- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended Commission File Number
March 31, 1996 1-2328
GATX Corporation
Incorporated in the IRS Employer Identification No.
State of New York 36-1124040
500 West Monroe Street
Chicago, Illinois 60661-3676
(312) 621-6200
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
Registrant had 20,150,573 shares of common stock outstanding as of
April 30, 1996.
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<PAGE>
<TABLE>
<CAPTION>
PART I--FINANCIAL INFORMATION
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
In Millions, Except Per Share Amounts
Three Months Ended
March 31
------------------
1996 1995
-------- ------
<S> <C> <C>
Gross income.............................................$ 303.6 $ 290.8
Costs and expenses
Operating expenses................................... 150.0 139.8
Interest............................................. 43.9 38.8
Provision for depreciation and amortization....... 44.5 40.7
Provision for possible losses........................ 3.0 6.2
Selling, general and administrative.................. 31.9 31.4
-------- ---------
273.3 256.9
------- --------
Income before income taxes and equity in
net earnings of affiliated companies................. 30.3 33.9
Income taxes............................................. 12.1 15.1
-------- --------
Income before equity in net earnings of affiliated
companies......................................... 18.2 18.8
Equity in net earnings of affiliated companies........ 6.5 6.9
--------- --------
Net income........................................... $ 24.7 $ 25.7
======== =======
Per common share:
Net income...........................................$ 1.05 $ 1.11
Net income, assuming full dilution................... 1.01 1.06
Dividends declared................................... .43 .40
<FN>
Note - The consolidated balance sheet at December 31, 1995 has been derived from
the audited financial statements at that date. All other consolidated financial
statements are unaudited but include all adjustments, consisting only of normal
recurring items, which management considers necessary for a fair statement of
the consolidated results of operations and financial position for the respective
periods. Operating results for the three months ended March 31, 1996 are not
necessarily indicative of the results that may be achieved for the entire year
ending December 31, 1996. Certain amounts in the 1995 financial statements have
been reclassified to conform to the 1996 presentation.
</FN>
</TABLE>
-1-
<PAGE>
<TABLE>
<CAPTION>
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
In Millions
ASSETS
March 31 December 31
1996 1995
(Unaudited)
<S> <C> <C>
Cash and cash equivalents........................... $ 31.4 $ 34.8
Receivables
Trade accounts.................................. 100.6 115.4
Finance leases.................................. 672.6 673.8
Secured loans................................... 244.5 239.9
Less - Allowance for possible losses.......... (111.3) (100.0)
----------- --------
906.4 929.1
Property, plant and equipment
Railcars and support facilities.................. 2,022.6 1,945.1
Tank storage terminals and pipelines.......... 1,277.8 1,242.3
Great Lakes vessels............................. 204.2 204.1
Operating lease investments and other ........ 505.9 510.7
---------- ---------
4,010.5 3,902.2
Less - Allowance for depreciation............. (1,556.8) (1,533.1)
-------- ---------
2,453.7 2,369.1
Investments in affiliated companies................. 433.6 408.7
Other assets........................................ 341.0 301.2
---------- ----------
TOTAL ASSETS $ 4,166.1 $ 4,042.9
========= ==========
</TABLE>
-2-
<PAGE>
<TABLE>
<CAPTION>
LIABILITIES, DEFERRED ITEMS AND SHAREHOLDERS' EQUITY
March 31 December 31
1996 1995
(Unaudited)
<S> <C> <C>
Accounts payable.........................................$ 202.3 $ 233.3
Accrued expenses......................................... 57.9 48.2
Debt
Short-term debt...................................... 384.6 330.2
Long-term debt....................................... 1,926.0 1,850.9
Capital lease obligations............................ 236.0 241.6
---------- ----------
2,546.6 2,422.7
Deferred income taxes.................................... 272.3 264.8
