UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
------------------------------------
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-27208
Simon Transportation Services Inc.
(Exact name of registrant as specified in its charter)
Nevada 87-0545608
(State or other jurisdiction of (I.R.S. employer identification number)
incorporation or organization)
4646 South 500 West
Salt Lake City, Utah 84123
(801) 268-9100
(Address, including zip code, and telephone number,
including area code, of registrant's
principal executive office)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to the filing
requirements for at least the past 90 days.
YES X NO
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date (March 31, 1997).
Class A Common Stock, $.01 par value: 5,328,037 shares
Class B Common Stock, $.01 par value: 952,161 shares
<PAGE>
SIMON TRANSPORTATION SERVICES INC.
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
PAGE
NUMBER
Item 1. Financial Statements:
Condensed consolidated statements of financial
position as of March 31, 1997 and
September 30, 1996 3
Condensed consolidated statements of earnings
for the three months and six months
ended March 31, 1997 and 1996 4
Condensed consolidated statements of cash flows
for the six months ended March 31, 1997
and 1996 5
Notes to condensed consolidated financial statements 6
Item 2. Management's discussion and analysis of financial
condition and results of operations 7
PART II
OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 2. Changes in Securities 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
<PAGE>
SIMON TRANSPORTATION SERVICES INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
March 31, 1997 September 30, 1996
-------------- ------------------
(Unaudited)
Current Assets:
Cash and cash equivalents (Note 2) $ 26,822,653 $ 5,571,431
Receivables, net of allowance for doubtful accounts of
$43,000 and $66,000, respectively 13,710,729 13,261,974
Operating supplies 782,646 428,123
Prepaid expenses and other 3,039,960 1,930,375
------------------------ ------------------------
Total current assets 44,355,988 21,191,903
------------------------ ------------------------
Property and Equipment, at cost:
Land 3,297,826 2,918,804
Revenue equipment 54,152,803 58,779,032
Buildings and improvements 16,206,159 8,639,875
Office furniture and equipment 2,885,694 2,766,218
------------------------ ------------------------
76,542,482 73,103,929
Less accumulated depreciation and amortization (15,102,377) (16,390,209)
------------------------ ------------------------
61,440,105 56,713,720
------------------------ ------------------------
Other Assets 124,450 317,645
======================== ========================
$ 105,920,543 $ 78,223,268
======================== ========================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 2,967,852 $ 2,892,300
Current portion of capitalized lease obligations 4,693,604 3,760,250
Accounts payable 2,277,524 1,691,900
Accrued liabilities 3,916,132 4,516,902
Accrued claims payable 1,522,195 1,602,344
------------------------ ------------------------
Total current liabilities 15,377,307 14,463,696
------------------------ ------------------------
Long-Term Debt, net of current portion 19,716,536 15,433,145
------------------------ ------------------------
Capitalized Lease Obligations, net of current portion 12,281,410 15,342,293
------------------------ ------------------------
Deferred Income Taxes 3,880,653 3,880,653
------------------------ ------------------------
Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares
authorized, none issued -- --
Class A common stock, $.01 par value, 20,000,000 shares
authorized, 5,328,037 and 2,870,507 shares issued,
respectively 53,280 28,705
Class B common stock, $.01 par value, 5,000,000 shares
authorized, 952,161 and 1,872,161 shares issued,
respectively 9,522 18,722
Additional paid-in capital 48,208,652 25,282,496
Retained earnings 6,393,183 3,773,558
------------------------ ------------------------
Total stockholders' equity 54,664,637 29,103,481
------------------------ ------------------------
$ 105,920,543 $ 78,223,268
======================== ========================
</TABLE>
The accompanying notes to condensed consolidated financial statements are
an integral part of these condensed consolidated financial statements.
