Good afternoon and welcome to Landstar System, Inc's fourth mid-quarter 2013 conference call. All lines will be in listen-only mode. Today's call is being recorded. If you have any objections, you may disconnect at this time. Joining us today from Landstar, Henry Gerkens, Chairman, President, and CEO. Now, I would like to turn the call over to Mr. Henry Gerkens. Sir, you may begin.
Thanks, Terri. Good afternoon and welcome to the Landstar 2013 fourth quarter mid-quarter update conference call and the final earnings conference call of 2013. As a reminder, let me review how our mid-quarter update call works. There is no question and answer period during this call. The purpose of the call is to provide a very brief update on how management sees the current quarter shaping up as it relates to business levels and earnings projections. The call will last approximately 10 minutes, and before we start, let me read the following statement. The following is a safe harbor statement under the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts are forward-looking statements. During this conference call, I may make certain statements containing forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies, and expectations.
Such statements are by nature subject to uncertainties and risks, including, but not limited to, the operational, financial, and legal risks detailed in Landstar's Form 10-K for the 2012 fiscal year, described in the section Risk Factors in other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and Landstar undertakes no obligation to publicly update or revise any forward-looking statement. On Wednesday of this past week, Landstar announced it has signed a definitive agreement to sell its Michigan-based supply chain subsidiaries, or Landstar Supply Chain Solutions, to XPO Logistics for $87 million in cash.
The transaction is anticipated to close late in the 2013 fourth quarter or early in the 2014 first quarter, pending Hart-Scott-Rodino clearance and satisfaction or waiver of certain other customary closing conditions. As you know, Landstar Supply Chain Solutions was created by its 2009 acquisition of Premier Logistics Inc., Interactive Capacity Gateway LLC, and A3 Integration LLC. Over the past several years, we have spent much time and energy trying to scale the acquired companies into our core agent-based business model with limited success. In that time frame, we have come to believe that the supply chain part of our Michigan-based operations was better suited for a company store type operation rather than Landstar's core agent-based business model.
We estimate Landstar Supply Chain Solutions will generate approximately $6.1 million in operating income for the 2013 full year, net of $2.7 million of depreciation and amortization expense, and would have represented Landstar Supply Chain Solutions' best year since our 2009 acquisition. Considering what we believed to be limited growth potential with our agent base, we thought the timing was right. As I said in Wednesday's press release, Landstar will maintain offices in the Southfield, Detroit area after the sale, so it continues its long history of providing transportation services and capacity solutions to its automotive customers. The expected after-tax gain on this transaction is estimated to be approximately $0.71 per diluted share, in addition to providing Landstar with approximately $50 million in additional cash.
The $50 million in additional cash is net of estimated taxes, estimated deal expenses, and net of an estimated $10 million-$12 million of cash to be left with Supply Chain Solutions in order to meet an equal amount of estimated net current liabilities that are to be assumed by XPO in the transaction. The transaction gives a tremendous return for Landstar and its stockholders on the investments made in 2009. In conjunction with the sale, Landstar's board of directors declared a special one-time cash dividend of $0.35 per share, payable on January 16, 2014, to shareholders of record on December 27, 2013, and increased the number of shares of Landstar Common Stock the company is authorized to purchase from approximately 1 million shares to 3 million shares.
As a result of the sale, the operating results of the supply chain companies, along with the gain on sale, will be reported for financial statement purposes as a discontinued operation. The after-tax gain on sale, however, will be included in the results of operations as a discontinued operation in the 2013 fourth quarter or the 2014 first quarter, based on the quarter in which the transaction actually closes. During our third quarter earnings conference call, I stated that I anticipated consolidated revenue for the 2013 fourth quarter to be within a range of $650 million-$700 million. That range included approximately $5 million of revenue from Landstar Supply Chain Solutions, which now will be reported in discontinued operations. As such, the range of estimated revenue from continuing operations for the 2013 fourth quarter, as forecasted in the 2013 third quarter conference call, was $645 million-$695 million.
Now, let me talk a little bit about what we have seen so far in the 2013 fourth quarter from our continuing operations. Revenue from continuing operations for the October 2013 fiscal period decreased 3% over the 2012 fiscal October period, as truck transportation revenue decreased 3%, while all other transportation revenue from continuing operations increased 5%. A 1% increase in the number of truck transportation loads hauled in October 2013 versus October 2012 was entirely offset by a 4% decrease in revenue per load in October 2013 versus October 2012. It should be noted that the Thanksgiving holiday period in 2013 falls in the December fiscal period versus the November 2012 fiscal period, thus making November 2013 versus November 2012 comparisons a little difficult.
That being said, ex Thanksgiving Day holiday period, the improved daily truck transportation load volumes trends experienced in November 2013 over November 2012 were consistent with October 2013 over October 2012. However, revenue per load trends in November 2013 versus November 2012 were also consistent with those negative comparisons experienced in October 2013 compared to October 2012. Again, discounting the Thanksgiving Day holiday period, so far December daily truck transportation load volumes continued to remain fairly solid, while December 2013 versus December 2012 revenue per load comparative trends have improved from the trends experienced in the first two fiscal months of the 2013 fourth quarter versus the 2012 fiscal months.
Based upon the results so far and an estimate for the remaining weeks of the 2013 fourth quarter, our updated range of estimated 2013 fourth quarter revenue from continuing operations is adjusted to $658 million-$678 million, which is basically in the middle of our original guidance excluding Landstar Supply Chain Solutions' estimated revenue. Also, during the third quarter earnings conference call, I stated that we estimated diluted earnings per share for the 2013 fourth quarter to be in a range of $0.62-$0.70 per share. That range included approximately $0.02 per share of earnings related to Landstar Supply Chain Solutions.
Based upon one, my previously mentioned revised revenue forecast, two, that the transaction closes in the 2013 fourth quarter and not the 2014 first quarter, three, higher than forecasted insurance and claims expense, and four, an unanticipated significant bonus accrual as a result of the significant gain on sale to be recorded as a charge to continuing operations in the 2013 fourth quarter of approximately $0.07 per share. I now estimate 2013 fourth quarter total earnings per diluted share to be in a range of $1.25-$1.28 per share. In summary, we are very encouraged by the improved truck transportation comparative load count trends we have experienced throughout the 2013 fourth quarter and further encouraged by the more recent improvement in the comparative revenue per load trends experienced so far in December versus the trend experienced in the first two months of the 2013 fourth quarter.
These improving trends and improving economic outlook, coupled with the number of quality productive agents added in the back half of 2013, and increased focus on growing our core agent business model without distraction, including strengthening our field and sales presence, only bodes well for 2014. I want to wish everyone a happy and safe holiday season, and I look forward to talking to everyone again on our January 30th, 2014 year-end earnings conference call. Thanks for dialing in.
Thank you for joining the conference call today. Have a good afternoon. Please disconnect your lines at this time.