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, 1999
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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, 1999, the registrant issued a news release announcing its
operating revenues and earnings for the second quarter and six months ended
June 30, 1999. 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, 1999.
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, 1999 By: /s/ John J. Steele
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: July 21, 1999 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
Contact: Robert E. Synowicki, Jr.
Executive Vice President and
Chief Operating Officer
(402) 894-3000
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
(402) 894-3000
WERNER ENTERPRISES REPORTS RECORD SECOND QUARTER OPERATING REVENUES AND
EARNINGS
Omaha, Nebraska, July 16, 1999:
- -------------------------------
Werner Enterprises, Inc. (Werner), one of the nation's five largest
truckload transportation companies, today reported record operating
revenues and earnings for the second quarter ended June 30, 1999.
Operating revenues rose 23% to $260.6 million compared to $211.7 million
in the second quarter of 1998. Net income grew 17% to $17.6 million in
second quarter 1999 compared to $15.0 million in second quarter 1998.
Earnings per share increased 19% to $.37 per diluted share in the second
quarter 1999, compared to $.31 per diluted share in the second quarter
1998.
Clarence L. Werner, Chairman and Chief Executive Officer, said
"This was another very good quarter for Werner Enterprises. We are
experiencing strong demand for our services in all our fleets. Our
customer and driver recruiting strategies are clearly working. We added
275 trucks this quarter and 1,175 trucks over the last twelve months,
all through internal growth. We continue to be optimistic that freight
demand will be solid for Werner Enterprises for the balance of the year.
If our growth continues as it has the first six months, we will exceed
our growth goal of 900 trucks for 1999. During the first six months, we
added 675 trucks."
<PAGE>
<TABLE>
<CAPTION>
INCOME STATEMENT DATA
(Unaudited)
(In thousands)
Quarter % of Quarter % of
Ended Operating Ended Operating
6/30/99 Revenues 6/30/98 Revenues
--------- ---------- --------- ----------
<S> <C> <C> <C> <C>
Operating revenues $260,646 100.0 $211,678 100.0
--------- ---------- --------- ----------
Operating expenses:
Salaries, wages and
benefits 95,246 36.5 79,679 37.7
Fuel 18,211 7.0 14,198 6.7
Supplies and maintenance 21,025 8.1 17,214 8.1
Taxes and licenses 19,838 7.6 16,679 7.9
Insurance and claims 7,881 3.0 5,978 2.8
Depreciation 24,656 9.5 20,372 9.6
Rent and purchased
transportation 43,856 16.8 32,815 15.5
Communications and
utilities 3,411 1.3 2,549 1.2
Other (3,169) (1.2) (2,848) (1.3)
--------- ---------- --------- ----------
Total operating
expenses 230,955 88.6 186,636 88.2
--------- ---------- --------- ----------
Operating income 29,691 11.4 25,042 11.8
--------- ---------- --------- ----------
Other expense (income):
Interest expense 1,645 0.6 1,238 0.6
Interest income (343) (0.1) (430) (0.2)
Other 40 0.0 21 0.0
--------- ---------- --------- ----------
Total other expense 1,342 0.5 829 0.4
--------- ---------- --------- ----------
Income before income taxes 28,349 10.9 24,213 11.4
Income taxes 10,773 4.2 9,201 4.3
--------- ---------- --------- ----------
Net income $ 17,576 6.7 $ 15,012 7.1
========= ========== ========= ==========
Average common shares
outstanding 47,374 47,883
========= =========
Earnings per share $.37 $.31
========= =========
Diluted shares outstanding 47,627 48,185
========= =========
Diluted earnings per share $.37 $.31
========= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Six Six
Months % of Months % of
Ended Operating Ended Operating
6/30/99 Revenues 6/30/98 Revenues
--------- ----------- --------- ------------
<S> <C> <C> <C> <C>
Operating revenues $501,626 100.0 $411,385 100.0
--------- ----------- --------- ------------
Operating expenses:
Salaries, wages and
benefits 184,567 36.8 153,982 37.4
Fuel 32,219 6.4 28,896 7.0
Supplies and maintenance 41,163 8.2 34,723 8.4
Taxes and licenses 39,604 7.9 32,531 7.9
Insurance and claims 17,271 3.4 12,623 3.1
Depreciation 48,191 9.6 39,831 9.7
Rent and purchased
transportation 86,183 17.2 66,192 16.1
Communications and
utilities 6,510 1.3 5,108 1.2
Other (5,016) (1.0) (5,686) (1.3)
--------- ----------- --------- ------------
Total operating
expenses 450,692 89.8 368,200 89.5
--------- ----------- --------- ------------
Operating income 50,934 10.2 43,185 10.5
--------- ----------- --------- ------------
Other expense (income):
Interest expense 2,843 0.6 2,244 0.5
Interest income (673) (0.1) (850) (0.2)
Other 57 0.0 41 0.0
--------- ----------- --------- ------------
Total other expense 2,227 0.5 1,435 0.3
--------- ----------- --------- ------------
Income before income taxes 48,707 9.7 41,750 10.2
Income taxes 18,509 3.7 15,865 3.9
--------- ----------- --------- ------------
Net income $ 30,198 6.0 $ 25,885 6.3
========= =========== ========= ============
Average common shares
outstanding 47,351 47,852
========= =========
Earnings per share $.64 $.54
========= =========
Diluted shares outstanding 47,599 48,156
========= =========
Diluted earnings per share $.63 $.54
========= =========
</TABLE>
<TABLE>
<CAPTION>
BALANCE SHEET DATA
(Unaudited)
(In thousands)
As of As of
6/30/99 12/31/98
---------- ----------
<S> <C> <C>
Current assets $163,277 $145,265
Total assets 842,071 769,196
Current liabilities 127,226* 91,907
Long-term debt 100,000 100,000
Stockholders' equity 470,094 440,588
</TABLE>
* Current liabilities include $30 million of short-term debt at June 30,
1999.
<PAGE>
Werner Enterprises is a full-service transportation company
providing truckload and other transportation services throughout the 48
states, portions of Canada and Mexico. The Company was founded in 1956
by C.L. Werner. Werner is one of the nation's five largest truckload
carriers with a fleet of 6,825 trucks and 17,585 trailers.
Werner Enterprises' common stock is traded on The Nasdaq Stock
Market under the symbol WERN. The Werner Enterprises web site address
is www.werner.com.
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Note: This press release contains forward-looking statements which
are based on information currently available. Actual results could
differ materially from those anticipated as a result of a number of
factors, including, but not limited to, those discussed in Item 7 of
the Company's Annual Report on Form 10-K for the year ended December 31,
1998.
