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Inc. Magazine Names Cornerstone Systems One of 5000 Fastest Growing Private Companies in America.
2013 |
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Cornerstone Systems
Rock Solid
Transportation Solutions
Intermodal
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Railcar/Consolidation
Container Drayage
Warehousing
Transloading
On-Site Logistics
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LTL
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Proud to be a
SmartWay Transport Partner
SmartWay is an innovative partnership of the U.S. Environmental Protection Agency that reduces greenhouse gases and other air pollutants and improves fuel efficiency.
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Cornerstone Systems
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Water Cooler Trivia
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NFL Football Trivia
Every throw, every kick, every touchdown and every point in every NFL game has been with what brand of football?
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FMCSA Requires Bond Increase to $75,000 Oct 1
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"MAP-21" = Moving Ahead for Progress in the 21st Century Act |
On October 1st, the federal government's Moving Ahead for Progress in the 21st Century Act (MAP-21) will take effect. One of the provisions of MAP-21 requires that freight brokers and freight forwarders have a $75,000 surety bond or trust fund. This is an increase from the current requirement of $10,000. The bond is one of the requirements to maintaining operating authority from the Federal Motor Carrier Safety Administration (FMCSA).
The FMCSA will be providing a 60-day phase-in period beginning October 1, 2013, to allow the industry enough time to complete all necessary filings. Bond companies that file the proof-of-purchase forms on behalf of brokers are not yet able to file paperwork because FMCSA's online system is not yet able to process the information. "I agree that they have to have a window for filing," said Robert Voltmann, President of Transportation Intermediaries Association. Beginning November 1, 2013, the FMCSA will mail notifications to all brokers and freight forwarders that have not met the $75,000 minimum financial security requirement. The FMCSA will provide 30 days advance notice before revoking the freight forwarder and broker operating authority registrations.
As you would expect, Cornerstone Systems is already prepared and ready to file. "Cornerstone Systems began the process of securing a bond that met the new requirements in June and had it finalized in August 2013" said Cornerstone Risk Manager Jon Ward. "Our bond company is ready to file the bond for the new amount when the US Department of Transportation begins accepting the new bond amounts. Once the bond is filed electronically a copy of the filing will be posted on our website."
To read more on MAP-21 requirements click on the following link:
FMCSA Notice - September 5, 2013
  
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Inc. Magazine Honors Cornerstone Systems
Named One of 5000 Fastest Growing Private Companies in America
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Plaque reads " The Fastest Growing (Best Run, Most Innovative, and Most Inspiring) Private Companies in America" |
On August 13, 2013 Cornerstone's CEO/Chairman Rick Rodell received a letter from Inc. Magazine Editor-in-Chief Eric Schurenberg, stating Cornerstone Systems had earned the position of 4412 on the 2013 Inc. 5000.
"For 32 years Inc. Magazine has welcomed the fastest growing private companies in America into a very exclusive club", said Schurenberg. "As an Inc. 5000 honoree, Cornerstone Systems now shares a pedigree with Intuit, Zappos, Under Armour, Microsoft, Jamba Juice, Timberland, Clif Bar, Pandora, Patagonia, Oracle, and dozens of other notable recent alumni. In addition to Cornerstone Systems, the 2013 list added such powerhouses as Alex and Ani, LivngSocial, Bojangles,Otterbox and KT Tape. You are in some pretty impressive company-which is exactly where you belong. Congratulations to you and your team. You should be proud of all Cornerstone Systems has achieved to date. I wish you many more years of success."
In a statement to all employees, Cornerstone Systems CEO/Chairman Rick Rodell responded "I am very proud, but more so, extremely proud of all of you and what you do and the effort that goes into it. Congratulations to all of you for making this happen. As the Inc. editor stated, we are exactly where we belong, one of the fastest growing private companies in the United States, and one that is now employee owned. I believe that even makes it more important."
Read More from Memphis Business Journal
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Transportation Industry News
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More Than 65,000 U.S. Bridges Labeled Structurally Deficient -
A recent analysis of the federal National Bridge Inventory shows that 65,605 bridges are classified as "structurally deficient" and 20,808 are "fracture critical," the Associated Press reported. Of the 607,380 bridges in the inventory, 7,795 are rated as structurally deficient and fracture critical, AP reported Sept. 16. A bridge is classified as fracture critical when there are no redundant protections and could collapse if a vital component fails. A bridge is structurally deficient when it is in need of rehabilitation or replacement because at least one major component of the span has advanced deterioration, the AP reported. Engineers have said the bridges are safe despite the classifications and that even bridges that are structurally deficient and fracture critical are not about to collapse. Many fracture-critical bridges were erected in the 1950s to 1970s during construction of the interstate highway system and have exceeded their designed life expectancy but are still carrying traffic, according to AP. The Interstate 5 bridge over the Skagit River in Washington State that collapsed was fracture critical.
