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
For the quarterly period ended September 30, 1995
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 0-14060
INTRENET, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-1597565
(State or other jurisdiction of (IRS Employer Identification No)
incorporation or organization)
400 TechneCenter Drive, Suite 200, Milford, Ohio 45150
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (513) 576-6666
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
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
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Common Stock, without par value, 13,197,728 shares issued and
outstanding at October 31, 1995
INTRENET, INC.
FORM 10-Q
SEPTEMBER 30, 1995
INDEX
PAGE
Part I - Financial Information:
Item 1. Financial Statements:
Consolidated Balance Sheets
September 30, 1995 and December 31, 1994 .................... 3
Consolidated Statements of Operations
Three and Nine Months Ended September 30, 1995 and 1994 ..... 4
Consolidated Statement of Shareholders' Equity
Nine Months Ended September 30, 1995 ...................... 5
Consolidated Statements of Cash Flows
Three and Nine Months Ended September 30, 1995 and 1994...... 6
Notes to Consolidated Financial Statements .................... 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations .................... 9
Part II - Other Information:
Item 1. Legal Proceedings ................................ 12
Item 2. Changes in Securities ........................... 12
Item 3. Defaults Upon Senior Securities ................... 12
Item 4. Submission of Matters to a Vote of Security Holders ... 12
Item 5. Other Information ................................ 12
Item 6. Exhibits and Reports on Form 8-K ................... 12
<TABLE>
INTRENET, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
September 30, 1995 and December 31, 1994
(In Thousands of Dollars)
<CAPTION>
Assets 1995 1994
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 1,596 $ 2,734
Receivables, principally freight revenue less
allowance for doubtful accounts of $1,430 in 1995
and $1,363 in 1994 22,774 20,177
Prepaid expenses and other 6,148 6,409
Total current assets 30,518 29,320
Property and equipment, at cost less accumulated
depreciation 27,884 27,976
Reorganization value in excess of amounts allocated
to identifiable assets, net of accumulated amortization 7,757 8,451
Deferred income taxes 2,525 2,525
Other assets 934 786
Total assets $ 69,618 $ 69,058
Liabilities and Shareholders' Equity
Current liabilities:
Current notes payable to banks $ 2,000 $ 2,000
Current portion - long term debt and capital lease obligation 5,067 5,425
Accounts payable and cash overdrafts 8,397 8,553
Current accrued claim liabilities 6,647 6,846
Other accrued expenses 7,010 5,505
Total current liabilities 29,121 28,329
Long-term notes payable to banks 4,000 5,000
7% convertible subordinated debentures 0 5,988
Long-term debt and capital lease obligations 10,403 11,303
Long-term accrued claim liabilities 2,000 2,000
Total liabilities 45,524 52,620
Shareholders' equity:
Common Stock, without par value; 20,000,000
shares authorized; 13,197,728 and 9,087,164 shares
issued and outstanding at September 30 and
December 31, respectively 15,940 9,453
Retained earnings
since January 1, 1991 8,154 6,985
Total shareholders' equity 24,094 16,438
Total liabilities and shareholders' equity $ 69,618 $ 69,058
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
INTRENET, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months and Nine months ended September 30, 1995 and 1994
(Unaudited)
(In Thousands of Dollars, Except Per Share Data)
<CAPTION>
Three Months Nine Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Operating revenues $ 53,097 $ 56,344 $ 162,796 $ 160,971
Operating expenses:
Purchased transportation
and equipment rents 20,667 20,871 60,901 59,964
Salaries, wages, and benefits 14,009 14,068 43,781 39,995
Fuel and other operating expenses 11,799 11,590 34,949 32,297
Insurance and claims 1,643 2,051 5,546 6,019
Operating taxes and licenses 2,478 2,496 7,477 7,319
Depreciation 1,175 1,188 3,502 3,699
Other operating expenses 531 1,013 2,763 3,131
52,302 53,277 158,919 152,424
Operating income 795 3,067 3,877 8,547
