UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
------------------------------------
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2000
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-27208
Simon Transportation Services Inc.
(Exact name of registrant as specified in its charter)
Nevada 87-0545608
(State or other jurisdiction of (I.R.S. employer identification number)
incorporation or organization)
5175 West 2100 South
West Valley City, Utah 84120
(801) 924-7000
(Address, including zip code, and telephone number,
including area code, of registrant's
principal executive office)
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 the filing
requirements for at least the past 90 days.
YES X NO
-
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date (January 31, 2001).
Class A Common Stock, $.01 par value: 6,115,109 shares
Class B Common Stock, $.01 par value: None
Exhibit Index is on Page 11.
SIMON TRANSPORTATION SERVICES INC.
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
PAGE
NUMBER
Item 1. Financial Statements:
Condensed consolidated statements of financial
position as of September 30, 2000 and December 31, 2000 3
Condensed consolidated statements of operations
for the three months ended December 31, 2000 and 1999 4
Condensed consolidated statements of cash flows
for the three months ended December 31, 2000 and 1999 5
Notes to condensed consolidated financial statements 6
Item 2. Management's discussion and analysis of financial
condition and results of operations 7
PART II
OTHER INFORMATION
Item 1. Legal Proceedings 10
Item 2. Changes in Securities 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
SIMON TRANSPORTATION SERVICES INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
ASSETS
December 31, 2000 September 30, 2000
----------------- ------------------
(Unaudited)
Current Assets:
Cash $ 2,743,500 $ 3,331,119
Receivables, net of allowance for doubtful accounts of
$611,000 and $586,000, respectively 32,356,562 29,932,630
Operating supplies 1,300,944 1,330,462
Prepaid expenses and other 7,521,707 6,657,644
----------------------- ------------------------
Total current assets 43,922,713 41,251,855
----------------------- ------------------------
Property and Equipment, at cost:
Land 8,884,752 8,884,752
Revenue equipment 36,325,005 37,114,744
Buildings and improvements 18,529,536 18,525,612
Office furniture and equipment 9,454,645 9,262,994
----------------------- ------------------------
73,193,938 73,788,102
Less accumulated depreciation and amortization (25,147,462) (24,384,568)
----------------------- ------------------------
48,046,476 49,403,534
----------------------- ------------------------
Other Assets 503,415 451,603
----------------------- ------------------------
$ 92,472,604 $ 91,106,992
======================= ========================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 971,209 $ 1,841,735
Current portion of capitalized lease obligations 1,567,841 1,595,385
Accounts payable 9,371,760 7,721,099
Accrued liabilities 6,554,601 5,242,894
Accrued claims payable 9,328,104 8,880,638
----------------------- ------------------------
Total current liabilities 27,793,515 25,281,751
----------------------- ------------------------
Long-Term Debt, net of current portion 18,204,137 16,376,791
----------------------- ------------------------
Deferred Income Taxes 4,604,318 4,604,318
----------------------- ------------------------
Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares
authorized, none issued -- --
Common stock, $.01 par value, 20,000,000 shares
authorized, 6,291,709 and 6,287,709 shares
issued, respectively 62,917 62,877
Treasury stock, 176,600 shares at cost (1,053,147) (1,053,147)
Additional paid-in capital 48,305,088 48,285,578
Accumulated deficit (5,444,224) (2,451,176)
----------------------- ------------------------
Total stockholders' equity 41,870,634 44,844,132
----------------------- ------------------------
$ 92,472,604 $ 91,106,992
======================= ========================
The accompanying notes to condensed consolidated
financial statements are an integral part of
these condensed consolidated financial
statements.
