-----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, MxLTSxy/CVr1wVJeegwhWoQ2P3zFQQIN2SaJY/7noTPFUfzCf4VsDJVqpzuqG4Wn 5g/fzN3iOKssu5GP7ZHT1A== 0000950144-99-006360.txt : 19990518 0000950144-99-006360.hdr.sgml : 19990518 ACCESSION NUMBER: 0000950144-99-006360 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: J H HEAFNER CO INC CENTRAL INDEX KEY: 0001068152 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MOTOR VEHICLE SUPPLIES & NEW PARTS [5013] IRS NUMBER: 560754594 STATE OF INCORPORATION: NC FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-61713 FILM NUMBER: 99628124 BUSINESS ADDRESS: STREET 1: 2105 WATER RIDGE PARKWAY STREET 2: SUITE 500 CITY: CHARLOTTE STATE: NC ZIP: 28217 BUSINESS PHONE: 7044238989 MAIL ADDRESS: STREET 1: 2105 WATER RIDGE PARKWAY STREET 2: SUITE 500 CITY: CHARLOTTE STATE: NC ZIP: 28217 10-Q 1 THE J H HEAFNER COMPANY 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 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 Number 333-61713 The J.H.Heafner Company, Inc. (Exact name of registrant as specified in its charter) North Carolina 56-0754594 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 2105 Water Ridge Parkway, Suite 500 Charlotte, North Carolina 28217 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) (704) 423-8989 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 5,087,667 shares of common stock outstanding as of May 14, 1999. 2 THE J.H. HEAFNER COMPANY, INC. INDEX Page ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets (Unaudited) -- March 31, 1999 and December 31, 1998 ............................. 2 Condensed Consolidated Statements of Operations (Unaudited) -- Three Months Ended March 31, 1999 and 1998 ....................... 3 Condensed Consolidated Statements of Cash Flows (Unaudited) -- Three Months Ended March 31, 1999 and 1998 ....................... 4 Notes to Condensed Consolidated Financial Statements (Unaudited) -- Three Months Ended March 31, 1999 and 1998 ....................... 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ............................................. 9 Item 3. Quantitative and Qualitative Disclosures about Market Risk...... 13 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K ............................... 13 Signatures .............................................................. 14 3 PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements The J. H. Heafner Company, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share amounts)
March 31, December 31, Assets 1999 1998 - ------------------------------------------------ --------- --------- (Unaudited) Current assets: Cash and cash equivalents $ 6,249 $ 6,648 Accounts receivable, net of allowances of $3,115 and $2,220 111,598 109,471 Inventories, net 146,258 133,221 Other current assets 13,386 13,319 --------- --------- Total current assets 277,491 262,659 --------- --------- Property and equipment, net 44,963 42,802 Goodwill, net 106,909 104,405 Other assets 13,749 12,579 Other intangible assets, net 7,680 8,376 --------- --------- $ 450,792 $ 430,821 ========= ========= March 31, December 31, Liabilities and Stockholders' Equity 1999 1998 - ------------------------------------------------ --------- --------- Current liabilities: Accounts payable $ 166,978 $ 169,847 Accrued expenses 36,030 33,239 Current maturities of long-term debt 3,026 3,011 --------- --------- Total current liabilities 206,034 206,097 Long-term debt 159,199 160,400 Revolving credit facility 44,225 21,925 Other liabilities 11,942 11,785 Preferred stock series A - 4% cumulative, 7,000 shares authorized, issued and outstanding 7,000 7,000 Preferred stock series B - variable rate cumulative, 4,500 shares authorized, issued and outstanding 4,353 4,353 Warrants 1,137 1,137 Commitments and contingencies Stockholders' equity: Class A Common Stock, par value of $.01 per share; authorized 10,000,000 shares; 3,687,000 and 3,697,000 shares issued and 37 37 outstanding Class B Common Stock , par value of $.01 per share; 20,000,000 authorized, 1,400,667 shares issued and outstanding 14 14 Additional paid-in capital 22,349 22,360 Notes receivable from stock sales (169) (177) Retained deficit (5,329) (4,110) --------- --------- 16,902 18,124 --------- --------- $ 450,792 $ 430,821 ========= =========
See notes to unaudited condensed consolidated financial statements. 2 4 The J. H. Heafner Company, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands)
