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Previous: MEDIA GENERAL INC, 10-Q, EX-27, 2000-11-07 |
Next: AFL CIO HOUSING INVESTMENT TRUST, N-30B-2, 2000-11-07 |
<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: November 7, 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
--------------------------------------------------------------------------------
(Address of principal executive offices) Zip Code
Registrant's telephone number including area code: (203) 221-1005
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 - Other Events:
----------------------
On November 7, 2000, XTRA Corporation issued a corrected press release
disclosing certain financial information for the fourth fiscal quarter ended
September 30, 2000 because of a minor error on the Condensed Consolidated
Statements of Cash Flows. The correct amount for Cash Used for Financing
Activities is $36 million and therefore the decrease in Net Debt Outstanding is
$64 million.
2
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Millions of dollars, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
September 30, September 30,
------------------- -------------------
2000 1999 2000 1999
----- ------ ------ ----
<S> <C> <C> <C> <C>
Revenues $ 119 $ 121 $ 477 $ 464
Operating expenses
Depreciation on rental equipment 38 38 151 152
Rental equipment lease financing expense 3 1 9 1
Rental equipment operating expense 26 27 107 107
Selling and administrative expense 11 12 46 50
Revenue equipment writedown - - - 25
Restructuring costs - - - 13
----- ----- ----- -----
78 78 313 348
----- ----- ----- -----
Operating income 41 43 164 116
Interest expense 15 15 58 58
Foreign exchange (gain) loss - - 1 (1)
----- ----- ----- -----
Income from operations before provision
for income taxes and unusual item 26 28 105 59
Unusual item: costs related to terminated merger - - - 1
----- ----- ----- -----
Pretax income 26 28 105 58
Provision for income taxes 10 11 42 23
----- ----- ----- -----
Net income $ 16 $ 17 $ 63 $ 35
===== ===== ===== =====
Basic earnings per common share $1.31 $1.28 $5.21 $2.49
Basic common shares outstanding (in millions) 12.0 13.0 12.2 13.9
Diluted earnings per common share $1.31 $1.28 $5.20 $2.49
Diluted common shares outstanding (in millions) 12.0 13.0 12.2 13.9
</TABLE>
Certain amounts in the prior year financial statements have been reclassified to
be consistent with the current year's presentation.
3
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
<TABLE>
<CAPTION>
September 30, September 30,
2000 1999
------------- -------------
<S> <C> <C>
Assets
Property and Equipment, net $ 1,432 $ 1,439
Receivables, net 116 118
Other Assets 18 16
------- -------
Total Assets $ 1,566 $ 1,573
======= =======
Liabilities and Stockholders' Equity
Liabilities
Debt $ 788 $ 852
Deferred Income Taxes 352 309
Other Liabilities 65 75
Stockholders' Equity 361 337
------- -------
Total Liabilities & Stockholders'
Equity $ 1,566 $ 1,573
======= =======
Net Debt Outstanding $ 786 $ 850
======= =======
</TABLE>
4
<PAGE>
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
<TABLE>
<CAPTION>
Twelve Months
Ended September 30,
2000 1999
---- ----
<S> <C> <C>
Cash Provided from Operations $ 316 $ 275
Cash Used for Investment Activities (216) (215)
Cash Used for Financing Activities (36) (111)
----- -----
(Increase)/Decrease in Net Debt Outstanding
(Debt-Cash) $ 64 $ (51)
===== =====
</TABLE>
Certain amounts in the prior year financial statements have been reclassified to
be consistent with the current year's presentation.
<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: November 7, 2000 /s/ Michael J. Soja
---------------------- -------------------------------------
Michael J. Soja
Vice President and
Chief Financial Officer
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