<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: November 27, 1996
XTRA Corporation
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(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)
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Item 5 - Other Events:
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On November 14, 1996, XTRA Corporation issued a press release disclosing certain
financial information for the fourth fiscal quarter ended September 30, 1996,
which financial information is contained herein on pages 3-5.
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XTRA CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Millions of dollars except per share and share amounts)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
September 30, September 30,
------------------ -------------------
1996 1995 1996 1995
------- ------- ------- -------
<S> <C> <C> <C> <C>
Revenues $ 107.8 $ 108.0 $ 422.5 $ 377.7
Operating expenses
Depreciation and lease financing 36.8 35.6 145.9 117.1
Rental equipment operating expense 25.4 24.5 100.7 87.6
Selling & administrative expense 10.6 10.0 40.4 33.6
------- ------- ------- -------
72.8 70.1 287.0 283.3
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Operating income 35.0 37.9 135.5 139.4
Interest expense 16.2 16.0 66.0 41.4
Foreign exchange loss - - 0.4 -
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Income before provision for
income taxes 18.8 21.9 69.1 98.0
Provision for income taxes 7.6 9.1 28.0 40.7
------- ------- ------- -------
Net income $ 11.2 $ 12.8 $ 41.1 $ 57.3
======= ======= ======= =======
Earnings per share $ 0.71 $ 0.76 $ 2.56 $ 3.39
Weighted average shares outstanding 15.7 16.8 16.1 16.9
(in millions)
</TABLE>
3
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XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
<TABLE>
<CAPTION>
September 30, September 30,
1996 1995
------------ ------------
<S> <C> <C>
Assets
Receivables, net $ 94 $ 91
Property & Equipment, net 1,407 1,398
Other Assets 36 27
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Total Assets $ 1,537 $ 1,516
============ ============
Liabilities & Stockholders' Equity
Other Liabilities $ 76 $ 66
Debt 892 897
Deferred Income Taxes 227 194
Stockholders' Equity 342 359
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Total Liabilities & Stockholders' Equity $ 1,537 $ 1,516
============ ============
Net Debt Outstanding $ 884 $ 891
============ ============
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
<TABLE>
<CAPTION>
Twelve Months Ended September 30,
1996 1995
--------------- --------------
<S> <C> <C>
Cash Provided from Operations $ 272 $ 237
Cash Used for Investment Activities (210) (698)*
Cash Used for Financing Activities (55) (29)
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Increase/(Decrease) in Net Debt Outstanding $ 7 $ (490)
(Debt - Cash) =============== ==============
</TABLE>
* Includes $360 million for the acquisition of the net assets of Matson
Leasing Company, Inc.
5
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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
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(Registrant)
Date: November 27, 1996 /s/ Michael J. Soja
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Michael J. Soja
Vice President and
Chief Financial Officer
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