-----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, TmqUsThjbiSxefpUOw5U6VR49IXMJY/4d9CbV2BQgr+yYdysz28hNKXDe2/YC932 CVUwNgJ2ie6t6b9Aj5M94A== 0000950134-07-004295.txt : 20070228 0000950134-07-004295.hdr.sgml : 20070228 20070228060221 ACCESSION NUMBER: 0000950134-07-004295 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070228 DATE AS OF CHANGE: 20070228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EGL 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: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27288 FILM NUMBER: 07655131 BUSINESS ADDRESS: STREET 1: 15340 VICKERY DR CITY: HOUSTON STATE: TX ZIP: 77032 BUSINESS PHONE: 2816183100 MAIL ADDRESS: STREET 1: 15350 VICKERY DR STREET 2: SUITE 510 CITY: HOUSTON STATE: TX ZIP: 77032 FORMER COMPANY: FORMER CONFORMED NAME: EAGLE USA AIRFREIGHT INC DATE OF NAME CHANGE: 19951002 8-K 1 h44100e8vk.htm FORM 8-K e8vk
 

 
 
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): February 27, 2007
EGL, Inc.
(Exact name of registrant as specified in its charter)
         
Texas
(State or other jurisdiction
of incorporation) 		  000-27288
(Commission
File Number) 		  76-0094895
(IRS Employer
Identification No.)
     
15350 Vickery Drive, Houston, Texas   77032
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (281) 618-3100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 2.02   Results of Operations and Financial Condition.
     On February 27, 2007, EGL, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2006. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
     All of the information furnished in this Current Report on Form 8-K and the accompanying exhibit will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company, that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company or any of its affiliates.
Item 9.01   Financial Statements and Exhibits.
  (c)   Exhibits
  99.1   Press release, dated February 27, 2007, reporting financial results of EGL, Inc. for the fourth quarter and fiscal year ended December 31, 2006.

 

 

SIGNATURE
     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.
         
Date: February 27, 2007   EGL, INC.
 		  
  By:   /s/ Dana A. Carabin    
    Dana A. Carabin   
    Secretary   
 

 

 

Exhibit Index
  99.1   Press release, dated February 27, 2007, reporting financial results of EGL, Inc. for the fourth quarter and fiscal year ended December 31, 2006.

  EX-99.1 2 h44100exv99w1.htm PRESS RELEASE exv99w1

 

(EGL Logo)   World Headquarters
15350 Vickery Drive
Houston, TX 77032
 
Mike Slaughter
Vice President Finance
281-618-3428
NEWS RELEASE
 
FOR IMMEDIATE RELEASE
Tuesday February 27, 2007
EGL, Inc. Reports Fourth Quarter and Full-Year 2006 Results
HOUSTON, February 27, 2007 — EGL, Inc. (NASDAQ: EAGL) today reported net income for the fourth quarter of 2006 of $10.9 million, or $0.27 cents per diluted share. The results compare to fourth quarter 2005 net income of $19.1 million, or $0.47 cents per diluted share. Operating income in the fourth quarter of 2006 was $17.9 million, a decrease of 35% from $27.6 million earned in the fourth quarter a year ago.
For the full year 2006, EGL reported net income of $56.3 million, or $1.38 per diluted share. This compares with 2005 net income of $58.2 million, or $1.22 per diluted share. Operating income for full year 2006 was $96.5 million, an increase of 1% from $95.4 million earned in 2005.
Q4 Financial Highlights:
  •   Net revenues increased 3% to $258 million compared with $252 million in the fourth quarter of 2005;
 
  •   Net revenue margin was 30.0% compared with 30.1% in the fourth quarter of 2005.
2006 Full-Year Financial Highlights:
  •   Net revenues increased 7% to $1.0 billion compared with $948 million in 2005;
 
  •   Net revenue margin improved to 31.4% compared with 30.6% in 2005.
                                 
