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 15, 1998
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.)
14507 FRONTIER ROAD
POST OFFICE BOX 45308
OMAHA, NEBRASKA 68145 (402)895-6640
(Address of principal (Zip Code) (Registrant's telephone number)
executive offices)
<PAGE>
ITEM 5. OTHER EVENTS.
On April 15, 1998, the registrant issued a news release announcing its
operating revenues and earnings for the first quarter ended March 31, 1998,
and a five for four split of the Company's common stock. 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 15, 1998.
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 16, 1998 By: /s/ John J. Steele
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: April 16, 1998 By: /s/ James L. Johnson
James L. Johnson
Corporate Secretary and Controller
Exhibit 99.1
WERNER ENTERPRISES, INC.
14507 Frontier Road
P.O. Box 45308
Omaha, Nebraska 68145
FOR IMMEDIATE RELEASE Contact: Robert E. Synowicki, Jr.
- --------------------- (402) 894-3000
WERNER ENTERPRISES REPORTS RECORD 1ST QUARTER EARNINGS
Omaha, Nebraska, April 15, 1998:
- -------------------------------
Werner Enterprises, Inc. (Werner), a nationwide truckload transportation
company, today reported its operating revenues and earnings for the first
quarter ended March 31, 1998. Operating revenues increased 16% to $199.7
million for the 1998 first quarter compared to $172.0 million for the same
period of 1997. First quarter net income increased 46% to $10.9 million ($.28
per diluted share) in 1998 compared to $7.4 million ($.19 per diluted share)
in first quarter 1997.
<TABLE>
<CAPTION>
INCOME STATEMENT DATA
(Unaudited)
(In thousands)
Quarter % of Quarter % of
Ended Operating Ended Operating
3/31/98 Revenues 3/31/97 Revenues
-------- --------- -------- ---------
<S> <C> <C> <C> <C>
Operating revenues $199,707 100.0 $172,049 100.0
-------- --------- -------- ---------
Operating expenses:
Salaries, wages and benefits 74,303 37.2 63,273 36.8
Fuel 14,698 7.4 17,265 10.0
Supplies and maintenance 17,509 8.8 14,945 8.7
Taxes and licenses 15,852 7.9 12,719 7.4
Insurance and claims 6,645 3.3 6,350 3.7
Depreciation 19,459 9.7 17,248 10.0
Rent and purchased transportation 33,377 16.7 27,648 16.0
Communications and utilities 2,559 1.3 2,184 1.3
Other (2,838) (1.4) (1,036) (0.6)
-------- --------- -------- ---------
Total operating expenses 181,564 90.9 160,596 93.3
-------- --------- -------- ---------
Operating income 18,143 9.1 11,453 6.7
-------- --------- -------- ---------
Other expense (income):
Interest expense 1,006 0.5 447 0.3
Interest income (420) (0.2) (415) (0.2)
Other 20 0.0 29 0.0
-------- --------- -------- ---------
Total other expense 606 0.3 61 0.1
-------- --------- -------- ---------
Income before income taxes 17,537 8.8 11,392 6.6
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Income taxes 6,664 3.4 3,943 2.3
-------- --------- -------- ---------
Net income $10,873 5.4 $7,449 4.3
======== ========= ======== =========
Average common shares outstanding 38,256 37,990
======== ========
Earnings per share $.28 $.20
======== ========
Diluted shares outstanding 38,531 38,224
======== ========
Diluted earnings per share $.28 $.19
======== ========
</TABLE>
BALANCE SHEET DATA
(Unaudited)
(In thousands)
As of As of
3/31/98 12/31/97
-------- --------
Current assets $140,221 $145,792
Total assets 681,324 667,638
Current liabilities 82,023 91,791
Long-term debt 70,000 60,000
Stockholders' equity 406,154 395,118
In addition, Werner announced today that its Board of Directors has
declared a five for four split of the Company's common stock effected in the
form of a 25 percent stock dividend. The stock split will be payable on or
about May 13, 1998 to stockholders of record at the close of business on April
27, 1998. No fractional shares of common stock will be issued in connection
with the stock split. Stockholders entitled to fractional shares will receive
a proportional cash payment based on the closing price of a share of common
stock on April 27, 1998. If a stockholder is contemplating a trade of stock
from the record date to the payable date, he or she should consult his or her
stockbroker as to entitlement of the split shares.
The Company's common stock is traded on the Nasdaq Market tier of The
Nasdaq Stock Market under the symbol WERN.
