-----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, R/Z2CD1nGCPgQkC7wNkec6VIyx3S2VsiuLSA7UWZ3L621RLmheuR5ZmduKxG6Yna p1ekHGfi020AfBI/cfP1MA== 0000040211-95-000008.txt : 19951119 0000040211-95-000008.hdr.sgml : 19951119 ACCESSION NUMBER: 0000040211-95-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GATX CORP CENTRAL INDEX KEY: 0000040211 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 361124040 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-02328 FILM NUMBER: 95589477 BUSINESS ADDRESS: STREET 1: 120 S RIVERSIDE PLZ CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126216200 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL AMERICAN TRANSPORTATION CORP DATE OF NAME CHANGE: 19750722 10-Q 1 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 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended Commission File Number September 30, 1995 1-2328 GATX Corporation Incorporated in the IRS Employer Identification No. State of New York 36-1124040 500 West Monroe Street Chicago, Illinois 60661-3676 (312) 621-6200 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 ----- ------ Registrant had 20,090,733 shares of common stock outstanding as of October 31, 1995. PART I -- FINANCIAL INFORMATION
GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (UNAUDITED) In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 ------ ------ ------ ------ Gross income $311.7 $298.9 $914.1 $844.0 Costs and expenses Operating expenses 158.6 149.8 447.3 424.1 Interest 43.6 38.7 126.4 109.5 Provision for depreciation and amortization. 42.3 42.4 125.6 120.9 Provision for possible losses 3.2 5.2 12.5 15.3 Selling, general and administrative 35.4 31.7 102.8 91.3 ------ ------ ------ ------ 283.1 267.8 814.6 761.1 Income before income taxes and equity in net earnings of affiliated companies 28.6 31.1 99.5 82.9 Income taxes 12.2 12.2 41.8 33.2 ------ ------ ------ ------ Income before equity in net earnings of affiliated companies 16.4 18.9 57.7 49.7 Equity in net earnings of affiliated companies 10.1 6.4 24.4 16.7 ------ ------ ------ ------ Net income $ 26.5 $ 25.3 $ 82.1 $ 66.4 ====== ====== ====== ====== Per common share: Net income $ 1.13 $ 1.09 $ 3.55 $ 2.80 Net income, assuming full dilution 1.08 1.04 3.36 2.75 Dividends declared .40 .375 1.20 1.125 Note - The consolidated balance sheet at December 31, 1994 has been derived from the audited financial statements at that date. All other consolidated financial statements are unaudited but include all adjustments, consisting only of normal recurring items, which management considers necessary for a fair statement of the consolidated results of operations and financial position for the respective periods. Operating results for the nine months ended September 30, 1995 are not necessarily indicative of the results that may be achieved for the entire year ending December 31, 1995.
-1- GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS In Millions ASSETS September 30 December 31 1995 1994 (Unaudited) ------------ ----------- Cash and cash equivalents $ 22.1 $ 27.3 Receivables Trade accounts 108.2 101.6 Finance leases 530.8 533.4 Secured loans 231.4 231.2 Less - Allowance for possible losses (102.6) (89.6) --------- ---------- 776.6 767.6 Property, plant and equipment Railcars and support facilities 1,895.6 1,857.4 Tank storage terminals and pipelines 1,222.0 1,171.8 Great Lakes vessels 204.1 203.4 Operating lease investments and other 450.1 412.3 --------- ---------- 3,771.8 3,644.9 Less - Allowances for depreciation (1,513.5) (1,452.6) --------- --------- 2,258.3 2,192.3 Investments in affiliated companies 403.5 365.3 Other assets 311.4 289.2 ----------- ----------- TOTAL ASSETS $ 3,763.1 $ 3,650.7 ========== ==========
-2-
LIABILITIES, DEFERRED ITEMS AND SHAREHOLDERS' EQUITY September 30 December 31 1995 1994 (Unaudited) ------------ ----------- Accounts payable $ 207.4 $ 269.5 Accrued expenses 58.5 49.6 Debt Short-term debt 312.0 268.2 Long-term debt 1,631.0 1,549.7 Capital lease obligations 242.4 255.4 ---------- ---------- 2,185.4 2,073.3 Deferred income taxes 262.9 257.5 Other deferred items 336.7 338.4 ---------- ---------- Total liabilities and deferred items 3,050.9 2,988.3 Shareholders' equity Preferred Stock 3.4 3.4 Common Stock 14.3 14.2 Additional capital 324.4 318.1 Reinvested earnings 401.7 353.5 Cumulative foreign currency translation adjustment 15.5 20.3 ---------- ---------- 759.3 709.5 Less - Cost of common shares in treasury (47.1) (47.1) ---------- --------- Total shareholders' equity 712.2 662.4 TOTAL LIABILITIES, DEFERRED ITEMS AND SHAREHOLDERS' EQUITY $ 3,763.1 $ 3,650.7 ========= =========
