-----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, JvaMhpBPzZiUWgAaLj8Ud4VqxmcSgolR2ivQhGP1BDbS4sVJ8PWRELkWEc0y5X2n 6Kckam9mm7WpMI5oyo9LFw== 0000040211-98-000006.txt : 19980514 0000040211-98-000006.hdr.sgml : 19980514 ACCESSION NUMBER: 0000040211-98-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980513 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: SEC FILE NUMBER: 001-02328 FILM NUMBER: 98618331 BUSINESS ADDRESS: STREET 1: 500 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60661 BUSINESS PHONE: 3126216200 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL AMERICAN TRANSPORTATION CORP DATE OF NAME CHANGE: 19750722 10-Q 1 GATX 1ST QUARTER 10-Q 1998 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 March 31, 1998 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 24,591,020 shares of common stock outstanding as of April 30, 1998. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PART I--FINANCIAL INFORMATION GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (UNAUDITED) In Millions, Except Per Share Amounts Three Months Ended March 31 ------------------ 1998 1997 ---- ---- Gross income ........................................ $ 408.9 $ 394.6 Costs and expenses Operating expenses ........................ 182.9 183.3 Interest .................................. 58.4 51.5 Provision for depreciation and amortization 62.0 60.1 Provision for possible losses ............. 2.6 2.2 Selling, general and administrative ....... 55.5 53.0 ---- ---- 361.4 350.1 ----- ----- Income before income taxes and equity in net earnings of affiliated companies ...... 47.5 44.5 Income taxes ........................................ 20.4 19.2 ---- ---- Income before equity in net earnings of affiliated companies ................................. 27.1 25.3 Equity in net earnings of affiliated companies ...... 10.3 5.9 ---- --- Net income .......................................... $ 37.4 $ 31.2 ======== ======== Per common share: Net income ................................ $ 1.52 $ 1.37 Net income, assuming dilution ............. 1.48 1.27 Dividends declared ........................ .50 .46 Note - The consolidated balance sheet at December 31, 1997 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 three months ended March 31, 1998 are not necessarily indicative of the results that may be achieved for the entire year ending December 31, 1998. 1 GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS In Millions ASSETS March 31 December 31 1998 1997 -------- ----------- (Unaudited) Cash and cash equivalents ..................... $ 106.0 $ 77.8 Receivables Trade accounts ...................... 114.7 161.9 Finance leases ...................... 674.8 877.0 Secured loans ....................... 372.4 180.3 Less - Allowance for possible losses (130.5) (128.5) ------ ------ 1,031.4 1,090.7 Operating lease assets and facilities Railcars and support facilities ..... 2,591.0 2,501.7 Tank storage terminals and pipelines 1,127.8 1,128.9 Great Lakes vessels ................. 202.3 199.4 Operating lease investments and other 680.2 704.4 ----- ----- 4,601.3 4,534.4 Less - Allowance for depreciation ... (1,867.3) (1,823.9) -------- -------- 2,734.0 2,710.5 Investments in affiliated companies ........... 705.3 707.4 Other assets .................................. 370.2 361.4 ----- ----- TOTAL ASSETS .................................. $ 4,946.9 $ 4,947.8 ========== ========== 2 LIABILITIES, DEFERRED ITEMS AND SHAREHOLDERS' EQUITY March 31 December 31 1998 1997 -------- ----------- (Unaudited) Accounts payable ................................. $ 279.7 $ 354.7 Accrued expenses ................................. 80.0 58.0 Debt Short-term debt ........................ 444.3 392.5 Recourse long-term debt ................ 2,235.0 2,277.5 Nonrecourse long-term debt ............. 368.6 329.8 Capital lease obligations .............. 205.7 212.1 ----- ----- 3,253.6 3,211.9 Deferred income taxes ............................ 306.2 297.6 Other deferred items ............................. 342.8 370.2 ----- ----- Total liabilities and deferred items ... 4,262.3 4,292.4 Shareholders' equity Common Stock ........................... 17.1 17.0 Additional capital ..................... 343.7 339.7 Reinvested earnings .................... 388.5 363.4 Accumulated other comprehensive income . (17.9) (17.9) ----- ----- 731.4 702.2 Less - Cost of common shares in treasury (46.8) (46.8) ----- ----- Total shareholders' equity ........ 684.6 655.4 ----- ----- TOTAL LIABILITIES, DEFERRED ITEMS AND SHAREHOLDERS' EQUITY ............... $ 4,946.9 $ 4,947.8 ========== ========== 3