<PAGE>
<TABLE>
<CAPTION>
SIMON TRANSPORTATION SERVICES INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
For the Three Months Ended For the Six Months Ended
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------
March 31, 1997 March 31, 1996 March 31, 1997 March 31, 1996
-------------- -------------- -------------- --------------
Operating Revenue $ 35,764,826 $ 22,207,751 $ 69,931,019 $ 42,795,852
--------------------------------------------------------------------------
Operating Expenses:
Salaries, wages, and benefits 13,870,537 8,699,080 27,042,345 16,940,984
Fuel & fuel taxes 6,962,624 4,224,137 13,620,260 8,267,109
Operating supplies and expenses 4,483,082 3,383,261 8,833,581 6,549,577
Taxes and licenses 1,052,165 633,211 2,488,630 1,333,602
Insurance and claims 834,118 498,241 1,460,478 772,868
Communications and utilities 604,713 348,659 1,134,717 702,990
Depreciation and amortization 1,286,521 1,429,847 2,800,066 3,158,047
Rent 4,208,799 756,137 7,655,406 1,174,929
--------------------------------------------------------------------------
Total operating expenses 33,302,559 19,972,573 65,035,483 38,900,106
--------------------------------------------------------------------------
Operating earnings 2,462,267 2,235,178 4,895,536 3,895,746
Net interest expense 237,298 639,209 683,921 1,444,806
--------------------------------------------------------------------------
Earnings before provision for income taxes 2,224,969 1,595,969 4,211,615 2,450,940
Provision for income taxes (Note 3) 841,038 632,004 1,591,990 3,889,116
==========================================================================
Net earnings (loss) $ 1,383,931 $ 963,965 $ 2,619,625 $ (1,438,176)
==========================================================================
Pro Forma Information (Note 4):
Earnings before provision for income taxes $ 2,224,969 $ 1,595,969 $ 4,211,615 $ 2,450,940
Provision for income taxes 841,038 632,004 1,591,990 970,572
==========================================================================
Net earnings $ 1,383,931 $ 963,965 $ 2,619,625 $ 1,480,368
==========================================================================
Net earnings per common share $ 0.25 $ 0.20 $ 0.51 $ 0.36
==========================================================================
Weighted average common
shares outstanding 5,528,261 4,741,968 5,131,394 4,093,074
==========================================================================
</TABLE>
The accompanying notes to condensed consolidated financial statements are
an integral part of these condensed consolidated financial statements.
<PAGE>
<TABLE>
<CAPTION>
SIMON TRANSPORTATION SERVICES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
---------------------------------------------
<S> <C> <C>
March 31, 1997 March 31, 1996
--------------- --------------
Cash Flows From Operating Activities:
Net earnings (loss) $ 2,619,625 $ (1,438,176)
Adjustments to reconcile net earnings (loss) to net cash provided
by operating activities
Depreciation and amortization 2,800,066 3,158,047
Changes in operating assets and liabilities:
Increase in receivables, net (220,905) (1,310,104)
(Increase) decrease in operating supplies (354,523) 109,165
Increase in prepaid expenses and other (1,109,585) (1,878,956)
Decrease in other assets 193,195 373,306
Increase in accounts payable 585,624 533,755
(Decrease) increase in accrued liabilities (600,770) 693,273
(Decrease) increase in accrued claims payable (80,149) 204,826
Increase in deferred income taxes -- 3,351,427
---------------------------------------------
Net cash provided by operating activities 3,832,578 3,796,563
---------------------------------------------
Cash Flows From Investing Activities:
Purchase of property and equipment (12,901,451) (12,842,479)
Proceeds from the sale of property and equipment 5,147,150 6,060,000
---------------------------------------------
Net cash used in investing activities (7,754,301) (6,782,479)
---------------------------------------------
Cash Flows From Financing Activities:
Proceeds from issuance of long-term debt 5,757,244 9,656,928
Principal payments on long-term debt (1,398,301) (11,350,846)
Net payments under line-of-credit agreement -- (4,279,741)
Principal payments under capitalized lease obligations (2,127,529) (7,330,149)
Net proceeds from issuance of Class A common stock 22,941,531 19,720,736
Distributions to stockholders -- (605,060)
---------------------------------------------
Net cash provided by financing activities 25,172,945 5,811,868
---------------------------------------------
Net Increase In Cash 21,251,222 2,825,952
Cash at Beginning of Period 5,571,431 350,380
---------------------------------------------
Cash at End of Period $ 26,822,653 $ 3,176,332
=============================================
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest $ 957,861 $ 1,475,780
Cash paid during the period for income taxes 2,122,344 --
Supplemental Schedule of Noncash Investing and Financing Activities:
Equipment acquired through capitalized lease obligations -- 5,784,406
Sale of equipment in exchange for receivable paid after
period end 227,850 --
</TABLE>
The accompanying notes to condensed consolidated financial statements are
an integral part of these condensed consolidated financial statements.
