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Previous: MEDICAL DYNAMICS INC, 8-K, 1998-08-06 |
Next: PACIFIC REAL ESTATE INVESTMENT TRUST INC, 10-Q, 1998-08-06 |
<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: August 6, 1998
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 August 5, 1998, XTRA Corporation issued a press release disclosing certain
financial information for the third fiscal quarter ended June 30, 1998, 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 Nine Months Ended
June 30, June 30,
1998 1997 1998 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues $ 112 $ 105 $ 342 $ 318
Operating expenses
Depreciation on rental equipment 38 37 113 110
Rental equipment operating expense 29 27 83 80
Selling and administrative expense 11 11 33 32
------- ------- ------- -------
78 75 229 222
------- ------- ------- -------
Operating income 34 30 113 96
Interest expense 14 16 44 47
------- ------- ------- -------
Income before provision for
income taxes 20 14 69 49
Provision for income taxes 8 5 28 20
------- ------- ------- -------
Net income $ 12 $ 9 $ 41 $ 29
======= ======= ======= =======
Basic earnings per share $ 0.80 $ 0.56 $ 2.69 $ 1.90
Weighted average basic shares
outstanding (in millions) 15.3 15.3 15.3 15.3
Diluted earnings per share $ 0.80 $ 0.56 $ 2.68 $ 1.90
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>
June 30, September 30,
1998 1997
-------- ------------
(Unaudited)
<S> <C> <C>
Assets
Property and Equipment, net $ 1,431 $ 1,454
Receivables, net 104 108
Other Assets 23 23
-------- --------
Total Assets $ 1,558 $ 1,585
======== ========
Liabilities and Stockholders' Equity
Liabilities
Debt $ 818 $ 892
Deferred Income Taxes 276 252
Other Liabilities 72 81
Stockholders' Equity 392 360
-------- --------
Total Liabilities & Stockholders' Equity $ 1,558 $ 1,585
======== ========
Net Debt Outstanding $ 811 $ 888
======== ========
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months
Ended June 30,
1998 1997
-------- --------
<S> <C> <C>
Cash Provided from Operations $ 211 $ 181
Cash Used for Investment Activities (129) (182)
Cash Used for Financing Activities (5) (21)
------- -------
(Increase)/Decrease in Net Debt Outstanding
(Debt-Cash) $ 77 $ (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: August 6, 1998 /s/ Michael J. Soja
------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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