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Previous: RHONE POULENC RORER INC, 10-Q, 1994-08-03 |
Next: FIDELITY SUMMER STREET TRUST, 497, 1994-08-03 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: August 3, 1994
XTRA Corporation
- - --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-7654 06-0954158
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
60 State Street, Boston, MA 02109
- - --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (617) 367-5000
- - --------------------------------------------------------------------------------
N/A
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(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
------
On August 2, 1994, XTRA Corporation issued a press release disclosing
certain financial information for the quarter ended June 30, 1994, which is
contained herein on pages three through five hereof.
-2-
<PAGE> 3
<TABLE>
XTRA CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
- - --------------------------------------------------------------------------------
(Millions of dollars except per share and share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
------------------ -------------------
1994 1993 1994 1993
------- ------- -------- --------
<S> <C> <C> <C> <C>
REVENUES $ 90.0 $ 81.2 $ 261.2 $ 245.1
OPERATING EXPENSES
Depreciation and lease financing 25.9 27.1 77.9 81.8
Rental equipment operating expense 22.3 19.5 61.4 57.3
Selling & administrative expense 8.6 7.8 24.1 24.8
------ ------ -------- --------
56.8 54.4 163.4 163.9
------ ------ -------- --------
Operating income 33.2 26.8 97.8 81.2
INTEREST EXPENSE 8.3 9.2 25.0 30.1
------ ------ -------- --------
Income from operations before
provision for income taxes 24.9 17.6 72.8 51.1
PROVISION FOR INCOME TAXES 10.3 7.1 30.2 20.5
------ ------ -------- --------
NET INCOME 14.6 10.5 42.6 30.6
LESS PREFERRED DIVIDENDS - (0.9) - (3.7)
------ ------ -------- --------
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS $ 14.6 $ 9.6 $ 42.6 $ 26.9
------ ------ -------- --------
EARNINGS PER COMMON SHARE:
Primary $ 0.86 $ 0.56 $ 2.50 $ 1.82
Fully diluted $ 0.86 $ 0.56 $ 2.50 $ 1.74
Weighted average number of common
shares outstanding (in thousands):
Primary 17,023 16,972 17,015 14,764
Fully diluted 17,024 16,973 17,018 15,966
Cash dividends declared $ 0.14 $ 0.12 $ 0.40 $ 0.34
</TABLE>
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<PAGE> 4
<TABLE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
- - --------------------------------------------------------------------------------
(Millions of dollars)
June 30,
1994 September 30,
(Unaudited) 1993
----------- -------------
<S> <C> <C>
ASSETS
Cash $ 34 $ 9
Receivables, net 75 83
Property & Equipment, net 838 742
Other Assets 25 24
----- -----
Total Assets $ 972 $ 858
===== =====
LIABILITIES & STOCKHOLDERS' EQUITY
Other Liabilities $ 69 $ 47
Long-Term Debt* 429 389
Deferred Income Taxes 158 142
Stockholders' Equity 316 280
----- -----
Total Liabilities & Stockholders' Equity $ 972 $ 858
===== =====
Net Debt Outstanding $ 395 $ 380
===== =====
<FN>
* Preferred Series C is classified as debt at September 30, 1993.
</TABLE>
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<PAGE> 5
<TABLE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
- - --------------------------------------------------------------------------------
(Millions of dollars)
(Unaudited)
Nine Months Ended
----------------------
1994 1993
------ ------
<S> <C> <C>
Cash Provided from Operations $ 182 $ 150
Cash Used for Investment Activities (190) (29)
Purchase of Strick Lease - (346)*
Net proceeds from Issuance of Common Stock - 63
Cash Used for Dividends (7) (8)
----- -----
Increase in Net Debt Outstanding (Debt - Cash) $ (15) $(170)
===== =====
<FN>
* Includes $236 million of debt assumed.
</TABLE>
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<PAGE> 6
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this Current Report to be
signed on its behalf by the undersigned thereunto duly authorized.
XTRA Corporation
By: /S/ JAMES R. LAJOIE
----------------------------------
James R. Lajoie
Vice President
DATED: August 3, 1994
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