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):
January 21, 1999
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 January 21, 1999, the registrant issued a news release announcing its
operating revenues and earnings for the fourth quarter and year ended December
31, 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 January 21, 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: January 21, 1999 By: /S/ John J. Steele
-----------------------------
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: January 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
FOR IMMEDIATE RELEASE Contact: Robert E. Synowicki, Jr.
- --------------------- (402) 894-3000
WERNER ENTERPRISES REPORTS RECORD FOURTH QUARTER 1998 AND ANNUAL 1998
OPERATING REVENUES AND EARNINGS
Omaha, Nebraska, January 21, 1999:
- ---------------------------------
Werner Enterprises, Inc. (Werner), one of the nation's five largest
truckload transportation companies, today reported record operating
revenues and earnings for the fourth quarter and year ended December 31,
1998. Operating revenues for fourth quarter 1998 increased 13% to
$232.3 million compared to $206.2 million in the fourth quarter of 1997.
Earnings grew 10% to $.33 per diluted share in fourth quarter 1998
compared to $.29 per diluted share in fourth quarter 1997. Werner
generated substantial truck growth of 276 trucks during fourth quarter
1998 compared to third quarter 1998, due to improved driver recruiting.
This should increase growth in revenues and earnings in 1999.
Operating revenues increased 12% to $863.4 million for the full
year 1998 compared to $772.1 million for 1997. Earnings increased 18%
to $1.19 per diluted share for 1998 compared to $1.01 per diluted share
for 1997.
Clarence (C.L.) Werner, Chairman and Chief Executive Officer said
"Improved driver recruiting, solid shipper demand, and lower fuel prices
contributed to the record fourth quarter results. We were pleased that
we added 200 more trucks in fourth quarter 1998 compared to fourth
quarter 1997. We expect to continue to improve our recruitment of
drivers in 1999."
<PAGE>
<TABLE>
<CAPTION>
INCOME STATEMENT DATA
(Unaudited)
(In thousands)
Quarter % of Quarter % of
Ended Operating Ended Operating
12/31/98 Revenues 12/31/97 Revenues
--------- --------- -------- ---------
<S> <C> <C> <C> <C>
Operating revenues $232,317 100.0 $206,174 100.0
--------- --------- -------- ---------
Operating expenses:
Salaries, wages and
benefits 88,256 38.0 73,734 35.8
Fuel 14,124 6.1 17,556 8.5
Supplies and maintenance 19,114 8.2 15,979 7.8
Taxes and licenses 18,301 7.9 16,075 7.8
Insurance and claims 5,729 2.5 4,967 2.4
Depreciation 22,114 9.5 19,072 9.2
Rent and purchased
transportation 38,556 16.6 36,210 17.6
Communications and
utilities 2,874 1.2 2,114 1.0
Other (2,678) (1.2) (2,651) (1.3)
--------- --------- -------- ---------
Total operating
expenses 206,390 88.8 183,056 88.8
--------- --------- -------- ---------
Operating income 25,927 11.2 23,118 11.2
--------- --------- -------- ---------
Other expense (income):
Interest expense 1,403 0.6 1,041 0.5
Interest income (428) (0.1) (481) (0.2)
Other 40 0.0 41 0.0
--------- --------- -------- ---------
Total other expense 1,015 0.5 601 0.3
--------- --------- -------- ---------
Income before income taxes 24,912 10.7 22,517 10.9
Income taxes 9,466 4.1 8,319 4.0
--------- --------- -------- ---------
Net income $15,446 6.6 $14,198 6.9
========= ========= ======== =========
Diluted shares outstanding 47,480 48,184
========= ========
Diluted earnings per share $.33 $.29
========= ========
</TABLE>
<TABLE>
<CAPTION>
Year % of Year % of
Ended Operating Ended Operating
12/31/98 Revenues 12/31/97 Revenues
--------- --------- -------- ---------
<S> <C> <C> <C> <C>
Operating revenues $863,417 100.0 $772,095 100.0
--------- --------- -------- ---------
Operating expenses:
Salaries, wages and
benefits 325,659 37.7 278,968 36.1
Fuel 56,786 6.6 67,600 8.8
Supplies and maintenance 72,273 8.4 63,060 8.2
Taxes and licenses 67,907 7.9 58,513 7.6
Insurance and claims 23,875 2.7 21,212 2.7
Depreciation 82,549 9.6 72,634 9.4
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
Rent and purchased
transportation 139,026 16.1 132,261 17.1
Communications and
utilities 10,796 1.2 8,358 1.1
Other (11,065) (1.3) (8,158) (1.1)
--------- --------- -------- ---------
Total operating
expenses 767,806 88.9 694,448 89.9
--------- --------- -------- ---------
Operating income 95,611 11.1 77,647 10.1
--------- --------- -------- ---------
Other expense (income):
Interest expense 4,889 0.6 3,002 0.4
Interest income (1,724) (0.2) (1,580) (0.2)
Other 114 0.0 130 0.0
--------- --------- -------- ---------
Total other expense 3,279 0.4 1,552 0.2
--------- --------- -------- ---------
Income before income taxes 92,332 10.7 76,095 9.9
Income taxes 35,086 4.1 27,717 3.6
--------- --------- -------- ---------
Net income $57,246 6.6 $48,378 6.3
========= ========= ======== =========
Diluted shares outstanding 47,910 47,959
========= ========
Diluted earnings per share $1.19 $1.01
========= ========
</TABLE>
<TABLE>
<CAPTION>
BALANCE SHEET DATA
(In thousands)
As of As of
12/31/98 12/31/97
--------- ---------
<S> <C> <C>
Current assets $145,265 $145,792
Total assets 769,196 667,638
Current liabilities 91,907 91,791
Long-term debt 100,000 60,000
Stockholders' equity 440,588 395,118
</TABLE>
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 6,150 trucks and 16,350 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.
--------------
Note: This press release may contain 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,
1997.