Roadcheck Inspection Blitz Put One of Five Trucks Inspected Out of Service -
Roadcheck 2013, the 72-hour inspection spree done annually by the Commercial Vehicle Safety Alliance, saw out-of-service rates bump up slightly from 2012's historically low numbers, but only slightly, as 24.1 percent of the 73,023 trucks and buses inspected were placed out of service. In 2012, 22.4 percent of the 74,072 vehicles inspected were placed out of service.
Moreover, 4.3 percent of the 71,630 drivers inspected this year were placed out of service, compared to 3.9 percent last year. CVSA said in this year's Roadcheck, held June 4-6, it placed an emphasis on cargo securement, which accounted for 11.7 percent of the out-of-service violations issued - one out of every 50 trucks inspected. That number is down from 2012's 12.3 percent.
Brakes generally stand out as the main cause of out-of-service violations, CVSA said, and 49.6 percent of the vehicle out-of-service violations came from brake adjustment or other brake system violations. Lights violations accounted for 12.6 percent of the violations, and tires and wheels made up 10.1 percent of OOS orders. Of the roughly 3,000 drivers placed out of service, hours-of-service violations accounted for 51.8 percent of OOS orders, on part with last year's 50.2 percent. False logs accounted for 13.2 percent of OOS orders. Disqualified drivers made up 10.2 percent of the violations, and suspended licenses accounted for 5.2 percent. Of the total number of vehicle inspections, 47,771 of them were Level I inspections, CVSA says, in which vehicles and drivers are assessed for violations of both state and federal regulations. The remaining inspections in this year's Roadcheck were either driver-only or vehicle-only, CVSA says. In the 72-hour event, roughly 10,000 CVSA and FMCSA inspectors participated at 2,500 locations around North America.
Port of Charleston's Container Volume Hits Highest Level Since Oct 2008 -
The South Carolina Ports Authority handled 144,649 20-foot-equivalent units in August, an increase of 5.6 percent year-over-year and the highest monthly volume since October 2008. The gain helped drive a 4.5 percent increase in container volume since the beginning of fiscal year 2014 in July. For the past two months, the Port of Charleston moved 280,808 TEUs, compared with 268,806 TEUs during the same period last year. The port also exported more containers in July and August versus the same two months in fiscal year 2013, posting exports of 146,497 TEUs, up 6.7 percent year-over-year. "We are working on a lot of projects and need to continually be in front of our customers," said Jim Newsome, SCPA president and CEO, in a written statement. "Our cargo volumes should continue to be influenced by big ship deployments and increased cooperation by ocean carriers in mega-alliances." Vice President Joe Biden visited the ports of Charleston and Savannah this week, saying the ports' harbors need to be deepened to accommodate post-Panamax ships. "Since the last four and half years, I don't think it's an exaggeration to say there's not been 10 days and two weeks that's gone by we haven't heard about the need to invest in infrastructure down here, particularly in the port," Biden said while in Charleston. The Charleston Harbor Post-45 project is now in the study phase, and the Army Corps of Engineers Charleston District has completed collecting data. The district is now analyzing that data and expects to provide a Chief's Report by September 2015. The report will recommend a depth to dredge the harbor and will be presented to Congress.
Long Beach Port's Volume Reached Six-Year High in August -
The Port of Long Beach, Calif., in August registered 630,292 20-foot equivalent units (TEUs), a 16 percent increase compared with August 2012 and the highest cargo total since October 2007. Imports climbed 19.2 percent to 327,817 TEUs and exports jumped 20.2 percent to 154,118 TEUs, marking a strong start to the peak season from August through October, when retailers boost inventories to prepare for holiday shopping. Empty container volume rose 5.8 percent to 148,357 TEUs. Through 2013's first eight months, the port's total cargo increased 13.6 percent to 4,414,916 TEUs, imports soared 16.2 percent to 2,261,000 TEUs, exports climbed 10.9 percent to 1,128,699 TEUs and empties rose 11 percent to 1,025,217 TEUs. Meanwhile, the Port of Los Angeles in August logged 709,676 TEUs, up 0.4 percent compared with August 2012 volume. Imports dipped 1.4 percent to 355,683 TEUs, exports fell 3.8 percent to 158,484 TEUs, total loaded container volume declined 2.2 percent to 514,167 TEUs and empties increased 8 percent to 195,508 TEUs.
Through eight months, the port's total volume decreased 5.6 percent to 5,136,275 TEUs compared with the same 2012 period.