SIMON TRANSPORTATION SERVICES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
----------------------------------------------------
December 31, 2000 December 31, 1999
----------------- -----------------
Operating Revenue $ 65,509,359 $ 53,860,382
----------------------- ------------------------
Operating Expenses:
Salaries, wages, and benefits 26,016,388 22,582,658
Fuel & fuel taxes 14,829,194 10,391,600
Operating supplies and expenses 8,780,729 6,773,105
Taxes and licenses 2,299,112 1,618,232
Insurance and claims 3,502,021 1,423,570
Communications and utilities 1,268,465 961,337
Depreciation and amortization 972,719 1,208,197
Rent 10,422,740 8,804,092
----------------------- ------------------------
Total operating expenses 68,091,368 53,762,791
----------------------- ------------------------
Operating (loss) earnings (2,582,009) 97,591
Net interest expense 411,039 318,239
----------------------- ------------------------
Loss before income taxes (2,993,048) (220,648)
Benefit for income taxes -- (79,433)
----------------------- ------------------------
Net loss $ (2,993,048) $ (141,215)
======================= ========================
Net loss per common share:
Basic $ (0.49) $ (0.02)
======================= ========================
Diluted $ (0.49) $ (0.02)
======================= ========================
Weighted average common shares outstanding:
Basic 6,114,620 6,110,109
======================= ========================
Diluted 6,114,620 6,110,109
======================= ========================
The accompanying notes to condensed consolidated
financial statements are an integral part of
these condensed consolidated financial
statements.
SIMON TRANSPORTATION SERVICES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended
---------------------------------------------
December 31, 2000 December 31, 1999
----------------- -----------------
Cash Flows From Operating Activities:
Net loss $ (2,993,048) $ (141,215)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 972,719 1,208,197
Changes in operating assets and liabilities:
Receivables, net (2,423,932) (2,150,821)
Operating supplies 29,518 (143,481)
Prepaid expenses and other (864,063) (1,565,703)
Deferred tax asset -- (58,808)
Other assets (51,812) (11,231)
Accounts payable 1,650,661 (313,739)
Income taxes receivable -- 1,497,745
Accrued liabilities 1,311,707 (306,528)
Accrued claims payable 447,466 (62,908)
---------------------------------------------
Net cash used in operating activities (1,920,784) (2,048,492)
---------------------------------------------
Cash Flows From Investing Activities:
Purchase of property and equipment (2,883,594) (3,915,918)
Proceeds from the sale of property and equipment 3,267,933 4,511,502
---------------------------------------------
Net cash provided by investing activities 384,339 595,584
---------------------------------------------
Cash Flows From Financing Activities:
Principal payments on long-term debt (870,526) (668,859)
Borrowings under line-of-credit agreement 1,827,346 --
Principal payments under capitalized lease obligations (27,544) (109,579)
Net proceeds from issuance of Class A common stock 19,550 2,475
---------------------------------------------
Net cash provided by (used in) financing activities 948,826 (775,963)
---------------------------------------------
Net Decrease In Cash (587,619) (2,228,871)
Cash at Beginning of Period 3,331,119 8,658,268
---------------------------------------------
Cash at End of Period $ 2,743,500 $ 6,429,397
=============================================
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest $ 412,327 $ 318,239
Cash paid during the period for income taxes 39,597 14,128
The accompanying notes to condensed consolidated
financial statements are an integral part of
these condensed consolidated financial
statements.
SIMON TRANSPORTATION SERVICES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The condensed consolidated financial statements include the
accounts of Simon Transportation Services Inc., a Nevada
holding company, and its wholly-owned subsidiary, Dick Simon
Trucking, Inc. (together, the "Company"). All significant
intercompany balances and transactions have been eliminated in
consolidation.
The financial statements have been prepared, without audit, in
accordance with generally accepted accounting principles,
pursuant to the rules and regulations of the Securities and
Exchange Commission. In the opinion of management, the
accompanying financial statements include all adjustments
which are necessary for a fair presentation of the results for
the interim periods presented, such adjustments being of a
normal recurring nature. Certain information and footnote
disclosures have been condensed or omitted pursuant to such
rules and regulations. The September 30, 2000 condensed
consolidated statement of financial position was derived from
the audited balance sheet of the Company as of September 30,
2000. It is suggested that these condensed consolidated
financial statements and notes thereto be read in conjunction
with the consolidated financial statements and notes thereto
included in the Form 10-K of Simon Transportation Services
Inc. for the year ended September 30, 2000. Results of
operations in interim periods are not necessarily indicative
of results to be expected for a full year.
