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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
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Date of Report (Date of earliest event reported): OCTOBER 2, 1997
U.S. XPRESS ENTERPRISES, INC.
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(Exact name of registrant as specified in its charter)
NEVADA 0-24806 62-1378182
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(State of incorporation) (Commission File No.) (IRS Employer
Identification No.)
2931 SOUTH MARKET STREET, CHATTANOOGA, TENNESSEE 37410
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(Address of principal executive offices, including zip code)
(423) 697-7377
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(Registrant's telephone number, including area code)
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ITEM 8. CHANGE IN FISCAL YEAR
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On October 2, 1997, the Board of Directors of U.S. Xpress Enterprises,
Inc. (the "Company") adopted a new fiscal year end of December 31. The Company's
fiscal year end previously ended on March 31. The change will be effective
December 31, 1997. The Company intends to file an Annual Report on Form 10-K for
the nine month transition period ended December 31, 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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( c ) Exhibits
No. Description
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99 Press Release of the Company dated October 15, 1997.
SIGNATURES
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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.
October 16, 1997 U.S. XPRESS ENTERPRISES, INC.
By: /s/ Patrick E. Quinn
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President and Co-Chairman of the Board
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EXHIBIT 99
NEWS RELEASE
WEDNESDAY, OCTOBER 15, 1997
Media Contact: John Ulczycki
Communications Director
(423) 510-3203
Analyst Contact: Ray Harlin
Chief Financial Officer
(423) 510-3207
U.S. XPRESS ENTERPRISES REPORTS RECORD QUARTERLY EARNINGS; ANNOUNCES CHANGE TO
DECEMBER 31 FISCAL YEAR
CHATTANOOGA, TN. U.S. Xpress Enterprises, Inc. (Nasdaq: XPRSA) announced today
that net income for its second fiscal quarter ended September 30, 1997 was a
record $4.4 million, or $.33 per common share, an increase in net income of
59.6% from $2.7 million, or $.23 per common share, in the same quarter of 1996.
Operating revenue in the 1997 quarter was a record $115.4 million, up 25.1% from
$92.3 million in the comparable 1996 quarter. Operating income in the fiscal
quarter was a record $8.8 million, up 46.7% from $6.0 million in the 1996
quarter.
For the six months ended September 30, 1997, the Company reported net income of
$8.3 million, or $.65 per common share, an increase in net income of 150.4% from
$3.3 million, or $.27 per common share, in the same six month period of 1996.
Operating revenue in the 1997 six-month period was $223.3 million, up 24% from
$180.1 million in the same six month period last year. Operating income for the
six months ended September 30, 1997 was $16.9 million, up 104.2% from $8.3
million in the comparable 1996 period.
"The 25% quarter-to-quarter increase in revenues was driven by strong internal
growth," said Co-Chairman Patrick Quinn. "We capitalized on continuing strong
demand from customers by increasing our tractor fleet. The average number of
tractors operated during the quarter was 2,621, an increase of 23.9% from the
same quarter in 1996."
"The improvement in operating income and net income was driven by the revenue
increase and by continuing reductions in the Company's cost structure," added
Co-Chairman Max Fuller. "These reductions are demonstrated by a 3.0 percentage
point improvement in the operating ratio
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(operating expenses as a percentage of revenue) to 92.4 for the six months ended
September 30, 1997, compared to 95.4 in the six month period a year ago."
The Company completed a secondary stock offering during the quarter in which the
Company sold 2,885,000 shares of its Class A Common Stock. Proceeds from the
offering were used to purchase revenue equipment formerly financed under
operating leases and to reduce indebtedness. At September 30, 1997 the Company
had 15,014,000 shares of Common Stock outstanding.
The Company also announced that its Board of Directors has approved the adoption
of a new fiscal year end of December 31. The Company's fiscal year previously
ended on March 31. The change will be effective December 31, 1997.
U.S. Xpress Enterprises, Inc. operates primarily through three subsidiaries:
U.S. Xpress, Inc. is a nationwide truckload carrier that provides time-definite
and expedited services in the United States, Canada and Mexico, regional
services in the West, Southeast and Midwest, and logistics services for the air
freight industry. CSI/Crown, Inc. is a logistics provider to the floorcovering
industry, offering freight consolidation, nationwide transportation, local
distribution, warehousing services and installation supplies. JTI, Inc. is a
truckload carrier that serves primarily the Midwest.
This press release contains certain forward looking information that is subject
to certain risks and uncertainties that could cause actual results to differ
materially from those projected. Without limitation, these risks and
uncertainties include economic recessions or downturns in customers' business
cycles, rapid fluctuations in fuel pricing or availability, increases in
interest rates and the availability of qualified drivers. Readers are urged to
carefully review and consider the various disclosures made by the Company in
this press release and in the Company's periodic reports on forms 10-K and 10-Q.
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