GATX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) In Millions Three Months Ended March 31 ------------------ 1998 1997 ---- ---- OPERATING ACTIVITIES Net income .................................................. $ 37.4 $ 31.2 Adjustments to reconcile net income to net cash provided by operating activities: Realized gain on disposition of leased equipment (26.1) (26.1) Provision for depreciation and amortization ..... 62.0 60.1 Provision for possible losses ................... 2.6 2.2 Deferred income taxes ........................... 9.5 (1.4) Net change in trade receivables, inventories, accounts payable and accrued expenses ............... (29.5) 19.0 Other ....................................................... (2.3) (27.9) ---- ----- NET CASH PROVIDED BY OPERATING ACTIVITIES ........... 53.6 57.1 INVESTING ACTIVITIES Additions to operating lease assets and facilities .......... (112.5) (95.3) Additions to equipment on lease, net of nonrecourse financing for leveraged leases ................................ (71.0) (51.0) Secured loans extended ...................................... (28.7) (2.5) Investments in affiliated companies ......................... (16.5) (14.0) Progress payments and other ................................. (2.3) (18.0) ---- ----- Capital additions and portfolio investments ......... (231.0) (180.8) Portfolio proceeds: From disposition of leased equipment ................ 100.4 88.7 From return of investment ........................... 67.0 72.5 ---- ---- Total portfolio proceeds ........................ 167.4 161.2 Proceeds from other asset dispositions ...................... 5.2 1.8 --- --- NET CASH USED IN INVESTING ACTIVITIES ............... (58.4) (17.8) FINANCING ACTIVITIES Proceeds from issuance of long-term debt .................... 68.3 40.5 Repayment of long-term debt ................................. (94.6) (170.3) Net increase in short-term debt ............................. 74.0 110.0 Repayment of capital lease obligations ...................... (6.4) (6.2) Issuance of common stock under employee benefit programs .... 4.0 3.1 Cash dividends .............................................. (12.3) (12.7) ----- ----- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES ........................... 33.0 (35.6) ---- ----- NET INCREASE IN CASH AND CASH EQUIVALENTS ................................ $ 28.2 $ 3.7 ======== ========
4
GATX CORPORATION AND SUBSIDIARIES STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY THREE MONTHS ENDED MARCH 31, 1998 In Millions Accumulated Other Common Additional Reinvested Comprehensive Treasury Stock Capital Earnings Income (a) Stock Total Beginning Balance 1/1/98 $ 17.0 $339.7 $363.4 $(17.9) $(46.8) $655.4 Comprehensive Income: Net income 37.4 37.4 Other comprehensive income Foreign currency translation adjustment (0.4) (0.4) Unrealized gain on securities, net of reclassification adjustments (b) 0.4 0.4 ----- Comprehensive income 37.4 ---- Common stock issued 0.1 4.0 4.1 Dividends declared (12.3) (12.3) ------ ------ ------ ------ ------ ------ Ending Balance 3/31/98 $ 17.1 $343.7 $388.5 $(17.9) $(46.8) $684.6 ====== ====== ====== ====== ====== ====== (a) The beginning balance of accumulated other comprehensive income at January 1, 1998 included a cumulative foreign currency translation adjustment of $(22.5) million and unrealized gains on securities of $4.6 million. (b) Reclassification Adjustments: Unrealized gains on securities $ 1.1 Less: Reclassification adjustments for gains realized included in net income (0.7) ----- Net unrealized gains on securities $ 0.4 =====
