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Previous: PIONEER TAX FREE INCOME FUND, NSAR-A, 1999-08-09 |
Next: ROBOTIC VISION SYSTEMS INC, S-1/A, 1999-08-09 |
<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 9, 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
- --------------------------------------------------------------------------------
(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 August 5, 1999, XTRA Corporation issued a press release disclosing certain
financial information for the third fiscal quarter ended June 30, 1999, 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 amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, June 30,
------------------ -----------------
1999 1998 1999 1998
----- ----- ----- -----
<S> <C> <C> <C> <C>
Revenues $ 111 $ 112 $ 343 $ 342
Operating expenses
Depreciation on rental equipment 38 38 114 113
Rental equipment operating expenses 29 29 85 83
Selling and administrative expense 11 11 32 33
Revenue equipment writedown - - 25 -
Restructuring costs - - 13 -
----- ----- ----- -----
78 78 269 229
----- ----- ----- -----
Operating income 33 34 74 113
Interest expense 15 14 43 44
----- ----- ----- -----
Income from operations before provision
for income taxes and unusual item 18 20 31 69
Unusual item: costs related to terminated merger - - 1 -
----- ----- ----- -----
Pretax income 18 20 30 69
Provision for income taxes 7 8 12 28
----- ----- ----- -----
Net income $ 11 $ 12 $ 18 $ 41
===== ===== ===== =====
Basic earnings per common share $0.85 $0.80 $1.26 $2.69
Basic common shares outstanding (in millions) 13.2 15.3 14.2 15.3
Diluted earnings per common share $0.85 $0.80 $1.26 $2.68
Diluted common shares outstanding (in millions) 13.2 15.4 14.2 15.4
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
<TABLE>
<CAPTION>
June 30,
1999 September 30,
(Unaudited) 1998
----------- -------------
<S> <C> <C>
Assets
Property and Equipment, net $1,447 $1,452
Receivables, net 105 106
Other Assets 24 17
------ ------
Total Assets $1,576 $1,575
====== ======
Liabilities and Stockholders' Equity
Liabilities
Debt $ 866 $ 802
Deferred Income Taxes 299 287
Other Liabilities 69 78
Stockholders' Equity 342 408
------ ------
Total Liabilities & Stockholders' Equity $1,576 $1,575
====== ======
Net Debt Outstanding $ 862 $ 799
====== ======
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months
Ended June 30,
1999 1998
---- ----
<S> <C> <C>
Cash Provided from Operations $ 198 $ 211
Cash Used for Investment Activities (171) (129)
Cash Used for Financing Activities (90) (5)
----- -----
(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ (63) $ 77
===== =====
</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 9, 1999 /s/ Michael J. Soja
-------------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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