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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
C U R R E N T R E P O R T
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 30, 1997
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CALIBER SYSTEM, INC.
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(Exact name of registrant as specified in its charter)
Ohio 0-10716 34-1365496
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
3925 Embassy Parkway, Akron, Ohio 44333
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(Address of principal executive offices)
Registrant's telephone number, including area code (330) 665-5646
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Caliber System, Inc. Form 8-K
INFORMATION REQUIRED IN REPORT
Item 5. Other Events
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The Registrant's news release dated April 30, 1997, a copy of which is attached
hereto as Exhibit 99, is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits.
99 Caliber System, Inc. News Release dated April 30, 1997.
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 hereto duly authorized.
CALIBER SYSTEM, INC.
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REGISTRANT
Date: May 1, 1997 By: /s/ John E. Lynch
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John E. Lynch, Jr.
Vice President, General Counsel
and Secretary
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EXHIBIT INDEX
Exhibit No. Description
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99 Caliber System, Inc. News Release dated April 30, 1997.
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NEW RELEASE [CALIBER LOGO]
Media Contact: Dina Gruey Caliber System, Inc.
(330) 665-8849 3925 Embassy Parkway
P.O. Box 5459
Akron, OH 44334-0459
Investor Contact: Investor Relations (330) 665-5646
(330) 665-8814 http://www.calibersys.com
FOR IMMEDIATE RELEASE
APRIL 30, 1997
CALIBER SYSTEM AGREES TO SELL FORMER CENTRAL FREIGHT LINES
TO SENIOR MANAGEMENT GROUP
AKRON, Ohio - Caliber System, Inc. (NYSE:CBB) today announced that it has
reached an agreement in principal to sell the operations of Viking Freight's
Southwestern Division - the territory served by the former Central Freight Lines
- - to a group consisting of senior Central management and outside investors
experienced in the trucking industry.
The group, led by Joe Hall, who is the division's current vice president of
operations and will become the company's president, intends to operate the
division under the name Central Freight Lines, Inc. The group also includes Tom
Morehouse, senior vice president of sales and marketing; Doug Quicksall, senior
vice president of finance and Pat Curry, senior vice president of logistics.
Under the terms of the agreement, the investor group will operate 57
terminals located in Texas, New Mexico, Kansas, Oklahoma, Missouri, Arkansas,
Louisiana and Mississippi and other related assets, including rolling stock. The
transaction, which has been approved by Caliber's board of directors, is subject
to the signing of a definitive agreement and normal regulatory approval.
"We are pleased to have reached an agreement in principal with this group
of experienced transportation executives," said Daniel J. Sullivan, chairman,
president and CEO of Caliber System. "They are well suited to preserve Central's
fine operating tradition."
On March 27, 1997, Caliber announced the major restructuring of Viking
Freight as a regional less-than-truckload carrier serving 12 western states.
Viking, based in San Jose, Calif., continues to provide next- and second-day
less-than-truckload service through 43 terminals and more than 4,000 employees
in the West.
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CALIBER SYSTEM
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"With the sale of the former Central, the restructuring of Viking is now
complete," continued Sullivan. "We expect the unit as it is now configured to
earn an operating profit in the fourth quarter of this year."
"Viking intends to remain the market leader in the West for on-time
performance, customer satisfaction and service quality," added Viking's
president, Rodger Marticke. "We are confident that we will continue to provide
our customers with unequaled transportation value and satisfaction."
Caliber System is a leading value-added provider of transportation,
logistics and related information services. In addition to Viking, its operating
units include RPS, a business-to-business small-package carrier; Caliber
Logistics, a contract logistics provider; Roberts Express, a critical-shipment
carrier; and Caliber Technology, a producer of systemwide information services.
By combining its operating units' products and services, Caliber offers
integrated, customized solutions that meet customer demand for more
comprehensive transportation and logistics programs.
This release contains forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ materially. These
risks and uncertainties are detailed from time to time in reports filed by the
Company with the Securities and Exchange Commission, including Forms 8-K, 10-Q
and 10-K.
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