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, 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 April 15, 1999, the registrant issued a news release announcing its
operating revenues and earnings for the first quarter ended March 31, 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 April 15, 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: April 15, 1999 By: /S/ John J. Steele
-------------------------- -----------------------------
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: April 15, 1999 By: /S/ James L. Johnson
-------------------------- -----------------------------
James L. Johnson
Corporate Secretary
and Controller
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 REPORTS RECORD FIRST QUARTER 1999 OPERATING REVENUES
AND EARNINGS
Omaha, Nebraska, April 15, 1999:
- -------------------------------
Werner Enterprises, Inc. (Werner), one of the nation's five largest
truckload transportation companies, today reported record operating
revenues and earnings for the first quarter ended March 31, 1999.
Operating revenues for first quarter 1999 increased 21% to $241.0
million compared to $199.7 million in the first quarter of 1998. Net
income for first quarter 1999 increased 16% to $12.6 million compared to
$10.9 million in the first quarter of 1998. Earnings per share
increased 17% from $.23 per share to $.27 per share.
"Continued strong fleet growth and solid demand from our
diversified customer base produced these record results," said Chairman
and Chief Executive Officer Clarence L. Werner. "We improved our driver
recruiting by adding 400 tractors over the past three months and 1,050
tractors over the last year. Our fleet growth in first quarter 1999 was
over 160% of our fleet growth in first quarter 1998. We are
significantly ahead of pace for our goal of adding 900 tractors in 1999.
If demand for our services remains strong and our driver recruiting
success continues, we may exceed our truck growth goal for 1999. We are
also ahead of pace to reach our goal of generating a billion dollars of
revenue in 1999."
<PAGE>
<TABLE>
<CAPTION>
INCOME STATEMENT DATA
(Unaudited)
(In thousands)
Quarter % of Quarter % of
Ended Operating Ended Operating
3/31/99 Revenues 3/31/98 Revenues
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Operating revenues $240,980 100.0 $199,707 100.0
---------- ---------- ---------- ----------
Operating expenses:
Salaries, wages and
benefits 89,321 37.1 74,303 37.2
Fuel 14,008 5.8 14,698 7.4
Supplies and maintenance 20,138 8.3 17,509 8.8
Taxes and licenses 19,766 8.2 15,852 7.9
Insurance and claims 9,390 3.9 6,645 3.3
Depreciation 23,535 9.8 19,459 9.7
Rent and purchased
transportation 42,327 17.6 33,377 16.7
Communications and
utilities 3,099 1.3 2,559 1.3
Other (1,847) (0.8) (2,838) (1.4)
---------- ---------- ---------- ----------
Total operating expenses 219,737 91.2 181,564 90.9
---------- ---------- ---------- ----------
Operating income 21,243 8.8 18,143 9.1
---------- ---------- ---------- ----------
Other expense (income):
Interest expense 1,198 0.5 1,006 0.5
Interest income (330) (0.1) (420) (0.2)
Other 17 0.0 20 0.0
---------- ---------- ---------- ----------
Total other expense 885 0.4 606 0.3
---------- ---------- ---------- ----------
Income before income taxes 20,358 8.4 17,537 8.8
Income taxes 7,736 3.2 6,664 3.4
---------- ---------- ---------- ----------
Net income $ 12,622 5.2 $ 10,873 5.4
========== ========== ========== ==========
Diluted shares outstanding 47,570 48,164
========== ==========
Diluted earnings per share $.27 $.23
========== ==========
</TABLE>
<TABLE>
<CAPTION>
BALANCE SHEET DATA
(In thousands)
As of As of
3/31/99 12/31/98
---------- ----------
<S> <C> <C>
Current assets $154,655 $145,265
Total assets 817,424 769,196
Current liabilities 125,191 * 91,907
Long-term debt 100,000 100,000
Stockholders' equity 452,377 440,588
</TABLE>
* Current liabilities includes $20 million of short-term debt at March
31, 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 6,550 trucks and 16,980 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,
1998.
