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Previous: UNITED COMPANIES FINANCIAL CORP, 8-K, 1999-04-30 |
Next: BOLIVIAN POWER CO LTD/DE, 10-K/A, 1999-04-30 |
<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: April 30, 1999
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
- --------------------------------------------------------------------------------
N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5 - Other Events:
- ----------------------
On April 29, 1999, XTRA Corporation issued a press release disclosing certain
financial information for the second fiscal quarter ended March 31, 1999, which
financial information is contained herein on pages 3-5.
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions of dollars except per share and share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
1999 1998 1999 1998
----------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues $ 110 $ 109 $ 232 $ 230
Operating expenses
Depreciation on rental equipment 38 38 76 76
Rental equipment operating expense 28 28 56 54
Selling and administrative expense 11 11 22 22
Revenue equipment writedown 25 - 25 -
Restructuring costs 13 - 13 -
----------- ---------- ----------- -----------
115 77 192 152
----------- ---------- ----------- -----------
Operating income (loss) (5) 32 40 78
Interest expense 14 14 28 30
----------- ---------- ----------- -----------
Income (loss) before provision for income
taxes and unusual item (19) 18 12 48
Unusual item: costs related to terminated merger - - 1 -
----------- ---------- ----------- -----------
Pretax income (loss) (19) 18 11 48
Provision (benefit) for income taxes (8) 7 4 19
----------- ---------- ----------- -----------
Net income (loss) $ (11) $ 11 $ 7 $ 29
=========== ========== =========== ===========
Basic earnings (loss) per share $(0.82) $0.71 $0.46 $1.89
Weighted average basic shares outstanding (in 13.9 15.3 14.6 15.3
millions)
Diluted earnings (loss) per share $(0.82) $0.71 $0.46 $1.88
Weighted average diluted shares outstanding (in millions) 13.9 15.4 14.6 15.4
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
<TABLE>
<CAPTION>
March 31,
1999 September 30,
(Unaudited) 1998
----------- -------------
<S> <C> <C>
Assets
Property and Equipment, net $ 1,462 $ 1,452
Receivables, net 101 106
Other Assets 23 17
----------- -------------
Total Assets $ 1,586 $ 1,575
=========== =============
Liabilities and Stockholders' Equity
Liabilities
Debt $ 881 $ 802
Deferred Income Taxes 291 287
Other Liabilities 83 78
Stockholders' Equity 331 408
----------- -------------
Total Liabilities & Stockholders' Equity $ 1,586 $ 1,575
=========== =============
Net Debt Outstanding $ 878 $ 799
=========== =============
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Six Months
Ended March 31,
1999 1998
---------- ----------
<S> <C> <C>
Cash Provided from Operations $ 140 $ 148
Cash Used for Investment Activities (129) (53)
Cash Provided from/(Used for) Financing Activities (90) (5)
---------- ----------
(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ (79) $ 90
========== ==========
</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: April 30, 1999 /s/ Michael J. Soja
-------------------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
6
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