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Previous: DYCO 1978 OIL & GAS PROGRAMS/OLD/, 10-Q, 1996-05-06 |
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<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: May 6, 1996
XTRA Corporation
- -------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-7654 06-0954158
- -------------------------------------------------------------------------
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
- ------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 - Other Events:
- ----------------------
On May 2, 1996, XTRA Corporation issued a press release disclosing certain
financial information for the second fiscal quarter ended March 31, 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 Six Months Ended
March 31, March 31,
------------------ -----------------
1996 1995 1996 1995
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Revenues $101.1 $ 87.1 $213.2 $183.4
Operating expenses
Depreciation and lease financing 36.4 26.8 72.7 53.3
Rental equipment operating expense 24.0 20.7 48.9 41.4
Selling & administrative expense 10.5 8.2 21.0 16.2
------- ------- ------- -------
70.9 55.7 142.6 110.9
------- ------- ------- -------
Operating income 30.2 31.4 70.6 72.5
Interest expense 16.4 8.1 33.0 16.5
Foreign exchange loss - - 0.4 -
------- ------- ------- -------
Income before provision for income taxes 13.8 23.3 37.2 56.0
Provision for income taxes 5.6 9.7 15.1 23.2
------- ------- ------- -------
Net income $ 8.2 $ 13.6 $ 22.1 $ 32.8
======= ======= ======= =======
Earnings per share $ 0.51 $ 0.80 $ 1.36 $ 1.92
Weighted average shares outstanding (in thousands) 16,107 17,041 16,272 17,040
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIATED BALANCE SHEETS
------------------------------------
(Millions of dollars)
March 31,
1996 September 30,
(Unaudited) 1995
--------- -------------
Assets
Receivables, net $ 95 $ 98
Property & Equipment, net 1,425 1,398
Other Assets 33 27
------ ------
Total Assets $1,553 $1,523
====== ======
Liabilities & Stocholders' Equity
Other Liabilities $ 77 $ 73
Debt 919 897
Deferred Income Taxes 207 194
Stockholders' Equity 350 359
------ ------
Total Liabilities & Stockholders' Equity $1,553 $1,523
====== ======
Net Debt Outstanding $ 912 $ 891
====== ======
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
----------------------------------------------
(Millions of dollars)
(Unaudited)
Six Months Ended March 31,
1996 1995
------ ------
Cash Provided from Operations $ 135 $ 120
Cash Used for Investment Activities (127) (125)
Cash Used for Financing Activities (29) (5)
------ ------
Increase in Net Debt Outstanding
(Debt-Cash) $ (21) $ (10)
====== ======
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: May 6, 1996 /s/ Michael J. Soja
---------------------- --------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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