1
- --------------------------------------------------------------------------------
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
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. 1-4364
----------------------------------------
RYDER SYSTEM, INC.
(a Florida corporation)
3600 N. W. 82nd Avenue
Miami, Florida 33166
Telephone (305) 593-3726
I.R.S. Employer Identification No. 59-0739250
----------------------------------------
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
--- ---
Ryder System, Inc. (the "Registrant" or the "Company") had 80,002,391 shares of
common stock ($0.50 par value per share) outstanding as of April 30, 1996.
- --------------------------------------------------------------------------------
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
Ryder System, Inc. and Consolidated Subsidiaries
- -------------------------------------------------------------------------------------------------------------------------------
Three months ended March 31, 1996 and 1995
(In thousands, except per share amounts) 1996 1995
- -------------------------------------------------------------------------------------------------------------------------------
REVENUE $ 1,327,951 1,233,481
- -------------------------------------------------------------------------------------------------------------------------------
Operating expense 1,078,645 994,763
Depreciation expense, net of gains (1996 - $21,016; 1995 - $28,698) 178,487 148,494
Interest expense 52,816 45,109
Miscellaneous expense (income) 276 (10)
- -------------------------------------------------------------------------------------------------------------------------------
1,310,224 1,188,356
- -------------------------------------------------------------------------------------------------------------------------------
Earnings before income taxes and cumulative effect of change in accounting 17,727 45,125
Provision for income taxes 7,548 18,546
- -------------------------------------------------------------------------------------------------------------------------------
Earnings before cumulative effect of change in accounting 10,179 26,579
Cumulative effect of change in accounting -- (7,759)
- -------------------------------------------------------------------------------------------------------------------------------
NET EARNINGS $ 10,179 18,820
===============================================================================================================================
Earnings per common share:
Earnings before cumulative effect of change in accounting $ 0.13 0.34
Cumulative effect of change in accounting -- (0.10)
- -------------------------------------------------------------------------------------------------------------------------------
EARNINGS PER COMMON SHARE $ 0.13 0.24
- -------------------------------------------------------------------------------------------------------------------------------
Cash dividends per common share $ 0.15 0.15
- -------------------------------------------------------------------------------------------------------------------------------
Average common and common equivalent shares 80,033 78,992
===============================================================================================================================
See accompanying notes to consolidated condensed financial statements.
3
Item 1. Financial Statements (continued)
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Ryder System, Inc. and Consolidated Subsidiaries
- -----------------------------------------------------------------------------------------------------------------------
Three months ended March 31, 1996 and 1995
(In thousands) 1996 1995
- -----------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 10,179 18,820
Cumulative effect of change in accounting -- 7,759
Depreciation expense, net of gains 178,487 148,494
Deferred income taxes 5,623 10,788
Increase in other working capital items and other, net (55,577) (24,889)
- -----------------------------------------------------------------------------------------------------------------------
138,712 160,972
- -----------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt proceeds 234,879 787,828
Debt repaid, including capital lease obligations (75,385) (367,001)
Common stock issued 9,495 227
Dividends on common stock (11,928) (11,816)
- -----------------------------------------------------------------------------------------------------------------------
157,061 409,238
- -----------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and revenue earning equipment (385,051) (706,270)
Sales of property and revenue earning equipment 101,844 110,553
Other, net 9,801 6,878
- -----------------------------------------------------------------------------------------------------------------------
(273,406) (588,839)
- -----------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 22,367 (18,629)
Cash and cash equivalents at January 1 92,857 75,878
- -----------------------------------------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT MARCH 31 $ 115,224 57,249
=======================================================================================================================
See accompanying notes to consolidated condensed financial statements.
