<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------------------------------
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended November 30, 1999
or
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the transition period from ______ to ______
Commission File No. 1-13146
------------------------------------------------------------
THE GREENBRIER COMPANIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 93-0816972
(State of Incorporation) (I.R.S. Employer Identification No.)
One Centerpointe Drive, Suite 200, Lake Oswego, OR 97035
(Address of principal executive offices) (Zip Code)
(503) 684-7000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
------- -------
The number of shares of the registrant's common stock, $0.001 par value per
share, outstanding on December 31, 1999 was 14,254,632 shares.
<PAGE>
THE GREENBRIER COMPANIES, INC.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED)
<TABLE>
<CAPTION>
November 30, August 31,
1999 1999
------------- -------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 16,881 $ 77,161
Restricted cash and investments - 635
Accounts and notes receivable 64,290 47,514
Inventories 112,989 92,495
Investment in direct finance leases 138,743 143,185
Equipment on operating leases 100,639 93,225
Property, plant and equipment 73,360 69,316
Other 26,981 27,185
------------- -------------
$ 533,883 $ 550,716
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Revolving notes $ 22,739 $ 3,783
Accounts payable and accrued liabilities 103,176 131,474
Deferred participation 51,454 50,439
Deferred income taxes 17,292 17,634
Notes payable 155,701 161,401
Subordinated debt 37,788 37,788
Minority interest 12,612 14,034
Commitments and contingencies (Note 5)
Stockholders' equity
Preferred stock - $0.001 par value, 25,000 shares
authorized, none outstanding - -
Common stock - $0.001 par value, 50,000 shares
authorized, 14,255 outstanding at both
November 30, 1999 and August 31, 1999 14 14
Additional paid-in capital 50,495 50,495
Retained earnings 84,675 85,534
Other comprehensive income (2,063) (1,880)
------------- -------------
133,121 134,163
------------- -------------
$ 533,883 $ 550,716
============= =============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
2
<PAGE>
THE GREENBRIER COMPANIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
November 30,
-----------------------------------
1999 1998
------------- -------------
<S> <C> <C>
REVENUE
Manufacturing $ 91,749 $ 100,074
Leasing and services 21,253 20,012
------------- -------------
113,002 120,086
COST OF REVENUE
Manufacturing 80,013 90,393
Leasing and services 12,214 8,198
------------- -------------
92,227 98,591
MARGIN 20,775 21,495
OTHER COSTS
Selling and administrative expense 12,405 9,445
Interest expense 4,978 4,746
------------- -------------
17,383 14,191
Earnings before income tax expense, minority
interest and equity in unconsolidated
subsidiary 3,392 7,304
Income tax expense (2,237) (3,555)
------------- -------------
Earnings before minority interest and equity in
unconsolidated subsidiary 1,155 3,749
Minority interest (746) (657)
Equity in unconsolidated subsidiary 15 (226)
------------- -------------
NET EARNINGS $ 424 $ 2,866
============= =============
Basic earnings per share $ 0.03 $ 0.20
============= =============
Diluted earnings per share $ 0.03 $ 0.20
============= =============
Weighted average shares outstanding:
Basic 14,255 14,254
Diluted 14,305 14,323
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
3
<PAGE>
THE GREENBRIER COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS, UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
November 30,
-----------------------------------
1999 1998
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 424 $ 2,866
Adjustments to reconcile net earnings to net cash
used in operating activities:
Deferred income taxes (342) (1,927)
Deferred participation 1,015 1,519
Depreciation and amortization 4,603 3,849
Gain on sales of equipment (62) (2,624)
Other 215 441
Increase in assets:
Accounts and notes receivable (16,776) (4,263)
Inventories (17,818) (17,707)
Other (515) (163)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities (28,276) 6,446
------------- -------------
Net cash used in operating activities (57,532) (11,563)
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition, net of cash acquired (539) (3,553)
Principal payments received under direct finance leases 4,378 4,118
Proceeds from sales of equipment 207 21,111
Purchase of property and equipment (19,321) (6,695)
Use of (investment in) restricted cash and investments 635 (381)
------------- -------------
Net cash provided by (used in) investing activities (14,640) 14,600
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 20,103 -
Repayments of borrowings (6,928) (8,483)
Dividends (1,283) (855)
Proceeds from stock options - 119
------------- -------------
Net cash provided by (used in) financing activities 11,892 (9,219)
------------- -------------
DECREASE IN CASH AND CASH EQUIVALENTS (60,280) (6,182)
Cash and cash equivalents:
Beginning of period 77,161 41,912
------------- -------------
End of period $ 16,881 $ 35,730
============= =============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest $ 5,098 $ 3,079
Income taxes 1,487 118
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
4
<PAGE>
THE GREENBRIER COMPANIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, UNAUDITED)
NOTE 1 - INTERIM FINANCIAL STATEMENTS
The consolidated financial statements of The Greenbrier Companies, Inc.