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GATX CORPORATION AND SUBSIDIARIES STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY THREE MONTHS ENDED MARCH 31, 1997 In Millions Accumulated Other Common Preferred Additional Reinvested Comprehensive Treasury Stock Stock Capital Earnings Income (a) Stock Total Beginning Balance 1/1/97 $ 14.4 $ 3.4 $329.0 $463.7 $ 11.4 $ (47.0) $774.9 Comprehensive Income: Net income 31.2 31.2 Other comprehensive income Foreign currency transla- tion adjustment (6.8) (6.8) Unrealized loss on securi- ties, net of reclassifica- tion adjustments (b) (1.9) (1.9) ----- Comprehensive income 22.5 ---- Common stock issued 0.1 2.9 0.2 3.2 Dividends declared (12.7) (12.7) ------ ---- ------ ------ ----- ------ ------ Ending Balance 3/31/97 $ 14.5 $3.4 $331.9 $482.2 $ 2.7 $(46.8) $787.9 ====== ==== ====== ====== ===== ====== ====== (a) The beginning balance of accumulated other comprehensive income at January 1, 1997 included a cumulative foreign currency translation adjustment of $5.8 million and unrealized gains on securities of $5.6 million. (b) Reclassification Adjustments: Unrealized loss on securities $(1.7) Less: Reclassification adjustments for gains realized included in net income (.2) ----- Net unrealized loss on securities $(1.9) =====
6 MANAGEMENT'S DISCUSSION OF OPERATIONS COMPARISON OF FIRST THREE MONTHS OF 1998 TO FIRST THREE MONTHS OF 1997 GENERAL GATX Corporation's net income for the first quarter of 1998 was $37 million compared to $31 million for the first quarter of 1997. Earnings per share on a diluted basis increased 17% to $1.48 from $1.27 for the prior year quarter. Gross income of $409 million increased by $14 million from the prior year quarter, while net income was $6 million higher. Transportation benefitted from more railcars on lease and higher rental rates while GATX Capital reported strong contributions from aircraft and rail remarketing opportunities. Results at Terminals increased due to favorable petroleum market conditions and higher equity earnings from affiliates, and the restructuring undertaken in the fourth quarter of 1997. Net cash provided by operating activities for the first quarter of 1998 was $54 million, a $4 million decrease from last year's quarter, due to the timing of working capital requirements. All cash received from asset dispositions, including gain and return of principal, are included in investing activities as portfolio proceeds. Capital additions and portfolio investments for the quarter totaled $231 million, an increase of $50 million from the first quarter of 1997. Transportation invested $100 million in its railcar fleet and facilities, an increase of $18 million from the first quarter of 1997; the number of new and existing railcars acquired was 1,700 compared to 1,300 last year. Terminals' capital additions of $8 million were comparable with the prior year quarter. Portfolio investments at Financial Services for the quarter of $118 million were $32 million higher than the prior year primarily due to rail and technology opportunities. Full year capital spending is expected to be about $400 million, while portfolio investments are anticipated to approximate $800 million, both similar to last year's levels. These projections may change significantly depending on market conditions and opportunities to acquire portfolios of desirable assets. Capital additions and portfolio investments will be funded by internally generated cash flow and GATX's external recourse and nonrecourse financing sources. GATX, through its subsidiaries, had unused committed lines of credit of $440 million at March 31, 1998. Neither General American Transportation Corporation (GATC) nor GATX Capital issued any recourse medium-term notes during the first quarter; financing needs were met by cash flow from operations and short-term debt. GATC has a $650 million shelf registration, under which $100 million of notes and $236 million of pass-through certificates have previously been issued. GATX Capital has a $532 million shelf registration, under which $350 million of medium-term notes have previously been issued. At the April 24, 1998, GATX Annual Shareholders' Meeting, shareholders approved an increase in the authorized common shares from 60 million to 120 million, which will allow GATX to effect a two-for-one stock split. The split will be effected as a stock dividend payable June 1, 1998, to shareholders of record on May 11, 1998. 