    Three Months Ended     Year Ended  
$ millions (except EPS)   12/31/06     12/31/05     12/31/06     12/31/05  
Gross revenues
   $ 861.3     $ 835.1     $ 3,217.6     $ 3,096.5  
% change
     + 3 %             + 4 %        
Net revenues
   $ 258.4     $ 251.6     $ 1,010.8     $ 948.5  
% change
     + 3 %             + 7 %        
Net revenue margin
     30.0 %     30.1 %     31.4 %     30.6 %
 
                                
Operating expenses
   $ 240.6     $ 223.9     $ 914.3     $ 853.1  
 
                                
Operating income
   $ 17.9     $ 27.6     $ 96.5     $ 95.4  
 
                                
Net income
   $ 10.9     $ 19.1     $ 56.3     $ 58.2  
Diluted EPS
   $ 0.27     $ 0.47     $ 1.38     $ 1.22  
more

 

 

EGL Chief Executive Officer Jim Crane commented, “Our financial performance in the fourth quarter was disappointing, especially given the strong momentum we had earlier in 2006. We generated record revenues in the quarter in spite of industry-wide softness and the decline in revenue per shipment in our domestic freight forwarding operations. We are taking the necessary steps to address the financial performance of our residential delivery business, align our cost structure and continue to focus on delivering superior service to our customers. Although we generated record revenues during 2006, we will remain focused on improving profitability on each shipment and controlling our operating expenses throughout the organization.”
Gross revenues of $861.3 million in the fourth quarter of 2006 increased 3% from the same quarter last year, with increases in airfreight forwarding of 1%, ocean freight forwarding of 1%, and customs brokerage, logistics and other of 11%. Gross revenues outside of North America accounted for 57% of fourth quarter activity and increased 4% over the same quarter last year due to higher volumes in Asia Pacific and Latin America. North America gross revenues accounted for 43% of fourth quarter activity and increased 1% over the same quarter last year.
Net revenues of $258.4 million in the fourth quarter of 2006 increased 3% from the same quarter last year driven by a 14% increase in ocean freight forwarding and a 21% increase in customs brokerage, logistics and other, while airfreight forwarding net revenues decreased 9%. The Company’s fourth quarter net revenue margin decreased to 30.0% compared with 30.1% in the same quarter last year.
Airfreight net revenues of $137.8 million decreased 9% from the same quarter last year. The fourth quarter 2006 results were impacted by a $5.4 million decline in domestic airfreight net revenues to $48.7 million compared with $54.1 million in 2005. The decrease was due to a decline in net revenue per shipment at the Company’s domestic freight forwarding division due to a greater portion of deferred, as opposed to expedited, ground and residential shipments during the traditional peak shipping season. For the quarter, total domestic shipments increased approximately eight percent over the fourth quarter of 2005. The fourth quarter results were also impacted by lower than expected international airfreight volumes.
Total operating expenses increased $16.6 million in the fourth quarter of 2006 to $240.6 million compared to $224.0 million in the same quarter last year. Of the $16.6 million increase in total operating expenses, $12.5 million ($6.0 million of increased personnel costs and $6.5 million of other selling, general and administrative expenses) was attributable to new domestic logistics contracts implemented in the third quarter of 2006. An increase in logistics revenues in the fourth quarter attributable to the new domestic logistics contracts more than offset $12.5 million increased operating expenses.
As part of its annual goodwill and indefinite-lived intangible asset impairment analysis, the Company concluded that the carrying value of the net assets assigned to its South America operating segment exceeded the fair value of the reporting unit and determined $3.8 million ($0.09 cents per diluted share) of goodwill for the segment was impaired. This impairment expense is included in operating expenses.
Fourth quarter 2006 items impacting operating expenses include the following:
  •   South America goodwill impairment — $3.8 million pre-tax ($0.09 cents per diluted share)
 
  •   Reserve for vacated facility in United Kingdom — $1.4 million pre-tax ($0.02 cents per diluted share)
 
  •   Other expenses — $2.9 million pre-tax ($0.05 cents per diluted share)
 
  •   Gain on facility sale in the United Kingdom — $3.9 million pre-tax ($0.07 cents per diluted share)
Non-operating expense in the fourth quarter of 2006 was $0.7 million compared with non-operating income of $2.9 million in the same quarter last year. The change was primarily due to the fourth quarter 2005 gain of $4.0 million from the release of escrow funds related to the sale of the Company’s interest in TDS.
-more-