4
Item 1. Financial Statements (continued)
CONSOLIDATED CONDENSED BALANCE SHEETS
Ryder System, Inc. and Consolidated Subsidiaries
- ----------------------------------------------------------------------------------------------------------------------------
March 31, December 31,
(Dollars in thousands, except per share amounts) 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 115,224 92,857
Receivables 366,876 374,689
Inventories 60,540 59,699
Tires in service 200,157 195,742
Deferred income taxes 41,329 39,527
Prepaid expenses and other current assets 177,315 121,547
- ----------------------------------------------------------------------------------------------------------------------------
Total current assets 961,441 884,061
- ----------------------------------------------------------------------------------------------------------------------------
Revenue earning equipment 6,013,012 5,892,408
Less accumulated depreciation (2,167,212) (2,116,523)
- ----------------------------------------------------------------------------------------------------------------------------
Net revenue earning equipment 3,845,800 3,775,885
- ----------------------------------------------------------------------------------------------------------------------------
Operating property and equipment 1,180,974 1,174,217
Less accumulated depreciation (512,576) (512,852)
- ----------------------------------------------------------------------------------------------------------------------------
Net operating property and equipment 668,398 661,365
- ----------------------------------------------------------------------------------------------------------------------------
Direct financing leases and other assets 276,696 269,819
Intangible assets and deferred charges 300,007 302,685
- ----------------------------------------------------------------------------------------------------------------------------
$ 6,052,342 5,893,815
============================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 166,228 212,077
Accounts payable 407,073 380,264
Accrued expenses 499,625 527,834
- ----------------------------------------------------------------------------------------------------------------------------
Total current liabilities 1,072,926 1,120,175
- ----------------------------------------------------------------------------------------------------------------------------
Long-term debt 2,610,481 2,411,024
Other non-current liabilities 466,876 474,218
Deferred income taxes 655,497 648,373
Shareholders' equity:
Common stock of $0.50 par value per share (shares outstanding at
March 31, 1996 - 79,714,873; December 31, 1995 - 79,280,613) 560,241 550,197
Retained earnings 701,771 703,520
Translation adjustment (15,450) (13,692)
- ----------------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 1,246,562 1,240,025
- ----------------------------------------------------------------------------------------------------------------------------
$ 6,052,342 5,893,815
============================================================================================================================
See accompanying notes to consolidated condensed financial statements.
5
Item 1. Financial Statements (continued)
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(A) INTERIM FINANCIAL STATEMENTS
The accompanying unaudited consolidated condensed financial statements
have been prepared by the Company in accordance with the accounting
policies described in the 1995 Annual Report and should be read in
conjunction with the consolidated financial statements and notes which
appear in that report. These statements do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.
(B) ACCOUNTING CHANGES
Effective January 1, 1995, the Company adopted Statement of Financial
Accounting Standards No. 116, "Accounting for Contributions Received
and Contributions Made," which requires that promises to make
contributions be recognized in the financial statements as an expense
and a liability when a promise is made. As a result, a pretax charge
of $12.2 million ($7.8 million after tax, or $0.10 per common share)
was recorded as the cumulative effect of a change in accounting
principle to establish a liability for the present value of the
Company's total outstanding charitable commitments as of January 1,
1995. Prior to the adoption of the new Statement, charitable
contributions were recorded in the financial statements in the period
in which they were paid.
On January 1, 1996, the Company adopted Statement of Financial
Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to Be Disposed Of."
Adoption of the Statement had no impact on the Company's results of
operations or financial position in the first quarter of 1996. In
addition, Statement of Financial Accounting Standards No. 123,
"Accounting for Stock-Based Compensation," became effective in 1996.
As provided for in Statement No. 123, the Company has elected to
continue to apply the provisions of APB No. 25, "Accounting for Stock
Issued to Employees" in accounting for stock-based compensation. As a
result, the Statement had no impact on the Company's results of
operations or financial position in the first quarter of 1996. The
Company will provide disclosures required by Statement No. 123 in its
December 31, 1996 annual financial statements.