Other deferred items..................................... 350.1 356.1
---------- ----------
Total liabilities and deferred items 3,429.2 3,325.1
Shareholders' equity
Preferred Stock................................... 3.4 3.4
Common Stock....................................... 14.3 14.3
Additional capital.................................. 326.5 324.8
Reinvested earnings................................. 421.8 409.0
Cumulative unrealized equity adjustments........ 18.0 13.4
----------- -----------
784.0 764.9
Less - Cost of common shares in treasury ..... (47.1) (47.1)
----------- -----------
Total shareholders' equity 736.9 717.8
---------- ----------
TOTAL LIABILITIES, DEFERRED ITEMS
AND SHAREHOLDERS' EQUITY $ 4,166.1 $ 4,042.9
======== ========
</TABLE>
-3-
<PAGE>
<TABLE>
<CAPTION>
GATX CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
In Millions
Three Months Ended
March 31
-------------------------
1996 1995
-------- ------
OPERATING ACTIVITIES
<S> <C> <C>
Net income $ 24.7 $ 25.7
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Realized gain on disposition of leased equipment (7.2) (11.3)
Provision for depreciation and amortization 44.5 40.7
Provision for possible losses 3.0 6.2
Deferred income taxes 3.6 4.6
Net change in trade receivables, inventories,
accounts payable and accrued expenses (2.6) (64.0)
Other (15.9) (23.2)
-------- --------
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 50.1 (21.3)
INVESTING ACTIVITIES
Additions to property, plant and equipment (119.6) (120.0)
Additions to equipment on lease, net of nonrecourse financing (72.4) (41.2)
Secured loans extended (19.3) (4.5)
Investments in affiliated companies (16.3) (2.0)
Progress payments and other (22.3) -
--------- --------
Capital additions and portfolio investments (249.9) (167.7)
Portfolio proceeds:
From disposition of leased equipment 24.8 69.5
From return of investment 52.0 30.0
-------- -------
Total portfolio proceeds 76.8 99.5
Proceeds from other asset dispositions .9 14.4
---------- -------
NET CASH USED IN INVESTING ACTIVITIES (172.2) (53.8)
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt 200.4 50.0
Repayment of long-term debt (125.5) ( 56.9)
Net increase in short-term debt 61.2 81.6
Repayment of capital lease obligations (6.0) (6.0)
Issuance of common stock under employee benefit programs .6 1.2
Cash dividends (12.0) (11.3)
-------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 118.7 58.6
------- ---------
NET DECREASE IN CASH AND CASH EQUIVALENTS $ ( 3.4) $ (16.5)
======== ========
</TABLE>
-4-
<PAGE>
MANAGEMENT'S DISCUSSION OF OPERATIONS
COMPARISON OF FIRST THREE MONTHS OF 1996
TO FIRST THREE MONTHS OF 1995
GENERAL
GATX Corporation's net income for the first quarter of 1996 was $24.7 million or
$1.05 per common share compared to net income of $25.7 million or $1.11 per
common share for the first quarter of 1995. On a fully diluted basis, earnings
per share in the 1996 first quarter were $1.01 compared to $1.06 per share for
the 1995 first quarter.
First quarter gross income increased 4% primarily as a result of the additional
number of railcars on lease at GATX's railcar leasing and management subsidiary
and increased volume at GATX's logistics and warehousing subsidiary, partially
offset by lower revenue at its terminals and pipeline subsidiary. Net income
decreased 4% primarily reflecting utilization and pricing pressures at certain
of the terminal locations, partially offset by lower corporate expense due to
the reversal of a $2.6 million after-tax litigation reserve following the
successful defense of previously reported litigation against GATX.
Operating activities provided $50 million of cash, an increase of $71 million
from the 1995 first quarter. Net income adjusted for non-cash items generated
$69 million of cash, an increase of $3 million over the 1995 first quarter. The
$4 million decrease in realized gains on disposition of leased equipment
effectively increased cash from operating activities as the full amount of
proceeds was included under investing activities as portfolio proceeds. Changes
in working capital and other generated $68 million more cash in 1996 largely due
to a $48 million refund of a deposit as the result of a lessee's exercise of its
option to return four DC-10 aircraft in the first quarter of 1995.