Interest expense (713) (877) (2,234) (2,694)
Other income/(expense), net 258 (90) 27 (263)
Earnings before income taxes 340 2,100 1,670 5,590
Provision for income taxes (102) (595) (501) (1,118)
Net earnings $ 238 $ 1,505 $ 1,169 $ 4,472
Earnings per common and common
equivalent share:
Primary $ 0.02 $ 0.15 $ 0.09 $ 0.45
Fully diluted $ N/A $ 0.12 $ N/A $ 0.35
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
<TABLE>
INTRENET, INC. AND SUBSIDIARIES
Consolidated Statement of Shareholder's Equity
For the Nine Months ended September 30, 1995
(In Thousands of Dollars)
<CAPTION>
Retained Shareholder
Shares Dollars Earnings Equity
<S> <C> <C> <C> <C>
Balance, December 31, 1994 9,087,164 $ 9,453 $ 6,985 $ 16,438
Exercise of Stock Options 474,212 497 - 497
Conversion of 7% Convertible
Subordinated Debentures 3,636,352 5,990 - 5,990
Net Earnings for 1995 - - 1,169 1,169
Balance, September 30, 1995 13,197,728 $ 15,940 $ 8,154 $ 24,094
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
<TABLE>
INTRENET, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Three Months and Nine Months ended September 30, 1995 and 1994
(Unaudited)
(In Thousands of Dollars)
<CAPTION>
Three Months Nine Months
ended September 30, ended September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net Earnings $ 238 $ 1,505 $ 1,169 $ 4,472
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 1,280 1,289 3,817 4,013
Provision for doubtful accounts (141) 63 159 345
Changes in assets and liabilities, net
Receivables (1,519) (847) (2,756) (3,790)
Prepaid expenses 943 347 (318) (608)
Accounts payable and accrued expenses (464) 2,049 1,883 4,445
Other 482 (205) 703 (370)
Net cash provided by operating activities 819 4,201 4,657 8,507
Cash flows from financing activities:
Net borrowings (repayments) on line of credit (2,708) (2,392) (1,000) (2,391)
Principal payments on long-term debt and capital leases (1,896) (2,063) (4,696) (6,733)
Issuance of long-term debt 2,299 1,440 2,299 1,440
Proceeds from exercise of stock options 0 - 304 30
Net cash (used in) financing activities (2,305) (3,015) (3,093) (7,654)
Cash flows from investing activities:
Purchases of property and equipment (1,946) (2,235) (6,174) (3,694)
Disposals of property and equipment 28 1,054 559 2,703
Sale of operating assets of CI Whitten 2,913 - 2,913 -
Net cash provided by (used in) investing activities 995 (1,181) (2,702) (991)
Net (decrease) in cash and cash equivalents (491) 5 (1,138) (138)
Cash and cash equivalents:
Beginning of period 2,087 2,213 2,734 2,356
End of period $ 1,596 $ 2,218 $ 1,596 $ 2,218
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
INTRENET, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
September 30, 1995
(Unaudited)
(1) Unaudited Consolidated Financial Statements
The accompanying unaudited consolidated financial statements
include the accounts of Intrenet, Inc. and all of its
subsidiaries (collectively, the Company). Operating
subsidiaries at September 30, 1995 were Roadrunner Trucking,
Inc. (RRT), Eck Miller Transportation Corporation (EMT),
Advanced Distribution System, Inc. (ADS), and Roadrunner
Distribution Services, Inc. (RDS). (See Note 3 regarding C. I.
Whitten Transfer Company.) All significant intercompany
transactions are eliminated in consolidation. Through its
subsidiaries, the Company provides general and specialized
truckload carrier services on a regional basis throughout the
forty-eight continental states and Canada.
The consolidated financial statements included herein have been
prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (SEC). In management's opinion, these
financial statements include all adjustments (consisting only of
normal recurring adjustments) necessary for a fair presentation
of the results of operations for the interim periods presented.
Pursuant to SEC rules and regulations, certain information and
footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted from these statements
unless significant changes have taken place since the end of the
most recent fiscal year. For this reason, the accompanying
consolidated financial statements and notes thereto should be
read in conjunction with the financial statements and notes for
the year ended December 31, 1994 included in the Company's 1994
Annual Report on Form 10-K.