and Subsidiaries ("Greenbrier" or the "company") as of November 30, 1999 and
for the three months ended November 30, 1999 and 1998 have been prepared
without audit and reflect all adjustments (consisting of normal recurring
accruals) which, in the opinion of management, are necessary for a fair
presentation of the financial position and operating results for the periods
indicated. The results of operations for the three months ended November 30,
1999 are not necessarily indicative of the results to be expected for the
entire year ending August 31, 2000. Certain reclassifications have been made
to the prior year's consolidated financial statements to conform with the
2000 presentation.
Certain notes and other information have been condensed or omitted from
the interim financial statements presented in this Quarterly Report on Form
10-Q. Therefore, these financial statements should be read in conjunction
with the consolidated financial statements contained in Greenbrier's 1999
Annual Report incorporated by reference into the company's 1999 Annual Report
on Form 10-K.
NOTE 2 - INVENTORIES
<TABLE>
<CAPTION>
November 30, August 31,
1999 1999
--------------- ----------------
<S> <C> <C>
Manufacturing supplies and raw materials $ 12,743 $ 10,953
Work-in-process 50,562 66,255
Assets held for sale or refurbishment 49,684 15,287
--------------- ----------------
$ 112,989 $ 92,495
=============== ================
</TABLE>
NOTE 3 - COMPREHENSIVE INCOME
The following is a reconciliation of net earnings to comprehensive income:
<TABLE>
<CAPTION>
Three Months Ended
November 30,
-------------------------------------
1999 1998
--------------- ----------------
<S> <C> <C>
Net earnings $ 424 $ 2,866
Foreign currency translation adjustment (net of tax benefit and
expense of $205 and $58) (183) 74
--------------- ----------------
Comprehensive income $ 241 $ 2,940
=============== ================
</TABLE>
5
<PAGE>
THE GREENBRIER COMPANIES, INC.
NOTE 4 - SEGMENT INFORMATION
Greenbrier has two reportable segments: manufacturing and leasing and
services. The accounting policies of the segments are the same as those
described in the summary of significant accounting policies in the
consolidated financial statements contained in the company's 1999 Annual
Report. Performance is evaluated based on margin, which is presented on the
Consolidated Statements of Operations. Intersegment sales and transfers are
accounted for as if the sales or transfers were to third parties, that is, at
market prices.
The information in the following tables is derived directly from the
segments' internal financial reports used for corporate management purposes.
Unallocated assets primarily consist of cash, short-term investments and
capitalized loan costs.
