SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: August 8, 2000
XTRA Corporation
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(Exact name of registrant as specified in its charter)
Delaware 1-7654 06-0954158
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State of incorporation (Commission (IRS Employer
of organization File Number) Identification No.)
200 Nyala Farms Road, Westport, CT 06880
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(Address of principal executive offices) Zip Code
Registrant's telephone number including area code: (203) 221-1005
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(Former name or former address, if changed since last report)
Item 5 - Other Events:
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On August 2, 2000, XTRA Corporation issued a press release disclosing certain
financial information for the third fiscal quarter ended June 30, 2000, which
financial information is contained herein on pages 3-5.
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XTRA CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Millions of dollars, except per share and share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
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2000 1999 2000 1999
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Revenues $ 116 $ 111 $ 358 $ 343
Operating expenses
Depreciation on rental equipment 38 38 113 114
Rental equipment lease financing expense 2 - 6 -
Rental equipment operating expenses 26 28 81 80
Selling and administrative expense 12 12 35 37
Revenue equipment writedown - - - 25
Restructuring costs - - - 13
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78 78 235 269
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Operating income 38 33 123 74
Interest expense 15 15 44 43
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Income before provision for income taxes
and unusual item 23 18 79 31
Unusual item: costs related to terminated merger - - - 1
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Pretax income 23 18 79 30
Provision for income taxes 9 7 31 12
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Net income $ 14 $ 11 $ 48 $ 18
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Basic earnings per common share $1.15 $0.85 $3.90 $1.26
Weighted average basic shares outstanding (in millions) 12.0 13.2 12.2 14.2
Diluted earnings per share $1.15 $0.85 $3.89 $1.26
Weighted average diluted shares outstanding (in millions) 12.1 13.2 12.2 14.2
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XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
June 30,
2000 September 30,
(Unaudited) 1999
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Assets
Property and Equipment, net $ 1,450 $ 1,439
Receivables, net 111 116
Other Assets 22 18
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Total Assets $ 1,583 $ 1,573
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Liabilities and Stockholders' Equity
Liabilities
Debt $ 822 $ 852
Deferred Income Taxes 339 309
Other Liabilities 68 75
Stockholders' Equity 354 337
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Total Liabilities and Stockholders' Equity $ 1,583 $ 1,573
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Net Debt Outstanding $ 819 $ 850
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4
XTRA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)
Nine Months
Ended June 30,
2000 1999
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Cash Provided from Operations $ 233 $ 198
Cash Used for Investment Activities (173) (171)
Cash Used for Financing Activities (29) (90)
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(Increase)/Decrease in Net Debt Outstanding
(Debt - Cash) $ 31 $ (63)
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5
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.
XTRA CORPORATION
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(Registrant)
Date: August 8, 2000 /s/ Michael J. Soja
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Michael J. Soja
Vice President and
Chief Financial Officer
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