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):
November 23, 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 November 23, 1999, the registrant issued a news release announcing
that higher fuel prices are affecting fourth quarter 1999 earnings. 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
November 23, 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: November 23, 1999 By: /s/ John J. Steele
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: November 23, 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.
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 ANNOUNCES HIGHER FUEL PRICES ARE AFFECTING FOURTH
QUARTER EARNINGS
Omaha, Nebraska, November 23, 1999:
Werner Enterprises, Inc. (Werner), one of the nation's largest
truckload transportation companies, announced today that higher fuel
prices are affecting fourth quarter 1999 earnings. As recently reported
in the Wall Street Journal, the price per barrel of oil has reached a
nine-year high. If fuel prices and the Company's customer fuel
surcharge reimbursements remain at current levels, it is estimated that
fourth quarter 1999 earnings will be negatively impacted, due to higher
fuel prices, by approximately 10 cents per share.
The average fuel price per gallon (excluding fuel taxes) is
currently over 80% higher than the comparable price on this same date
one year ago. Furthermore, one year ago the average fuel price per
gallon (excluding fuel taxes) decreased approximately 10% from the end
of November 1998 until the beginning of March 1999. The Company has
customer fuel surcharge programs in place to recover a portion of the
higher fuel cost. However, a significant portion of the fuel expense
increase is not being recovered at the current time. This is due to
several factors, including: the base fuel price levels which determine
when surcharges are collected, empty miles between freight shipments,
out-of-route miles caused in part by driver home time needs, and truck
idling. The Company has no derivative financial instruments to reduce
its exposure to fuel price fluctuations.
The Company is continuing to experience strong freight demand from
its customers. Management continues to meet with its customers to
explain the significant impact of higher fuel prices on the Company's
business in an effort to increase the amount of fuel surcharge
reimbursement from customers.
Werner Enterprises is a full-service transportation company
providing truckload and other transportation services throughout the 48
states, portions of Canada and Mexico. Werner is one of the nation's
largest truckload carriers with a fleet of 7,075 trucks and 18,030
trailers as of September 30, 1999.
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 announcement contains forward-looking or predictive
statements that are based on information currently available. Actual
results may differ materially from those currently anticipated by
company management. A number of factors and events not within the
Company's control could have a material impact on future financial
results, including, but not limited to those items discussed in Item 7
of the Company's Annual report on Form 10-K for the year ended December
31, 1998, which are hereby incorporated by reference. The Company
assumes no responsibility to update the information included in this
announcement.