Note 2: Subsequent Event
On January 22, 2001, the Company acquired a portion of the
trucking assets of Westway Express, Inc. ("Westway"),
primarily mobile communication equipment and miscellaneous
assets. The Company entered into a lease for a terminal owned
by Westway, refinanced Westway leases for tractors and
trailers, and assumed leases for terminals. The Company will
also pay Westway for assisting the Company in hiring drivers.
Total consideration to Westway is approximately $2.1 million,
excluding future lease payments. The transaction included a
five year non-compete agreement.
Forward-Looking Statements
This quarterly report and statements by the Company in reports to its
stockholders and public filings, as well as oral public statements by Company
representatives, may contain 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, excessive increases in capacity within the truckload markets, decreased
demand for transportation services offered by the Company, rapid inflation and
fuel price increases, increases in interest rates, the resale value of used
equipment, and the availability and compensation of qualified drivers. Readers
should review and consider the various disclosures made by the Company in this
quarterly report and in its reports to its stockholders and periodic reports on
Forms 10-K and 10-Q.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Overview
The Company's fiscal year ends on September 30 of each year. Thus, the
fiscal quarters discussed in this report represent the Company's first fiscal
quarters of its 2001 and 2000 fiscal years, respectively.
Results of Operations
Three months ended December 31, 2000 and 1999
Operating revenue increased $11.6 million (21.6%) to $65.5 million for
the three months ended December 31, 2000, from $53.9 million for the
corresponding period of 1999. Approximately 31% of the revenue growth was
represented by fuel surcharge revenue, which impacts the percentage of revenue
represented by the various expense items. Weighted average tractors increased
17.4%, to 1,973 in the 2000 period from 1,681 in the 1999 period.
Salaries, wages, and benefits increased $3.4 million (15.2%) to $26.0
million during the quarter ended December 31, 2000 from $22.6 million in the
1999 period. As a percentage of revenue, salaries, wages, and benefits decreased
to 39.7% of revenue for the three months ended December 31, 2000, from 41.9% for
the corresponding period of 1999. The decrease was primarily attributable an
increase in the revenue per mile, mostly attributable to fuel surcharge.
Effective November 1, 2000, management raised driver wages by two cents per
mile. One cent of the increase applies to all drivers at all levels and another
cent can be attained based upon a monthly mileage target. (*)
Fuel and fuel taxes increased $4.4 million (42.7%) to $14.8 million
during the quarter ended December 31, 2000 from $10.4 million in the 1999
period. As a percentage of revenue, fuel and fuel taxes increased to 22.6% of
revenue for the three months ended December 31, 2000, from 19.3% of revenue for
the corresponding period of 1999. This was the result of a 29.5% increase in the
average price of fuel during the 2000 quarter from $1.22 per gallon in the 1999
quarter to $1.58 per gallon in the 2000 quarter. The Company has agreements in
place with a substantial number of customers who have agreed to pay fuel
surcharges to help offset the escalation in fuel prices. However, increased fuel
prices will not be fully offset by these surcharges.
Operating supplies and expenses increased $2.0 million (29.6%) to $8.8
million during the quarter ended December 31, 2000 from $6.8 million in the 1999
period. As a percentage of revenue, operating supplies and expenses increased to
13.4% of revenue for the three months ended December 31, 2000, from 12.6% for
the corresponding period of 1999. The increase is primarily attributable to the
increased recruiting and other costs associated with driver turnover.
Taxes and licenses increased $0.7 million (42.1%) to $2.3 million
during the quarter ended December 31, 2000 from $1.6 million for the
corresponding period of 1999. As a percentage of revenue, taxes and licenses
increased to 3.5% of revenue for the three months ended December 31, 2000,
compared with 3.0% for the corresponding period of 1999. The increase is
primarily attributable to the payment of federal highway use tax on vehicles
that have been removed from service and replaced with new equipment.
Insurance and claims increased $2.1 million (146.0%) to $3.5 million
during the quarter ended December 31, 2000 from $1.4 million during the quarter
ended December 31, 1999. As a percentage of revenue, insurance and claims
increased to 5.3% for the three months ended December 31, 2000, compared with
- --------
(*) "Forward-looking" statements.
