<PAGE> 1
FORM 10-Q/A
AMENDMENT 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
(MARK ONE)
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the period ended March 23, 1996
---------------------------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to
------------------- -------------------
Commission file number 0-10716
CALIBER SYSTEM,INC.
- -------------------------------------------------------------------------------
(Exact name of company as specified in its charter)
Ohio 34-1365496
- ------------------------------- --------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
3560 West Market Street, P.O. Box 5459, Akron, Ohio 44334-0459
- --------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code is (330) 665-5646
Indicate by check mark whether the company (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 company
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes x No
---- ----
The number of shares of common stock without par value outstanding as of April
19, 1996 was 39,188,517.
<PAGE> 2
CALIBER SYSTEM, INC.
FORM 10-Q/A
PERIOD ENDED MARCH 23, 1996
This Form 10-Q/A amends Item 1 to registrant's Form 10-Q for the period ended
March 23, 1996.
PART I - FINANCIAL INFORMATION
- ------------------------------
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets--March 23, 1996 and
December 31, 1995
Condensed Statements of Consolidated Income--Twelve weeks
ended March 23, 1996 and March 25, 1995
Condensed Statements of Consolidated Cash Flows--Twelve
weeks ended March 23, 1996 and March 25, 1995
Notes to Condensed Consolidated Financial Statements
SIGNATURES
- ----------
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
CALIBER SYSTEM, INC.
<TABLE>
<CAPTION>
March 23, December 31,
1996 1995
---------- ------------
(dollars in thousands)
ASSETS
<S> <C> <C>
Cash and cash equivalents ........................... $ 14,313 $ 34,908
Accounts receivable ................................. 292,369 273,124
Prepaid expenses and supplies ....................... 78,112 66,630
Deferred income taxes ............................... 36,986 27,562
---------- ----------
TOTAL CURRENT ASSETS ............................. 421,780 402,224
Property and equipment .............................. 1,495,568 1,474,934
Less allowances for depreciation .................... 636,376 617,587
---------- ----------
TOTAL PROPERTY AND EQUIPMENT ..................... 859,192 857,347
Cost in excess of net assets of businesses acquired . 89,162 89,761
Other assets ........................................ 38,156 39,938
---------- ----------
TOTAL OTHER ASSETS ............................... 127,318 129,699
---------- ----------
TOTAL ASSETS ..................................... $1,408,290 $1,389,270
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable .................................... $ 213,931 $ 219,406
Salaries and wages .................................. 67,075 74,790
Short-term debt ..................................... 235,400 197,500
Other current liabilities ........................... 54,735 63,663
---------- ----------
TOTAL CURRENT LIABILITIES ........................ 571,141 555,359
Self-insurance accruals ............................. 39,370 39,832
Deferred income taxes ............................... 58,587 57,778
---------- ----------
TOTAL LONG-TERM LIABILITIES ...................... 97,957 97,610
Common stock - 40,896,414 shares issued ............. 39,898 39,898
Additional capital .................................. 50,404 51,322
Earnings reinvested in the business ................. 699,385 696,803
---------- ----------
789,687 788,023
Less cost of common stock in treasury - 1,353,000
shares in 1996 and 1,394,000 shares in 1995 ........ 50,495 51,722
---------- ----------
TOTAL SHAREHOLDERS' EQUITY ....................... 739,192 736,301
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ....... $1,408,290 $1,389,270
========== ==========
</TABLE>
See notes to condensed consolidated financial statements.
3
<PAGE> 4
CONDENSED STATEMENTS OF CONSOLIDATED INCOME (Unaudited)
CALIBER SYSTEM, INC.