Northeastern U.S. Ports See Dip in Market Share -
Northeast U.S. ports saw their share of container traffic in the second quarter of 2013 dip 1.5 percentage points year-over-year among major ports on the east coast of the U.S. and Canada. Mid-Atlantic and Southeastern U.S. ports, as well as Canadian east coast ports, all picked up a piece of the share during the past year, data from the individual ports indicate. Volume through the major U.S. East Coast ports totaled 3.75 million 20-foot-equivalent units in the quarter, up 0.8 percent from 3.72 million a year earlier and climbing 4.2 percent from the first quarter of 2011. U.S. ports dominated the market share of total east coast port traffic with an 89.3 percent share of the market during the second quarter of 2013, but lost three-tenths of a percentage point year-over-year.
The Port of New York and New Jersey continued to see the highest throughput volume in the second quarter, 1.35 million TEUs, but this level reflected a 3.5 percent decline in volume and the steepest drop in market share of all East Coast ports. New York-New Jersey's share has fallen 1.5 percentage points since the second quarter of 2012, to 32.1 percent, pulling down the overall Northeast region. The Northeast also saw a 1.5 percentage point drop in its market share, slipping from 34.8 percent in the second quarter of 2012 to 33.3 percent in the second quarter of 2013. Boston's market share remained flat at 1.1 percent in the second quarter. Its volume edged down 0.6 percent to 47,223 TEUs.
The mid-Atlantic ports, including Baltimore and Virginia, experienced the largest increase in market share during the second quarter of 2013. Virginia's share jumped from 12.4 to 13.0 percent year-over-year and climbed from 11.6 percent in the second quarter of 2011. Volume also rose 5.8 percent to 546,602 TEUs in the past year. Baltimore's market share reached 4.2 percent, while its TEU volume rose 4.0 percent to 174,667. As a result, the mid-Atlantic region's market share rose 0.7 percentage points, from 16.5 percent in the second quarter of 2012 to 17.2 percent in 2013.
Southeastern U.S. ports saw growth, with the exception of the Port of Miami. Overall market share of these ports grew 0.6 percentage points, from 38.3 to 38.9 percent of the overall east coast market. The market share of Charleston grew four-tenths of a percentage point year-over-year to 9.5 percent. Charleston's volume increased roughly 6 percent to 399,118 TEUs in the second quarter. Jacksonville's volume climbed 3.7 percent to 228,780 TEUs, bringing up its market share by one-tenth of a point to 5.4 percent. Savannah's share rose three-tenths of a percentage point to 18.7 percent; its volume increased almost 3 percent to 786,258 TEUs this quarter. Miami lost three-tenths of a percentage point in market share, dropping to 5.2 percent, and its container volume saw the steepest decline among the east coast ports, dropping 4.9 percent to 218,697 TEUs.
Halifax and Montreal, the major east coast Canadian ports, saw throughput volume totaling 450,148 TEUs in the quarter, up 3.7 percent year-over-year and 0.2 percent from the second quarter of 2011. The overall market share of Canada's east coast container ports rose slightly year-over-year to 10.7 percent in the quarter, the same market share that they had in the first quarter of 2013 . Halifax saw the largest jump in TEU volume on the North American east coast, up 9.7 percent to 111,712 containers. Its market share inched up by 0.2 percentage point year-over-year to 2.7 percent. Montreal's market share increased 0.1 percentage point in the second quarter, to 8.1 percent, as its volume rose roughly 2 percent to 338,436 TEUs.
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Cornerstone Supports Ace Hardware Foundation
Benefits Children's Miracle Network Hospitals
 | | (left to right) Jim Chaltas-Cornerstone Sr VP, Brian Fagan-Ace Hardware Operations Executive , Tim Clay-Cornerstone President/CCO, Steve Gove-Cornerstone VP National Accounts |
Cornerstone Systems is a proud sponsor of the Ace Hardware Foundation's 20th Anniversary Vendor Golf Outing held in Chicago, IL. The August 11 event raised $1 million to benefit the Children's Miracle Network Hospitals, and took place at 7 different Chicago area golf courses to handle the approximate 1500 participants. Ace Hardware has been a corporate partner of Children's Miracle Network Hospitals since 1991 and raised more than $50 million during the past 20 years.
Brian Fagan, pictured at right in the red shirt, is a Foundation Champion Award recipient. This award is given to Ace Hardware employees who have accomplished specific Children's Network goals.
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Fuel Prices
The Energy Information Administration reports U.S. On-Highway Diesel Fuel Prices (dollars per gallon) every week.
9/16/13 Date Released
3.547 Average Retail Price
-0.040 (Down) Change From Week Ago
-0.331 (Down) Change From Year Ago
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Newsletter Sources: Cornerstone Systems, Transport Topics, Journal of Commerce, Progressive Railroading, Associated Press, U.S. Energy Information Administration
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