquired Logica plc
 Cardno to purchase EM-Assist for up to $14.25 million
TRANSPORTATION/LOGISTICS INDUSTRY
Trends are positive, and deal activity has been driven by companies looking to
expand presence in new segments of the market. Smaller companies have
made up the bulk of deal volume, with a higher average multiplier to show for
it. The U.S. senate rejected the Bonus Depreciation bill, which was backed by
the American Trucking Associations. Many of the larger public transportation
RKJ PARTNERS, LLC and logistics companies reported positive 2Q results.
4514 Chamblee Dunwoody Rd.
Suite 170 Highlights – Recent Deals:
Atlanta, Georgia 30338  Universal Truckload Services announced its plan to purchase LINC for
p. 404.963.8592 $335 Million.
f. 404.920.2159
 EPES Logistics acquired Meredith Transport
www.rkjpartners.com
 Titan Transfer acquired assets of USA Cartage
 A & S Services acquired assets of Kinard Trucking

2. RKJ PARTNERS, LLC
TRADING COMPARABLE ANALYSIS – STOCK PRICES AS OF JULY 27, 2012
Closing
Price Shares Market Enterprise Last 12-M onth Period Enterprise Value to
Truckload Carriers Ticker 07/27/12 O/S Cap Value Revenue EBITDA Net Inc. Revenue EBITDA Net Inc.
Celadon Group, Inc. CGI $ 14.54 22,350.0 $ 324,969.0 $ 526,594.0 $ 581,100.0 $ 61,090.0 $ 15,262.0 0.9 x 8.6 x 34.5 x
Covenant Transport CVTI 4.90 14,720.0 72,128.0 71,990.0 651,700.0 67,240.0 (14,267.0) 0.1 x 1.1 x NM
Frozen Food Express FFEX 1.45 17,580.0 25,491.0 57,841.0 378,670.0 (17,490.0) (36,670.0) 0.2 x NM NM
Heartland Express, Inc. HTLD 14.16 86,180.0 1,220,308.8 1,009,568.8 538,280.0 137,890.0 69,932.0 1.9 x 7.3 x 14.4 x
J.B. Hunt Transport Svcs. JBHT 55.35 117,550.0 6,506,392.5 7,179,962.5 4,800,000.0 717,050.0 257,006.0 1.5 x 10.0 x 27.9 x
Knight Transportation KNX 15.38 79,680.0 1,225,478.4 1,272,638.4 907,040.0 181,760.0 60,248.0 1.4 x 7.0 x 21.1 x
Landstar Systems LSTR 49.78 46,950.0 2,337,171.0 2,389,951.0 2,730,000.0 218,460.0 113,007.0 0.9 x 10.9 x 21.1 x
Marten Transport Ltd. MRTN 17.54 22,070.0 387,107.8 381,857.8 623,130.0 101,100.0 24,285.0 0.6 x 3.8 x 15.7 x
P.A.M. Transportation Services PTSI 9.75 8,700.0 84,825.0 136,885.0 370,370.0 35,040.0 (2,857.0) 0.4 x 3.9 x NM
Quality Distribution QLTY 10.01 24,540.0 245,645.4 527,845.4 759,960.0 72,830.0 23,431.0 0.7 x 7.2 x 22.5 x
Sw ift Transportation SWFT 8.40 139,520.0 1,171,968.0 2,791,838.0 3,420,000.0 539,450.0 90,550.0 0.8 x 5.2 x 30.8 x
Universal Truckload Services Inc. UACL 15.41 15,500.0 238,855.0 221,075.0 717,990.0 37,670.0 15,813.0 0.3 x 5.9 x 14.0 x
USA Truck Inc. USAK 4.21 10,300.0 43,363.0 169,433.0 509,580.0 21,210.0 (10,777.0) 0.3 x 8.0 x NM
Werner Enterprises Inc. WERN 23.23 72,870.0 1,692,770.1 1,674,590.1 2,040,000.0 315,300.0 102,757.0 0.8 x 5.3 x 16.3 x
Max 1.9 x 10.9 x 34.5 x
Min 0.1 x 1.1 x 14.0 x
Mean 0.8 x 6.5 x 21.9 x
Median 0.8 x 7.0 x 21.1 x
Closing
Price Shares Market Enterprise Last 12-M onth Period Enterprise Value to
LTL Carriers Ticker 07/27/12 O/S Cap Value Revenue EBITDA Net Inc. Revenue EBITDA Net Inc.
