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<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 2, 2000
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.)
200 Nyala Farms Road, Westport, CT 06880
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(Address of principal executive offices) Zip Code
Registrant's telephone number including area code: (203) 221-1005
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60 State St., Boston, MA 02109
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(Former name or former address, if changed since last report)
<PAGE>
Item 5 - Other Events:
- ----------------------
On January 26, 2000, XTRA Corporation issued a press release disclosing certain
financial information for the first fiscal quarter ended December 31, 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 and share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
December 31,
------------------
1999 1998
-------- --------
<S> <C> <C>
Revenues $ 127 $ 123
Operating expenses
Depreciation on rental equipment 38 38
Rental equipment lease financing 1 -
Rental equipment operating expenses 28 27
Selling and administrative expense 12 13
----- -----
79 78
----- -----
Operating income 48 45
Interest expense 15 14
----- -----
Income from operations before provision
for income taxes and unusual item 33 31
Unusual item: costs related to terminated merger - 1
----- -----
Pretax income 33 30
Provision for income taxes 13 12
----- -----
Net income $ 20 $ 18
===== =====
Basic earnings per common share $1.61 $1.18
Basic common shares outstanding (in millions) 12.6 15.4
Diluted earnings per common share $1.61 $1.18
Diluted common shares outstanding (in millions) 12.6 15.4
</TABLE>
*Note: Certain amounts in the prior year financial statements have been
reclassified to be consistent with the current year presentation.
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of Dollars)
<TABLE>
<CAPTION>
December 31,
1999 September 30,
(Unaudited) 1999
------------- --------------
<S> <C> <C>
Assets
Property and Equipment, net $ 1,418 $ 1,439
Receivables,net 123 116
Other Assets 15 18
--------- ---------
Total Assets $ 1,556 $ 1,573
========= =========
Liabilities and Stockholders' Equity
Liabilities
Debt $ 841 $ 852
Deferred Income Taxes 322 309
Other Liabilities 65 75
Stockholders Equity 328 337
--------- ---------
Total Liabilities & Stockholders' Equity $ 1,556 $ 1,573
========= =========
Net Debt Outstanding $ 840 $ 848
========= =========
</TABLE>
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
<TABLE>
<CAPTION>
Three Months
Ended December 31,
1999 1998
---- ----
<S> <C> <C>
Cash Provided from Operations $ 75 $ 57
Cash Used for Investment Activities(1) (37) (59)
Cash Used for Financing Activities (30) (1)
---- ----
(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ 8 $ (3)
==== ====
</TABLE>
(1) The three months ended December 31, 1999 excludes $24 million of equipment
financed under an off balance sheet lease.
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 2, 2000 /s/ Michael J. Soja
-------------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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