SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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):
May 18, 2000
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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)
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ITEM 5. OTHER EVENTS.
On May 18, 2000, the registrant issued a news release announcing that
continued high fuel prices and a weak market for the sale of used trucks
are affecting 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 on May 18, 2000.
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: May 19, 2000 By: /s/ John J. Steele
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John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: May 19, 2000 By: /s/ James L. Johnson
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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 Information Officer
(402) 894-3000
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
(402) 894-3000
WERNER ENTERPRISES ANNOUNCES THAT CONTINUED HIGH FUEL PRICES AND A WEAK
USED TRUCK MARKET ARE AFFECTING EARNINGS
Omaha, Nebraska, May 18, 2000
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Werner Enterprises, Inc. (Werner), one of the nation's largest truckload
transportation companies, announced today that continued high fuel
prices and a weak market for the sale of used trucks are affecting
earnings. If fuel prices remain at current levels and the market for
used trucks does not improve, it is estimated that second quarter 2000
earnings will be negatively impacted due to these two factors by
approximately 10 to 15 cents per share.
Fuel prices reached a ten-year high during first quarter 2000 compared
to a ten-year low during first quarter 1999. Fuel prices today are
slightly higher than the average fuel price paid by the Company during
first quarter 2000. While the Company has made substantial progress in
improving the percentage reimbursement from customers for the higher
cost of fuel, earnings are impacted for amounts not reimbursed by
customers including empty miles between freight shipments, out-of-route
miles caused in part by driver home time needs, and truck idling. In
addition to the impact of high fuel prices, the used truck market has
weakened due to increased inventories of new and used trucks in the
marketplace and other factors.
Even though the current market is very challenging, management is
committed to improving earnings and shareholder value. We view these
challenges as tremendous opportunities. The Company's size, superior
service, advanced technology, financial strength and experienced
management team provide Werner Enterprises with distinct competitive
advantages.
Werner Enterprises is a full-service transportation company providing
truckload and other transportation services throughout the 48 states,
portions of Canada and Mexico. Werner Enterprises operates a fleet of
7,175 trucks and 18,900 trailers as of March 31, 2000.
<PAGE>
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,
1999, which are hereby incorporated by reference. The Company assumes
no responsibility to update the information included in this
announcement.
