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Previous: UNITED COMPANIES FINANCIAL CORP, 8-K, 1996-08-08 |
Next: FEDERAL EXPRESS CORP, DEF 14A, 1996-08-08 |
<PAGE>
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 8, 1996
XTRA Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-7654 06-0954158
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State of incorporation (Commission (IRS Employer
of organization File Number) Identification No.)
60 State Street, Boston, MA 02109
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(Address of principal executive offices) Zip Code
Registrant's telephone number including area code: (617) 367-5000
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N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5 - Other Events:
- ----------------------
On August 1, 1996, XTRA Corporation issued a press release disclosing certain
financial information for the third fiscal quarter ended June 30, 1996, which
financial information is contained herein on pages 3-5.
2
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Millions of dollars except per share and share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, June 30,
--------------------- ---------------------
1996 1995 1996 1995
--------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues $ 101.4 $ 86.3 $ 314.7 $269.6
Operating expenses
Depreciation and lease financing 36.4 28.2 109.1 81.4
Rental equipment operating expense 25.0 20.6 73.9 62.0
Selling & administrative expense 10.2 8.4 31.2 24.7
------- ------ ------ ------
71.6 57.2 214.2 168.1
------- ------ ------ ------
Operating income 29.8 29.1 100.5 101.5
Interest expense 16.7 9.0 49.8 25.4
Foreign exchange loss - - 0.4 -
------- ------ ------ ------
Income before provision for income taxes 13.1 20.1 50.3 76.1
Provision for income taxes 5.3 8.3 20.4 31.6
------- ------ ------ ------
Net income 7.8 11.8 29.9 44.5
======= ====== ====== ======
Earnings per share $ 0.49 $ 0.70 $ 1.85 $ 2.62
Weighted average shares outstanding (in 0,000's) 15,995 16,860 16,179 16,979
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
<TABLE>
<CAPTION>
June 30,
1996 September 30,
(Unaudited) 1995
--------------- ---------------
Assets
<S> <C> <C>
Receivables, net $ 98 $ 98
Property & Equipment, net 1,438 1,398
Other Assets 31 27
--------------- ---------------
Total Assets $ 1,567 $ 1,523
=============== ===============
Liabilities & Stockholders' Equity
Other Liabilities $ 66 $ 73
Debt 939 897
Deferred Income Taxes 215 194
Stockholders' Equity 347 359
--------------- ---------------
Total Liabilities & Stockholders' Equity $ 1,567 $ 1,523
=============== ===============
Net Debt Outstanding $ 931 $ 891
=============== ===============
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended June 30,
1996 1995
---- ----
<S> <C> <C>
Cash Provided from Operations $ 190 $ 166
Cash Used for Investment Activities (190) (598)*
Cash Used for Financing Activities (40) (16)
------ -------
Increase in Net Debt Outstanding
(Debt - Cash) $ (40) $ (448)
====== =======
</TABLE>
* Includes $360 million for the acquisition of the net assets of Matson Leasing
Company, Inc.
5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
XTRA CORPORATION
-------------------------------------
(Registrant)
Date: August 8, 1996 /s/ Michael J. Soja
--------------------- --------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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