<TABLE>
<CAPTION>
Three Months Ended
November 30,
-------------------------------------
1999 1998
--------------- ----------------
<S> <C> <C>
REVENUE:
Manufacturing $ 147,201 $ 130,222
Leasing and services 26,927 24,028
Eliminate intersegment (61,126) (34,164)
--------------- ----------------
$ 113,002 $ 120,086
=============== ================
DEPRECIATION AND AMORTIZATION:
Manufacturing $ 2,195 $ 1,589
Leasing and services 2,408 2,260
--------------- ----------------
$ 4,603 $ 3,849
=============== ================
CAPITAL EXPENDITURES:
Manufacturing $ 6,889 $ 4,456
Leasing and services 12,432 2,239
--------------- ----------------
$ 19,321 $ 6,695
=============== ================
November 30, August 31,
1999 1999
--------------- ----------------
ASSETS:
Manufacturing $ 187,418 $ 188,147
Leasing and services 328,711 284,401
Unallocated 17,754 78,168
--------------- ----------------
$ 533,883 $ 550,716
=============== ================
</TABLE>
NOTE 5 - COMMITMENTS AND CONTINGENCIES
Purchase commitments of approximately $22,000 for leasing and services
operating equipment were outstanding as of November 30, 1999.
Greenbrier is involved as a defendant in litigation in the ordinary course
of business, the outcome of which cannot be predicted with certainty.
Litigation has been initiated by former shareholders of Interamerican
Logistics Inc. ("Interamerican"), which was acquired in the fall of 1996. The
plaintiffs allege that Greenbrier violated the agreements pursuant to which
it acquired ownership of Interamerican and seek damages aggregating $4,500
Canadian. Management contends the claim to be without merit and intends to
vigorously defend its position. Management believes that any ultimate
liability resulting from litigation will not materially affect the financial
position, results of operations or cash flows of the company.
6
<PAGE>
THE GREENBRIER COMPANIES, INC.
NOTE 6 - ACQUISITIONS
In December 1999, Greenbrier completed the acquisition of a portion of the
minority investor's interest in the Canadian manufacturing subsidiary
utilizing operating cash flow and available lines of credit. This acquisition
was effective September 1, 1999.
Also in December 1999, Greenbrier executed an asset purchase agreement
with DaimlerChrysler Rail Systems GmbH, Berlin ("Adtranz") for the purchase
of Adtranz' Freight Wagon Division. The Freight Wagon Division, located in
Siegen, Germany, provides expertise in the fields of engineering, design,
sales and marketing and project management. It also includes a comprehensive
portfolio of railcar designs certified for the European marketplace,
accordingly a significant portion of the assets to be acquired are
intangibles. The acquisition is expected to be completed during the second
quarter utilizing operating cash flow and available lines of credit.
7
<PAGE>
THE GREENBRIER COMPANIES, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Greenbrier currently operates in two primary business segments:
manufacturing and leasing and services. The two business segments are
operationally integrated. With operations in North America and Europe, the
manufacturing segment produces double-stack intermodal railcars, conventional
railcars, marine vessels and forged steel products and performs railcar
refurbishment and maintenance activities, a portion of which is for the
leasing operation. The leasing and services segment owns or manages a fleet
of approximately 33,000 railcars for railroads, institutional investors and
other leasing companies.
Railcars are generally manufactured under firm orders from third parties,
and revenue is recognized when the cars are completed and accepted by the
customer. From time to time Greenbrier commits to manufacture railcars prior
to receipt of firm orders to maintain continuity of manufacturing operations,
and railcars produced in a given period may be delivered in subsequent
periods, delaying revenue recognition. Greenbrier may also build railcars for
its own lease fleet. Revenues do not include sales of new railcars to, or
refurbishment services performed for, the leasing operation since
intercompany transactions are eliminated in preparing the consolidated
financial statements. The margin generated from such sales or refurbishment
activity is realized by the leasing segment over the related life of the
asset or upon sale of the equipment.
OVERVIEW
Net earnings for the three-month period ended November 30, 1999 were $424
thousand or $.03 per diluted share. The current period results were
negatively impacted by timing differences between the production and delivery
of new railcars and lower than anticipated new railcar margins resulting from
greater than expected losses in European operations and Auto-Max-Registered
Trademark-start-up difficulties. Net losses from the European operations,
which include the Polish facility and related sales and marketing costs, were
$1.9 million in the current period.