2.6% for the corresponding period of 1999, primarily as a result of increased
claims associated with driver turnover. Effective, October 1, 1999, the Company
adopted a fully-developed claims expense estimate based on an actuarial
computation of the ultimate liability. Both the method formerly used by the
Company and the fully-developed method are acceptable under accounting
principles generally accepted in the United States.
Communications and utilities increased $0.3 million (31.9%) to $1.3
million during the quarter ended December 31, 2000 from $1.0 million during the
quarter ended December 31, 1999. As a percentage of revenue, communications and
utilities remained essentially constant at 1.9% of revenue for the three months
ended December 31, 2000, compared with 1.8% for the corresponding period of
1999.
Depreciation and amortization decreased $0.2 million (19.5%) to $1.0
million during the quarter ended December 31, 2000 from $1.2 million for the
corresponding period of 1999. As a percentage of revenue, depreciation and
amortization (adjusted for the net gain on the sale of property and equipment)
decreased to 1.5% of revenue for the three months ended December 31, 2000, from
2.2% for the corresponding period of 1999, because of a decrease in the
percentage of the Company's revenue equipment that was owned or acquired under
capital leases. Depreciation and amortization was adjusted for a net gain on the
sale of revenue equipment of $270,765 during the 2000 period compared with a net
gain of $439,923 during the 1999 period. Because of a softening of the market
for used equipment, management does not expect gains on the sale of revenue
equipment to continue as in the past.(*)
Rent increased $1.6 million (18.4%) to $10.4 million for the quarter
ended December 31, 2000 from $8.8 million for the corresponding period of 1999.
As a percentage of revenue, rent decreased to 15.9% of revenue for the three
months ended December 31, 2000, from 16.3% for the corresponding period of 1999,
as a result of higher revenue per mile in the 2000 period. The fixed costs of
rent were offset against a higher rate per mile. Substantially all of the
Company's revenue equipment is financed through operating leases. The Company
utilized operating leases during the most recent quarter because of more
favorable terms. If the Company continues to use operating lease financing, its
operating ratio will continue to be affected in future periods because the
implied financing costs of such equipment are included as operating expenses
instead of interest expense. During the 2001 quarter, the Company began an owner
operator program. Currently, owner operators comprise approximately 6% of the
total Company fleet. As the ratio of owner operators to Company drivers
increases, the percentage of rent will also increase.(*)
As a result of the foregoing, the Company's operating ratio increased
to 103.9% for the three months ended December 31, 2000, from 99.8% for the
corresponding period of 1999.
Net interest expense increased $0.1 million (29.2%) to $0.4 million for
the quarter ended December 31, 2000 from $0.3 million for the corresponding
period of 1999. As a percentage of revenue, net interest expense remained
constant at 0.6% of revenue for the three months ended December 31, 2000, and
the corresponding period in 1999.
The Company's effective combined federal and state income tax rates for
the three months ended December 31, 2000 and 1999 was 0.0% and 36.0%,
respectively. Due to the loss reported by the Company in the 2000 period,
management has established a valuation allowance to offset the potential benefit
for income taxes until such time as the Company returns to profitability.
As a result of the factors described above, net loss increased $2.9
million to a loss of $3.0 million for the three months ended December 31, 2000,
compared with a net loss of $0.1 million for the corresponding period of 1999.
As a percentage of revenue, net loss was 4.6% of revenue in the quarter ended
December 31, 2000, compared with 0.3% in the 1999 period.
- --------
(*) "Forward-looking" statements.
Liquidity and Capital Resources
The growth of the Company's business has required significant
investment in new revenue equipment that the Company historically has financed
with borrowings under installment notes payable to commercial lending
institutions and equipment manufacturers, equipment leases from third-party
lessors, borrowings under its line of credit, and cash flow from operations. The
Company's primary sources of liquidity currently borrowings and leases with
financial institutions and equipment manufacturers. During the three-month
periods ended December 31, 2000 and 1999, the Company continued to finance its
tractors with operating leases.
