J.B. Hunt Restates Lower Earnings Over Tax Dispute

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.B. Hunt Transport Services Inc. said it reduced its 2004 profit statement by 19% because it had set aside funds for possible settlement of a tax dispute.

The company said in a statement late Wednesday its revised 2004 net income was $146.3 million or $1.75 a share, compared with its previously announced earnings of $179.9 million or $2.15 a share.

The $33.6 million set aside for the year ended Dec. 31 will cost the company about $600,000 in interest before taxes each quarter until the tax dispute is resolved, J.B. Hunt said.

In December 2003, the Internal Revenue Service said J.B. Hunt could owe $39 million in taxes related to a 1999 sale and leaseback transaction, the company said at the time.

It said it has not received any IRS notices since it filed a quarterly report in October.

J.B. Hunt is ranked No. 9 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.