Subsequent to quarter end, Greenbrier executed an asset purchase agreement
with DaimlerChrysler Rail Systems GmbH, Berlin ("Adtranz") for the purchase
of Adtranz' Freight Wagon Division. The Freight Wagon Division, located in
Siegen, Germany, provides expertise in the fields of engineering, design,
sales and marketing and project management. It also includes a comprehensive
portfolio of railcar designs certified for the European marketplace,
accordingly a significant portion of the assets to be acquired are
intangibles. The acquisition is expected to complement Greenbrier's existing
European operations and to be completed during the second quarter.
THREE MONTHS ENDED NOVEMBER 30, 1999 COMPARED TO THREE MONTHS ENDED NOVEMBER
30, 1998
MANUFACTURING
New railcar delivery and backlog information disclosed herein includes all
facilities, including the joint venture in Mexico that is accounted for by
the equity method.
Manufacturing revenue for the three-month period ended November 30, 1999
was $92 million compared to $100 million in the corresponding prior period, a
decrease of $8 million, or 8%. Revenue resulted primarily from new railcar
deliveries which were approximately 1,400 in the current period compared to
1,600 in the prior comparable period. Approximately 800 railcars were
produced and placed on lease in the current period for expected delivery or
sale in the second and third quarters. In the prior comparable period, 400
railcars were produced for delivery in the second and third quarters of 1999.
The gross margin of 12.8% for the three months ended November 30, 1999
compares favorably to the prior period gross margin of 9.7% as a result of
the efficiencies of longer production runs and a strong market demand for
railcars.
The manufacturing backlog of railcars for sale and lease for all
facilities as of November 30, 1999 was approximately 3,900 railcars with an
estimated value of $264 million compared to 4,000 railcars valued at $271
million as of August 31, 1999. Subsequent to quarter end, Greenbrier received
orders for 2,600 railcars valued at $150 million.
8
<PAGE>
THE GREENBRIER COMPANIES, INC.
LEASING AND SERVICES
Leasing and services revenue increased $1 million, or 5%, to $21 million
for the quarter ended November 30, 1999 compared to $20 million for the
quarter ended November 30, 1998. The increase is primarily a result of a
multi-year maintenance management agreement that began in December 1998
offset by lower gains on sales of leased equipment.
Pre-tax earnings realized on the disposition of leased equipment during
the quarter amounted to $56 thousand compared to $2.5 million for the
corresponding prior period.
Leasing and services operating margin was 42.5% and 59% for the
three-month periods ended November 30, 1999 and 1998. The lower margin in the
current period is primarily due to lower gains on sales of leased equipment
and the lower margin maintenance management agreement which commenced in
December 1998.
OTHER COSTS
Selling and administrative expense increased $3 million, or 31%, to $12.4
million for the three months ended November 30, 1999 compared to $9.5 million
for the comparable prior period. As a percentage of revenue, selling and
administrative expense increased to 11% for the three months ended November
30, 1999 from 8% in the prior comparable period. The increase is primarily
due to the start-up of the European operations and related increased
international sales, marketing and business development activities.
Interest expense for the three months ended November 30, 1999 was $5
million, similar to the prior period.
Income tax expense for the three months ended November 30, 1999 and 1998
represents an effective tax rate of 42% on U.S. operations and varying
effective tax rates on foreign operations. The consolidated effective tax
rate of 66% in the current period is a result of European operating losses
for which no tax benefit has been recognized. The consolidated effective tax
rate for the prior comparable period was 49%.
Minority interest increased for the three months ended November 30, 1999
as compared to the prior period as a result of improved results from the
Canadian manufacturing operation offset by losses from the Polish
manufacturing operation. Greenbrier increased its ownership position in the
Polish operation in August 1999 and in the Canadian operation in September
1999.
LIQUIDITY AND CAPITAL RESOURCES
Cash used by operations totaled $58 million for the three months ended
November 30, 1999. During the quarter ended November 30, 1999, assets held
for sale, included in inventory, increased $34 million principally due to
railcars produced and placed on lease during the quarter that are expected to
be sold in the second and third quarters.