Net cash used in operating activities was $1.9 million for the three
months ended December 31, 2000. Accounts receivable increased $2.4 million,
prepaid licensing on revenue equipment increased $0.9 million, and accounts
payable, accrued liabilities and accrued claims decreased $3.4 million
collectively. These uses of cash were offset by a non-cash charge of $1.0
million for depreciation.
Net cash provided by investing activities was $0.4 million for the
three months ended December 31, 2000. The Company purchased $2.9 million of new
property and revenue equipment and sold revenue equipment for $3.3 million. The
Company expects capital expenditures (primarily for revenue equipment and
satellite communications units), net of revenue equipment sales and trade-ins,
to be approximately $33.3 million in aggregate for fiscal years 2001 and 2002.
The Company expects projected capital expenditures to be funded with operating
leases, borrowings and, if available, cash flows from operations.(*)
Net cash provided by financing activities was $0.9 million in the 2000
period, consisting of borrowings under the Company's line of credit of $1.8
million offset by payments of $0.9 million of principal under the Company's
long-term debt and capitalized lease agreements.
The maximum amount committed under the Company's line of credit at
December 31, 2000 was $20 million. As of December 31, 2000, the Company had
drawn $17.8 million against the line. The interest rate on the line of credit is
1.75 percent above the 30-day London Interbank Offered Rate ("LIBOR") in effect
from time-to-time. At December 31, 2000, the Company had other outstanding
long-term debt and capitalized lease obligations (including current portions) of
approximately $2.9 million, most of which comprised obligations for the purchase
of revenue equipment. As of September 30, 2000, the Company's future commitments
under noncancelable operating leases amounted to $74.1 million.
In January 2001, the Company amended its credit facility. The amended
agreement provides for a $10 million term loan in addition to the $20 million
line of credit. The term loan matures September 30, 2001 and the line of credit
matures September 30, 2002. Borrowings under the line of credit and term loan
are secured by the Company's Salt Lake City terminal facility. In addition, a
portion of borrowings under the agreement are guaranteed by the Company's
majority stockholder. All borrowings under the agreement bear interest at rates
ranging from 1.75 percent to 3.25 percent above the Eurodollar Rate in effect
from time-to-time. Applicable interest rates are determined based on the
Company's net worth.
The Company's working capital at December 31, 2000 was $16.1 million.
Management believes that available borrowings under the line of credit and term
loan, and future borrowings under installment notes payable or lease
arrangements for revenue equipment will allow the Company to continue to meet
its working capital requirements, anticipated capital expenditures, and
obligations under debt and capitalized and operating leases at least through
fiscal year 2001. (*)
- --------
(*) "Forward-looking" statements.
Quantitative and Qualitative Disclosures About Market Risk
The principal market risks to which the Company is exposed are
fluctuation in fuel prices and interest rates on our debt financing.
We are not engaged in any fuel hedging transactions. Thus, we are
exposed to fluctuations in fuel prices but are not exposed to any market risk
involving hedging costs.
The principal market risks (i.e., the risk of loss arising from adverse
changes in market rates and prices) to which we are exposed are interest rates
on our debt financing. Our variable rate debt consists of a revolving line of
credit and term loan, and an equipment finance term loan carrying interest rates
tied to LIBOR or the Eurodollar rate. These variable interest rates expose us to
the risk that interest rates may rise. At December 31, 2000, assuming borrowing
equal to the $17.8 million drawn on the line of credit and $0.2 million on other
outstanding variable rate loans, a one percentage point increase in the LIBOR
and Eurodollar rate would increase our annual interest expense by approximately
$180,000. The balance of our equipment financing carries fixed interest rates
and includes term notes payable and capitalized leases totaling approximately
$2.7 million. These fixed interest rates expose us to the risk that interest
rates may fall. A one percentage point decline in interest rates would have the
effect of increasing the premium we pay over market interest rates by one
percentage point or approximately $27,000 annually.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings.