 

 

As of January 1, 2006 the Company adopted SFAS 123R, using the modified prospective method for calculating expense on share-based compensation. Adoption of SFAS 123R reduced net income for the year by $0.09 cents per share, and operating income by $5.8 million for the year. Under this method, prior period results are not restated.
Cash Position
EGL closed the quarter with $141 million in cash, restricted cash and short-term investments and total debt of $170 million. Full year 2006 cash flow from operating activities was $75 million compared to $96 million of operating income for 2006. Capital expenditures for full year 2006 were $48 million compared with $41 million for 2005. Capital expenditures for 2006 and 2005 include $2.4 million and $0.7 million related to capitalized interest costs.
Earnings Conference Call
EGL, Inc. will host a conference call for shareholders and the investing community on February 28, 2007 at 11 a.m. Eastern time (8 a.m. Pacific) to review results for the fourth quarter ended December 31, 2006. The call can be accessed by dialing (719) 457-2657, access code 1145649 and is expected to last approximately 60 minutes. Callers are requested to dial in at least 5 minutes before the start of the call. The call will also be available through live web cast on the Company’s website, www.eaglegl.com, on the Investor Relations page. An audio replay will be available until Wednesday, March 14, 2007 at (719) 457-0820, access code 1145649.
 
Founded in 1984, Houston-based EGL, Inc. operates under the name EGL Eagle Global Logistics. EGL is a leading global transportation, supply chain management and information services company dedicated to providing superior flexibility and fewer shipping restrictions on a price competitive basis. With 2006 revenues of $3.2 billion, EGL’s services include air and ocean freight forwarding, customs brokerage, local pickup and delivery service, materials management, warehousing, trade facilitation and procurement, and integrated logistics and supply chain management services. The Company’s shares are traded on the NASDAQ Global Select Market under the symbol “EAGL”.
 
CAUTIONARY STATEMENTS
The statements in this press release (and statements in the conference call referred to above) regarding outlook, diluted earnings per share, effective tax rate, future results, capital expenditure levels, growth opportunities, financial performance, cost structure, yield improvement, increased efficiencies, improvements in operating and financial systems, effective tax rates, our ability to pass-through fuel costs, expected insurance recoveries, stock repurchases, the results of government investigations and other statements that are not historical facts, are forward looking statements. These statements involve risks and uncertainties including, but not limited to, market conditions, the Company’s financial results and performance, our ability to manage and continue growth, risks associated with operating in international markets, events impacting the volume of international trade, our ability to comply with rules relating to the performance of U.S. government contracts, fuel shortages and price volatility of fuel, seasonal trends in our business, currency devaluations and fluctuations in foreign markets, our effective income tax rate, our ability to upgrade our information technology systems, protecting our intellectual property rights, heightened global security measures, availability of cargo space, increases in the prices charged by our suppliers, competition in the freight industry and our ability to maintain market share, material weaknesses within our internal controls, control by and dependence on our founder, liability for loss or damage to goods, the results of litigation, exposure to fines and penalties if our owner/operators are deemed to be employees, failure to comply with environmental, health and safety, and criminal laws and regulations and governmental permit and licensing requirements, laws and regulations that decrease our ability to change our charter and bylaws, the impact of goodwill impairments, the successful deployment of our global IT infrastructure, estimated expenses associated with stock option practices and other factors detailed in the Risk Factors and elsewhere in the Company’s Annual Reports on Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize (or the consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. The Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
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EGL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts)
                                 
    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2006     2005     2006     2005  
Revenues
   $ 861,260     $ 835,089     $ 3,217,636     $ 3,096,516  
Cost of transportation
     602,836       583,503       2,206,863       2,148,042  
 
                        
Net revenues
     258,424       251,586       1,010,773       948,474  
Operating expenses:
                                
Personnel costs
     139,777       131,542       558,227       522,015  
Other selling, general and administrative expenses
     100,776       92,404       356,064       337,024  
EEOC legal settlement
     —       —       —       (5,975 )
 
                        
Operating income
     17,871       27,640       96,482       95,410  
Nonoperating (income) expense, net
     673       (2,905 )     8,825       (5,147 )
 