Arkansas Best Corporation ABFS $ 11.80 25,460.0 $ 300,428.0 $ 192,468.0 $ 1,910,000.0 $ 82,700.0 $ 6,159.0 0.1 x 2.3 x 31.2 x
Con-Way Inc. CNW 35.66 55,810.0 1,990,184.6 2,376,404.6 5,410,000.0 407,040.0 88,443.0 0.4 x 5.8 x 26.9 x
Frozen Food Express FFEX 1.45 17,580.0 25,491.0 57,841.0 378,670.0 (17,490.0) (36,670.0) 0.2 x NM NM
Forw ard Air Corp. FWRD 34.02 28,910.0 983,518.2 915,301.2 569,410.0 103,580.0 47,199.0 1.6 x 8.8 x 19.4 x
Old Dominion Freight Lines Inc. ODFL 42.54 57,440.0 2,443,497.6 2,647,477.6 1,960,000.0 345,610.0 139,470.0 1.4 x 7.7 x 19.0 x
Roadrunner Transportation Svcs. RRTS 17.56 30,820.0 541,199.2 683,294.2 909,040.0 61,460.0 25,871.0 0.8 x 11.1 x 26.4 x
Saia, Inc. SAIA 22.51 15,850.0 356,783.5 443,173.5 1,060,000.0 75,220.0 11,373.0 0.4 x 5.9 x 39.0 x
Vitran Corp. VTNC 4.64 16,400.0 76,096.0 162,806.0 832,170.0 4,220.0 (14,013.0) 0.2 x 38.6 x NM
YRC Worldw ide YRCW 5.45 7,670.0 41,801.5 1,215,471.5 4,940,000.0 71,000.0 (409,311.0) 0.2 x 17.1 x NM
Max 1.6 x 38.6 x 39.0 x
Min 0.1 x 2.3 x 19.0 x
Mean 0.6 x 12.2 x 27.0 x
Median 0.4 x 8.2 x 26.6 x
Closing
Price Shares Market Enterprise Last 12-M onth Period Enterprise Value to
Non-Asset Based Logsitics Ticker 07/27/12 O/S Cap Value Revenue EBITDA Net Inc. Revenue EBITDA Net Inc.
CH Robinson Worldw ide Inc. CHRW $ 53.35 161,890.0 $ 8,636,831.5 $ 8,396,201.5 $ 10,770,000.0 $ 744,790.0 $ 431,612.0 0.8 x 11.3 x 19.5 x
Echo Global Logistics ECHO 17.92 22,750.0 407,680.0 359,598.3 641,890.0 23,930.0 12,048.0 0.6 x 15.0 x 29.8 x
Expeditors International of Washington, Inc. EXPD 36.06 212,400.0 7,659,144.0 6,229,144.0 6,100,000.0 640,170.0 385,679.0 1.0 x 9.7 x 16.2 x
Hub Group, Inc. HUBG 29.90 37,770.0 1,129,323.0 1,050,000.0 3,030,000.0 128,190.0 58,178.0 0.3 x 8.2 x 18.0 x
Landstar System Inc. LSTR 49.78 46,950.0 2,337,171.0 2,389,951.0 2,730,000.0 218,460.0 113,007.0 0.9 x 10.9 x 21.1 x
Pacer International PACR 4.07 34,990.0 142,409.3 123,309.3 1,470,000.0 27,700.0 13,900.0 0.1 x 4.5 x 8.9 x
UTi Worldw ide, Inc. UTIW 13.53 103,580.0 1,401,437.4 1,485,957.4 4,860,000.0 213,340.0 72,533.0 0.3 x 7.0 x 20.5 x
Max 1.0 x 15.0 x 29.8 x
Min 0.1 x 4.5 x 8.9 x
Mean 0.6 x 9.5 x 19.1 x
Median 0.6 x 9.7 x 19.5 x

3. RKJ PARTNERS, LLC
TRADING COMPARABLE ANALYSIS – STOCK PRICES AS OF JULY 27, 2012
Closing
Price Shares Market Enterprise Last 12-M onth Period Enterprise Value to
Governm ent Services Ticker 07/27/12 O/S Cap Value Revenue EBITDA Net Inc. Revenue EBITDA Net Inc.