The Company and certain of its officers and directors have been named
as defendants in a securities class action filed in the United States District
Court for the District of Utah, Caprin v. Simon Transportation Services, Inc.,
et al., No. 2:98CV 863K (filed December 3, 1998). Plaintiffs in this action
allege that defendants made material misrepresentations and omissions during the
period February 13, 1997 through April 2, 1998 in violation of Sections 11,
12(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On
September 27, 2000, the District Court dismissed the case with prejudice.
Plaintiffs have asked the Court for reconsideration and alteration or amendment
of the decision.
The Company is a defendant in a lawsuit filed April of 1998 in the
Third District Court in and for Salt Lake County Utah, Gallegos v. Dick Simon
Trucking, Inc., based upon the death of two people and the severe brain injury
to a child in an accident involving a Company truck. The lawsuit involves a
punitive damage claim, which is uninsurable under Utah law. The Company has
admitted liability on the non-punitive damages claims. The lawsuit is set for
trial on March 29, 2001. The probable verdict range of the compensatory damage
claim is from 5 to 20 million dollars, well within the Company's liability
insurance limits. Liability for the punitive damage claim and likely punitive
damage verdict amount, if any, are very difficult to predict. Management is
unable to assess the ultimate impact of this litigation on the Company's results
of operations or financial position.
The Company from time to time is a party to litigation arising in the
ordinary course of its business, substantially all of which involves claims for
personal injury and property damage incurred in the transportation of freight.
Management is not aware of any claims or threatened claims that reasonably would
be expected to exceed insurance limits or have a materially adverse effect upon
the Company's operations or financial position.
Item 2. Changes in Securities.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Number Description
------ -----------
3.1 + Articles of Incorporation.
3.2 * Amended and Restated Bylaws.
4.1 + Articles of Incorporation.
4.2 * Amended and Restated Bylaws.
10.1 + Outside Director Stock Option Plan.
10.2 * Amendment to Outside Director Stock Option Plan
10.3 + Incentive Stock Plan.
10.4 # Amendment No. 2 to the Simon Transportation Services Inc. Incentive
Stock Plan
10.5 * Revised Amendment No. 3 to the Simon Transportation Services
Incentive Stock Plan
10.6 @ Warrant to Purchase Shares of Class A Common Stock dated September
19, 2000, between Jerry Moyes and Simon Transportation Services Inc
10.7 + 401(k) Plan.
10.8 ++ Loan Agreement (Headquarters Loan) dated May 23, 1996 between U.S.
Bank of Utah and Dick Simon Trucking, Inc.
10.9 +++ Loan Agreement (Line of Credit) dated September 28, 1999 (replaced
loan agreement dated April 29, 1996) between U.S. Bank of Utah and
Simon Transportation Services Inc.
21 + List of subsidiaries.
- ----------------------------------------------
+ Filed as an exhibit to the registrant's Registration Statement on Form
S-1, Registration No. 33-96876, effective November 17, 1995, and
incorporated herein by reference.
++ Filed as an exhibit to the registrant's Quarterly Report on Form 10-Q
for the period ended June 30, 1996, Commission File No. 0-27208, dated
August 9, 1996, and incorporated herein by reference.
+++ Filed as an exhibit to the registrant's Annual Report on Form 10-K for
the period ended September 30, 1999, Commission File No. 0-27208, dated
December 14, 1999, and incorporated herein by reference.
# Filed as an exhibit to the registrant's Definitive Proxy Statement for
the annual meeting held December 19, 1997, Commission File No. 0-27208,
and incorporated herein by reference.
@ Filed as an exhibit to the registrant's Current Report on Form 8-K,
Commission File No. 0-27208, dated October 4, 2000, and incorporated
herein by reference.
* Filed as an exhibit to the registrant's Annual Report on Form 10-K for
the period ended September 30, 2000, Commission file No. 0-27208, dated
January 12, 2001, and incorporated herein by reference.
(b) Reports on Form 8-K.
Filed October 4, 2000. The Form 8-K reported a change
in control of the Company. Financial statements were not filed
with the Form.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
SIMON TRANSPORTATION SERVICES INC.,
a Nevada corporation
Date: February 14, 2001 By: /s/ Alban B. Lang
--------------------------- -----------------
(Signature)
Alban B. Lang
Treasurer and Chief Financial Officer