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 14, 2000
----------------
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 14, 2000, the registrant issued a news release announcing its
operating revenues and earnings for the first quarter ended March 31, 2000.
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 14, 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: April 14, 2000 By: /s/ John J. Steele
--------------------- -----------------------------
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
Date: April 14, 2000 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 Information Officer
(402) 894-3000
John J. Steele
Vice President, Treasurer and
Chief Financial Officer
(402) 894-3000
WERNER ENTERPRISES REPORTS FIRST QUARTER 2000 OPERATING REVENUES
AND EARNINGS
Omaha, Nebraska, April 14, 2000:
- -------------------------------
Werner Enterprises, Inc. (Werner), one of the nation's
largest truckload transportation companies, today reported
operating revenues and earnings for the first quarter ended March
31, 2000. Operating revenues for first quarter increased 21% to
a record $291.4 million compared to $241.0 million in the first
quarter of 1999. Earnings per share decreased to $.22 per share
compared to $.27 per share in first quarter 1999, due primarily
to the higher cost of fuel.
"First quarter 2000 was a quarter of challenges and
opportunities for Werner Enterprises," said Chairman and Chief
Executive Officer Clarence (C.L.) Werner. "Fuel prices reached a
ten-year high during the quarter, compared to a ten-year low in
the same period a year ago. High fuel prices reduced our
earnings by approximately 10 cents per share for first quarter
2000 compared to first quarter 1999.
<PAGE>
"Over the last few months, we have increased our focus on
improving our margins and returns. We contacted our customers to
explain the critical need for improved fuel surcharge
reimbursement. We significantly improved the percentage recovery
of fuel reimbursement for the increased cost of fuel in first
quarter 2000 compared to fourth quarter 1999. Demand for our
services remained strong throughout the quarter. We improved our
revenue per truck per week, net of fuel reimbursement, by about
4% due to improved rates per mile and better utilization."
On March 14, 2000, we announced that Werner Enterprises
signed a letter of intent to join five other large transportation
companies and merge their logistics business units into a
commonly owned, Internet-based transportation logistics company,
Transplace.com. Transplace.com will offer a Web-enabled
transportation platform to bring together shippers and carriers
to collaborate on their transportation logistics planning and
execution in the most efficient and effective manner.
Transplace.com is developing programs for the cooperative
purchasing of products, supplies and services with the goal of
lowering the costs of member carriers. It is expected that
Werner Enterprises will transfer its existing logistics business
to Transplace.com during third quarter 2000. This transfer is
not expected to materially impact the earnings of Werner
Enterprises during the year 2000.
During first quarter 2000, Werner Enterprises purchased
163,201 shares of its common stock at an average cost of $13 per
share.
"Werner Enterprises is committed to improving earnings
growth and shareholder value. The current challenges facing the
truckload industry are tremendous opportunities for our Company.
Our size, superior service, advanced technology, financial
strength and experienced management team provide Werner
Enterprises with distinct competitive advantages. We are excited
and optimistic about the future of our Company," said C. L.
Werner.
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 Clarence L. Werner. Werner is one of the
nation's largest truckload carriers with a fleet of 7,175 trucks
and 18,900 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, 1999.
<PAGE>
<TABLE>
<CAPTION>
INCOME STATEMENT DATA
(Unaudited)
(In thousands)
Quarter % of Quarter % of
Ended Operating Ended Operating
3/31/00 Revenues 3/31/99 Revenues
-------- --------- -------- ---------
<S> <C> <C> <C> <C>
Operating revenues $291,379 100.0 $240,980 100.0
-------- --------- -------- ---------
Operating expenses:
Salaries, wages and
benefits 103,312 35.4 89,321 37.1
Fuel 31,209 10.7 14,008 5.8
Supplies and maintenance 25,312 8.7 20,138 8.3
Taxes and licenses 21,462 7.4 19,766 8.2
Insurance and claims 6,980 2.4 9,390 3.9
Depreciation 26,321 9.0 23,535 9.8
Rent and purchased
transportation 57,027 19.5 42,327 17.6
Communications and
utilities 3,686 1.3 3,099 1.3
Other (2,465) (0.8) (1,847) (0.8)
-------- --------- -------- ---------
Total operating
expenses 272,844 93.6 219,737 91.2
-------- --------- -------- ---------
Operating income 18,535 6.4 21,243 8.8
-------- --------- -------- ---------
Other expense (income):
Interest expense 2,235 0.8 1,198 0.5
Interest income (447) (0.1) (330) (0.1)
Other 105 0.0 17 0.0
-------- --------- -------- ---------
Total other expense 1,893 0.7 885 0.4
-------- --------- -------- ---------
Income before income taxes 16,642 5.7 20,358 8.4
Income taxes 6,324 2.2 7,736 3.2
-------- --------- -------- ---------
Net income $10,318 3.5 $12,622 5.2
======== ========= ======== =========
Diluted shares outstanding 47,251 47,570
======== ========
Diluted earnings per share $.22 $.27
======== ========
</TABLE>
<TABLE>
<CAPTION>
BALANCE SHEET DATA
(Unaudited)
(In thousands)
As of As of
3/31/00 12/31/99
-------- --------
<S> <C> <C>
Current assets $196,138 $188,827
Total assets $887,913 $896,879
Current liabilities $102,632 * $121,206 *
Long-term debt $120,000 $120,000
Stockholders' equity $501,800 $494,772
</TABLE>
*Current liabilities include $5 million and $25 million of short-
term debt at March 31, 2000 and December 31, 1999, respectively.