<PAGE>
SIMON TRANSPORTATION SERVICES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The condensed consolidated financial statements include the
accounts of Simon Transportation Services Inc., a Nevada
holding company, and its wholly owned subsidiary, Dick Simon
Trucking, Inc. (together, the "Company"). All significant
intercompany balances and transactions have been eliminated in
consolidation.
The financial statements have been prepared, without audit, in
accordance with generally accepted accounting principles,
pursuant to the rules and regulations of the Securities and
Exchange Commission. In the opinion of management, the
accompanying financial statements include all adjustments
which are necessary for a fair presentation of the results for
the interim periods presented, such adjustments being of a
normal recurring nature. Certain information and footnote
disclosures have been condensed or omitted pursuant to such
rules and regulations. The September 30, 1996 condensed
consolidated statement of financial position was derived from
the audited balance sheet of the Company for the year then
ended. It is suggested that these condensed consolidated
financial statements and notes thereto be read in conjunction
with the consolidated financial statements and notes thereto
included in the Form 10-K of Simon Transportation Services
Inc. for the year ended September 30, 1996. Results of
operations in interim periods are not necessarily indicative
of results to be expected for a full year.
Note 2. Cash and Cash Equivalents
The Company considers all highly liquid investments with an
original maturity of three months or less to be cash
equivalents. As of March 31, 1997, approximately $19.9 million
is invested in commercial paper through an investment advisor.
Note 3. Income Taxes
The provision for income taxes for the six months ended March
31, 1996 includes a one-time, non-cash charge for deferred
taxes totaling approximately $3.0 million relating to the
Company's termination of its S corporation election on
November 17, 1995.
Note 4. Pro Forma Net Earnings Per Common Share
Pro forma net earnings per common share is determined by
dividing pro forma net earnings (loss) by the weighted average
number of common shares (considering common stock equivalents)
outstanding during the periods. Net earnings (loss) for the
six-month period ended March 31, 1996 has been adjusted to
reflect the results of operations as if the Company had been a
C corporation and therefore subject to income taxes in the
period, and, to eliminate the effect of the $3.0 million
one-time, non-cash charge discussed in Note 3.
Forward Looking Statements
This quarterly report and statements by the Company in reports to its
stockholders and public filings, as well as oral public statements by Company
representatives may contain certain forward looking information that is subject
to certain risks and uncertainties that could cause actual results to differ
materially from those projected. Without limitation, these risks and
uncertainties include economic recessions or downturns in customers' business
cycles, excessive increases in capacity with the truckload markets, decreased
demand for transportation services offered by the Company, rapid inflation and
fuel price increases, increases in interest rates, and the availability and
compensation of qualified drivers. Readers should review and consider the
various disclosures made by the Company in this quarterly statement and in its
reports to its stockholders and periodic reports on Forms 10-K and 10-Q.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Overview
The Company's fiscal year ends on September 30 of each year. Thus, the
fiscal quarters discussed in this report represent the Company's second fiscal
quarters of its 1997 and 1996 fiscal years, respectively. The Company completed
its initial public offering of approximately 2.4 million shares of Class A
Common Stock during November 1995 and its follow-on offering of approximately
1.5 million company shares of Class A Common Stock during February 1997.
The Company operated as an S corporation prior to November 17, 1995. As
a result, the Company's net taxable earnings prior to that date were taxed
directly to the Company's then-existing stockholders rather than to the Company.
