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Previous: SOUTHERN CO SERVICES INC, U-13-60, 2000-05-01 |
Next: AFL CIO HOUSING INVESTMENT TRUST, 485BPOS, 2000-05-01 |
<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: May 1, 2000
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.)
200 Nyala Farms Road, Westport, CT 06880
- -------------------------------------------------------------------------------
(Address of principal executive offices) Zip Code
Registrant's telephone number including area code: (203) 221-1005
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(Former name or former address, if changed since last report)
<PAGE>
Item 5 - Other Events:
- ----------------------
On April 27, 2000, XTRA Corporation issued a press release disclosing certain
financial information for the second fiscal quarter ended March 31, 2000, 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 Six Months Ended
March 31, March 31,
------------------- ------------------
2000 1999 2000 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues $ 115 $ 110 $ 242 $ 232
Operating expenses
Depreciation on rental equipment 38 38 75 76
Rental equipment lease financing expense 2 - 4 -
Rental equipment operating expenses 27 27 55 53
Selling and administrative expense 11 12 23 25
Revenue equipment writedown - 25 - 25
Restructuring costs - 13 - 13
-------- -------- -------- --------
78 115 157 192
-------- -------- -------- --------
Operating income (loss) 37 (5) 85 40
Interest expense 15 14 29 28
-------- -------- -------- --------
Income (loss) before provision (benefit)
for income taxes and unusual item 22 (19) 56 12
Unusual item: costs related to terminated merger - - - 1
-------- -------- -------- --------
Pretax income (loss) 22 (19) 56 11
Provision (benefit) for income taxes 9 (8) 22 4
-------- -------- -------- --------
Net income (loss) $ 13 $ (11) $ 34 $ 7
======== ======== ======== ========
Basic earnings (loss) per common share $ 1.12 $ (0.82) $ 2.74 $ 0.46
Weighted average basic shares outstanding (in millions) 12.0 13.9 12.3 14.6
Diluted earnings (loss) per share $ 1.12 $ (0.82) $ 2.74 $ 0.46
Weighted average diluted shares outstanding (in millions) 12.0 13.9 12.3 14.6
</TABLE>
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
March 31,
2000 September 30,
(Unaudited) 1999
----------- -------------
Assets
Property and Equipment, net $ 1,415 $ 1,439
Receivables, net 112 116
Other Assets 24 18
------- -------
Total Assets $ 1,551 $ 1,573
======= =======
Liabilities and Stockholders' Equity
Liabilities
Debt $ 808 $ 852
Deferred Income Taxes 331 309
Other Liabilities 70 75
Stockholders' Equity 342 337
------- -------
Total Liabilities and Stockholders' Equity $ 1,551 $ 1,573
======= =======
Net Debt Outstanding $ 807 $ 848
======= =======
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
Six Months
Ended March 31,
2000 1999
------ ------
Cash Provided from Operations $159 $ 140
Cash Used for Investment Activities (89) (129)
Cash Used for Financing Activities (29) (90)
------ ------
(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ 41 $ (79)
====== ======
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: May 1, 2000 /s/ Michael J. Soja
-------------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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