7 Management's discussion includes statements which may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although the company believes that the expectations reflected in such forward- looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, unanticipated changes in the markets served by GATX such as the petroleum, chemical, rail, air, and technology industries. RESULTS OF OPERATIONS Following is a discussion of the operating results of GATX's business segments: RAILCAR LEASING AND MANAGEMENT (TRANSPORTATION) - -------------------------------------------------------------------------------- Three Months Ended (In Millions) March 31 ------------------ 1998 1997 Change ---- ---- -------------- Gross Income $ 125.7 $ 116.2 $ 9.5 8% Net Income $ 19.4 $ 18.0 $ 1.4 8% - -------------------------------------------------------------------------------- Transportation's gross income for the first three months of 1998 increased 8% from the comparable prior year quarter attributable to a larger active fleet and higher overall lease rates. Approximately 78,900 tank and freight cars were on lease throughout North America at March 31, 1998, compared to 73,900 railcars a year ago. With a total North American fleet of 82,200 railcars, utilization ended the period at 96%, up from 94% a year ago. Net income increased 8% from the first quarter of 1997 primarily due to the same reasons that revenues increased. While all major cost areas (asset ownership, repairs, and SG&A) increased, the cost increases were proportional to the increase in revenue. Because most of the recent years' U.S. railcar additions have been financed using sale-leasebacks, those asset ownership costs are included as operating lease expense (a component of operating expenses), whereas Canadian railcars are financed with debt and, therefore, those asset ownership costs are recorded as depreciation and interest expense. FINANCIAL SERVICES (GATX CAPITAL) - -------------------------------------------------------------------------------- Three Months Ended (In Millions) March 31 ------------------ 1998 1997 Change ---- ---- ----------------- Gross Income $ 147.9 $ 144.4 $ 3.5 2 % Net Income $ 21.6 $ 22.9 $ (1.3) (6)% - -------------------------------------------------------------------------------- 8 Gross income at GATX Capital of $148 million increased $4 million from the prior year quarter due to higher lease income offset by lower asset remarketing income and technology equipment sales. Asset remarketing income includes both equipment disposition gains and residual sharing fees. Pretax disposition gains of $25 million were equal to last year's quarter, while residual sharing fees decreased $6 million. Asset remarketing income does not occur evenly from period to period. Net income of $22 million decreased $1 million from last year's record quarter, in part due to the lower residual sharing fees. TERMINALS AND PIPELINES - -------------------------------------------------------------------------------- Three Months Ended (In Millions) March 31 ------------------ 1998 1997 Change ---- ---- ---------------- Gross Income $ 70.0 $ 70.5 $ (.5) (1)% Net Income (Loss) $ 4.3 $ (1.4) $ 5.7 -- - -------------------------------------------------------------------------------- Although Terminals' gross income for the first three months of 1998 approximates the prior year quarter, 1997's revenues include those related to the Norco facility that was sold in September 1997. On a comparable facility basis, gross income for the current quarter increased by 4% over the prior year primarily due to petroleum activity. In the petroleum market, an inventory build-up provided some opportunities for Terminals' storage services. However, it is doubtful that the industry trend to reduce inventory levels is being reversed. Chemical and pipeline revenues for the current quarter are in-line with the prior year quarter. Throughput of petroleum and chemical products was 150 million barrels for the first quarter of 1998, up modestly from 147 million barrels (excluding Norco) for the same quarter last year. Capacity utilization at wholly-owned facilities was 94% at March 31, 1998, versus 92% (excluding Norco) a year ago. Terminals' net income for the first quarter of 1998 of $4.3 million, an increase of $5.7 million from last year, was due to improved operating conditions, one-time transformation costs incurred during the prior year quarter, and the impact of the restructuring program implemented in the fourth quarter of 1997. Equity earnings were $3.5 million, $1.3 million greater than the first quarter of 1997, reflecting improved utilization at domestic and several international affiliates. LOGISTICS AND WAREHOUSING - -------------------------------------------------------------------------------- Three Months Ended (In Millions) March 31 ------------------ 1998 1997 Change ---- ---- --------------- Gross Income $ 61.5 $ 62.1 $ (.6) (1)% Net Income (Loss) $ .4 $ (.4) $ .8 -- - -------------------------------------------------------------------------------- 9 GATX Logistics' gross income of $62 million was comparable to the first three months of 1997. Revenues from newly-signed contracts and higher volumes and improved rates with certain customers were offset by lower volumes at other major customers. Further, the strategy to exit certain secondary markets has affected revenues by reducing leasable square footage over 5% from a year ago. Net income increased by $.8 million from the prior year quarter as a result of replacing certain less profitable secondary market revenues with higher margin business, lower empty space costs, the impact of the restructuring program taken in the fourth quarter of 1997, and a real estate commission earned for facilitating the sale of a customer's warehouse. GREAT LAKES SHIPPING - -------------------------------------------------------------------------------- Three Months Ended (In Millions) March 31 ------------------ 1998 1997 Change ---- ---- ----------------- Gross Income $ 1.9 $ .9 $ 1.0 111% Net Income $ .7 $ .4 $ .3 75 % - -------------------------------------------------------------------------------- American Steamship Company traditionally does not begin operations until late in the first quarter due to ice on the Great Lakes. The relatively mild winter enabled American Steamship Company to begin the 1998 shipping season earlier in the first quarter resulting in both higher revenues and earnings compared to a year ago. 10 PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders (a) GATX's Annual Meeting of Stockholders was held on April 24, 1998. (b) Matters voted upon at the meeting were: Number of Shares Voted For Withheld --- -------- 1. Election of Directors. James M. Denny 21,356,103 88,421 Richard Fairbanks 21,356,683 87,841 William C. Foote 21,357,920 86,604 Deborah M. Fretz 21,356,828 87,696 Richard A. Giesen 21,352,323 92,201 Miles L. Marsh 21,357,451 87,073 Charles Marshall 21,346,293 98,231 Michael E. Murphy 21,352,342 92,182 Ronald H. Zech 21,355,549 88,975 2. Ratification of appointment of Ernst & 21,364,500 For Young LLP as independent auditors 50,782 Against for Fiscal 1998. 29,242 Abstentions 3. Ratification to amend GATX 20,173,422 For Corporation's 1995 Long-Term Incentive 1,147,537 Against Compensation Plan. 123,565 Abstentions 4. Ratification to amend GATX's 20,944,933 For Certificate of Incorporation. 430,142 Against 69,449 Abstentions There were no broker non-votes with respect to the election of the directors or the ratification of appointment of independent auditors. Item 6. Exhibits and Reports on Form 8-K. Page (a) 10A Amendment to the GATX Corporation 1995 Long-Term Incentive Compensation Plan adopted on March 6, 1998, incorporated by reference to pages 19 through 24 of the GATX Proxy Statement dated March 17, 1998, file number 1-2328. 11A Statement regarding computation of earnings per share. 14 11 11B Statement regarding computation of earnings per share (diluted). 15 27.1 Financial Data Schedule for GATX Corporation for the quarter ended March 31, 1998. Submitted to the SEC along with the electronic submission of this Quarterly Report on Form 10-Q. 27.2 Restated Financial Data Schedule for the year to date periods ended March 31, 1997, June 30, 1997, September 30, 1997 and March 31, 1996. 