-3- GATX CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) In Millions Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 ------- -------- ------- -------- OPERATING ACTIVITIES Net income $ 26.5 $ 25.3 $ 82.1 $ 66.4 Adjustments to reconcile net income to net cash provided by operating activities: Realized gain on disposition of leased equipment (5.5) (4.3) (31.4) (12.4) Provision for depreciation and amortization 42.3 42.4 125.6 120.9 Provision for possible losses 3.2 5.2 12.5 15.3 Deferred income taxes 3.6 5.4 10.4 7.9 Net change in trade receivables, inventories, accounts payable and accrued expenses 1.9 (6.1) (59.7) 38.4 Other (10.5) (6.7) (30.5) (64.1) -------- ------- -------- ------- NET CASH PROVIDED BY OPERATING ACTIVITIES 61.5 61.2 109.0 172.4 INVESTING ACTIVITIES Additions to property, plant and equipment (183.8) (111.1) (404.0) (277.7) Additions to equipment on lease, net of nonrecourse financing (55.6) (23.5) (179.6) (129.0) Secured loans extended (12.6) (9.6) (58.2) (55.3) Investments in affiliated companies (32.1) (.3) (38.3) (1.1) Progress payments and other (8.3) - (20.1) (1.0) -------- ------- -------- ------ Capital additions (292.4) (144.5) (700.2) (464.1) Portfolio proceeds: From disposition of leased equipment 10.5 17.5 123.3 42.6 From return of investment 22.6 54.4 103.0 99.9 --------- ------- -------- -------- Total portfolio proceeds 33.1 71.9 226.3 142.5 Proceeds from other asset dispositions 251.5 131.4 269.4 146.1 --------- ------- -------- -------- NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (7.8) 58.8 (204.5) (175.5) FINANCING ACTIVITIES Proceeds from issuance of long-term debt .3 25.0 203.9 139.2 Repayment of long-term debt (36.7) (13.8) (115.6) (93.6) Net (decrease) increase in short-term debt (19.6) (104.1) 43.8 3.5 Repayment of capital lease obligations (4.9) (5.0) (12.9) (11.0) Issuance of Common Stock under employee benefit programs 2.8 .1 5.1 3.9 Cash dividends (11.4) (10.8) (34.0) (32.3) --------- ------- -------- ------ NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (69.5) (108.6) 90.3 9.7 --------- ------- -------- ------ NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS $(15.8) $ 11.4 $ (5.2) $ 6.6 ========= ======= ======== =======
-4- MANAGEMENT'S DISCUSSION OF OPERATIONS COMPARISON OF FIRST NINE MONTHS OF 1995 TO FIRST NINE MONTHS OF 1994 GENERAL GATX Corporation's net income for the first nine months of 1995 was $82 million or $3.55 per common share compared to net income of $66 million or $2.80 per common share for the first nine months of 1994. On a fully diluted basis, earnings per share were $3.36 compared to fully diluted earnings of $2.75 per share for the 1994 period. Gross income increased 8% while net income increased 24% as a result of strong performance at GATX's largest subsidiaries. GATX's railcar leasing and management subsidiary (Transportation) continued to operate at high utilization rates while adding significant numbers of railcars to its fleet. GATX's terminal and pipeline subsidiary (Terminals) reported strong pipeline results, incremental contributions from recently acquired terminals and increased income from international joint ventures; these operating improvements were offset by increased expenses on infrastructure upgrades and by a decline in overall petroleum inventory levels. At Financial Services, higher gains, fees and joint venture income related to the remarketing of assets contributed to the increase. Operating activities provided $109 million of cash flow during the first nine months of 1995, a $63 million decrease from the first nine months of 1994. Net income adjusted for non-cash items generated $199 million, up $1 million from the first nine months of 1994. The $19 million increase in realized gains on disposition of leased equipment effectively decreased