The pro forma statement of earnings data included in the financial statements
contained herein set forth the Company's net earnings (loss) for the periods
presented as if the Company had been subject to federal and state income taxes
for all periods. The termination of the Company's S corporation status
contemporaneously with its initial public offering resulted in a one-time,
non-cash charge of approximately $3.0 million in recognition of deferred income
taxes, and the Company distributed approximately $605,000 in S corporation
earnings to its existing shareholders prior to the offering.
Results of Operations
Three months ended March 31, 1997 and 1996
Operating revenue increased 61.0% to $35.8 million for the three months
ended March 31, 1997, from $22.2 million for the corresponding period of 1996.
The increase in operating revenue was primarily attributable to a 49.4% increase
in weighted average tractors, to 1,065 in the 1997 period from 713 in the
corresponding 1996 period, an 8.4% increase in average revenue per tractor per
week, to $2,614 in the 1997 period from $2,412 in the 1996 period, and a
decrease in empty miles percentage to 11.9% from 12.2%.
Salaries, wages, and benefits decreased to 38.8% of revenue for the
three months ended March 31, 1997, from 39.2% for the corresponding period of
1996. The change was attributable to a leveling of the fixed costs associated
with salaries paid to shop and administrative personnel. Salaries and wages for
administrative personnel did not increase proportionately with revenue.
Fuel and fuel taxes increased to 19.5% of revenue for the three months
ended March 31, 1997, from 19.0% for the corresponding period of 1996,
principally as a result of higher fuel prices in the 1997 period as compared
with the 1996 period. These costs were partially offset by an increase in the
overall fuel efficiency of the Company's newer tractor fleet and fuel surcharges
in place with a substantial number of customers during the 1997 period.
Operating supplies and expenses decreased to 12.5% of revenue for the
three months ended March 31, 1997, from 15.2% for the corresponding period of
1996, primarily as a result of lower parts and tire replacement costs, outside
repairs, and maintenance expense associated with a decrease in the average age
of the Company's tractor fleet. Most of the Company's tractors are covered by
three-year, 500,000-mile warranties.
Taxes and licenses remained essentially unchanged at 2.9% of revenue
for the three months ended March 31, 1997,and for the corresponding period of
1996.
Insurance and claims increased to 2.3% of revenue for the three months
ended March 31, 1997, from 2.2% for the corresponding period of 1996 because of
increased claims expense.
Communications and utilities increased to 1.7% of revenue for the three
months ended March 31, 1997, from 1.6% for the corresponding period of 1996,
primarily as a result of increased usage of the Company's satellite tracking
system.
Depreciation and amortization (adjusted for the net gain on the sale of
property and equipment) decreased to 3.6% of revenue for the three months ended
March 31, 1997, from 6.4% for the corresponding period of 1996. The decrease was
primarily attributable to the use of operating leases rather than capital leases
to acquire new equipment during the last year. The Company realized a net gain
of $321,050 on the sale of property and revenue equipment during the 1997 period
compared with a $799,180 net gain during the 1996 period.
Rent increased to 11.8% of revenue for the three months ended March 31,
1997, from 3.4% for the corresponding period of 1996 as the Company added new
equipment and replaced equipment that had been financed under capital lease
arrangements with equipment financed under operating leases. The Company has
utilized operating leases in the most recent quarter because of more favorable
terms. If the Company continues to use operating lease financing, its operating
ratio may be affected in future periods because the implied financing costs of
such equipment are included as operating expenses instead of interest expense.
As a result of the foregoing, the Company's operating ratio increased
to 93.1% for the three months ended March 31, 1997, from 89.9% for the
corresponding period of 1996.
Net interest expense decreased to 0.7% of revenue for the three months
ended March 31, 1997, from 2.9% for the corresponding period in 1996 as a result
of lower average debt and capitalized lease balances and a decrease in the
Company's average interest rate in the 1997 period compared with the 1996
period.
The Company's effective combined federal and state income tax rate for
the three months ended March 31, 1997 was 37.8%, compared with a combined
federal and state income tax rate of 39.6% used for the three months ended March
31, 1996.
As a result of the factors described above, net earnings increased to
$1,383,931 for the three months ended March 31, 1997, compared with pro forma
net earnings of $963,965 for the corresponding period of 1996.