SAIC, Inc. SAI $ 11.16 341,580.0 $ 3,812,032.8 $ 4,492,032.8 $ 10,680,000.0 $ 421,000.0 $ 59,000.0 0.4 x 10.7 x 76.1 x
Booz Allen Hamilton Inc. BAH 16.89 132,420.0 2,236,573.8 2,717,623.8 5,860,000.0 478,300.0 239,955.0 0.5 x 5.7 x 11.3 x
CACI International Inc. CACI 56.60 26,630.0 1,507,258.0 2,031,588.0 3,790,000.0 356,640.0 144,218.0 0.5 x 5.7 x 14.1 x
NCI, Inc. NCI 11.61 51,840.0 601,862.4 788,492.4 712,490.0 105,340.0 41,130.0 1.1 x 7.5 x 19.2 x
ManTech International Corporation MANT 21.88 36,910.0 807,590.8 888,310.8 2,850,000.0 288,260.0 133,306.0 0.3 x 3.1 x 6.7 x
ICF International Inc. ICFI 24.98 19,910.0 497,351.8 643,791.8 873,670.0 82,580.0 34,865.0 0.7 x 7.8 x 18.5 x
Kratos Defense & Security Solutions, Inc KTOS 5.77 52,510.0 302,982.7 881,202.7 815,300.0 99,500.0 24,200.0 1.1 x 8.9 x 36.4 x
The KEYW Holding Corporation KEYW 11.16 25,550.0 285,138.0 344,538.0 204,700.0 21,370.0 535.0 1.7 x 16.1 x 644.0 x
Dynamics Research Corp. DRCO 5.90 10,280.0 60,652.0 175,832.0 338,940.0 39,140.0 11,457.0 0.5 x 4.5 x 15.3 x
Max 1.7 x 16.1 x 644.0 x
Min 0.3 x 3.1 x 6.7 x
Mean 0.8 x 7.8 x 93.5 x
Median 0.5 x 7.5 x 18.5 x
Closing
Price Shares
Business Process Outsourcing Ticker 07/27/12 O/S Cap Value Revenue EBITDA Net Inc. Revenue EBITDA Net Inc.
Automatic Data Processing ADP $ 57.60 489,080.0 $ 28,171,008.0 $ 26,498,308.0 $ 10,540,000.0 $ 2,350,000.0 $ 1,254,200.0 2.5 x 11.3 x 21.1 x
Paychex, Inc. PAYX 33.08 362,600.0 11,994,808.0 11,678,508.0 2,230,000.0 951,700.0 515,300.0 5.2 x 12.3 x 22.7 x
StarTek, Inc. SRT 3.03 15,190.0 46,025.7 35,555.7 210,840.0 (5,700.0) (26,462.0) 0.2 x NM NM
Fiserv, Inc. FISV 72.38 136,480.0 9,878,422.4 13,047,422.4 4,400,000.0 1,330,000.0 472,000.0 3.0 x 9.8 x 27.6 x
CBIZ, Inc. CBZ 5.23 49,100.0 256,793.0 554,373.0 744,560.0 76,820.0 28,007.0 0.7 x 7.2 x 19.8 x
Convergys Corporation CVG 15.05 116,670.0 1,755,883.5 1,446,683.5 2,290,000.0 265,500.0 334,800.0 0.6 x 5.4 x 4.3 x
CSG Systems International CSGS 17.70 32,090.0 567,993.0 687,643.0 736,650.0 165,130.0 42,282.0 0.9 x 4.2 x 16.3 x
CoreLogic, Inc. CLGX 23.10 106,810.0 2,467,311.0 3,046,721.0 1,380,000.0 206,140.0 74,609.0 2.2 x 14.8 x 40.8 x
DST Systems, Inc. DST 54.07 43,900.0 2,373,673.0 3,372,073.0 2,450,000.0 367,900.0 183,100.0 1.4 x 9.2 x 18.4 x
Max 5.2 x 14.8 x 40.8 x
Min 0.2 x 4.2 x 4.3 x
Mean 1.9 x 9.3 x 21.4 x
Median 1.4 x 9.5 x 20.5 x