cash from operating activities as the full amount of proceeds was included under investing activities as portfolio proceeds. Changes in working capital and other generated $65 million less cash in 1995 largely due to a $48 million refund of a deposit in the first quarter of 1995 as the result of a lessee's exercise of its option to return four DC-10 aircraft. Proceeds of $226 million were generated from the portfolio compared to $143 million in the first nine months of 1994. Proceeds from the disposition of leased equipment of $123 million, primarily from the sale of aircraft and rail equipment, were $81 million more than the prior year. Proceeds of $103 million from the recovery of investment increased slightly over the 1994 period. Net cash proceeds from other asset dispositions in both 1995 and 1994 primarily consisted of the proceeds received from the sale leaseback of railcars at Transportation. Capital additions in the first nine months of 1995 totaled $700 million compared to $464 million in the comparable 1994 period. Transportation invested $307 million in the railcar fleet compared to $179 million in 1994; approximately $12 million was expended on the upgrade to the repair facilities each year. Terminals' capital spending of $104 million increased $24 million from the comparable period of 1994 which is primarily the result of the acquisition of an interest in a pipeline in the Northwest and the expansion of an existing pipeline in Central Florida. Portfolio additions at Financial Services of $271 million were $86 million higher than for the first nine months of 1994. Full year 1995 capital spending is forecasted to exceed $900 million, although a portion of the 1995 expenditures may not be effected depending on market conditions. It is anticipated that capital expenditures will be funded by both internally generated funds and GATX's available financing sources. -5- GATX had available unused committed lines of credit totaling $251 million at September 30, 1995. General American Transportation Corporation (GATC) has a $650 million shelf registration for pass through trust certificates and debt securities, under which $275 million of notes and $270 million of pass through trust certificates have been issued. During the quarter, GATC completed two sale leasebacks of GATC railcars totaling $250 million, $177 million of which was the debt portion. GATX Capital has a $300 million shelf registration, under which $135 million of medium-term notes have been issued. Neither GATC nor GATX Capital issued any medium-term notes during the quarter. RESULTS OF OPERATIONS Following is a discussion of the operating results of GATX's business segments: RAILCAR LEASING AND MANAGEMENT (TRANSPORTATION) - ------------------------------------------------------------------------ Nine Months Ended (In Millions) September 30 ------------------- 1995 1994 Change ------ ------ ------------------ Gross Income $266.4 $238.8 $ 27.6 12% Net Income $ 46.5 $ 40.7 $ 5.8 14% - -----------------------------------------------------------------------
Transportation's gross income increased 12% from the comparable prior year period due to 6,400 additional railcars on lease as a result of the high level of railcar additions and increased utilization. In addition, lease rates were slightly higher. At quarter end, 60,900 railcars were on lease compared to 54,500 railcars a year ago. Domestic fleet utilization at September 30, 1995 was 95% compared to 93% a year ago. Net income increased 14% from the first nine months of 1994 reflecting the higher revenues. In addition, higher income was generated from invested funds and a gain was recorded on the sale of a parcel of land in Mexico. Operating margins increased slightly as the growth in revenues exceeded the increase in fleet repair costs. Fleet repair costs increased 10% due to the increased fleet size and increased number of cars repaired, primarily at Transportation's service centers. Ownership costs, consisting of rental expense, depreciation and interest, increased 21% due to the increased fleet size and higher interest rates. SG&A increased 18% primarily as a result of increased compensation costs and expenses related to new operations in Mexico.