Six months ended March 31, 1997 and 1996
Operating revenue increased 63.4% to $69.9 million for the six months
ended March 31, 1997, from $42.8 million for the corresponding period of 1996.
The increase in operating revenue was primarily attributable to a 52.7% increase
in weighted average tractors, to 1,028 in the 1997 period from 673 in the 1996
period, and a 10.0% increase in average revenue per tractor per week, to $2,639
in the 1997 period from $2,400 in the 1996 period.
Salaries, wages, and benefits decreased to 38.7% of revenue for the six
months ended March 31, 1997, from 39.6% for the corresponding period of 1996.
The change was attributable to a leveling of the fixed costs associated with
salaries paid to shop and administrative personnel. Salaries and wages for
administrative personnel did not increase proportionately with revenue.
Fuel and fuel taxes increased to 19.5% of revenue for the six months
ended March 31, 1997, from 19.3% for the corresponding period of 1996,
principally as a result of higher fuel prices in the 1997 period as compared
with the 1996 period. These costs were partially offset by an increase in the
overall fuel efficiency of the Company's newer tractor fleet and fuel surcharges
in place with a substantial number of customers during the 1997 period.
Operating supplies and expenses decreased to 12.6% of revenue for the
six months ended March 31, 1997, from 15.3% for the corresponding period of
1996, primarily as a result of lower parts and tire replacement costs, outside
repairs, and maintenance expense associated with a decrease in the average age
of the Company's tractor fleet. Most of the Company's tractors are covered by
three-year, 500,000-mile warranties.
Taxes and licenses increased to 3.6% of revenue for the six months
ended March 31, 1997, from 3.1% for the corresponding period of 1996, primarily
as a result of the timing of the disposition of revenue equipment as compared to
the licensing year.
Insurance and claims increased to 2.1% of revenue for the six months
ended March 31, 1997, from 1.8% for the corresponding period of 1996 because of
increased claims expense.
Communications and utilities remained essentially unchanged at 1.6% of
revenue for the six months ended March 31, 1997, and for the corresponding
period of 1996.
Depreciation and amortization (adjusted for the net gain on the sale of
property and equipment) decreased to 4.0% of revenue for the six months ended
March 31, 1997, from 7.4% for the corresponding period of 1996. The decrease was
primarily attributable to the use of operating leases rather than capital leases
to acquire new equipment during the last year. The Company realized a net gain
of $477,980 on the sale of property and revenue equipment during the 1997 period
compared with a $1,262,180 net gain during the 1996 period.
Rent increased to 10.9% of revenue for the six months ended March 31,
1996, from 2.7% for the corresponding period of 1996 as the Company added new
equipment and replaced equipment that had been financed under capital lease
arrangements with equipment financed under operating leases. The Company has
utilized operating leases in the most recent six months because of more
favorable terms. If the Company continues to use operating lease financing, its
operating ratio may be affected in future periods because the implied financing
costs of such equipment are included as operating expenses instead of interest
expense.
As a result of the foregoing, the Company's operating ratio increased
to 93.0% for the six months ended March 31, 1997, from 90.9% for the
corresponding period of 1996.
Net interest expense decreased to 1.0% of revenue for the six months
ended March 31, 1997, from 3.4% for the corresponding period in 1996 as a result
of lower average debt and capitalized lease balances and a decrease in the
Company's average interest rate in the 1997 period compared with the 1996
period.
The Company's effective combined federal and state income tax rate for
the six months ended March 31, 1997 was 37.8%, compared with an estimated
combined federal and state income tax rate of 39.6% used for the six months
ended March 31, 1996.
As a result of the factors described above, net earnings increased to
$2,619,625 for the six months ended March 31, 1997, compared with pro forma net
earnings of $1,480,368 for the corresponding period of 1996.