Credit facilities aggregated $124 million as of November 30, 1999. A $60
million revolving line of credit is available through May 2001 to provide
working capital and interim financing of equipment for the leasing and
services operations. A $40 million operating line of credit to be used for
working capital is available through February 2002 for U.S. manufacturing
operations. A $20 million (at the November 30, 1999 exchange rate) operating
line of credit is available through March 2000 for working capital for
Canadian manufacturing operations. Operating lines of credit totaling $4
million (at the November 30, 1999 exchange rate) are available through May
2000 for working capital for Polish manufacturing operations. Advances under
the revolving and operating lines of credit bear interest at rates which vary
depending on the type of borrowing and certain defined ratios. At November
30, 1999, $14 million, $7 million and $2 million were outstanding under the
U.S., Canadian and Polish manufacturing operating lines.
Capital expenditures totaled $19 million and $7 million for the three
months ended November 30, 1999 and 1998. Of these capital expenditures,
approximately $12 and $5 million were attributable to leasing and services
operations. Leasing and services capital expenditures for the remainder of
2000 are expected to be approximately $37 million. Greenbrier regularly sells
assets from its lease fleet, some of which may have been purchased within the
current year and included in capital expenditures.
9
<PAGE>
THE GREENBRIER COMPANIES, INC.
Approximately $7 million and $2 million of the capital expenditures for
the three months ended November 30, 1999 and 1998 were attributable to
manufacturing operations. Manufacturing capital expenditures for the
remainder of 2000 are expected to be approximately $17 million and will
include plant improvements and equipment acquisitions to further increase
capacity, enhance efficiencies and allow for the production of new products.
Foreign operations give rise to market risks from changes in foreign
currency exchange rates. Greenbrier utilizes foreign currency forward
exchange contracts with established financial institutions to hedge a portion
of that risk. No provision has been made for credit loss due to counterparty
non-performance.
At November 30, 1999, forward exchange contracts for the purchase of
Canadian dollars aggregated $53 million, contracts for the sale of Polish
zloties aggregated $4 million and contracts for the sale of German
Deutschemarks aggregated $3 million at the November 30, 1999 exchange rates.
These contracts mature at various dates through November 2000. At November
30, 1999, gains and losses of approximately $929 thousand and $150 thousand
on such contracts have been deferred and will be recognized in income
concurrent with the hedged transaction.
A quarterly dividend of $.09 per share was declared in January 2000, to be
paid in February. In July 1999, the dividend rate was increased to $.09 from
the $.06 per share that had been paid quarterly since 1995. Future dividends
are dependent upon earnings, capital requirements and financial condition.
Management expects existing funds and cash generated from operations,
together with borrowings under existing credit facilities and long-term
financing, to be sufficient to fund dividends, working capital needs, planned
capital expenditures, expected debt repayments and the planned acquisitions of
the Canadian minority interest and the Adtranz' Freight Wagon Division.
YEAR 2000 READINESS DISCLOSURE
The "Year 2000" issue refers to computer programs that use two rather than
four digits to define a given year and which therefore might read a date
using "00" as the year 1900 rather than the year 2000. This could result in
the computer failing to perform or performing incorrect computations in
programs that have date-sensitive software. A variety of computer systems,
applications and automated equipment are utilized in daily operations and may
be affected by the Year 2000 issue.
Greenbrier developed a Year 2000 readiness plan that assessed the impact
of the Year 2000 issue on both information systems and embedded manufacturing
control technology and a remediation plan for mission-critical systems. These
systems include manufacturing equipment and internal computer systems
supporting the manufacturing and railcar leasing and services operations.
Systems and embedded technology not already Year 2000 compliant were
corrected or replaced. As part of ongoing equipment replacement programs,
non-compliant computers were replaced in advance of any key Year 2000
processing dates and non-compliant software was corrected or replaced.
Greenbrier's internal remediation efforts and readiness plans are complete.
Greenbrier has key relationships with a number of vendors and suppliers,
including banks and other providers of goods and services. The company has
determined that not all of the vendors and suppliers are Year 2000 compliant.