Three Months Ended March 31, 1999 1998 --------- --------- (Unaudited) (Unaudited) Net sales $ 239,804 $ 89,126 Cost of goods sold 186,693 63,694 --------- --------- Gross profit 53,111 25,432 General, selling and administrative expenses 50,450 24,556 --------- --------- Income from operations 2,661 876 Other income (expense): Interest expense (5,112) (1,698) Other income, net 398 65 --------- --------- Net income (loss) from operations before income taxes (2,053) (757) Benefit for income taxes 860 294 --------- --------- Net income (loss) $ (1,193) $ (463) ========= =========
See notes to unaudited condensed consolidated financial statements. 3 5 The J. H. Heafner Company, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands)
Three Months Ended March 31, 1999 1998 -------- -------- (Unaudited) (Unaudited) Cash flows from operating activities: Net income (loss) $ (1,193) $ (463) Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of the California Tire acquisition- Depreciation and amortization 4,456 1,727 Loss on sale of property and equipment 86 89 Change in assets and liabilities: Accounts receivable, net 2,255 101 Other current assets 289 (30) Inventories, net (8,092) (3,459) Accounts payable and accrued expenses (8,779) (110) -------- -------- Net cash provided by (used in) operating activities (10,978) (2,145) -------- -------- Cash flows from investing activities: Acquisition of California Tire, net of cash acquired (3,950) 0 Purchase of property and equipment (3,210) (1,029) Proceeds from sale of property and equipment 0 292 Other (672) (684) -------- -------- Net cash provided by (used in) investing activities (7,832) (1,421) -------- -------- Cash flows from financing activities: Principal payments on long-term debt $ (1,436) $ (946) Net proceeds from revolving credit facility 20,219 3,538 Other (372) 0 -------- -------- Net cash provided by financing activities 18,411 2,592 -------- -------- Net increase (decrease) in cash (399) (974) Cash, beginning of period 6,648 2,502 -------- -------- Cash, end of period $ 6,249 $ 1,528 ======== ======== Supplemental disclosures of cash flow information: Cash payments for interest $ 858 $ 1,828 Cash payments for income taxes 76 441 ======== ========
See notes to unaudited condensed consolidated financial statements. 4 6 The J. H. Heafner Company, Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands) 1. Organization: The J. H. Heafner Company, Inc. (the Company), a North Carolina corporation, is engaged in the wholesale distribution of tires and tire accessories and the operation of retail tire and auto service stores. In May 1997, the Company acquired all outstanding shares of common stock of Oliver and Winston, Inc. (Winston), a California-based operation of retail tire and automotive service centers in California and Arizona. In May 1998, the Company merged with ITCO Logistics Corporation and Subsidiaries (ITCO), a wholesaler of tires and related accessories in the eastern part of the United States. Following the merger, ITCO's subsidiaries were merged into ITCO and ITCO was merged into the Company. Concurrent with the ITCO merger, the Company acquired all outstanding shares of common stock of The Speed Merchant, Inc. (CPW), a wholesaler and retailer of tires, parts and accessories located in California and Arizona. In January, 1999, the Company acquired all outstanding shares of California Tire LLC (California Tire), a wholesaler and retailer of tires, parts and accessories located in California. 2. Basis of Presentation: The unaudited condensed consolidated balance sheet as of March 31, 1999, and the condensed consolidated statements of operations and cash flows for the three months ended March 31, 1999 and 1998, have been prepared by the Company and have not been audited. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows have been made. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's consolidated financial statements for the fiscal year ended December 31, 1998. The results of the operations for the three months ended are not necessarily indicative of the operating results for the full fiscal year. 5 7 3. Acquisition: On January 12, 1999, Company entered into a Stock Purchase Agreement with the stockholders of California Tire, a wholesaler and retailer of tires, parts and accessories located in California. The total consideration paid to the stockholders was $3,950 in cash. The transaction has been accounted for under the purchase method. Accordingly, results of operations for the acquired business have been included in the unaudited condensed consolidated statement of operations from the January 12, 1999 acquisition date. A preliminary allocation of the purchase price has been recorded in the accompanying unaudited condensed consolidated financial statements as of March 31, 1999, based on management's best estimate of assets acquired and liabilities assumed. The excess of the purchase price over the net tangible assets acquired was allocated to goodwill and is being amortized over 15 years. 