TERMINALS AND PIPELINES - ------------------------------------------------------------------------ Nine Months Ended (In Millions) September 30 ------------------ 1995 1994 Change ------ ------ ------------------- Gross Income $237.1 $220.3 $ 16.8 8% Net Income $ 24.9 $ 23.3 $ 1.6 7% - ------------------------------------------------------------------------
-6- Terminals' gross income increased 8% from the first nine months of 1994 reflecting incremental revenues from newly-acquired terminals and strong petroleum activity in the first half of 1995, especially in the Los Angeles market. Higher revenues at Terminals' two domestic pipelines were offset by the absence of revenues at the Wyco pipeline following its sale early this year. Capacity utilization at Terminals' wholly- owned facilities was 87% at the end of the third quarter compared to 94% a year ago, reflecting the effects of lower industry-wide petroleum inventory levels and tanks out of service for repairs and upgrades. Throughput for the nine months was 484 million barrels compared to 513 million barrels a year ago. The additional throughput at newly-acquired terminals was offset by the absence of throughput at Wyco; lower overall throughput reflects the mild winter, lower blending activity, refinery turnarounds, tanks out of service, and contract terminations with a large customer. Net income of $25 million increased 7% from the first nine months of 1994. Higher revenues were partially offset by additional operating expenses incurred due to improvements in information systems, asset upgrades and personnel training. Interest expense grew from financing recent acquisitions. Operating margins were slightly higher than last year. Earnings at the foreign affiliates of $11 million increased $2 million due to strong demand at the Spanish and Singapore terminals.
FINANCIAL SERVICES - ------------------------------------------------------------------------ Nine Months Ended (In Millions) September 30 ------------------- 1995 1994 Change ------ ------ ------------------- Gross Income $163.2 $150.5 $ 12.7 8% Net Income $ 29.2 $ 18.1 $ 11.1 61% - ------------------------------------------------------------------------
Financial Services' year-to-date gross income increased $13 million from the first nine months of 1994. The increase was principally due to higher disposition gains and fee income, both largely from the remarketing of rail equipment from the company's owned and managed portfolios, partially offset by lower lease and interest income. Pretax disposition gains were $29 million for the first nine months of 1995 compared to $11 million for the comparable 1994 period. Gains from the sale of assets do not fall evenly period to period and are not projected in the fourth quarter to be at the levels seen earlier this year. Net income of $29 million increased $11 million from the comparable 1994 period due to the increased revenues, partially offset by increased interest and SG&A expenses. The year-to-date loss provision of $12 million was $3 million lower than the 1994 year-to-date provision. The loss reserve at September 30, 1995 was $95 million, or 6.5% of total portfolio investments. SG&A increased as result of higher compensation and benefits expense and additional information systems costs. Equity in net earnings of affiliated companies increased $5 million primarily due to improved earnings at an international aircraft joint venture and proceeds from the sale of a real estate investment. -7-
GREAT LAKES SHIPPING - ------------------------------------------------------------------------ Nine Months Ended (In Millions) September 30 ------------------- 1995 1994 Change ------ ------ ------------------- Gross Income $ 57.4 $ 54.2 $ 3.2 6% Net Income $ 5.5 $ 3.6 $ 1.9 53% - ------------------------------------------------------------------------
American Steamship Company's gross income for the first nine months of 1995 increased $3 million from the prior year period as severe spring weather conditions delayed the start of the 1994 shipping season. Tonnage carried in the first nine months of 1995 was 17.4 million tons compared to 17.2 million tons in the first nine months of 1994. In addition, freight revenue per ton increased slightly. Net income increased $2 million from the first nine months of 1994 as a result of the higher gross income and an increased contribution margin due to efficient vessel operations and cost controls.
LOGISTICS AND WAREHOUSING - ------------------------------------------------------------------------ Nine Months Ended (In Millions) September 30 ----------------- 1995 1994 Change ------ ------ ------------------- Gross Income $190.6 $182.8 $ 7.8 4% Net Income $ .1 $ (.9) $ 1.0 NM - ------------------------------------------------------------------------
GATX Logistics' gross income increased 4% from the first nine months of 1994 due to new customers, higher volumes from existing customers, and some rate increases. Net income of $.1 million was $1 million higher than the 1994 comparable period due to improved margins and lower amortized costs, partially offset by higher SG&A costs related to increased headcount and associated costs. Margins improved due to new business, price increases, volume levels and reduced empty space cost in public warehousing. -8- COMPARISON OF THIRD QUARTER 1995 TO THIRD QUARTER 1994 GENERAL For the third quarter 1995, net income was $26 million or $1.13 per share as compared to net income of $25 million or $1.09 per share for the third quarter of 1994.