Proceeds of $77 million were generated from the portfolio compared to $100
million in the first quarter of 1995. Proceeds from the sale of leased equipment
of $25 million were $45 million less than the prior year quarter; however,
proceeds from the return of investment increased $22 million due to the
increased lease runoff.
Capital additions and portfolio investments for the quarter totaled $250
million, an increase of $82 million from the 1995 first quarter. Portfolio
investments at Financial Services of $129 million, including marine equipment,
railroad rolling stock and locomotives, and technology equipment, were $81
million more than the prior year. Transportation invested $80 million in its
domestic railcar fleet and facilities versus $87 million in last year's first
quarter; in addition, $3 million was invested in operations in Mexico and Europe
this quarter versus $10 million a year ago. Terminals' capital spending of $37
million, including $20 million attributable to the Central Florida Pipeline
expansion project, exceeded the 1995 first quarter by $16 million. Full year
1996 capital spending for GATX is forecasted to be approximately $500 million
compared to the $549 million expended in 1995; further, portfolio investments
are expected to be slightly higher than the $388 million expended in 1995. A
portion of these 1996 expenditures may not be made depending on market
conditions. It is anticipated that capital expenditures and portfolio
investments will be funded by both internally generated funds and GATX's
available external financing sources.
GATX had available unused committed lines of credit in the amount of $277
million at March 31, 1996. General American Transportation Corporation (GATC)
effected a $650 million shelf registration for pass through trust certificates
and debt securities in December 1995; $100 million of notes were issued under
this shelf in the first quarter of 1996. GATX Capital completed a $300 million
shelf registration for medium-term notes in January 1996; no debt has been
issued under this shelf. Under a previous shelf registration for $300 million,
$278 million had been issued as of quarter end, including $54 million issued in
the first quarter of 1996.
-5-
<PAGE>
In January 1996, GATX adopted Statement of Financial Accounting Standards No.
115, "Accounting for Certain Investments in Debt and Equity Securities," which
requires investments in marketable securities to be marked to market. Financial
Services has warrants and some stock holdings in its venture leasing portfolio.
The impact in the quarter was to recognize a $6 million after-tax unrealized
gain in shareholders' equity. In accordance with the Statement, prior period
financial statements have not been restated to reflect the change in accounting
principle.
RESULTS OF OPERATIONS
Following is a discussion of the operating results of GATX's business segments:
RAILCAR LEASING AND MANAGEMENT (TRANSPORTATION)
- --------------------------------------------------------------------------------
Three Months Ended
(In Millions) March 31
1996 1995 Change
-------- -------- --------------------
Gross Income $ 97.2 $ 85.5 $ 11.7 14%
Net Income $ 15.7 $ 14.8 $ .9 6%
- --------------------------------------------------------------------------------
Transportation's gross income for the first quarter of 1996 increased 14% from
the comparable prior year period due to more than 5,000 additional railcars on
lease compared to a year ago and slightly higher lease rates. Approximately
62,900 railcars were on lease at quarter end, including 800 in Mexico, compared
to 57,800 a year ago. Domestic fleet utilization at March 31, 1996, was 94.4% on
a fleet size of 65,800 compared to 94.6% on a fleet size of 61,200 a year ago.
Net income increased 6% from the first quarter of 1995 as higher revenues were
partially offset by increased fleet repair costs and ownership costs. Operating
margins decreased slightly as the revenue growth rate was slightly less than the
rate of increase in operating expenses which included additional provisions to
the legal and insurance reserves. Fleet repair costs were 10% greater than the
1995 quarter due to the increased fleet size and lower capitalized costs.
Average throughput days during the quarter for railcars in GATX repair
facilities decreased to 34, down from 47 days in the comparable 1995 quarter,
reflecting the improved productivity at Transportation's upgraded service
centers. Ownership costs, consisting of rental expense, depreciation, and
interest, increased 20% due to the increased fleet size.