4. Exit Costs: In connection with the ITCO merger, the CPW acquisition and the Winston acquisition, the Company recorded a $3,516, $1,726 and $2,927 liability, respectively, for estimated costs related to employee severance, facilities closing expense and other related exit costs in accordance with EITF 95-3, "Recognition of Liabilities in Connection with a Purchase Business Combination." Charges of approximately $372, $82 and $158, respectively were made against these reserves in the first quarter 1999. In the second quarter of 1998, the Company recorded special charges of $1,409 related to the restructuring of its southeast wholesale business, which includes the closing of 13 distribution centers commencing in the third quarter of 1998. The charges include lease commitments for certain distribution centers, asset writedowns, severance and employee related costs and costs to shut down certain facilities. In the first quarter of 1999, the Company charged approximately $391 against these reserves. 5. Segment Information: The Company classifies its business interests into three fundamental areas: eastern wholesale distribution of tires and products, western wholesale distribution of tires and products and western retail sales of tires, products and services. The Company evaluates performance based on several factors, of which the primary financial measure is profit (loss) before interest expense, income taxes, noncash amortization of intangible assets and depreciation (EBITDA). The operating results of the Company reflect the acquisitions of Winston effective as of May 7, 1997, CPW and ITCO effective as of May 20, 1998 and California Tire effective as of January 12, 1999: 6 8
Eastern Western Western Wholesale Retail Wholesale Eliminations Totals --------- --------- --------- --------- --------- Three months ended March 31, 1999 - Revenues from external $ 158,253 $ 37,064 $ 44,487 $ -- $ 239,804 customers EBITDA (1) 4,468 (320) 3,150 -- 7,298 Segment assets 514,984 79,853 151,321 (295,366) 450,792 Expenditures for segment assets 689 1,894 627 -- 3,210 Three months ended March 31, 1998- Revenues from external customers $ 54,417 $ 34,709 $ -- $ -- $ 89,126 EBITDA (1) 1,279 1,226 -- -- 2,505 Segment assets 130,061 71,297 -- (52,702) 148,656 Expenditures for segment assets 274 755 -- -- 1,029
(1) EBITDA represents income (loss) before interest expense, income taxes, noncash amortization of intangible assets and depreciation. Depreciation and amortization for the first quarter 1999, as noted in the unaudited condensed consolidated statement of cash flows, includes $217 of amortization expense related to deferred financing fees that is included in interest expense in the unaudited condensed consolidated statement of operations. Depreciation and amortization for the first quarter 1998, as noted in the unaudited condensed consolidated statement of cash flows, includes $42 of amortization expense related to debt discount and $121 of amortization expense related to deferred financing fees that is included in interest expense in the unaudited condensed consolidated statement of operations. 6. Subsidiary Guarantor Financial Information: The Series B and Series C Senior Notes are guaranteed on a full, unconditional and joint and several basis by all of the Company's direct subsidiaries, each of which is wholly owned. The combined summarized information of these subsidiaries is as follows : As of and for the Quarter Ended March 31, 1999 ----------------- Current assets $ 95,077 Noncurrent assets 98,769 Current liabilities 60,594 Noncurrent liabilities 8,865 Net sales 81,551 Gross profit 27,430 Net loss (1,295) ======== 7 9 The above information excludes $36,580 of net intercompany payable and $15,365 of intercompany sales of the Company's subsidiary guarantors. In preparation of the Company's unaudited condensed consolidated financial statements, all intercompany accounts were eliminated. 8 10 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION The following discussion and analysis of the results of operations, financial condition and liquidity of the Company should be read in conjunction with the unaudited financial statements and related notes thereto. The Company acquired Competition Parts Warehouse ("CPW") on May 20, 1998 and California Tire on January 12, 1999, and merged with ITCO on May 20, 1998. Therefore, results for 1998 exclude the operations of CPW, California Tire, and ITCO. Results of Operations The following table sets forth each category of statements of operations data as a percentage of net sales:
