1999
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1999
Commission File Number 0-8664
Circle International Group, Inc.
--------------------------------
(Exact name of registrant as specified in its charter)
Delaware 94-1740320
------------------------------- ----------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
260 Townsend Street
San Francisco, California 94107-1719
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 978-0600
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
------------------- -------------------
None None
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
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Common Stock, $1.00 par value
Rights to Purchase Series A Junior Participating Preferred Stock
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 ___
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
At March 27, 2000, the aggregate market value of the registrant's Common
Stock held by non-affiliates of the registrant was approximately $403,454,315.
At March 27, 2000, the number of shares outstanding of registrant's Common
Stock was 17,597,932.
The purpose of this amendment to the Form 10-K filed on March 30, 2000 is
to provide corrected information that is limited to Item 8 - Financial
Statements and Supplementary Data, Page F-1 "Consolidated Income Statements".
One decimal of the account total related to 1999 operating, selling and
administrative expenses was inadvertently omitted from page F-1 of the 1999 Form
10-K.
<PAGE>
CIRCLE INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
Year ended December 31,
1999 1998 1997
---- ---- ----
Revenue $ 814,077 $ 737,678 $ 716,989
Freight consolidation costs 482,085 435,998 438,945
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Net revenue 331,992 301,680 278,044
Other costs and expenses:
Salaries and related 173,431 158,382 147,931
Operating, selling and administrative 131,348 119,469 97,740
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Total other costs and expenses 304,779 277,851 245,671
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Income from operations 27,213 23,829 32,373
Other income (expense):
Interest income (expense), net (304) 2,475 1,225
Income from affiliates, net 3,922 3,853 5,785
Other, net 5,724 1,288 1,527
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Total other income, net 9,342 7,616 8,537
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Income before taxes 36,555 31,445 40,910
Taxes on income 13,343 12,930 14,578
---------- ---------- ----------
Net income $ 23,212 $ 18,515 $ 26,332
========== ========== ==========
Net income per share:
Basic $ 1.35 $ 1.09 $ 1.57
========== ========== ==========
Diluted $ 1.34 $ 1.07 $ 1.53
========== ========== ==========
Weighted average common
shares outstanding:
Basic 17,213 17,040 16,823
========== ========== ==========
Diluted 17,365 17,260 17,191
========== ========== ==========
Dividends declared per share $ 0.27 $ 0.27 $ 0.27
========== ========== ==========
See Notes to Consolidated Financial Statements
F-1
<PAGE>
Signatures
Pursuant to the requirements of Section 13 or 15(d) 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.
Date: April 5, 2000
CIRCLE INTERNATIONAL GROUP, INC.
By: /S/ David I. Beatson
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David I. Beatson
Chairman of the Board, President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated on April 5, 2000.
Signature Title
/S/ David I. Beatson Chairman of the Board, President and Chief
- ------------------------------------- Executive Officer (Principal Executive
(David I. Beatson) Officer)
/S/ Janice Kerti Senior Vice President, Chief Financial
- ------------------------------------- Officer and Treasurer (Principal Financial
(Janice Kerti) Officer and Principal Accounting Officer)
/S/ Wesley J. Fastiff Director
- -------------------------------------
(Wesley J. Fastiff)
/S/ Peter Gibert Director
- -------------------------------------
(Peter Gibert)
/S/ Edwin J. Holman Director
- -------------------------------------
(Edwin J. Holman)
/S/ John M. Kaiser Director
- -------------------------------------
(John M. Kaiser)
/S/ Ray C. Robinson, Jr. Director
- -------------------------------------
(Ray C. Robinson, Jr.)