TERMINALS AND PIPELINES
- -------------------------------------------------------------------------------
Three Months Ended
(In Millions) March 31
1996 1995 Change
-------- -------- ------------------
Gross Income $ 72.8 $ 81.3 $ (8.5) (10)%
Net Income $ 4.7 $ 8.4 $ (3.7) (44)%
- -----------------------------------------------------------------------------
-6-
<PAGE>
Terminals' 1996 gross income decreased 10% principally attributable to overall
pricing pressures in the petroleum markets due to increased competition, lower
inventories, and lower refinery margins. The current decrease in inventory
levels has created a surplus of competitive tankage which in turn has
substantially weakened the petroleum bulk liquid storage market. Also, tanks
were out of service on the West Coast and New York Harbor. Pipeline operations
and chemical storage markets remained strong. Throughput of 168 million barrels
was 10% greater than first quarter 1995, primarily as a result of the colder
winter in the Northeast. Capacity utilization at Terminals' wholly-owned
facilities was 85% compared to 91% at the end of last year's first quarter.
Lower demand for petroleum tanks and tanks out of service for repair contributed
to the reduction from 1995.
Terminals' net income decreased 44% from 1995, reflecting weakness in the
domestic and international petroleum markets. Operating margins increased
slightly principally due to strong pipeline results and reduced operating costs
as a result of both lower maintenance costs and insurance recoveries. Interest
expense increased $1 million over 1995 as total debt grew to finance the capital
additions. Equity in net earnings of affiliated companies of $3 million
decreased $1 million principally due to lower results at the Singapore and
Belgium terminals as a result of reduced petroleum activity, partially offset by
increased earnings at the Kobe, Japan, terminal which has been completely
restored after last year's earthquake.
FINANCIAL SERVICES
- --------------------------------------------------------------------------------
Three Months Ended
(In Millions) March 31
1996 1995 Change
-------- -------- -----------------
Gross Income $ 61.8 $ 58.0 $ 3.8 7%
Net Income $ 9.2 $ 10.1 $ (.9) (9)%
- --------------------------------------------------------------------------------
Revenues at Financial Services increased 7% from the prior year quarter as lease
income increased due to new lease volume and the acquisition of Sun Financial in
late 1995. Pretax disposition gains, which do not occur evenly period to period,
were $7 million for the first quarter of 1996 compared to $10 million for the
first quarter of 1995. Fee income decreased $4 million as the 1995 quarter
included a large fee relating to the remarketing of rail equipment. Other income
increased $2 million as a result of real estate sales and venture leasing stock
sales.
Net income decreased $1 million as a result of the lower disposition gains and
fee income and higher interest, SG&A and operating lease expenses. The provision
for possible losses of $3 million decreased $3 million from the prior year first
quarter. The loss reserve at March 31, 1996, was $104 million compared to $92
million at December 31, 1995, reflecting the provision for the quarter and
recoveries.
-7-
<PAGE>
GREAT LAKES SHIPPING
- -------------------------------------------------------------------------------
Three Months Ended
(In Millions) March 31
1996 1995 Change
-------- -------- ------------------
Gross Income $ 1.3 $ 1.5 $ (.2) (13)%
Net Income $ .2 $ .6 $ (.4) (66)%
- --------------------------------------------------------------------------------
American Steamship does not begin operations until late in the first quarter due
to ice on the Great Lakes. For this year's first quarter, American Steamship had
earnings of $.2 million compared to earnings of $.6 million a year ago. Severe
ice and weather conditions led to the postponement of the sailing dates for most
of American Steamship's vessels until late March which resulted in the decline
from last year's quarter.