6
KPMG PEAT MARWICK LLP
CERTIFIED PUBLIC ACCOUNTANTS
One Biscayne Tower
Suite 2900
2 South Biscayne Boulevard
Miami, FL 33131
Telephone 305-358-2300
Telecopier 305-577-0544
Independent Auditors' Review Report
The Board of Directors and Shareholders
Ryder System, Inc.:
We have reviewed the consolidated condensed balance sheet of Ryder System, Inc.
and subsidiaries as of March 31, 1996, and the related consolidated condensed
statements of earnings and cash flows for the three-month periods ended March
31, 1996 and 1995. These consolidated condensed financial statements are the
responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the consolidated condensed financial statements referred to above
for them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Ryder System, Inc. and
subsidiaries as of December 31, 1995, and the related consolidated statements
of earnings and cash flows for the year then ended (not presented herein); and
in our report dated March 8, 1996, we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set forth
in the accompanying consolidated condensed balance sheet as of December 31,
1995, is fairly presented, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.
As discussed in the notes to the consolidated condensed financial statements,
in 1995, Ryder System, Inc. and subsidiaries changed its method of accounting
for contributions received and contributions made.
KPMG PEAT MARWICK LLP
Miami, Florida
April 18, 1996
7
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition --
Three months ended March 31, 1996 and 1995
RESULTS OF OPERATIONS
The Company reported earnings before income taxes and cumulative effect of
change in accounting of $18 million in the first quarter of 1996, compared with
$45 million in last year's first quarter. First quarter pretax earnings were
impacted by a strike at General Motors, which affected several operations and
led to a pretax loss in the Automotive Carrier Division. First quarter results
were also impacted by lower gains on vehicle sales, softer commercial truck
rental demand, costs related to international expansion and bad weather in the
U.S. Net earnings in the first quarter of 1996 were $10 million, or $0.13 per
common share, compared with $19 million, or $0.24 per common share, in the
first quarter of 1995. Net earnings in the first quarter of 1995 included an
after tax charge of $8 million ($0.10 per common share) for the cumulative
effect of a change in accounting for charitable contributions (see "Accounting
Change" below). The Company's effective tax rate in the first quarter of 1996
was 42.6% compared with 41.1% in the first quarter of 1995.
Total revenue was $1.33 billion in the first quarter of 1996 compared with
$1.23 billion in the first quarter of 1995, an increase of 8%. Vehicle Leasing
& Services revenue increased 11%, led by the division's two primary contractual
product lines, full service truck leasing and dedicated logistics. Automotive
Carriers revenue was 17% lower, due primarily to the impact of the strike at
General Motors, the division's largest customer.
The Company's operating expense ratio was 81.2% in the first quarter of 1996
compared with 80.6% in the same period in 1995. The increase in 1996 was
primarily due to the growth of the logistics business and a higher operating
expense ratio at Automotive Carriers, due to the impact of the strike on
revenue. A decrease in self-insured workers' compensation and vehicle
liability expenses as a percentage of revenue, primarily as a result of
favorable development of prior year claims, somewhat offset these increases.
Depreciation expense (before gains on vehicle sales) increased 13% in the first
quarter of 1996 compared with the same period last year. Higher depreciation
resulted from an increase in the size of the vehicle fleet brought about by
strong sales of new full service lease and logistics contracts in 1995.
Depreciation related to investments in new systems technology and development
also contributed to the increase. Consistent with management's expectations,
gains on vehicle sales were $8 million lower in the first quarter of 1996
compared with the same period in 1995. The decrease in gains was due to a
lower number of consumer rental units sold combined with a decrease in the
average gain per vehicle sold in both the commercial and consumer businesses.
Interest expense increased $8 million, or 17%, in the first quarter of 1996
compared with the same period in 1995, due to higher outstanding debt levels
resulting from growth in the vehicle fleet in 1995 and the first quarter of
1996, somewhat offset by lower interest rates. The Company continued to
maintain slightly less than one-third of its financing obligations at variable
interest rates at March 31, 1996.
8
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition (continued) --
Three months ended March 31, 1996 and 1995
Although the Company's contractual businesses continued to expand in
the first quarter of 1996, margins are not at levels the Company deems
satisfactory. Accordingly, the Company is evaluating various alternatives to
improve margins through enhanced productivity and organizational efficiency and
increased emphasis on the businesses which provide the highest returns.