Liquidity and Capital Resources
The growth of the Company's business has required significant
investment in new revenue equipment that the Company historically has financed
with borrowings under installment notes payable to commercial lending
institutions and equipment manufacturers, equipment leases from third-party
lessors, borrowings under its line of credit, funds provided by its initial
public offering in November 1995, funds provided by its follow-on offering in
February 1997, and cash flow from operations. The Company's primary sources of
liquidity currently are funds provided by the follow-on offering, cash flow from
operations, and borrowings and leases with financial institutions and equipment
manufacturers.
The Company's primary source of cash flow from operations is net
earnings adjusted for depreciation and amortization. The Company's principal
uses of cash flow from operations are to purchase property and equipment, to
service debt incurred to purchase new revenue equipment and to provide working
capital required by the growth of the Company. Net cash provided by operating
activities was $3,832,578 for the six months ended March 31, 1997. The primary
sources of funds were net earnings of $2,619,625 increased by non-cash
adjustments of $2,800,066 in depreciation, $585,624 in accounts payable, and
$193,195 in other assets. The primary uses of funds were $1,109,585 to prepay
licensing on revenue equipment, $680,919 to reduce accrued liabilities and
claims payable, an increase in accounts receivable of $220,905 and $354,523 to
increase operating supplies.
Net cash used in investing activities was $7,754,301 for the six months
ended March 31, 1997, as the Company purchased $12,901,451 of new revenue
equipment, and continued construction of its new corporate headquarters,
terminal and maintenance facilities in Salt Lake City, Utah. The Company sold
revenue equipment for $5,147,150. The Company expects capital expenditures
(primarily for revenue equipment, satellite communications units, and the
construction of a new main terminal and headquarters facility), net of revenue
equipment sales and trade-ins, to be approximately $34.0 million in calendar
1997.
Net cash provided by financing activities was $25,172,945 in the 1997
period, consisting primarily of net proceeds of $22,941,531 from the Company's
follow-on offering in February 1997, $5,757,244 of new borrowings for the
construction of the new corporate headquarters and terminal facilities, and
payments of $3,525,830 of principal under the Company's long-term debt and
capitalized lease agreements.
The Company maintains a $5 million, unsecured line of credit with a
financial institution. Borrowings on the line of credit bear interest at
one-half percent (.5%) above the 30-day London Interbank Offered Rate ("LIBOR")
in effect from time to time. The Company had not drawn against the line of
credit at March 31, 1997.
Other Matters
During 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 128, Earnings per Share. This
statement is effective for periods ending after December 15, 1997 and early
application is prohibited. This statement will require the Company to present
basic earnings per share and diluted earnings per share data to replace the
earnings per share information previously presented. All prior period data must
be restated. SFAS No. 128 provides new guidelines expected to simplify the
computation of diluted earnings per share. Based upon the Company's current
capital structure, this statement is not expected to have a material impact when
adopted.
.
<PAGE>
PART II
OTHER INFORMATION
Item 1. Legal Proceedings.
No reportable events or material changes occurred during the
quarter for which this report is filed.
Item 2. Changes in Securities.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
None.
(b) Reports on Form 8-K.
None.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
SIMON TRANSPORTATION SERVICES INC.,
a Nevada corporation
Date: April 29, 1997 By: /s/ Alban B. Lang
------------------------- -----------------
(Signature)
Alban B. Lang
Treasurer and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<CASH> 26,822,653
<SECURITIES> 0
<RECEIVABLES> 13,753,865
<ALLOWANCES> (43,136)
<INVENTORY> 190,755
<CURRENT-ASSETS> 44,355,988
<PP&E> 76,542,482
<DEPRECIATION> (15,102,377)
<TOTAL-ASSETS> 105,920,543
<CURRENT-LIABILITIES> 15,377,307
<BONDS> 0
0
0
<COMMON> 62,802
<OTHER-SE> 54,601,835
<TOTAL-LIABILITY-AND-EQUITY> 105,920,543
<SALES> 0
<TOTAL-REVENUES> 69,931,019
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 65,035,483
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 683,921
<INCOME-PRETAX> 4,211,615
<INCOME-TAX> 1,591,990
<INCOME-CONTINUING> 2,619,625
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,619,625
<EPS-PRIMARY> 0.51
<EPS-DILUTED> 0.51
</TABLE>