Reliance on single source vendor suppliers, however, is minimal, and the
company seeks to limit sole source supply relationships. The company could be
adversely impacted if its suppliers and vendors do not make necessary changes
to their own systems and products successfully or timely. Critical vendor and
supplier assessment is materially complete. Greenbrier is not aware of any
significant vendor or supplier which has been materially affected by Year
2000 issues.
Costs incurred in assessing and remediating Year 2000 issues have
aggregated approximately $1.3 million. Internal costs incurred in responding
to the Year 2000 issue are not separately tracked. Such costs are principally
payroll-related costs. No significant costs are expected to be incurred in
the future for assessing or remediating the Year 2000 issues.
Contingency plans have been developed for continued operations without, or
with reduced functionality of, mission-critical systems and suppliers.
Activation of these plans, if necessary, may result in reduced capabilities,
restricted access to data, slower business processes and delayed product
delivery. Greenbrier has not been required to activate any significant
contingency plans to date.
10
<PAGE>
THE GREENBRIER COMPANIES, INC.
While Greenbrier is not aware of any significant Year 2000 issues as a
result of the rollover to Year 2000, there remains a risk that either
information systems or embedded manufacturing technology may fail or operate
at reduced functionality at other key Year 2000 processing dates. Such
eventuality could have a material adverse effect on the company's financial
position, results of operations or cash flows.
FORWARD-LOOKING STATEMENTS
Statements contained in Management's Discussion and Analysis of Financial
Condition and Results of Operations that are not statements of historical
fact may include forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without limitation,
statements as to expectations, beliefs and strategies regarding the future.
The following are among the factors that could cause actual results or
outcomes to differ materially from the forward-looking statements: general
political, regulatory or economic conditions; changes in interest rates;
business conditions and growth in the surface transportation industry, both
domestic and international; currency and other risks associated with
international operations; shifts in market demand; a delay or failure of
acquisitions, products or services to compete successfully; changes in
product mix and the mix between manufacturing and leasing and services
revenue; labor disputes or operating difficulties which might disrupt
manufacturing operations, component supplies or the flow of cargo;
competitive factors, including increased competition, new product offerings
by competitors and price pressures; actual future costs and availability of
materials and a trained workforce; production difficulties and product
delivery delays in the future as a result of, among other matters, changing
process technologies and increasing production; lower than expected customer
orders; the ability to consummate expected sales; delays in receipt of orders
or cancellation of orders; financial condition of principal customers; and
the impact of Year 2000 compliance by the company or by its customers,
suppliers or service partners. Any forward-looking statements should be
considered in light of these factors.
11
<PAGE>
THE GREENBRIER COMPANIES, INC.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Form 8-K
No reports on Form 8-K were filed during the quarter for which this
report is filed.
12
<PAGE>
THE GREENBRIER COMPANIES, INC.
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.
THE GREENBRIER COMPANIES, INC.
Date: January 14, 2000 By: /s/ Larry G. Brady
-------------------- ---------------------------------------
Larry G. Brady
Senior Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S FINANCIAL STATEMENTS FOR THE QUARTER ENDED NOVEMBER 30, 1999 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> NOV-30-1999
<CASH> 16,881
<SECURITIES> 0
<RECEIVABLES> 64,290
<ALLOWANCES> 0
<INVENTORY> 112,989
<CURRENT-ASSETS> 0
<PP&E> 73,360
<DEPRECIATION> 0
<TOTAL-ASSETS> 533,883
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 14
<OTHER-SE> 88,107
<TOTAL-LIABILITY-AND-EQUITY> 533,883
<SALES> 0
<TOTAL-REVENUES> 113,002
<CGS> 92,227
<TOTAL-COSTS> 109,610
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,978
<INCOME-PRETAX> 3,392
<INCOME-TAX> 2,237
<INCOME-CONTINUING> 424
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 424
<EPS-BASIC> 0.03
<EPS-DILUTED> 0.03
</TABLE>
