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Previous: UNITED COMPANIES FINANCIAL CORP, SC 13G/A, 1999-02-11 |
Next: XTRA CORP /DE/, 10-Q, 1999-02-11 |
<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: February 11, 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
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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 February 9, 1999, XTRA Corporation issued a press release disclosing certain
financial information for the first fiscal quarter ended December 31, 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
December 31,
1998 1997
-------- --------
<S> <C> <C>
Revenues $ 123 $ 121
Operating expenses
Depreciation on rental equipment 38 38
Rental equipment operating expense 29 27
Selling and administrative expense 11 11
-------- --------
78 76
-------- --------
Operating income 45 45
Interest expense 14 15
-------- --------
Income before provision for income
taxes and unusual item 31 30
Unusual item: costs related to terminated
merger 1 -
-------- --------
Pretax income 30 30
Provision for income taxes 12 12
-------- --------
Net income $ 18 $ 18
======== ========
Basic earnings per share $ 1.18 $ 1.18
Weighted average basic shares outstanding
(in millions) 15.4 15.3
Diluted earnings per share $ 1.18 $ 1.17
Weighted average basic shares outstanding
(in millions) 15.4 15.4
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
<TABLE>
<CAPTION>
December 31,
1998 September 30,
(Unaudited) 1998
--------------- ---------------
<S> <C> <C>
Assets
Property and Equipment, net $ 1,464 $ 1,452
Receivables, net 108 106
Other Assets 20 17
--------- ---------
Total Assets $ 1,592 $ 1,575
========= =========
Liabilities and Stockholders' Equity
Liabilities
Debt $ 801 $ 802
Deferred Income Taxes 298 287
Other Liabilities 63 78
Stockholders' Equity 430 408
--------- ---------
Total Liabilities & Stockholders'
Equity $ 1,592 $ 1,575
========= =========
Net Debt Outstanding $ 801 $ 799
========= =========
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Three Months
Ended December 31,
1998 1997
----- -----
<S> <C> <C>
Cash Provided from Operations $ 57 $ 61
Cash Used for Investment Activities (59) (19)
Cash Provided from/(Used for)
Financing Activities - (3)
----- -----
(Increase)/Decrease in Net Debt
Outstanding (Debt - Cash) $ (2) $ 39
===== =====
</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: February 11, 1999 /s/ Michael J. Soja
----------------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
6
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