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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 7, 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
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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 August 5, 1997, XTRA Corporation issued a press release disclosing certain
financial information for the third fiscal quarter ended June 30, 1997, 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)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Nine Months
Ended Ended
June 30, June 30,
-------------- --------------
1997 1996 1997 1996
------ ------ ------ ------
<S> <C> <C> <C> <C>
Revenues $ 105 $ 101 $ 318 $ 315
Operating expenses
Depreciation on rental equipment 37 36 110 109
Rental equipment operating expense 27 25 80 75
Selling and administrative expense 11 10 32 30
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75 71 222 214
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Operating income 30 30 96 101
Interest expense 16 17 47 50
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Income before provision for income taxes 14 13 49 51
Provision for income taxes 5 5 20 21
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Net income $ 9 $ 8 $ 29 $ 30
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Earnings per share $ 0.56 $ 0.49 $ 1.90 $ 1.85
Weighted average shares outstanding (in millions) 15.3 16.0 15.3 16.2
</TABLE>
3
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XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
<TABLE>
<CAPTION>
June 30, September 30,
1997 1996
(Unaudited)
----------- -------------
<S> <C> <C>
Assets
Property and Equipment, net $ 1,439 $ 1,407
Receivables, net 98 94
Other Assets 34 36
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Total Assets $ 1,571 $ 1,537
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Liabilities and Stockholders' Equity
Liabilities
Debt $ 913 $ 892
Deferred Income Taxes 245 227
Other Liabilities 65 76
Stockholders' Equity 348 342
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Total Liabilities & Stockholders' Equity $ 1,571 $ 1,537
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Net Debt Outstanding $ 906 $ 884
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</TABLE>
4
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XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months
Ended June 30,
1997 1996
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<S> <C> <C>
Cash Provided from Operations $ 181 $ 190
Cash Used for Investment Activities (182) (190)
Cash Used for Financing Activities (21) (40)
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(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ (22) $ (40)
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</TABLE>
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: August 7, 1997 /s/ Michael J. Soja
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Michael J. Soja
Vice President and
Chief Financial Officer
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