The results for the three month and nine month periods ended
September 30, 1995 are not necessarily indicative of the results
to be expected for the entire year.
(2) Earnings Per Common and Common Equivalent Share
Earnings per common and common equivalent share have been
computed on the basis of the weighted average common shares
outstanding during the periods. No effect has been included for
options or warrants outstanding, if the effect would be
antidilutive. Fully diluted earnings per share have been
computed under the assumption that the Company's 7% convertible
subordinated debentures had been converted into common stock on
the date of their issuance, using the if-converted method. As
the debentures were converted on March 31, 1995, no dilutive
securities exist at the date of this report. Had the debentures
been converted on January 1, 1995, primary earnings per share
would have been unchanged.
(3) Sale of Operating Assets of C. I. Whitten Transfer Company
On August 28, 1995, the Company sold substantially all of the
operating assets of its munitions specialty carrier, C. I.
Whitten Transfer Company ("CIW"), to TRISM, Inc. ("TRISM") in
accordance with the terms of an Asset Purchase Agreement dated
as of August 18, 1995. TRISM acquired substantially all of the
tangible and intangible assets of CIW used in its business other
than accounts receivable, prepaid expenses and certain other
assets. The total purchase price, net of approximately $844,000
of liabilities assumed by TRISM, was approximately $2,965,000.
TRISM also assumed certain lease obligations of CIW. The Company
also agreed not to engage, for a period of five years, in the
business of transporting truckload commodities of munitions,
class A and B explosives, other articles designated sensitive by
the United States Government and hazardous waste materials.
Following the transaction, CIW changed its name to "CIW, Inc."
and no longer conducts any active motor carrier operations. The
Company recorded a gain on the sale of assets to TRISM of
approximately $ 350,000 in the third quarter of 1995, and has
reflected this gain in Other income (expense), net, in the
accompanying consolidated financial statements.
The accompanying financial statements include the results of
CIW operations to August 28, 1995, the gain on the sale of
assets to TRISM described above, and provisions for the effects
of the sale of the remaining assets of CIW and the wind-up of
its affairs. The net effect of the CIW losses through the sale
date and the other items described in the preceding sentence on
the results of operations for the Company in the three and nine
month periods ended September 30, 1995 was a loss of
approximately $ 25,000 and $ 1.8 million, respectively.
(4) Revenue Recognition
Operating revenues are recognized upon the receipt of the
freight. Related transportation expenses including driver wages,
purchased transportation, fuel and fuel taxes, agent
commissions, and insurance premiums are accrued when the revenue
is recognized.
In 1991, the Emerging Issues Task Force (EITF) released Issue
91-9, "Revenue and Expense Recognition for Freight Services in
Process". The EITF reached the conclusion that the preferable
method for recognizing revenue and expense was either (1)
recognition of both revenue and direct cost when the shipment is
completed, or (2) allocation of revenue between reporting
periods based on relative transit time in each reporting period
and recognize expenses as incurred. The difference between the
Company's method of revenue recognition, and the preferable
methods described above, is not material to the results of
operation or financial condition of the Company.
(5) Reorganization Value in Excess of Amounts Allocated to
Identifiable Assets
Reorganization Value in Excess of Amounts Allocated to
Identifiable Assets results from the Chapter 11 reorganization
of the Company in 1990.
(6) Accrued Claim Liabilities
The Company maintains insurance coverage for liability, cargo
and workers compensation risks, among others, which have
deductible obligations ranging from $ 0 to $ 250,000 per
occurrence. Provision is made in the Company's financial
statements for these deductible obligations at the time the
incidents occur, and for claims incurred but not reported. Claim
deductible obligations which remain unpaid at the balance sheet
date are reflected in the financial statement caption "Accrued
Claim Liabilities" in the accompanying consolidated financial
statements. Current Accrued Claim Liabilities are claims
estimated to be paid in the twelve month period subsequent to
the balance sheet date, while Long Term Accrued Claim
Liabilities are claims estimated to be paid thereafter.
(7) Reclassification of Certain 1994 Amounts
Certain 1994 amounts have been reclassified in the accompanying
consolidated financial statements to make them consistent with
the 1995 presentation. Specifically, driver subsistence payments
for 1995 and 1994 are now reflected in Salaries, Wages and
Benefits, instead of Fuel and Other Operating Expenses.
