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Previous: FRANKLIN CONSOLIDATED MINING CO INC, RW, 1998-05-05 |
Next: KEMPER HIGH YIELD SERIES, 497J, 1998-05-05 |
<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, 1998
XTRA Corporation
- --------------------------------------------------------------------------------
(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)
<PAGE>
Item 5 - Other Events:
- ----------------------
On April 30, 1998, XTRA Corporation issued a press release disclosing certain
financial information for the second fiscal quarter ended March 31, 1998, which
financial information is contained herein on pages 3-5.
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<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,
1998 1997 1998 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues $ 109 $ 102 $ 230 $ 213
Operating expenses
Depreciation on rental equipment 38 36 76 72
Rental equipment operating expense 28 28 54 54
Selling and administrative expense 11 10 22 21
-------- -------- -------- --------
77 74 152 147
-------- -------- -------- --------
Operating income 32 28 78 66
Interest expense 14 15 30 31
-------- -------- -------- --------
Income before provision for income taxes 18 13 48 35
Provision for income taxes 7 5 19 14
-------- -------- -------- --------
Net income $ 11 $ 8 $ 29 $ 21
======== ======== ======== ========
Basic earnings per share $ 0.71 $ 0.49 $ 1.89 $ 1.34
Weighted average basic shares outstanding (in millions) 15.3 15.3 15.3 15.3
Diluted earnings per share $ 0.71 $ 0.49 $ 1.88 $ 1.34
Weighted average diluted shares outstanding (in millions) 15.4 15.3 15.4 15.3
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
March 31,
1998 September 30,
(Unaudited) 1997
----------- -------------
Assets
Property and Equipment, net $ 1,405 $ 1,454
Receivables, net 104 108
Other Assets 26 23
----------- -------------
Total Assets $ 1,535 $ 1,585
=========== =============
Liabilities and Stockholders' Equity
Liabilities
Debt $ 805 $ 892
Deferred Income Taxes 269 252
Other Liabilities 79 81
Stockholders' Equity 382 360
----------- -------------
Total Liabilities & Stockholders' Equity $ 1,535 $ 1,585
=========== =============
Net Debt Outstanding $ 798 $ 888
=========== =============
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
Six Months
Ended March 31,
1998 1997
-------- --------
Cash Provided from Operations $ 148 $ 127
Cash Used for Investment Activities (53) (89)
Cash Used for Financing Activities (5) (18)
-------- --------
(Increase)/Decrease in Net Debt Outstanding
(Debt-Cash) $ 90 $ 20
======== ========
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 5, 1998 /s/ Michael J. Soja
--------------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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