<TABLE>
<CAPTION>
Twelve Weeks Ended
(First Quarter)
---------------------
March 23, March 25,
1996 1995
--------- ---------
(amounts in thousands,
except per share data)
<S> <C> <C>
REVENUE ....................................... $ 582,074 $ 543,469
OPERATING EXPENSES
Salaries, wages and benefits ................ 230,023 210,952
Purchased transportation .................... 166,491 155,020
Operating supplies and expenses ............. 110,795 92,509
Operating taxes and licenses ................ 12,043 11,183
Insurance and claims ........................ 11,194 12,049
Provision for depreciation .................. 33,347 28,284
--------- ---------
TOTAL OPERATING EXPENSES .................. 563,893 509,997
--------- ---------
OPERATING INCOME .......................... 18,181 33,472
Other (expense) income, net ................... (1,232) 1,709
--------- ---------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES ..................... 16,949 35,181
Provision for income taxes .................... 7,328 13,651
--------- ---------
INCOME FROM CONTINUING OPERATIONS ....... 9,621 21,530
LOSS FROM DISCONTINUED OPERATIONS, NET OF
INCOME TAXES ............................ -- (15,679)
--------- ---------
NET INCOME .............................. $ 9,621 $ 5,851
========= =========
EARNINGS (LOSS) PER SHARE
Income from continuing operations ......... $ 0.24 $ 0.54
Loss from discontinued operations ......... -- (0.39)
--------- ---------
NET INCOME ................................ $ 0.24 $ 0.15
========= =========
DIVIDENDS DECLARED PER SHARE .................. $ 0.18 $ 0.35
========= =========
AVERAGE SHARES OUTSTANDING .................... 39,505 39,434
========= =========
</TABLE>
See notes to condensed consolidated financial statements.
4
<PAGE> 5
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited)
CALIBER SYSTEM, INC.
<TABLE>
<CAPTION>
Twelve Weeks Ended
(First Quarter)
-------------------------
March 23, March 25,
1996 1995
--------- -------
(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Income from continuing operations .................... $ 9,621 $ 21,530
Adjustments .......................................... (6,601) 15,514
-------- ---------
NET CASH PROVIDED BY
OPERATING ACTIVITIES .......................... 3,020 37,044
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment .................. (37,830) (52,630)
Sales of property and equipment ...................... 3,331 781
Net advances to discontinued operations .............. (14,277) (59,600)
-------- ---------
NET CASH USED IN INVESTING ACTIVITIES .............. (48,776) (111,449)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid ....................................... (13,671) (13,653)
Dividends received from discontinued operations ...... -- 7,500
Increase in short-term debt, net ..................... 37,900 85,800
-------- ---------
NET CASH PROVIDED BY
FINANCING ACTIVITIES ............................ 24,229 79,647
-------- ---------
CASH FLOWS USED IN
CONTINUING OPERATIONS ........................... (21,527) 5,242
CASH FLOWS PROVIDED BY (USED IN)
DISCONTINUED OPERATIONS ......................... 932 (1,133)
-------- ---------
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS ............................ (20,595) 4,109
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR ............................ 34,908 14,780
-------- ---------
CASH AND CASH EQUIVALENTS
AT END OF FIRST QUARTER ......................... $ 14,313 $ 18,889
======== =========
</TABLE>
See notes to condensed consolidated financial statements
5
<PAGE> 6
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CALIBER SYSTEM, INC.
Note A - Basis of Presentation
- ------------------------------
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the twelve weeks ended March 23, 1996 are
not necessarily indicative of the results that may be expected for the year
ending December 31, 1996.
First quarter amounts for 1995 have been restated to reflect the spin-off of
Roadway Express, Inc. and the exit from the air freight business served by
Roadway Global Air, Inc. during 1995 which are reflected as discontinued
operations. During 1995, certain costs were estimated and recognized in
connection with the discontinuance of these businesses. Although actual results
could differ from these estimates, it is management's opinion that significant
adjustments to these estimates are not currently required.
For further information, refer to consolidated financial statements and
footnotes thereto included in the company's annual report on Form 10-K for the
year ended December 31, 1995.
Note B - Accounting Period
- --------------------------
The company operates on a 13 four-week period calendar with 12 weeks in
each of the first three quarters and 16 weeks in the fourth quarter.
6
<PAGE> 7
SIGNATURES
- ----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the company
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
CALIBER SYSTEM, INC.
-------------------------------
(Company)
Date: May 23, 1996 By /S/ D. A. Wilson
-------------- ------------------
D. A. Wilson, Senior Vice
President-Finance and Planning,
Secretary and Chief Financial
Officer
Date: May 23, 1996 By /S/ K. W. Dindo
-------------- -----------------
Kathryn W. Dindo,
Vice President and Controller
7