<PAGE>
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations
Results of Operations
Introduction
The Company reported net earnings of $238,000
on revenues of $ 53.1 million in the three month period,
and $ 1,169,000 on revenues of $ 162.8
million in the nine month period ended September 30, 1995. This
compares with earnings of $ 1.5 million and $4.5 million
on revenues of $ 56.4 million and
$ 161.0 million in the comparable periods of 1994. As further
discussed below, the 1995 earnings were negatively impacted by $
1.8 million, net, of pre-tax losses at the Company's munitions
specialty carrier, CIW, during the first nine months of 1995.
In addition, the slower growth of the U.S. economy in the second
and third quarters of 1995 made it more difficult to efficiently
operate the fleet, led to a higher proportion of empty miles to
paid miles, and competitive pressures reduced average freight
rates. Further, continued intense competition for sufficient
qualified drivers resulted in increased empty tractors in the
third quarter of 1995, and has led the Company to increase
driver wages and driver recruiting expenditures at a time of
decreasing volumes and rates. All of the above factors combined
to reduce the Company's profitability significantly in the third
quarter and nine months ended September 30, 1995 when compared
with the record results achieved by the Company in the same
periods in 1994.
Despite the lackluster economy and intense competition, the
Company's three flatbed carriers, RRT, EMT, and ADS, continued
to grow in the three month and nine month periods ended
September 30, 1995. Revenue at these three companies was up $
1.0 million or 2.2 % in the third quarter and $ 10.4 million or
8.0 % in the nine months ended September 30, 1995 over the
comparable 1994 periods. Revenues at RDS, however, decreased by
$ 1.2 million or 17 % in the three month period and $ 2.5
million or 13 % in the nine month period ended September 30,
1995 versus the comparable 1994 periods.
The 1995 pre-tax losses at CIW ($ 1.8 million, net , including
provisions for wind-up of the business, and net of the gain on
sale of assets to TRISM discussed below) are primarily
attributable to sharply lower revenues (down 36 % in the nine
month 1995 period) resulting largely from a reduction in hauling
capacity. The previously reported increase in CIW turnover of
owner operators providing tractors continued into the third
quarter of 1995. In addition, freight rates on military traffic
were down from 1994 levels due to competitive pressures. On
August 28, 1995, the Company completed the sale of
substantially all of the operating assets of CIW to TRISM, Inc.
The total purchase price, net of approximately $844,000 of
liabilities assumed by TRISM, was approximately $2,965,000.
TRISM also assumed certain lease obligations of CIW. The Company
recorded a gain on the sale of assets to TRISM of approximately
$ 350,000 in the third quarter of 1995, and has reflected this
gain in Other income (expense), net, in the accompanying
consolidated financial statements.
A discussion of the impact of the above and other factors on
the results of operations in the third quarter and nine months
ended September 30, 1995 as compared to the comparable periods
of 1994 follows.
1995 Compared to 1994 Three Months Nine Months
Key Operating Statistics 1995 1994 % Change 1995 1994 % Change
Operating Revenues
($ millions) $ 53.1 $ 56.4 (5.9%) $162.8 $161.0 1.1%
Net Earnings ($ 000's) $ 238 $ 1,505 (83.7%) $ 1,169 $4,472 (74.6%)
Average Tractor Count 2,079 1,917 8.5% 2,021 1,816 11.3%
Total Loads (000's) 62 61.8 0.3% 186.9 175.4 6.6%
Revenue Miles (millions) 38.5 40.3 (4.5%) 117.3 116.7 0.5%
Average Revenue per
Revenue Mile $ 1.30 $ 1.33 (2.2%) $ 1.31 $ 1.32 (0.8%)
<PAGE>
Operating Revenues
Operating revenues for the three months ended September 30,
1995 totaled $ 53.1 million as compared to $56.4 million for the
same period in 1994, reflecting an overall soft market in the
third quarter of 1995, and lower revenues at CIW and RDS.
