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Previous: DEFINED ASSET FUNDS MUNICIPAL INVT TR FD MON PYMT SER 78, 485BPOS, 1998-11-20 |
Next: REAL ESTATE ASSOCIATES LTD/CA, 10-Q, 1998-11-20 |
<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 20, 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 November 13, 1998, XTRA Corporation issued a press release disclosing certain
financial information for the fourth fiscal quarter ended September 30, 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)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
September 30, September 30,
1998 1997 1998 1997
------------ ------------ ------------- ------------
<S> <C> <C> <C> <C>
Revenues $ 119 $ 117 $ 461 $ 435
Operating expenses
Depreciation on rental equipment 38 40 151 149
Rental equipment operating expense 24 28 108 109
Selling and administrative expense 11 11 43 43
------------ ------------ ------------- ------------
73 79 302 301
------------ ------------ ------------- ------------
Operating income 46 38 159 134
Interest expense 14 16 58 63
Foreign exchange loss 1 - 2 -
------------ ------------ ------------- ------------
Income before provision for income taxes 31 22 99 71
Provision for income taxes 12 9 39 28
------------ ------------ ------------- ------------
Net income $ 19 $ 13 $ 60 $ 43
============ ============ ============= ============
Basic earnings per share $ 1.20 $ 0.89 $ 3.90 $ 2.79
Weighted average basic shares outstanding (in millions) 15.4 15.3 15.3 15.3
Diluted earnings per share $ 1.20 $ 0.89 $ 3.88 $ 2.78
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)
<TABLE>
<CAPTION>
September 30, September 30,
1998 1997
------------- -------------
<S> <C> <C>
Assets
Property and Equipment, net $ 1,452 $ 1,454
Receivables, net 105 108
Other Assets 17 23
------------- -------------
Total Assets $ 1,574 $ 1,585
============= =============
Liabilities and Stockholders' Equity
Liabilities
Debt $ 802 $ 892
Deferred Income Taxes 287 252
Other Liabilities 77 81
Stockholders' Equity 408 360
------------- -------------
Total Liabilities & Stockholders' Equity $ 1,574 $ 1,585
============= =============
Net Debt Outstanding $ 799 $ 888
============= =============
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
<TABLE>
<CAPTION>
Twelve Months
Ended September 30,
1998 1997
-------- --------
<S> <C> <C>
Cash Provided from Operations $ 293 $ 269
Cash Used for Investment Activities (199) (249)
Cash Used for Financing Activities (5) (24)
-------- --------
(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ 89 $ (4)
======== ========
</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: November 20, 1998 /s/ Michael J. Soja
----------------------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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