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 (Date of earliest event reported):
April 16, 1997
WERNER ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
NEBRASKA 0-14690 47-0648386
(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization) Number) Identification No.)
INTERSTATE 80 & HIGHWAY 50
POST OFFICE BOX 37308
OMAHA, NEBRASKA 68137 (402)895-6640
(Address of principal (Zip Code) (Registrant's
executive offices) telephone number)
<PAGE>
ITEM 5. OTHER EVENTS.
On April 16, 1997, the registrant issued a news release announcing its
operating revenues and earnings for the first quarter ended March 31, 1997. A
copy of the news release is filed as an exhibit to this Form 8-K.
On April 21, 1997, the registrant issued a news release announcing the
establishment of a new working relationship with Hub Group, Inc., a non-asset
based full service transportation provider. A copy of the news release is
filed as an exhibit to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibit 99.1 News release issued by the registrant on April 16, 1997.
Exhibit 99.2 News release issued by the registrant on April 21, 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 hereunto duly authorized.
WERNER ENTERPRISES, INC.
Date: April 24, 1997 By: /s/ John J. Steele
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: April 24, 1997 By: /s/ James L. Johnson
James L. Johnson
Corporate Secretary and Controller
Exhibit 99.1
WERNER ENTERPRISES, INC.
Interstate 80 & Highway 50
P. O. Box 37308
Omaha, Nebraska 68137
FOR IMMEDIATE RELEASE Contact: Robert E. Synowicki, Jr.
- --------------------- (402) 894-3000
Omaha, Nebraska, April 16, 1997:
- --------------------------------
Werner Enterprises, Inc. (Werner), a nationwide full-service
transportation company, today reported its operating revenues and
earnings for the first quarter ended March 31, 1997. Operating
revenues increased 16% to $172,049,000 compared to $147,903,000 for
the same quarter of the prior year. Net income increased to
$7,449,000 ($.20 per share) for the first quarter of 1997, compared to
$7,288,000 ($.19 per share) for the first quarter of 1996. Net income
increased at a lower percentage rate than operating revenues due
largely to the impact of a two cent per mile driver pay increase
effective January 1, 1997, and, to a lesser extent, higher average
fuel prices at the beginning of first quarter 1997. To help recoup
the cost of the driver pay increase, Werner has been meeting with
customers to pursue rate increases. The increase in driver pay has
contributed to the Company's addition of 350 tractors to its fleet
during the quarter, which is a 16% increase in tractors from March
1996 to March 1997.
On August 9, 1996, Werner issued shares for a three-for-two common
stock split effected in the form of a 50% stock dividend from
authorized and unissued shares to stockholders of record on July 26,
1996. The number of shares of stock and the per share amounts below
reflect the effect of the stock split.
Quarter Ended March 31 1997 1996
- ---------------------- ---- ----
Operating revenues $172,049,000 $147,903,000
Net income $ 7,449,000 $ 7,288,000
Average common shares outstanding 37,990,000 37,778,000
Earnings per share $ .20 $ .19
The Company's common stock is traded on the Nasdaq National Market
tier of the Nasdaq Stock Market under the symbol WERN.
Exhibit 99.2
WERNER ENTERPRISES, INC.
Interstate 80 & Highway 50
P.O. Box 37308
Omaha, Nebraska 68137
FOR IMMEDIATE RELEASE Contact: Robert E. Synowicki, Jr.
(402) 894-3000
HUB GROUP, INC. AND WERNER ENTERPRISES, INC. ANNOUNCE
JOINT WORKING RELATIONSHIP
OMAHA, NE, April 21, 1997 -- Hub Group, Inc. ("Hub") and Werner
Enterprises, Inc. ("Werner") today announced the establishment of a new
working relationship designed to better serve present and future customers
by capitalizing on the core competencies of the two high quality
transportation companies.
Werner is a full service transportation company providing services
including dry van, temperature controlled units, flatbed, dedicated
trucking, logistics and intermodal services. Hub is a non-asset based full
service transportation provider and the largest intermodal marketing
company in North America. Hub's primary service offerings are intermodal,
truck brokerage and logistics. Although there is no agreement as to
exclusive use of either party, both Werner and Hub see a natural synergy in
working together in certain areas for the benefit of their customers.
In addition to the areas of current business which will benefit from
this relationship, the companies see future opportunities to jointly market
their services to new customers. Werner president, Greg Werner, stated:
"We are very excited about this opportunity which gives us the flexibility
to enhance our intermodal options when they make sense for our customers
without having to commit significant resources away from our core
business."
Hub's Vice Chairman and Chief Executive Officer, David P. Yeager,
added: "We are pleased to be working with Werner as part of our ongoing
strategy to better serve our customers by developing mutually advantageous
relationships with high quality, premium service transportation providers
whose expertise compliments that of Hub."
Media Contacts: Hub Group, Inc., William L. Crowder: (630) 271-3600 or
James D. Martin & Associates: (847) 256-8182
Werner Enterprises, Inc.: Robert E. Synowicki, Jr. (402) 894-3000