GROSS INCOME - ----------------------------------------------------------------------- (In Millions) Three Months Ended September 30 Business Segment 1995 1994 Change - -------------------------- ------ ------ ----------------- Railcar Leasing and Management $ 90.8 $ 80.8 $ 10.0 12% Terminals and Pipelines 77.7 76.4 1.3 2 Financial Services 48.2 52.4 (4.2) (8) Great Lakes Shipping 29.2 28.7 .5 2 Logistics and Warehousing 66.4 61.6 4.8 8 - ----------------------------------------------------------------------
NET INCOME (LOSS) - ---------------------------------------------------------------------- (In Millions) Three Months Ended September 30 Business Segment 1995 1994 Change - ------------------------ ------ ----- ---------------- Railcar Leasing and Management $15.6 $14.0 $ 1.6 11% Terminals and Pipelines 8.2 8.2 - - Financial Services 7.6 6.6 1.0 15 Great Lakes Shipping 2.9 2.1 .8 38 Logistics and Warehousing .2 (.1) .3 NM - ----------------------------------------------------------------------
Increases and decreases in gross income and net income between these quarters for all segments were principally due to the same reasons as discussed previously in relation to the nine-month periods. -9- PART II - OTHER INFORMATION Item 1. Legal Proceedings GATX previously reported a decision in the matter of General American Transportation Corporation v. Cryo-Trans, Incorporated, permanently enjoining GATC from infringement of a patent in the construction and use of GATC's Arcticar [TM] cryogenically cooled railcar, and entering a judgment against GATC in the amount of $9.7 million. The judgment has been reduced to approximately $9 million and GATC has filed an appeal of the decision with the Federal Circuit Court of Appeals. Any additional costs which may result from the injunction are not considered to be material. The provisional settlement previously reported with respect to the claims against GATC arising out of the July 1991 derailment near Dunsmuir, California, has been concluded. Terminals has entered into an agreement with the United States Environmental Protection Agency to pay $150,000 in civil penalties for its alleged failure to comply with state and federal statutes related to hazardous waste management associated with two rainwater collection ponds at its Taft, Florida, terminal. GATX has previously reported that in Searls vs. Glasser, et al, a class action suit filed against GATX and five of its senior officers, the decision of the District Court granting a motion for summary judgment in favor of GATX and such officers was appealed. In August, the U.S. Court of Appeals for the 7th Circuit affirmed the decision of the District Court. The plaintiffs have filed with the Court of Appeals a Petition for Rehearing In Banc. There has been no decision by the Court of Appeals with respect to such Petition. -10- Item 6. Exhibits and Reports on Form 8-K Page (a) 11A Statement regarding computation of per share earnings 13 11B Statement regarding computation of per share earnings 14 (full dilution) 27 Financial Data Schedule for GATX Corporation for the quarter ended September 30, 1995. Submitted to the SEC along with the electronic submission of this Quarterly Report on Form 10-Q (b) No reports on Form 8-K were filed during the reporting period. -11- 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. GATX CORPORATION (Registrant) /s/David M. Edwards ------------------------ David M. Edwards Vice President, Finance and Chief Financial Officer (Duly Authorized Officer) Date: November 10, 1995 -12- Exhibit 11A GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK AND COMMON STOCK EQUIVALENTS In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 ------ ------ ----- ---- Average number of shares of Common Stock outstanding 20.1 19.9 20.0 19.8 Shares issuable upon assumed exercise of stock options, reduced by the number of shares which could have been purchased with the proceeds from exercise of such options .4 .3 .3 .3 Total 20.5 20.2 20.3 20.1 ====== ====== ===== ====== Net income $ 26.5 $ 25.3 $ 62.1 $ 66.4 Deduct - Dividends paid and accrued on Preferred Stock 3.3 3.3 9.9 10.0 ------ ------ ----- ------ Net income, as adjusted $ 23.2 $ 22.0 $ 72.2 $ 56.4 ====== ====== ====== ====== Net income per share $ 1.13 $ 1.09 $ 3.55 $ 2.80 ====== ====== ====== ======