Actions may be taken during the remainder of 1996 which could result in a
charge to earnings for severance, exit and other costs.
VEHICLE LEASING & SERVICES
As previously stated, revenue in several product lines was impacted by poor
weather and the strike at General Motors. Revenue from dedicated logistics in
the first quarter of 1996 increased 33% compared with last year's first
quarter, and full service truck leasing revenue increased 10%. Revenue growth
in both of these contractual product lines reflected strong new business sales
over the last several quarters. In the first quarter of 1996, sales of new
logistics contracts reached a first quarter record. First quarter sales of
new full service lease contracts were lower than last year's record first
quarter level. Revenue from public transportation services in the first
quarter of 1996 increased 8% compared with last year's first quarter, due to
growth in two of the product line's service offerings - public transit
contracting and fleet management and maintenance. International Division
revenue was 8% higher in the first quarter of 1996 compared with last year,
primarily as a result of new full service lease contracts in the United
Kingdom. Revenue from consumer truck rental in the first quarter of 1996
was slightly higher compared with last year's first quarter despite a
smaller fleet, reflecting a higher number of local rentals and higher miles per
transaction on long-distance rentals. First quarter 1996 revenue from
commercial truck rental decreased 9% compared with the same period in 1995.
This decrease was primarily due to lower demand from new full service lease
customers awaiting delivery of new lease vehicles, which resulted from both
shorter delivery times for new lease vehicles and lower recent levels of new
full service lease sales. A decrease in the number of commercial truck rental
power units in the first quarter of 1996 compared with last year's first
quarter, also contributed to the decline.
Pretax profits for Vehicle Leasing & Services were $25 million in the first
quarter of 1996 compared with $40 million in the first quarter of 1995. Margin
(revenue less direct operating expenses, depreciation and interest expense)
from full service truck leasing was slightly higher in the first quarter of
1996 compared with last year's first quarter due to higher revenue, while
margin as a percentage of revenue was lower. The margin percentage was
impacted by continued pricing pressure. Dedicated logistics margin was higher
in the first quarter of 1996 as a result of increased revenue; margin as a
percentage of revenue (excluding revenue related to purchased transportation)
was slightly higher. Margin from public transportation services in the first
quarter of 1996 was slightly higher and margin as a percentage of revenue was
slightly lower compared with the first quarter of 1995. The decline in margin
percentage primarily reflected the adverse effects of bad weather on revenue
and operating costs, somewhat offset by lower workers' compensation expense.
Margin from the International Division was about the same in the first quarter
of 1996 and margin as a percentage of revenue was lower compared with last
year. The lower margin percentage was primarily due to costs associated with
new logistics contracts in the United Kingdom.
9
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition (continued) --
Three months ended March 31, 1996 and 1995
Consumer truck rental margin and margin as a percentage of revenue were both
higher in the first quarter of 1996 compared with last year's first quarter,
due primarily to improved vehicle utilization on a smaller operating fleet.
Commercial truck rental margin and margin as a percentage of revenue were lower
in the first quarter of 1996 due to the decline in revenue and lower vehicle
utilization. The average number of power units in the combined truck rental
fleets was 4% lower in the first quarter of 1996 compared with the same period
last year. Management anticipates further reductions in rental power units
over the remainder of the year.
For the division as a whole, an increase in total operating margin in the first
quarter of 1996 was more than offset by a $7 million reduction in gains on
vehicle sales, costs related to international expansion and higher indirect
operating expenses including costs related to new systems technology and
development.
AUTOMOTIVE CARRIERS
First quarter 1996 results for Automotive Carriers were impacted by the
temporary shutdown of the majority of General Motors' North American assembly
plants as a result of a 17-day strike in March at two General Motors component
plants. Revenue and vehicle shipments in the first quarter of 1996 were 17%
and 10% lower, respectively, compared with last year's first quarter, primarily
as a result of the strike. Revenue was also impacted by a decrease in average
length of haul caused by a change in the mix of vehicles shipped. Shipments of
General Motors vehicles in the first quarter decreased 21% due to the strike
and lower production earlier in the quarter, while vehicle shipments for other
manufacturers were 2% higher.
