Securities and Exchange Commission
Washington, D.C. 20549
Form 8 - K Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report August 7, 1995
(Date of earliest event reported)
Intrenet, Inc.
(exact name of registrant as named in its charter)
Indiana
(State or other jurisdiction of incorporation)
0 - 14060 35 - 1597565
(Commission File Number) (IRS Employer Identification No.)
400 TechneCenter Drive, Suite 200 Milford, Ohio 45150
(Address of principal executive offices)
(513) - 576 - 6666
(Registrant's telephone number, including area code)
Item 5. Other Events
On August 7, 1995, Intrenet, Inc. (the Company) issued the
following press release relating to its second quarter 1995
earnings:
"Intrenet, Inc. [NASDAQ: INET] announced today revenues and
earnings for the second quarter ended June 30, 1995. The
Company reported revenues of $54.9 million for the second
quarter compared with $55.1 million for the same period in 1994.
Despite growth in the Company-operated fleet, revenues were
flat in the second quarter of 1995 due to the stagnant U.S.
economy, intense competition and softening rates. Net earnings
for the quarter were $669,000, or $0.05 per share compared to
$1.9 million or $0.15 per share for the same period in 1994 on a
fully diluted basis. The second quarter's results reflect the
impact of continuing losses at the Company's munitions carrier,
C.I. Whitten. As previously reported, the Company is
negotiating the sale of the operating
assets of Whitten. The Company's performance was also
unfavorably affected by increased costs for driver wages,
reduced fleet operating efficiencies and increased driver and
owner-operator recruiting expenses.
Revenues at the company's three flatbed carriers, Roadrunner
Trucking, Eck Miller Transportation and Advanced Distribution
System continued to improve in the second quarter, with combined
revenues increasing to $47.1 million, a 6% improvement from
$44.3 million in the second quarter of 1994.
Six Month Results
Revenues for the six months ended June 30, 1995 were $109.7
million, up nearly 5% from $104.6 million for the first six
months of 1994. Net earnings for the first six months ended
June 30, 1995, were $931,000 or $.08 cents per share, down from
$3.0 million, or $0.23 cents per share reported for the prior
year period on a fully diluted basis.
Jackson A. Baker, Intrenet's Chief Executive Officer, said,
"Our core flatbed carriers continue to grow, gaining in
marketshare, despite a soft and highly competitive market. We
are hopeful that the economy rebounds in the second half of 1995
because we believe we are positioned to take advantage of a
stregthening economy".
Summary Financial Information
June 30, 1995
(In thousands Except for Per Share Data)
Three Months Six Months
Ended June 30 Ended June 30
1995 1994 1995 1994
Operating Revenues $54,949 $55,071 $109,699 $104,627
Operating Expenses (53,145) (51,871) (106,617) (99,147)
Operating Income 1,804 3,200 3,082 5,480
Interest & other expenses (849) (1,002) (1,752) (1,990)
Earnings before income taxes 955 2,198 1,330 3,490
Income Taxes (286) (263) (399) (523)
Net Earnings $669 $1,935 $931 $2,967
Earnings per Common and Common equivalent share
Net earnings [Primary] $0.05 $0.19 $0.08 $0.30
Net earnings [Fully Diluted] N/A $0.15 N/A $0.23
Primary Shares 13,868,429 9,992,800 12,200,277 9,980,472
Fully Diluted N/A 13,629,164 N/A 13,616,836
_____________________________________________________________________________
Balance Sheet Data June 30, 1995 December 31, 1994
Current Assets $30,334 $29,320
Current Liabilities 32,472 28,329
Total Assets 72,508 69,058
Long Term Debt 14,180 22,291
Shareholder's Equity 23,856 16,438
_____________________________________________________________________________
Signatures
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the registrant has caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
Intrenet, Inc.
By: Jonathan G. Usher, Vice President - Finance, and
Chief Financial Officer
Dated: August 8, 1995
