-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WKN7P7KSi/26w5vq4kIXZvTEEZpKhpGvFQCUyVuQIhnzYcqh2kbKzEx8F1jNP0oj /PdEs5vsFJwvGdL4Y2d9kw== 0000950129-98-000249.txt : 19980126 0000950129-98-000249.hdr.sgml : 19980126 ACCESSION NUMBER: 0000950129-98-000249 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980122 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980123 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAGLE USA AIRFREIGHT INC CENTRAL INDEX KEY: 0001001718 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 760094895 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-27288 FILM NUMBER: 98511391 BUSINESS ADDRESS: STREET 1: 3214 LODESTAR CITY: HOUSTON STATE: TX ZIP: 77032 BUSINESS PHONE: 7134421188 MAIL ADDRESS: STREET 1: 3838 N SAM HOUSTON PKWY STREET 2: SUITE 510 CITY: HOUSTON STATE: TX ZIP: 77032 8-K 1 EAGLE USA AIRFREIGHT, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): January 22, 1998 EAGLE USA AIRFREIGHT, INC. (Exact name of registrant as specified in its charter) Texas 0-27288 76-0094895 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation) File Number) Identification No.)
3214 Lodestar Houston, Texas 77032 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (281) 821-0300 Page 1 2 ITEM 5. OTHER EVENTS. On January 22, 1998, Eagle USA Airfreight, Inc. (the "Company") issued a press release (the "Press Release") containing its earnings report for the quarter ended December 31, 1997. The Press Release is included as an exhibit to this Report and is incorporated herein by reference. All statements other than statements of historical fact included in this Report are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, those relating to the Company's dependence on its ability to attract and retain skilled managers and other personnel; the intense competition within the freight industry; the uncertainty of the Company's ability to manage and continue its growth and implement its business strategy; the Company's dependence on the availability of cargo space to serve its customers; the potential for liabilities if certain independent owner/operators that serve the Company are determined to be employees; effects of regulation; results of litigation; the Company's vulnerability to general economic conditions and dependence on its principal customers; the control by the Company's principal shareholder; the Company's potential exposure to claims involving its local pick-up and delivery operations; the Company's future financial and operating results, cash needs and demand for its services; and the Company's ability to maintain and comply with permits and licenses; as well as other factors detailed in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. The following exhibit is filed herewith: 99 Press release dated January 22, 1998 relating to earnings for the quarter ended December 31, 1997. Page 2 3 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 hereunto duly authorized. EAGLE USA AIRFREIGHT, INC. By: /s/ Ronald E. Talley -------------------------------- Ronald E. Talley Chief Operating Officer Date: January 22, 1998 Page 3 4 INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION - ------ ----------- 99 Press release dated January 22, 1998 relating to earnings for the quarter ended December 31, 1997. EX-99 2 PRESS RELEASE - DATED 1-22-98 1 EXHIBIT 99 AT THE COMPANY [Eagle USA Airfreight, Inc. Letterhead] Douglas A. Seckel Michael D. Slaughter Chief Financial Officer Director SEC Reporting/ Investor Relations (281) 442-1188 (281) 442-1188 JANUARY 22, 1998 EAGLE USA AIRFREIGHT, INC. REPORTS RECORD FIRST QUARTER REVENUES AND EARNINGS HOUSTON, TEXAS, JANUARY 22, 1998 - EAGLE USA AIRFREIGHT, INC. (EUSA) today announced record revenues and earnings for the first quarter ended December 31, 1997, primarily driven by the expansion of its core freight forwarding business and increases in the number of shipments and the total weight of cargo shipped. Revenues for the first quarter increased 44 percent to $97.6 million from $67.6 million in the same period of fiscal 1997. Net income for the quarter totaled $5.9 million, a 30 percent increase over $4.5 million in the first quarter of fiscal 1997. Diluted earnings per share of $0.31 for the first quarter of fiscal 1998 increased 29 percent from $0.24 in the same period of fiscal 1997. During the first quarter of fiscal 1998 the Company implemented FAS 128 "Earnings Per Share" and has, accordingly, restated fiscal 1997 EPS amounts. First quarter fiscal 1998 gross profit margin was 45.1 percent of revenues versus 43.7 percent in the first quarter of fiscal 1997. The primary reasons for the margin improvement were increased airfreight shipping volumes, as the number of shipments increased 28 percent over the first quarter of fiscal 1997 and the total weight of cargo shipped increased 41 percent over first quarter of fiscal 1997, and the continued expansion of the Company's local pick-up and delivery operations, which enabled the Company to capture margins previously paid to third parties. During the first quarter of fiscal 1998, operating income margin was 9.6 percent of revenues, as the Company continued to make investments in personnel to deepen the staff of its domestic, international, and local delivery operating units. Operating income margin for the first quarter of fiscal 1997 was 10.7 percent of revenues. "We recognized excellent results for the first quarter of fiscal 1998, especially in light of very challenging comparisons to fiscal 1997 first quarter results, in which we recorded a 66 percent increase in revenues over the fiscal 1996 first quarter" said James R. Crane, Chairman and Chief Executive Officer. Eagle USA Airfreight's dedication to providing superior flexibility and fewer shipping restrictions on a price competitive basis has made it a leading provider of airfreight forwarding and other transportation and logistics services. Its network of 60 terminals features state-of-the-art information systems to maximize cargo management efficiency and customer satisfaction. The Company's shares are traded on the Nasdaq National Market under the symbol "EUSA." For more information about EUSA: Via fax dial 1-800-PRO-INFO and enter the ticker symbol - EUSA. Visit EUSA on the Internet at http://www.eagleusa.com Contact EUSA Investor Relations via the Internet at mslaught@eagleusa.com Or by telephone at 281/442-1188, Michael Slaughter, Director of Investor Relations. 2 EAGLE USA AIRFREIGHT, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
Three Months Ended December 31, ------------------------------------------------ 1997 1996 ------------------------------------------------ Revenues $ 97,645 $ 67,586 Cost of transportation 53,607 38,071 ------------------------------------------------ 44,038 29,515 Personnel costs 23,255 14,288 Other selling, general and admin. costs 11,434 8,029 ------------------------------------------------ Operating income 9,349 7,198 Interest income 305 273 ------------------------------------------------ Income before provision for income taxes 9,654 7,471 Provision for income taxes 3,764 2,957 ------------------------------------------------ Net income $ 5,890 $ 4,514 ------------------------------------------------ Basic earnings per share $ 0.32 $ 0.26 ------------------------------------------------ Diluted earnings per share $ 0.31 $ 0.24 ------------------------------------------------ Basic weighted average common shares outstanding 18,259 17,527 ------------------------------------------------ Diluted weighted average common and common equivalent shares outstanding 19,049 18,468 ------------------------------------------------
2 3 EAGLE USA AIRFREIGHT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)
December 31, September 30, 1997 1997 ------------------------------------ ASSETS Current assets: Cash, cash equivalents and short-term investments $ 28,853 $ 27,786 Accounts receivable, net 51,598 54,662 Prepaid expenses and other 3,320 4,557 ----------------------------------- Total current assets 83,771 87,005 Property and equipment, net 14,628 14,090 Other assets 5,527 5,776 ---------------------------------- Total assets $ 103,926 $ 106,871 ---------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued transportation $ 6,057 $ 13,819 Other current liabilities 10,570 12,548 Total current liabilities 16,627 26,367 Long term indebtedness -- -- ---------------------------------- Shareholders' equity 87,299 80,504 ---------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 103,926 $ 106,871 ----------------------------------
3 -----END PRIVACY-ENHANCED MESSAGE-----