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Previous: SOUTHWEST CAPITAL CORP, 10QSB, 1999-11-15 |
Next: BOLIVIAN POWER CO LTD/DE, 15-12B/A, 1999-11-15 |
<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 15, 1999
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
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(Address of principal executive offices) Zip Code
Registrant's telephone number including area code: (617) 367-5000
- --------------------------------------------------------------------------------
N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5 - Other Events:
- ----------------------
On November 9, 1999, XTRA Corporation issued a press release disclosing certain
financial information for the fourth fiscal quarter ended September 30, 1999,
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 amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
September 30, September 30,
------------------- --------------------
1999 1998 1999 1998
------- ------- ------- -------
<S> <C> <C> <C> <C>
Revenues $ 121 $ 119 $ 464 $ 461
Operating expenses
Depreciation on rental equipment 38 38 152 151
Rental equipment operating expenses 27 24 113 108
Selling and administrative expense 13 10 45 42
Revenue equipment writedown - - 25 -
Restructuring costs - - 13 -
------- ------- ------- -------
78 72 348 301
------- ------- ------- -------
Operating income 43 47 116 160
Interest expense 15 14 58 58
Foreign exchange (gain) loss - 1 (1) 2
------- ------- ------- -------
Income from operations before provision
for income taxes and unusual item 28 32 59 100
Unusual item: costs related to terminated merger - 1 1 1
------- ------- ------- -------
Pretax income 28 31 58 99
Provision for income taxes 11 12 23 39
------- ------- ------- -------
Net income $ 17 $ 19 $ 35 $ 60
======= ======= ======= =======
Basic earnings per common share $ 1.28 $ 1.20 $ 2.49 $ 3.90
Basic common shares outstanding (in millions) 13.0 15.4 13.9 15.3
Diluted earnings per common share $ 1.28 $ 1.20 $ 2.49 $ 3.88
Diluted common shares outstanding (in millions) 13.0 15.4 13.9 15.4
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
[CAPTION]
<TABLE>
September 30, September 30,
1999 1998
------------- -------------
<S> <C> <C>
Assets
Property and Equipment, net $ 1,435 $ 1,452
Receivables, net 116 106
Other Assets 22 17
------------ ------------
Total Assets $ 1,573 $ 1,575
============ ============
Liabilities and Stockholders' Equity
Liabilities
Debt $ 852 $ 802
Deferred Income Taxes 309 287
Other Liabilities 75 78
Stockholders' Equity 337 408
------------ ------------
Total Liabilities & Stockholders' Equity $ 1,573 $ 1,575
============ ============
Net Debt Outstanding $ 848 $ 799
============ ============
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
<TABLE>
<CAPTION>
Twelve Months
Ended September 30,
1999 1998
----- -----
<S> <C> <C>
Cash Provided from Operations $ 275 $ 293
Cash Used for Investment Activities (214) (199)
Cash Used for Financing Activities (110) (5)
----- -----
(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ (49) $ 89
===== =====
</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 15, 1999 /s/ Michael J. Soja
----------------- ----------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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