Automotive Carriers reported a pretax loss of $3 million in the first quarter
of 1996, compared with a pretax profit of $10 million in last year's first
quarter. In addition to the effect of lower revenue, profitability was impacted
by higher wages resulting from a May 1995 agreement with the International
Brotherhood of Teamsters and higher vehicle liability and cargo damage
expenses, due partly to bad weather. These negative impacts were somewhat
offset by lower workers' compensation expense.
OTHER
Other, which is primarily comprised of corporate administrative costs, reported
net expenses of $4 million in the first quarter of both 1996 and 1995.
10
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition (continued) --
Three months ended March 31, 1996 and 1995
ACCOUNTING CHANGE
The Company adopted Statement of Financial Accounting Standards No. 116,
"Accounting for Contributions Received and Contributions Made," effective
January 1, 1995. The Statement requires that promises to make contributions be
recognized in the financial statements as an expense and a liability when a
promise is made. As a result, the Company recorded a pretax charge of $12
million ($8 million after tax, or $0.10 per common share), to record the
cumulative effect of the change in accounting principle and establish a
liability for the present value of the Company's total outstanding charitable
commitments as of January 1, 1995.
LIQUIDITY AND CAPITAL RESOURCES
Total capital expenditures in the first quarter of 1996 were $385 million,
compared with $706 million in the first quarter of 1995. This decrease was
consistent with management's plans to reduce capital spending by being more
selective in accepting new business and focusing on those products and services
with the greatest returns. Capital expenditures in full service truck leasing
were $215 million in the first quarter of 1996 - a decrease of $135 million
compared with last year's first quarter - due to portfolio selectivity and
generally less demand for new vehicles. As a result of management's plan to
reduce rental fleet levels, capital expenditures in commercial and consumer
truck rental in the first quarter of 1996 decreased $63 million and $100
million, respectively. In addition, capital expenditures in Automotive
Carriers decreased $20 million in the first quarter of 1996 compared with last
year's first quarter. Management estimates that total capital expenditures for
all of 1996 will be 20% to 30% lower compared with 1995.
In the first quarter of 1996, debt increased to $2.8 billion, primarily due to
the issuance of U.S. commercial paper to help finance first quarter capital
expenditures and scheduled unsecured note payments. U.S. commercial paper
outstanding increased from $45 million at December 31, 1995 to $244 million at
March 31, 1996. The Company's debt to equity ratio at March 31, 1996, was
223%, compared with 212% at December 31, 1995.
Cash flow from operating activities in the first quarter of 1996 was $139
million, compared with $161 million in the first quarter of 1995. The decrease
resulted primarily from lower earnings and an increase in cash required for
working capital, partially offset by a higher non-cash depreciation charge.
Cash flow from operating activities plus asset sales as a percentage of capital
expenditures was 62% in the first quarter of 1996 compared with 38% in the
first quarter of 1995, as a result of reduced capital expenditures in 1996.
11
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition (continued) --
Three months ended March 31, 1996 and 1995
At March 31, 1996 and December 31, 1995, the Company had "floating to fixed"
interest rate swap agreements outstanding with aggregate notional amounts
totaling $165 million and $171 million, respectively. The Company also
continued to maintain $100 million of "floating to floating" interest rate
swap agreements at March 31, 1996.
The Company had contractual lines of credit totaling $715 million at March 31,
1996, of which $445 million was available. The Company also had $268 million
of debt securities available under a shelf registration statement filed in 1995.
