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Previous: PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND II, N-30D, 1998-07-22 |
Next: PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II, N-30D, 1998-07-22 |
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):
July 16, 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 July 16, 1998, the registrant issued a news release announcing its
operating revenues and earnings for the second quarter ended June 30, 1998.
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 July 16, 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: July 21, 1998 By: /s/ John J. Steele
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: July 21, 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 SECOND QUARTER EARNINGS
Omaha, Nebraska, July 16, 1998:
- -------------------------------
Werner Enterprises, Inc. (Werner), a nationwide truckload
transportation company, today reported record operating revenues and
earnings for the second quarter ended June 30, 1998. Operating revenues
increased to $211.7 million for the 1998 second quarter compared to
$193.6 million for the same period of 1997. Second quarter net income
increased 20% to $15.0 million ($.31 per diluted share) in 1998 compared
to $12.5 million ($.26 per diluted share) in second quarter 1997.
On May 13, 1998, Werner issued shares for a five-for-four common
stock split effected in the form of a 25% stock dividend from authorized
and unissued shares to stockholders of record on April 27, 1998. The
number of shares of stock and the per share amounts for all periods
below reflect the effect of the stock split.
<TABLE>
<CAPTION>
INCOME STATEMENT DATA
(Unaudited)
(In thousands)
Quarter % of Quarter % of
Ended Operating Ended Operating
6/30/98 Revenues 6/30/97 Revenues
-------- --------- -------- --------
<S> <C> <C> <C> <C>
Operating revenues $211,678 100.0 $193,635 100.0
-------- --------- -------- --------
Operating expenses:
Salaries, wages and
benefits 79,679 37.6 70,635 36.5
Fuel 14,198 6.7 16,719 8.6
Supplies and maintenance 17,214 8.1 15,548 8.0
Taxes and licenses 16,679 7.9 15,208 7.9
Insurance and claims 5,978 2.8 4,901 2.5
Depreciation 20,372 9.6 17,976 9.3
Rent and purchased
transportation 32,815 15.6 33,004 17.0
Communications and
utilities 2,549 1.2 1,937 1.0
Other (2,848) (1.3) (2,342) (1.2)
-------- --------- -------- --------
Total operating expenses 186,636 88.2 173,586 89.6
-------- --------- -------- --------
Operating income 25,042 11.8 20,049 10.4
-------- --------- -------- --------
<PAGE>
Other expense (income):
Interest expense 1,238 0.6 588 0.3
Interest income (430) (0.2) (299) (0.1)
Other 21 0.0 36 0.0
-------- --------- -------- --------
Total other expense 829 0.4 325 0.2
-------- --------- -------- --------
Income before income taxes 24,213 11.4 19,724 10.2
Income taxes 9,201 4.3 7,192 3.7
-------- --------- -------- --------
Net income $15,012 7.1 $12,532 6.5
======== ========= ======== ========
Average common shares
outstanding 47,883 47,728
======== ========
Earnings per share $.31 $.26
======== ========
Diluted shares outstanding 48,185 47,928
======== ========
Diluted earnings per share $.31 $.26
======== ========
</TABLE>
<TABLE>
<CAPTION>
Six Months % of Six Months % of
Ended Operating Ended Operating
6/30/98 Revenues 6/30/97 Revenues
-------- --------- -------- --------
<S> <C> <C> <C> <C>
Operating revenues $411,385 100.0 $365,684 100.0
-------- --------- -------- --------
Operating expenses:
Salaries, wages and
benefits 153,982 37.4 133,908 36.6
Fuel 28,896 7.0 33,984 9.3
Supplies and maintenance 34,723 8.4 30,493 8.4
Taxes and licenses 32,531 7.9 27,927 7.6
Insurance and claims 12,623 3.1 11,251 3.1
Depreciation 39,831 9.7 35,224 9.6
Rent and purchased
transportation 66,192 16.1 60,652 16.6
Communications and
utilities 5,108 1.3 4,121 1.1
Other (5,686) (1.4) (3,378) (0.9)
-------- --------- -------- --------
Total operating expenses 368,200 89.5 334,182 91.4
-------- --------- -------- --------
Operating income 43,185 10.5 31,502 8.6
-------- --------- -------- --------
Other expense (income):
Interest expense 2,244 0.5 1,035 0.3
Interest income (850) (0.2) (714) (0.2)
Other 41 0.0 65 0.0
-------- --------- -------- --------
Total other expense 1,435 0.3 386 0.1
-------- --------- -------- --------
Income before income taxes 41,750 10.2 31,116 8.5
Income taxes 15,865 3.9 11,135 3.0
-------- --------- -------- --------
Net income $25,885 6.3 $19,981 5.5
======== ========= ======== ========
Average common shares
outstanding 47,852 47,608
======== ========
Earnings per share $.54 $.42
======== ========
Diluted shares outstanding 48,156 47,792
======== ========
Diluted earnings per share $.54 $.42
======== ========
</TABLE>
<PAGE>
BALANCE SHEET DATA
(Unaudited)
(In thousands)
As of As of
6/30/98 12/31/97
-------- --------
Current assets $139,781 $145,792
Total assets 706,702 667,638
Current liabilities 78,675 91,791
Long-term debt 80,000 60,000
Stockholders' equity 420,493 395,118
Werner's common stock is traded on The Nasdaq Stock Market under
the symbol WERN.
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