Operating revenues were $ 162.8 million for the nine month
period ended September 30, 1995, as compared to $ 161.0 million
for the same period of 1994, resulting primarily from a strong
first quarter 1995 performance at the Company's flatbed
carriers, and increased brokerage revenues, offset by lower
revenues at RDS and CIW.
The approximately 0.5 % increase in revenue miles (volume) in
1995 is attributable to a 11.3 % increase in the average number
of tractors employed in 1995 versus 1994, offset by lower
equipment utilization as a result of overall soft shipper
demand, particularly in the third quarter of 1995. The
increased number of tractors in 1995 over 1994 is the result of
the Company's internal growth plans implemented in 1995 and 1994
when the Company added additional company-operated tractors,
coupled with an increase in the average number of owner-operator
tractors. There was a decline in the average revenue per revenue
mile (price) in the 1995 periods as compared to the 1994
periods, primarily as a result of keen price competition with
competing carriers, which offsets the favorable volume trends.
The number of revenue miles decreased in the third quarter of
1995 as compared to the third quarter of 1994, as a result of
decreased revenues at CIW and RDS in 1995.
The Company's core flatbed carriers (RRT, EMT, and ADS)
experienced higher volumes in 1995, up 2.2 % in the third
quarter and 8 % in the nine months ended September 30, over the
comparable 1994 periods.
Operating Expenses
The following table sets forth the percentage relationship of
operating expenses to operating revenues for the three months
and nine months ended September 30:
Three Months Nine Months
1995 1994 1995 1994
Operating revenues 100 % 100 % 100 % 100 %
Operating expenses:
Purchased transportation
and equipment rents 38.9 37.1 37.4 37.3
Salaries, wages and benefits 26.4 25.1 26.9 24.8
Fuel and other operating expenses 22.2 20.5 21.5 20.1
Insurance and claims 3.1 3.6 3.4 3.7
Operating taxes and licenses 4.7 4.4 4.6 4.5
Depreciation 2.2 2.1 2.1 2.3
Other operating expenses 1.0 1.8 1.7 1.9
Total operating expenses 98.5% 94.6% 97.6% 94.7%
Throughout 1995, the mix of company-operated versus
owner-operator equipment continued to shift towards
company-operated equipment as a result of the Company's internal
growth plans, increased competition for qualified
owner-operators, and the Company's ability to secure financing
and customer business for increased company-operated equipment.
Approximately 64 % of the Company's revenue in the three month
and nine month periods ended September 30, 1995 was generated by
company-operated equipment, as compared to approximately 59 %
in the 1994 periods.
The relatively higher use of company-operated equipment
resulted in an increase in salaries, wages and benefits, and in
fixed costs related to ownership or lease of the equipment, and
decreases in purchased transportation, as a percentage of
revenue. Salaries and wages have also increased as a result of
(1) driver wage increases implemented in late 1994 and early
1995 in response to competitive conditions, (2) treating all
driver wages as taxable in 1995, as compared to a portion being
considered as non-taxable subsistence payments in 1994, and (3)
increased payroll taxes on the increased driver wages as a
result of (1) and (2) above. Fuel and other operating expenses,
and operating taxes and licenses, increased as a percentage of
revenue in the 1995 periods, as compared to 1994 due to the
increase in the number of company-operated tractors in 1995.
Fuel cost per mile declined slightly in 1995 versus 1994.
Insurance and claims expense continued to decline in 1995 over
1994 as a result of favorable trends in insurance premiums and
accident claims as a percentage of revenue.
Depreciation expense decreased in 1995 as compared to 1994 as
the Company continues to replace owned or capital leased
tractors with tractors financed under operating leases.
Operating lease expense is reflected in Purchased transportation
and equipment rents.
Other operating expenses decreased in 1995 over 1994 due to
lower provisions for doubtful accounts, and reduced
communication expenses.
Interest Expense
Interest expense declined in 1995 over 1994, as the favorable
effect of lower average outstanding bank borrowings was offset
partially by the unfavorable effect of higher interest rates. In
addition, interest expense in the third quarter and nine months
ended September 30, 1995 was reduced by $ 105,000, and $
210,000, respectively, when compared to the comparable 1994
periods, as a result of the conversion of the Company's 7%
convertible subordinated debentures on March 31, 1995.