LOGISTICS AND WAREHOUSING
- --------------------------------------------------------------------------------
Three Months Ended
(In Millions) March 31
1996 1995 Change
-------- -------- -----------------
Gross Income $ 70.2 $ 64.8 $ 5.4 8%
Net Income (Loss) $ .3 $ (.3) $ .6 200%
- --------------------------------------------------------------------------------
GATX Logistics' gross income of $70 million increased $5 million over a year
ago. Stronger volumes with existing customers, price increases, and new
customers all contributed to the higher revenues.
Net income was $.3 million compared to a loss of $.3 million in the first
quarter of 1995. Margins improved due to the increased volume, price increases,
and reduced empty space cost in public warehousing. Historically, Logistics has
recorded a loss in the first quarter; this was the first profitable first
quarter since 1990.
-8-
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Other than as previously reported, neither the registrant nor any of its
subsidiaries is currently a party to any material pending legal proceeding,
other than ordinary routine litigation incidental to the business, and to the
belief of the registrant, no such proceeding is contemplated.
Item 4. Submission of Matters to a Vote of Security Holders
(a) GATX's Annual Meeting of Stockholders was held on April 26, 1996.
(b) Matters voted upon at the meeting were:
Number of Shares Voted
For Withheld
1. Election of Directors
Franklin A. Cole 21,125,859 87,371
James M. Denny 21,133,764 79,466
William C. Foote 21,111,987 101,243
Deborah M. Fretz 21,109,734 103,496
Richard A. Giesen 21,107,703 105,527
Miles L. Marsh 21,134,403 78,827
Charles Marshall 21,126,158 87,072
Michael E. Murphy 21,134,384 78,846
Ronald H. Zech 21,131,515 81,715
2. Ratification of appointment of 21,146,111 For
Ernst & Young LLP as independent 26,243 Against
auditors for Fiscal 1996. 40,876 Abstentions
There were no broker non-votes with respect to the election of the
directors or the appointment of independent auditors.
-9-
<PAGE>
Item 6. Exhibits and Reports on Form 8-K. Page
(a) 11A Statement regarding computation of earnings per share. 11
11B Statement regarding computation of earnings per share
(full dilution). 12
27 Financial Data Schedule for GATX Corporation for the quarter ended
March 31, 1996. Submitted to the SEC along with the electronic
submission of this Quarterly Report on Form 10-Q.
(b) No reports on Form 8-K were filed during the reporting period.
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.
GATX CORPORATION
(Registrant)
/s/ David M. Edwards
-------------------------------
David M. Edwards
Vice President Finance and
Chief Financial Officer
(Duly Authorized Officer)
Date: May 14, 1996
-10-
<PAGE>
Exhibit 11A
GATX CORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK
AND COMMON STOCK EQUIVALENTS
In Millions, Except Per Share Amounts
Three Months Ended
March 31
------------------------
1996 1995
-------- ------
<S> <C> <C>
Average number of shares of common stock outstanding.................... 20.1 19.9
Shares issuable upon assumed exercise of stock options,
reduced by the number of shares which could have
been purchased with the proceeds from exercise
of such options...................................................... .4 .4
------- -------
Total shares............................................................. 20.5 20.3
======= =======
Net income............................................................... $ 24.7 $ 25.7
Deduct - Dividends paid and accrued on
preferred stock...................................................... 3.3 3.3
-------- -------
Net income, as adjusted.................................................. $ 21.4 $ 22.4
====== =======
Net income per share..................................................... $ 1.05 $ 1.11
====== =======
</TABLE>
-11-
<PAGE>
<TABLE>
<CAPTION>
Exhibit 11B
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK
AND COMMON STOCK EQUIVALENTS
ASSUMING FULL DILUTION
In Millions, Except Per Share Amounts
Three Months Ended
March 31
---------------------------
1996 1995
-------- ---------
<S> <C> <C>
Average number of shares used to
compute primary earnings per share............................ 20.5 20.3
Common stock issuable upon assumed
conversion of preferred stock................................. 4.0 4.0
-------- --------
Total shares...................................................... 24.5 24.3
======= ========
Net income, as adjusted per primary computation ............. $ 21.4 $ 22.4
Add - Dividends paid and accrued on preferred stock ............ 3.3 3.3
-------- --------
Net income, as adjusted......................................... $ 24.7 $ 25.7
======= =======
Net income per share, assuming full dilution..................... $ 1.01 $ 1.06
======= =======
</TABLE>
-12-
<PAGE>
EXHIBIT INDEX
Exhibits Filed with this document.