Quarter Ended March 31, --------------- 1999 1998 ---- ---- Net sales ................................................ 100.0% 100.0% Cost of good sold ........................................ 77.9 71.5 Gross profit ............................................. 22.1 28.5 General, selling and administrative expenses ............. 21.0 27.6 Income from operations ................................... 1.1 1.0 Interest expense and other income ........................ (2.0) (1.8) Net income (loss) from operations before income taxes .... (0.9) (0.8) Benefit for income taxes ................................. 0.4 0.3 Net income (loss) ........................................ (0.5) (0.5)
Quarter Ended March 31, 1999 Compared to Quarter Ended March 31, 1998 Net sales for the quarter ended March 31, 1999 totaled $239.8 million, an increase of $150.7 million, or 169.1%, from sales in the first quarter of 1998 of $89.1 million. The inclusion of sales for ITCO, CPW, and California Tire accounted for over 90% of the increase in the first quarter of 1999. However, with the integration of operations between Heafner and ITCO in the Southeast, the exact effect cannot be determined. Each of the Company's divisions reported sales increases ranging from 6.8% upward, with an overall increase in net sales totaling 12.4% on a pro-forma basis. Gross profit was $53.1 million in the first quarter of 1999, an increase of $27.7 million, or 108.8%, from $25.4 million in the corresponding quarter in 1998. As a percentage of net sales, gross profit was 22.1% and 28.5%, respectively. The increase in gross profit dollars was primarily due to the inclusion of the acquired operations. The decrease in overall gross margins in 1999 was due to a significantly higher proportion of distribution sales in the current quarter, which carry lower gross margins than retail sales. 11 The percentage of distribution sales to total sales was in excess of 80% in the first quarter of 1999, versus just over 60% in the first quarter last year. Selling, general and administrative expenses were $50.5 million in the quarter ended March 31, 1999, an increase of $25.9 million, or 105.4%, from $24.6 million in first quarter of 1998. As a percentage of net sales, these expenses were 21.0% and 27.6%, respectively. The increase in selling, general and administrative expenses in 1999 was primarily due to the inclusion of the acquired operations. The decrease in selling, general and administrative costs as a percent of sales was due to a significant higher proportion of distribution sales, which have lower expense percentages than retail operations. Offsetting this business mix change somewhat was slightly higher selling and administrative costs in the Company's distribution operations as a percent of sales, including increased depreciation and amortization expense in the first quarter of 1999 totaling $2.7 million. Interest and other expense increased from $1.6 million in the first quarter of 1998 to $4.7 million in the first quarter this year. Interest expense increase by $3.4 million in the first quarter of 1999 as a result of increased borrowings incurred in connection with the acquisitions of ITCO, CPW, and California Tire, and increased utilization of anticipation discounts on inventory purchases. There were no overlapping warehouses closed, nor charges or credits to income in the first quarter of 1999 resulting from the Company's integration activities. Four overlapping warehouses and one headquarters location were closed by the end of 1998 with an additional seven overlapping warehouses to be closed during the remaining three quarters of 1999. Income tax benefits on pre-tax losses were $0.9 million in the quarter ended March 31, 1999 compared to $0.3 million in the corresponding quarter last year. The effective income tax rates were 41.9% and 38.8% in the first quarter of 1999 and 1998, respectively. The net loss for the first quarter of 1999 was $(1.2) million, or (0.5%) of net sales compared to a net loss of $(0.5) million, or (0.5%) of net sales in the corresponding quarter in 1998, as a result of the factors discussed above. Liquidity and Capital Resources The acquisition of CPW and California Tire, and merger with ITCO, had a significant impact on the capitalization of the Company. At March 31, 1999, the combined indebtedness of the Company (net of