12
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition (continued) - -
Three months ended March 31, 1996 and 1995
SELECTED FINANCIAL AND OPERATIONAL DATA
(Dollars in thousands)
1996 1995
- -------------------------------------------------------------------------------------------------------------------------
VEHICLE LEASING & SERVICES
Revenue:
Commercial Leasing & Services:
Full service lease and programmed maintenance $ 522,849 473,205
Commercial rental 121,150 133,580
Other 80,434 72,052
---------- ---------
724,433 678,837
Dedicated Logistics 258,116 194,129
Consumer Truck Rental 105,886 103,044
Public Transportation 116,688 108,497
International 81,769 75,576
Eliminations (92,964) (85,147)
---------- ---------
Total 1,193,928 1,074,936
---------- ---------
Operating expense 944,591 849,702
Depreciation expense 189,823 166,905
Gains on sale of revenue earning equipment (20,940) (28,128)
Interest expense 54,018 46,641
Miscellaneous expense, net 1,612 123
---------- ---------
Earnings before income taxes $ 24,824 39,693
========== =========
Fleet size (owned and leased including international):
Full service lease 107,895 96,209
Commercial and consumer rental 75,411 78,065
Buses operated or managed 12,314 12,455
Ryder Truck Rental service locations 1,133 1,116
- -------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE CARRIERS
Revenue $ 137,431 164,997
========== =========
Earnings (loss) before income taxes $ (3,257) 9,525
========== =========
Total units transported (000) 1,459 1,614
Total miles traveled (000) 52,311 62,901
Auto transports:
Owned and leased 2,831 3,542
Owner-operators 507 495
Locations 85 83
- -------------------------------------------------------------------------------------------------------------------------
Note: Certain 1995 amounts have been reclassified to conform to 1996 classifications.
13
PART II. OTHER INFORMATION
Item 2. Changes in Securities:
On March 8, 1996, the Company adopted a Preferred Share Purchase
Rights Plan to replace its existing plan which expired on
March 10, 1996. For further information see the Company's report on
Form 8-K, dated March 22, 1996, previously filed with the Commission.
Item 6. Exhibits and Reports on Form 8-K:
(a) Exhibits
(3.1) The Ryder System, Inc. Restated Articles of Incorporation,
dated November 8, 1985, as amended through May 18, 1990,
previously filed with the Commission as an exhibit to the
Company's Annual Report on Form 10-K for the year ended
December 31, 1990, are incorporated by reference into this
report.
(3.2) The Ryder System, Inc. By-Laws, as amended through November
23, 1993, previously filed with the Commission as an exhibit
to the Company's Annual Report on Form 10-K for the year ended
December 31, 1993, are incorporated by reference into this
report.
(4) The Rights Agreement, dated as of March 8, 1996, between
Ryder System, Inc. and Boston EquiServe, L.P., which
includes the Form of Right Certificate as Exhibit A, the
Summary of Rights to Purchase Preferred Shares as Exhibit B
and the Form of Amended and Restated Resolution Establishing
the Cumulative Preferred Stock, Series C of Ryder System, Inc.
as Exhibit C, previously filed with the Commission as an
exhibit to the Company's Registration Statement on Form 8-A
dated April 3, 1996, is incorporated by reference into this
report.
(11) Statement regarding computation of per share earnings.
(15) Letter regarding unaudited interim financial statements.
(27) Financial data schedule (for SEC use only).
(b) Reports on Form 8-K
A report on Form 8-K, dated February 6, 1996, was filed by the
Registrant with respect to a press release reporting 1995 annual and
fourth quarter revenue and earnings.
A report on Form 8-K, dated March 22, 1996, was filed by the
Registrant with respect to a press release reporting the declaration
of a dividend of Preferred Share Purchase Rights.
A report on Form 8-K, dated March 22, 1996, was filed by the
Registrant with respect to a press release commenting on expected
earnings for the first quarter ending March 31, 1996.
14
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.
RYDER SYSTEM, INC.
(Registrant)
Date: May 13, 1996 /s/ Edwin A. Huston
--------------------------------------------
Edwin A. Huston
Senior Executive Vice President-Finance
and Chief Financial Officer
(Principal Financial Officer)
Date: May 13, 1996 /s/ Anthony G. Tegnelia
--------------------------------------------
Anthony G. Tegnelia
Senior Vice President and Controller
(Principal Accounting Officer)