11A Statement regarding computation of earnings per share.
11B Statement regarding computation of earnings per share (full dilution).
27 Financial Data Schedule for GATX Corporation for the quarter ended
March 31, 1996. Submitted to the SEC along with the electronic
submission of this Quarterly Report on Form 10-Q.
Exhibit 11A
GATX CORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK
AND COMMON STOCK EQUIVALENTS
In Millions, Except Per Share Amounts
Three Months Ended
March 31
---------------------------
1996 1995
-------- ------
<S> <C> <C>
Average number of shares of common stock outstanding ............. 20.1 19.9
Shares issuable upon assumed exercise of stock options,
reduced by the number of shares which could have
been purchased with the proceeds from exercise
of such options.................................................. .4 .4
------ --------
Total shares........................................................ 20.5 20.3
====== ========
Net income......................................................... $ 24.7 $ 25.7
Deduct - Dividends paid and accrued on
preferred stock................................................ 3.3 3.3
------- -------
Net income, as adjusted............................................. $ 21.4 $ 22.4
====== =======
Net income per share................................................ $ 1.05 $ 1.11
====== =======
</TABLE>
-11-
<TABLE>
<CAPTION>
Exhibit 11B
GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK
AND COMMON STOCK EQUIVALENTS
ASSUMING FULL DILUTION
In Millions, Except Per Share Amounts
Three Months Ended
March 31
----------------------
1996 1995
-------- ------
<S> <C> <C>
Average number of shares used to
compute primary earnings per share...................... 20.5 20.3
Common stock issuable upon assumed
conversion of preferred stock........................... 4.0 4.0
-------- ------
Total shares............................................ 24.5 24.3
======= =======
Net income, as adjusted per primary computation ......... $ 21.4 $ 22.4
Add - Dividends paid and accrued on preferred stock ...... 3.3 3.3
------- -------
Net income, as adjusted................................... $ 24.7 $ 25.7
====== =======
Net income per share, assuming full dilution ............ $ 1.01 $ 1.06
====== =======
</TABLE>
-12-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Consolidated Balance Sheet and Consolidated Income Statement of GATX and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 31
<SECURITIES> 0
<RECEIVABLES> 1017 <F1>
<ALLOWANCES> 111
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F2>
<PP&E> 4011
<DEPRECIATION> 1557
<TOTAL-ASSETS> 4166
<CURRENT-LIABILITIES> 0 <F2>
<BONDS> 2162 <F3>
0
0
<COMMON> 14
<OTHER-SE> 723
<TOTAL-LIABILITY-AND-EQUITY> 4166
<SALES> 0
<TOTAL-REVENUES> 304
<CGS> 0
<TOTAL-COSTS> 150 <F4>
<OTHER-EXPENSES> 44 <F5>
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 44
<INCOME-PRETAX> 30 <F6>
<INCOME-TAX> 12
<INCOME-CONTINUING> 18
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 18
<EPS-PRIMARY> 1.05
<EPS-DILUTED> 1.01
<FN>
<F1> Receivables consists of three components: Trade Accounts of 101 million,
finance leases of 672 million, and secured loans of 244 million.
<F2> Not applicable because GATX has an unclassified balance sheet.
<F3> This value consists of two components: Long-term debt of 1,926 million and
Capital Lease Obligations of 236 million.
<F4> This value represents Operating Expenses on the Consolidated Income
Statement.
<F5> This value consists of the Provision for Depreciation and Amortization on
the Consolidated Income Statement.
<F6> This value represents Income Before Income Taxes and Equity in Net
Earnings of Affiliates.
</FN>
</TABLE>