cash) was $200.2 million compared to $65.8 million at March 31, 1998, prior to the transactions. Financing committed by the lenders under the Company's revolving line of credit is $100.0 million, approximately $33.5 million of which was drawn as of April 30, 1999. The Company's principal sources of cash during the quarters ended March 31, 1999 and 1998 were from borrowings under revolving credit facilities. Cash used in operating activities totaled $11.0 million and $2.1 million in the first quarter of 1999 and 1998, respectively. Increases in inventories due to seasonal stocking totaled $8.1 million and 12 $3.5 million in 1999 and 1998, respectively. In the first quarter of 1999, accounts payable decreased by $8.8 million due to the heavy utilization of anticipation discounts offered by a major supplier to the Company. Capital expenditures during the quarters ended March 31, 1999 and 1998 amounted to $3.2 million and $1.0 million, respectively. Capital spending during the first quarter of 1999 was primarily for new equipment in retail operations, acquisition of new retail locations, and expansion of distribution warehouses. In addition, the Company acquired California Tire in January 1999 for approximately $6.1 million in cash and acquired debt. The Company anticipates that its principal use of cash going forward will be working capital requirements, debt service requirements, and capital expenditures. In addition, the Company expects to pay $5.0 million relating to consolidation of warehouse and office facilities, severance obligations, and other exit costs over the next twelve months. Based upon current and anticipated levels of operations, the Company believes that its cash flow from operations, together with amounts available under the revolving credit facility, will be adequate to meet its anticipated requirements. There can be no assurance, however, that the Company's business will continue to generate sufficient cash flow from operations in the future to service its debt, and the Company may be required to refinance all or a portion of its existing debt, or to obtain additional financing. These increased borrowings may result in higher interest payments. In addition, there can be no assurance that any such refinancing would be possible or that any additional financing could be obtained. The inability to obtain additional financing could have a material adverse effect on the Company. Year 2000 Compliance Portions of some of the accounting and operational systems and software used by Heafner in its business identify years with two digits instead of four. If not corrected, these information technology systems may recognize the year 2000 as the year 1900, which might cause system failures or inaccurate reporting of data that disrupts operations. Heafner has completed an internal assessment of all of the business applications and related software used in its information technology systems, including those of ITCO and CPW, in order to identify where "Year 2000" problems exist. As a result of this review, Heafner believes that all of its information technology systems and software either are Year 2000 compliant or can be brought into compliance by October of 1999, although there can be no assurance that any required remediation will be completed in a timely manner. In addition, Heafner is contacting non-information technology vendors to ensure that any of their products currently used in Heafner's business adequately address Year 2000 issues. Areas being reviewed include warehouse equipment, telephone and voice mail systems, security systems and other office and site support systems. Though there can be no assurance, Heafner believes based on its review that Year 2000 problems in its non- 13 information technology systems will not cause a material disruption in Heafner's business. Heafner also may be vulnerable to business interruptions caused by unremedied Year 2000 problems of its significant suppliers of products or services. Heafner has initiated formal communications with significant suppliers, including the country's major tire manufacturers, to determine the extent to which Heafner's operations may be affected by such third parties' Year 2000 non-compliance. Each of the major tire manufacturers has informed Heafner that it anticipates no disruption of tire supply or provision of significant business information as a result of Year 2000 problems. Heafner's wholesale and retail customer base is highly fragmented, with no single customer accounting for a significant portion of Heafner's business. Accordingly, although it has not