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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 5, 1997
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
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
On May 1, 1997, XTRA Corporation issued a press release disclosing certain
financial information for the quarter ended March 31, 1997, which is contained
herein on pages three through five hereof.
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Millions of dollars except per share and share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Six Months
Ended Ended
March 31, March 31,
--------------- ---------------
<S> <C> <C> <C> <C>
1997 1996 1997 1996
--------------- ---------------
Revenues $101.5 $101.1 $212.9 $213.3
Operating expenses
Depreciation on rental equipment 36.2 36.4 72.7 72.7
Rental equipment operating expense 27.4 24.5 53.8 49.9
Selling & administrative expense 10.2 10.0 21.0 20.0
------ ------ ------ ------
73.8 70.9 147.5 142.6
------ ------ ------ ------
Operating income 27.7 30.2 65.4 70.7
Interest expense 15.3 16.4 31.1 33.1
Foreign exchange loss 0.1 -- 0.2 0.4
------ ------ ------ ------
Income before provision for income taxes 12.3 13.8 34.1 37.2
Provision for income taxes 4.8 5.6 13.6 15.1
------ ------ ------ ------
Net income $ 7.5 $ 8.2 $ 20.5 $ 22.1
------ ------ ------ ------
------ ------ ------ ------
Earnings per share $ 0.49 $ 0.51 $ 1.34 $ 1.36
Weighted average shares outstanding (in millions) 15.3 16.1 15.3 16.3
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
March 31, September 30,
1997 1996
(Unaudited)
----------- -------------
Assets
Property & Equipment, net $1,399 $1,407
Receivables, net 97 94
Other Assets 36 36
------- -------
Total Assets $1,532 $1,537
------- -------
------- -------
Liabilities & Stockholders' Equity
Debt $ 873 $ 892
Deferred Income Taxes 240 227
Other Liabilities 77 76
Stockholders' Equity 342 342
------- -------
Total Liabilities & Stockholders' Equity $1,532 $1,537
------- -------
------- -------
Net Debt Outstanding $ 864 $ 884
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4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
Six Months
Ended March 31,
1997 1996
------ ------
Cash Provided from Operations.......................... $ 127 $ 135
Cash Used for Investment Activities.................... (89) (127)
Cash Used for Financing Activities..................... (18) (29)
----- ------
(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash)..................................... $ 20 $ (21)
----- ------
----- ------
5
<PAGE>
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/ MICHAEL J. SOJA
--------------------
Michael J. Soja
Vice President and
Chief Financial Officer
DATED: May 5, 1997
6
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