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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): March 22, 1996
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RYDER SYSTEM, INC.
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(Exact name of registrant as specified in its charter)
Florida 1-4364 59-0739250
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
3600 N. W. 82nd Avenue, Miami, Florida 33166
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (305) 593-3276
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Item 5. Other Events.
Ryder System, Inc. (the "Company") commented on first quarter
performance. A copy of the Company's press release dated March 22, 1996 is
attached hereto as Exhibit 99.
99. Press Release dated March 22, 1996, issued by Ryder System, Inc.
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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 thereunto duly authorized.
Dated: March 22, 1996
RYDER SYSTEM, INC.
By: /s/ Edward R. Henderson
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Name: Edward R. Henderson
Title: Associate General Counsel
and Assistant Secretary
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EXHIBIT INDEX
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Sequentially
Numbered
Exhibit No. Title Page
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99. Press Release dated March 22, 1996,
issued by Ryder System, Inc.
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EXHIBIT 99
ITEM 5. OTHER EVENTS
[SEE ATTACHED EXHIBIT]
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RYDER COMMENTS ON FIRST QUARTER PERFORMANCE
MIAMI, FLORIDA, March 22, 1996--First quarter earnings of Ryder
System, Inc. (NYSE:R) are expected to be lower than security analysts'
estimates, the company said today.
"At our analyst meeting on March 1, we indicated that first quarter
earnings may be lower than they were in the first quarter of last year.
However, several events have occurred which we had not previously
anticipated--primarily the strike at General Motors, our largest customer,"
said Chairman, President and Chief Executive Officer M. Anthony Burns.
Burns added that the General Motors strike has affected several of
Ryder's business units, Ryder Automotive Carrier Group, transporter of more
than half of GM's North American production; Ryder Dedicated Logistics, which
provides inbound logistics services to seven of GM's manufacturing facilities
in the U.S. and Canada; and Ryder Commercial Leasing & Services, which provides
vehicles to many of General Motors' vendors and Ryder Dedicated Logistics.
Other factors which will impact results include the continued bad weather
throughout most of the country during the first quarter, and softer commercial
truck rental demand. "The first quarter is traditionally our weakest," Burns
said, "but I can't recall a period in which so many temporary adverse factors
have all occurred during any one quarter."
Looking ahead, Burns said, "Our ongoing strategic goals are
unchanged--growing our long-term contractual businesses, reducing capital
expenditures, improving organizational effectiveness and improving our margins.
Capital expenditures are 40% lower than they were at this time last year. We
are also taking bolder action to cut costs. These changes are necessary in
terms of increasing our margins, improving our earnings performance and
enhancing shareholder value." Burns also said that, excluding expenses
necessary to implement cost reduction programs, earnings for the full year
should be higher than they were last year.