attempted to survey its customers, Heafner believes that no significant risk exists in connection with Year 2000 problems on the part of any of its customers. Heafner does not expect the historical and estimated costs associated with bringing its information technology and non-information technology systems into Year 2000 compliance, including software modification, equipment replacement and payments to outside solution providers, to be material. However, if Year 2000 issues in Heafner's information technology and non-information technology systems are not remedied in a timely manner, or if Year 2000 problems on the part of Heafner's customers and suppliers exist and are not remedied in a timely manner, there can be no assurance that significant business interruptions or increased costs having a material adverse effect on the business, financial condition or results of operations of Heafner will not occur in connection with the change in century. Risks of Year 2000 non-compliance on the part of Heafner or any of its significant suppliers could include interruptions in supply from tire manufacturers, disruption of Heafner's internal and external distribution network, reduced customer service capabilities, breakdown of inventory control and fulfillment systems and impairment of essential information technology systems used by management. Heafner has not established nor does it plan to establish a contingency plan for Year 2000 compliance issues. 14 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk The Company does not consider its exposure to market risk to be material. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits - Exhibit 11 Computation of Earnings per Share Exhibit 12.1 Statement Regarding Computation of Earnings to Fixed Charges and Preferred Stock Dividends Exhibit 27.1-.2 Financial Data Schedules (b) Reports on Form 8-K No reports on Form 8-K were filed during the three months ended March 31, 1999. 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. Date: May 17, 1999 The J.H. Heafner Company, Inc. By: /s/ Donald C. Roof --------------------------------------- Donald C. Roof SVP - Finance Chief Financial Officer EX-11 2 COMPUTATION OF EARNINGS PER SHARE 1 Exhibit 11 The J.H. Heafner Company, Inc. Computation of Earnings Per Share (Unaudited)
Three months ended March 31, --------------------------------- 1999 1998 ----------- ----------- Average shares outstanding during the period 5,087,667 3,691,000 Incremental shares under stock options and warrants computed under the treasury stock method using the average market 1,235,234 ----------- ----------- price of issuer's stock during the period Total shares for diluted EPS 6,322,901 3,691,000 =========== =========== Income applicable to common shareholders: Net loss $(1,193,000) $ (463,000) =========== =========== Loss per basic common share: $ (0.23) $ (0.13) =========== =========== Loss per diluted share: $ (0.19) $ (0.13) =========== ===========
EX-12.1 3 STATEMENT RE: COMPUTATION OF EARNINGS 1 Exhibit 12.1 The J.H. Heafner Company, Inc. Statement Regarding: Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Amounts in thousands, except ratio amounts)
Three months Three months Ended Ended March 31, March 31, 1999 1998 (unaudited) (unaudited) ------------ ------------ Consolidated pretax income (loss) from continuing operations (2,053) (757) Interest 5,112 1,698 Interest portion of rent expense 2,179 991 Amortization of Deferred Debt Issuance Costs and Deferred Financing Costs 217 163 Preferred stock dividend requirements of majority-owned subsidiaries -- -- -------- -------- Earnings 5,455 2,095 ======== ======== Interest 5,112 1,698 Interest portion of rent expense 2,179 991 Amortization of Deferred Debt Issuance Costs and Deferred Financing Costs 217 163 Preferred stock dividend requirements of majority-owned subsidiaries -- -- -------- -------- Fixed Charges 7,508 2,852 ======== ======== Ratio of Earnings to Fixed Charges -- -- ======== ========
EX-27.1 4 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE J.H. HEAFNER COMPANY, INC. CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 6,249 0 114,713 3,115 146,268 277,491 60,005 15,042 450,792 206,034 162,891 11,353 0 51 16,851 450,792 239,804 239,804 181,580 237,143 (398) 0 5,112 (2,053) (860) (1,193) 0 0 0 (1,193) (0.23) (0.19)
EX-27.2 5 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE J.H. HEAFNER COMPANY, INC. CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 89,126 89,126 59,142 88,250 (65) 0 1,698 (757) (294) (463) 0 0 0 (463) (0.13) (0.13)
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