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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: January 24, 1997
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
________________________________________________________________________________
(Address of principal executive offices) Zip Code
Registrant's telephone number including area code: (617) 367-5000
________________________________________________________________________________
N/A
________________________________________________________________________________
(Former name or former address, if changed since last report)
<PAGE>
Item 5 - Other Events:
- ----------------------
On January 23, 1997, XTRA Corporation issued a press release disclosing certain
financial information for the first fiscal quarter ended December 31, 1997,
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
December 31,
-------------------
1996 1995
------- -------
<S> <C> <C>
Revenues $ 111.4 $ 112.2
Operating expenses
Depreciation on rental equipment 36.5 36.3
Rental equipment operating expense 26.4 25.4
Selling & administrative expense 10.8 10.0
------- -------
73.7 71.7
------- -------
Operating income 37.7 40.5
Interest expense 15.9 16.7
Foreign exchange loss - 0.4
------- -------
Income before provision for income taxes 21.8 23.4
Provision for income taxes 8.7 9.5
------- -------
Net income $ 13.1 $ 13.9
======= =======
Earnings per share $ 0.85 $ 0.85
Weighted average shares outstanding (in millions) 15.3 16.4
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
<TABLE>
<CAPTION>
December 31, September 30,
1996 1996
(Unaudited)
------------ -------------
<S> <C> <C>
Assets
Receivables, net $ 100 $ 94
Property & Equipment, net 1,380 1,407
Other Assets 31 36
------------ -------------
Total Assets $ 1,511 $ 1,537
============ =============
Liabilities & Stockholders' Equity
Other Liabilities $ 63 $ 76
Debt 875 892
Deferred Income Taxes 235 227
Stockholders' Equity 338 342
------------- ------------
Total Liabilities & Stockholders' Equity $ 1,511 $ 1,537
============ =============
Net Debt Outstanding $ 869 $ 884
============ =============
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Three Months
Ended December 31,
1996 1995
-------- --------
<S> <C> <C>
Cash Provided from Operations $ 51 $ 57
Cash Used for Investment Activities (20) (65)
Cash Used for Financing Activities (16) (14)
-------- --------
(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ 15 $ (22)
======== ========
</TABLE>
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: January 24, 1997 /s/Michael J. Soja
------------------------------- ---------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
6
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