[TEXT]
1993
ANUHCO, INC.
ANNUAL REPORT
AND
FORM 10-K
"On Target And On The Move"
<PAGE>
To Our Fellow Shareholders:
Anuhco is on target with plans presented to you in the spring
of 1991 and on the move, with steadily improving performance and
financial condition. In mid-1991 we started with $3.8 million in
assets and shareholders equity. At the end of 1993 we had over $24
million in assets and over $17 million in shareholders equity. Our
objective of acquiring one or more operating companies was
implemented by the acquisition of Crouse Cartage Company; a strong
company with many assets, including: good management, dedicated
employees, a history of exceptional service to its customers and a
record of solid profitable growth. Crouse Cartage has continued
its profitable growth and Anuhco intends to facilitate future
growth by continuing to provide the necessary funds and its full
support. In the last two years Crouse Cartage has acquired over
$6.6 million of real estate and equipment to improve and expand its
operations and an additional $4 million is budgeted for operating
property purchases in 1994. If the improvement in economic
conditions experienced during the last two years continues, we
expect Crouse Cartage's performance and growth to continue,
accordingly.
The financial statements in this report show that our second
complete year with Crouse Cartage as our operating subsidiary was
another successful one. A harsh winter, followed by spring and
summer flooding and increased competition resulted in no
improvement in operating performance in the first seven months of
1993, as compared to 1992. The combined efforts of Crouse
Cartage's management and other employees, aided by a stronger
economy, resulted in a strong finish for 1993 and an improvement in
consolidated earnings per share from continuing operations to $0.35
for the 1993 fiscal year; compared to $0.30 for 1992. Crouse
Cartage's revenue growth continued with an 8% increase in revenue
dollars on an increase in total tonnage of shipments of 4% (10%
increase in less-than-truckload tonnage and a slight decrease in
truckload tonnage of 0.3%).
These operating results plus income from discontinued
operations resulted in a 60% increase in shareholders equity; to
$2.26 per share at the end of 1993 from $1.41 per share at the end
of 1992. Capital expenditures in 1993 to finance Crouse Cartage's
growth totaled $2.4 million and our program to reduce long term
debt resulted in a decrease in outstanding debt of $2.0 million,
leaving a balance of $1.9 million at the end of 1993. In addition,
our cash position improved significantly, growing from $1.2 million
at the end of 1992 to $4.7 million in 1993.
Another significant milestone for Anuhco was the listing of
its common stock on the American Stock Exchange last June. We
believe this listing has provided you with a more efficient
investing environment and greater liquidity. It has also resulted
in broader visibility in the investment community and should result
in more efficient pricing of the stock and better prices for you
through narrower market spreads when you buy and sell your stock.
<PAGE>
Crouse Cartage's strong performance in the last five months of
1993 has carried over into early 1994 as economic conditions
continued to show strength. Continued competition and a new
contract with the Teamsters union, effective April 1, 1994, are
potential problems in 1994, but we believe that Crouse Cartage will
be able to successfully cope with their competition and
successfully negotiate with the union. The financial results for
the first quarter and the preliminary results of the labor
negotiation are addressed in the first quarter 1994 report which
accompanies this annual report.
With our improved financial condition, your Board of Directors
has begun to evaluate various opportunities for additional
investments in order to provide maximum long term return to
shareholders. Such evaluation anticipates further returns of at
least $4 million from discontinued operations, excluding potential
returns from the $70 million judgment against Westinghouse Credit
Corporation. This judgment is described in Note 12 to the
following consolidated financial statements and the latest update
on its status is presented in the enclosed first quarter 1994
report.
/s/ John P. Bigger /s/ Roy R. Laborde
John P. Bigger, President Roy R. Laborde, Chairman
and Chief Executive Officer
April 6, 1994
<PAGE>
ANUHCO OFFICERS
John P. Bigger - President and Chief Executive Officer
Larry D. Crouse - Vice President
Barbara J. Wackly - Corporate Secretary
OFFICERS OF CROUSE CARTAGE COMPANY
Larry D. Crouse - Chairman and Chief Executive Officer
George Crouse - President
Kenneth B. Crouse - Vice President and Secretary
Gordon C. Headlee - Vice President - Finance, Chief Financial
Officer and Treasurer
OFFICERS OF AMERICAN FREIGHT SYSTEM
Timothy P. O'Neil - President and Chief Executive Officer
Vernon L. Arends - Executive Vice President
Barbara J. Wackly - Corporate Secretary
AUDITORS
Arthur Andersen & Co.