-13- Exhibit 11B GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK AND COMMON STOCK EQUIVALENTS ASSUMING FULL DILUTION In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 ---- ---- ---- ---- Average number of shares used to compute primary earnings per share 20.5 20.2 20.3 20.1 Common Stock issuable upon assumed conversion of Preferred Stock 4.0 4.0 4.1 4.1 ----- ----- ----- ----- Total 24.5 24.2 24.4 24.2 ====== ====== ===== ====== Net income as adjusted per primary computation $ 23.2 $ 22.0 $ 72.2 $ 56.4 Add - Dividends paid and accrued on Preferred Stock 3.3 3.3 9.9 10.0 ------ ------ ------ ------ Net income, as adjusted $ 26.5 $ 25.3 $ 82.1 $ 66.4 ====== ======= ====== ======= Net income per share, assuming full dilution $ 1.08 $ 1.04 $ 3.36 $ 2.75 ====== ====== ====== ======
-14- EX-11.A 2 Exhibit 11A GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK AND COMMON STOCK EQUIVALENTS In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 ------ ------ ----- ---- Average number of shares of Common Stock outstanding 20.1 19.9 20.0 19.8 Shares issuable upon assumed exercise of stock options, reduced by the number of shares which could have been purchased with the proceeds from exercise of such options .4 .3 .3 .3 ------ ----- ------ ------ Total 20.5 20.2 20.3 20.1 ====== ====== ===== ====== Net income $ 26.5 $ 25.3 $ 62.1 $ 66.4 Deduct - Dividends paid and accrued on Preferred Stock 3.3 3.3 9.9 10.0 ------ ------ ----- ------ Net income, as adjusted $ 23.2 $ 22.0 $ 72.2 $ 56.4 ====== ====== ===== ====== Net income per share $ 1.13 $ 1.09 $ 3.55 $ 2.80 ====== ====== ===== ======
-13- EX-11.B 3 Exhibit 11B GATX CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE OF COMMON STOCK AND COMMON STOCK EQUIVALENTS ASSUMING FULL DILUTION In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 ---- ---- ----- ---- Average number of shares used to compute primary earnings per share 20.5 20.2 20.3 20.1 Common Stock issuable upon assumed conversion of Preferred Stock 4.0 4.0 4.1 4.1 ----- ----- ----- ----- Total 24.5 24.2 24.4 24.2 ====== ====== ===== ====== Net income as adjusted per primary computation $ 23.2 $ 22.0 $ 72.2 $ 56.4 Add - Dividends paid and accrued on Preferred Stock 3.3 3.3 9.9 10.0 ------ ------ ------ ------ Net income, as adjusted $ 26.5 $ 25.3 $ 82.1 $ 66.4 ====== ======= ====== ======= Net income per share, assuming full dilution $ 1.08 $ 1.04 $ 3.36 $ 2.75 ====== ====== ====== ======
-14- EX-27 4
5 This schedule contains summary financial information extracted from the Consolidated Balance Sheet and Consolidated Income Statement and is qualified in its entirety by reference to such financial statements. 1,000,000 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 22 0 870 103 0 0 3772 1514 3763 0 1873 14 0 3 695 3763 0 914 0 447 126 0 126 99 42 82 0 0 0 82 3.55 3.36 Not applicable because GATX has an unclassified balance sheet. This value consists of two components: Long-term debt of 1,631 million and Capital Lease Obligations of 242 million. Short-term debt is not included in this value. This value represents Operating Expenses on the Consolidated Income Statement. This value consists of the Provision for Dpereciation and Amortization on the Consolidated Income Statement. This value represents Income Before Income Taxes and Equity in Net Earnings of Affiliated companies.
-----END PRIVACY-ENHANCED MESSAGE-----