                        
Income before provision for income taxes
     17,198       30,545       87,657       100,557  
Provision for income taxes
     6,263       11,484       31,327       42,397  
 
                        
Net income
   $ 10,935     $ 19,061     $ 56,330     $ 58,160  
 
                        
Basic earnings per share
   $ 0.27     $ 0.48     $ 1.39     $ 1.23  
Diluted earnings per share
   $ 0.27     $ 0.47     $ 1.38     $ 1.22  
Basic weighted-average common shares outstanding
     40,647       39,912       40,465       47,442  
Diluted weighted-average common shares outstanding
     40,899       40,427       40,818       47,832  
-more-

 

 

EGL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
                 
    December 31,     December 31,  
    2006     2005  
ASSETS
                
Current assets:
                
Cash, cash equivalents, restricted cash and short-term investments
   $ 141,422     $ 123,254  
Trade accounts receivable, net of allowance
     623,558       560,954  
Other current assets
     70,570       70,230  
 
            
Total current assets
     835,550       754,438  
Property and equipment, net
     188,498       185,906  
Goodwill, net
     112,498       113,048  
Other assets, net
     46,228       35,849  
 
            
Total assets
   $ 1,182,774     $ 1,089,241  
 
            
 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
Current liabilities:
                
Current portion of long-term debt
   $ 12,739     $ 15,967  
Trade payables and accrued transportation costs
     373,970       342,351  
Accrued expenses and other liabilities
     161,341       150,166  
 
            
Total current liabilities
     548,050       508,484  
Long-term debt
     157,157       214,555  
Other noncurrent liabilities
     57,754       42,858  
Minority interests
     1,761       1,616  
Shareholders’ equity
     418,052       321,728  
 
            
Total liabilities and shareholders’ equity
   $ 1,182,774     $ 1,089,241  
 
            
-more-

 

 

EGL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
                 
    Twelve Months Ended  
    December 31,  
    2006     2005  
Cash flows from operating activities:
                
Net income
   $ 56,330     $ 58,160  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
     32,722       35,932  
Bad debt expense
     6,888       8,630  
Impairment of goodwill
     3,837       —  
Other
     9,397       3,998  
Net effect of changes in working capital, net of assets acquired
     (33,762 )     49,374  
 
            
Net cash provided by operating activities
     75,412       156,094  
 
            
Cash flows from investing activities:
                
Capital expenditures
     (47,534 )     (41,160 )
Decrease in restricted cash
     2,332       5,322  
Proceeds from sales of other assets
     23,607       4,327  
Proceeds from property insurance
     517       673  
Acquisitions of businesses, net of cash acquired
     (1,476 )     (56 )
Earnout payments
     —       (4,404 )
Cash received from disposal of affiliates
     1,254       2,787  
Other
     2,109       3,148  
 
            
Net cash used in investing activities:
     (19,191 )     (29,363 )
 
            
Cash flows from financing activities:
                
Proceeds from issuance of debt
     481,824       495,597  
Repayment of debt
     (547,153 )     (309,297 )
Issuance (repayment) of short-term debt with maturities of less than three months, net
     2,825       (2,744 )
Repayment of financed insurance premiums and software, net
     (4,363 )     (3,364 )
Payments on capital lease obligations
     (1,873 )     (2,245 )
Repurchases of common stock
     —       (305,318 )
Payment of financing fees
     (110 )     (3,454 )
Issuance of common stock for employee stock purchase plan
     1,237       1,135  
Proceeds from exercise of stock options
     15,013       21,176  
Excess tax benefit of employee stock plans
     5,389       —  
Other
     (115 )     802  
 
            
Net cash used in financing activities
     (47,326 )     (107,712 )
 
            
Effect of exchange rate changes on cash
     11,513       (430 )
 
            
Increase in cash and cash equivalents
     20,408       18,589  
Cash and cash equivalents, beginning of the period
     111,507       92,918  
 
            
Cash and cash equivalents, end of the period
   $ 131,915     $ 111,507  
 
            
Fourth quarter 2006 product and geographic data and air freight statistics are available on EGL’s website,
www.eaglegl.com on the Investor Relations page.

 

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