Kansas City, Missouri
SPECIAL COUNSEL
Kent E. Whittaker, Esquire
Hillix, Brewer, Hoffhaus, Whittaker & Wright, L.L.C.
Kansas City, Missouri
TRANSFER AGENT AND REGISTRAR
Mellon Securities Trust Company
New York, New York
COMMON STOCK LISTING
American Stock Exchange
(Symbol - ANU)
CORPORATE OFFICE
9393 West 110th Street
Suite 100
Overland Park, Kansas 66210
(913) 451-2800 - Office
(913) 451-8062 - FAX
ANNUAL SHAREHOLDERS MEETING
The Annual Meeting of the Company's shareholders will be held at
the Doubletree Hotel, 10100 College Boulevard, Overland Park,
Kansas, at 9:00 a.m. (CDT) on Tuesday, May 24, 1994.
<PAGE>
BOARD OF DIRECTORS
Joe J. Brown*
President and a Director of Brown Church Securities, Inc.
William D. Cox*
President of Bel Aire Development, Inc.
Larry D. Crouse
Vice President of the Company; Chairman and
Chief Executive Officer of Crouse Cartage Company
Donald M. Gamet*
Former Executive Vice President, Finance,
of Chicago Pacific Corporation
Retired Senior Partner of Arthur Andersen & Co.
Roy R. Laborde+
Chairman of the Board
President of Amboy Grain, Inc.
Eleanor Brantley Schwartz+
Chancellor and Chief Executive Officer of the
University of Missouri - Kansas City
Walter P. Walker+
Private Consultant
Former President of Audichron Company
* Member, Audit Committee
+ Member, Compensation Committee
<PAGE>
SHAREHOLDER INFORMATION
Stock Trading
Anuhco began trading on the American Stock Exchange under the
symbol "ANU" on June 22, 1993. The daily stock price is printed in
most major metropolitan newspapers and national financial
publications. You should be able to buy or sell Anuhco stock
through any registered stockbroker.
<TABLE>
<CAPTION>
1993 Stock Prices
High Low
<S> <C> <C>
Fourth Quarter $ 5 1/8 $ 3 7/8
Third Quarter 4 11/16 4
Second Quarter 5 3/16 3 13/16
First Quarter 5 2 1/2
</TABLE>
(Note: Sales price information given for each full quarterly
period after June 30, 1993 and bid prices are shown for each full
quarterly period through June 30, 1993).
Anuhco Stock Certificates
Stock certificates issued by the Company's Transfer Agent prior to
July 11, 1991 are in the name of American Carriers, Inc., while
those issued after that date are in the name of Anuhco, Inc.
Certificates with either name are valid and acceptable to the
Company's Transfer Agent. If you sell your stock, you can deliver
your American Carriers, Inc. stock certificate to the broker
handling the transaction or the buyer. Upon receipt of your
certificate, the Transfer Agent will issue an Anuhco, Inc.
certificate in the name of the buyer or the buyer's nominee. It is
not necessary for you to replace your American Carriers certificate
with an Anuhco certificate prior to a sale.
Shareholder Records
The Company's Transfer Agent maintains our shareholder records. To
change your mailing address, please send a written notice
containing the following information to the address given.
Address Change Information Address for Notification
Name(s) on Your Stock Certificate Mellon Securities Trust Company
Your Social Security Number Recordkeeping Services
Company Name ("Anuhco, Inc.") PO Box 590
CUSIP Number ("001210-03733710")") Ridgefield Park, NJ 07660-0590
Your Old Address
Your New Address
<PAGE>
You may obtain other information (lost stock certificates, stock
transfers, etc.) from the Transfer Agent by calling 1-800-526-0801
or (201)-296-4000. Persons who are hearing or speech impaired may
use Telecommunications Devices for the Deaf (or "TDD") by calling
1-800-231-5469.
Other Shareholder Information
Timothy P. ("Tim") O'Neil
Director of Finance and Investor Relations
9393 West 110th Street
Suite 100
Overland Park, Kansas 66210
(913)-451-2800
FAX (913)-451-8062