Liquidity and Capital Resources
The Company used $ 1.1 million of cash in the first nine months
of 1995. As reflected in the accompanying Consolidated Statement
of Cash Flows, the Company generated $ 4.7 million of cash from
operating activities. This was offset by $ 3.1 million of cash
used in financing activities, and $ 2.7 million used in
investing activities, primarily to finance the construction of a
new headquarters facility for RRT.
The Company's day-to-day financing is provided by borrowings
under the Company's bank credit facility. The Company has a $22
million long-term credit facility with a bank, consisting of a
$7 million term loan with a final maturity of December 31, 1997,
and a $15 million revolving line of credit which expires January
15, 1996. Quarterly principal payments of $500,000 on the term
loan commenced April 1, 1995, and the outstanding balance at
September 30, 1995 was $ 6.0 million. The line of credit
includes provisions for the issuance of up to $15 million in
stand-by letters of credit which, as issued, reduce available
borrowings under the line of credit. Borrowings under the
credit facility totaled $ 6.0 million at September 30, 1995, and
outstanding stand-by letters of credit totaled $ 6.9 million at
that date. The combination of these two bank credits totaled
$12.9 million, leaving $ 8.1 million of borrowing capacity
available at September 30, 1995. The Company expects to enter
into a replacement bank credit facility with its lender, prior
to year end. The Company has requested an increase in the total
credit from $ 22 million to $ 33 million. This would provide the
Company adequate financing to support its growth plans and to
finance its on-going working capital needs.
The Company believes that cash generated from operations,
including cash from the continued sale of certain trade
accounts receivable, and cash available to it under the bank
credit facility will be sufficient to meet the Company's needs
for the foreseeable future.<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
There are no material pending legal proceedings to which the
Company or any of its subsidiaries is a party or of which any of
their property is the subject, other than routine litigation
incidental to its business, primarily involving claims for
personal injury and property damage incurred in the transporting
of freight. The Company maintains insurance which covers
liability resulting from such transportation related claims in
amounts management believes are prudent and consistent with
accepted industry practices, subject to deductibles for the
first $100,000 to $250,000 of exposure for each incident. The
Company is not aware of any claims or threatened claims that
might materially affect the Company's operating or financial
results.
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
Exhibit 11 - Computation of Per Share Earnings
Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K
Report dated August 28, 1995 reporting the sale of substantially all of the
operating assets of C. I. Whitten Transfer Company to TRISM, Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
INTRENET, INC.
(Registrant)
November 13, 1995 /s/ Jonathan G. Usher
Jonathan G. Usher,
Vice President - Finance,
Treasurer and Chief Financial
Officer
(Principal Financial and
Accounting Officer)
<TABLE>
INTRENET, INC.
STATEMENT RE: COMPUTATION
OF PER SHARE EARNINGS
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Weighted average shares outstanding
during period 13,197,728 9,087,164 13,197,728 9,077,752
Assumed exercise of options and
warrants 454,286 859,557 512,118 891,442
Shares assumed for primary earnings
per share 13,652,014 9,946,721 13,709,846 9,969,194
Assumed conversion of 7% Convertible
Subordinated Debentures - 3,636,364 - 3,636,364
Shares assumed for fully diluted earnings
per share N/A 13,583,085 N/A 13,605,558
Earnings for the period:
($ in Thousands)
Net earnings $ 238 $ 1,505 $ 1,169 $ 4,472
Earnings per common and common
equivalent share:
Primary $ 0.02 $ 0.15 $ 0.09 $ 0.45
Fully diluted N/A $ 0.12 N/A $ 0.35
EXHIBIT 11
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000778161
<NAME> INTRENET, INC.
<MULTIPLIER> 1,000
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<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> [BLANK]
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<CASH> 1,596
<SECURITIES> 0
<RECEIVABLES> 24,204
<ALLOWANCES> (1,430)
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<BONDS> 14,403
<COMMON> 15,940
0
0
<OTHER-SE> 8,154
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<INCOME-TAX> 501
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<EPS-PRIMARY> .09
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</TABLE>