27.3 Restated Financial Data Schedule for the year to date periods ended June 30, 1996, September 30, 1996, December 31, 1996 and December 31, 1995. (b) No reports on Form 8-K were filed during the reporting period. 12 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 Senior Vice President and Chief Financial Officer (Duly Authorized Officer) Date: May 13, 1998 13 Exhibit 11A GATX CORPORATION AND SUBSIDIARIES COMPUTATION OF BASIC NET INCOME PER SHARE OF COMMON STOCK In Millions, Except Per Share Amounts Three Months Ended March 31 ------------------ 1998 1997 ------- ------- Average number of shares of common stock outstanding 24.5 20.3 Net income ......................................... $ 37.4 $ 31.2 Deduct - Dividends paid and accrued on preferred stock ........................... -- 3.3 ----- ----- Net income, as adjusted ............................ $ 37.4 $ 27.9 ======= ======= Basic net income per share ......................... $ 1.52 $ 1.37 ======== ======== Note: 1997 amounts have been restated to reflect Financial Accounting Standards Board Statement No. 128 (FAS 128), Earnings Per Share, which was required to be adopted on December 31, 1997. 14
Exhibit 11B GATX CORPORATION AND SUBSIDIARIES COMPUTATION OF DILUTED NET INCOME PER SHARE OF COMMON STOCK In Millions, Except Per Share Amounts Three Months Ended March 31 ------------------ 1998 1997 ------ ------ Average number of shares used to compute basic earnings per share ......................................... 24.5 20.3 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 .......................... .6 .3 Common stock issuable upon assumed conversion of preferred stock ............................................ .1 4.0 ------ ------ Total shares ................................................................... 25.2 24.6 ====== ====== Net income, as adjusted per basic computation .................................. $ 37.4 $ 27.9 Add - Dividends paid and accrued on preferred stock ............................ -- 3.3 ------- ----- Net income, as adjusted ........................................................ $ 37.4 $ 31.2 ======== ====== Diluted net income per share ................................................... $ 1.48 $ 1.27 ========= ======= Note: See discussion of FAS 128 on Exhibit 11A.
15 EXHIBITS FILED WITH DOCUMENT 11A Statement regarding computation of earnings per share. 11B Statement regarding computation of earnings per share (diluted). 27.1 Financial Data Schedule for GATX Corporation for the quarter ended March 31, 1998. Submitted to the SEC along with the electronic submission of this Quarterly Report on Form 10-Q. 27.2 Restated Financial Data Schedule for the year to date periods ended March 31, 1997, June 30, 1997, September 30, 1997 and March 31, 1996. 27.3 Restated Financial Data Schedule for the year to date periods ended June 30, 1996, September 30, 1996, December 31, 1996 and December 31, 1995. EX-11 2 COMPUTATION OF BASIC EARNINGS PER SHARE Exhibit 11A GATX CORPORATION AND SUBSIDIARIES COMPUTATION OF BASIC NET INCOME PER SHARE OF COMMON STOCK In Millions, Except Per Share Amounts Three Months Ended March 31 ------------------ 1998 1997 ------- ------- Average number of shares of common stock outstanding 24.5 20.3 Net income ......................................... $ 37.4 $ 31.2 Deduct - Dividends paid and accrued on preferred stock ........................... -- 3.3 ----- ----- Net income, as adjusted ............................ $ 37.4 $ 27.9 ======= ======= Basic net income per share ......................... $ 1.52 $ 1.37 ======== ======== Note: 1997 amounts have been restated to reflect Financial Accounting Standards Board Statement No. 128 (FAS 128), Earnings Per Share, which was required to be adopted on December 31, 1997. EX-11 3 COMPUTATION OF DILUTED EARNINGS PER SHARE
Exhibit 11B GATX CORPORATION AND SUBSIDIARIES COMPUTATION OF DILUTED NET INCOME PER SHARE OF COMMON STOCK In Millions, Except Per Share Amounts Three Months Ended March 31 ------------------ 1998 1997 ------ ------ Average number of shares used to compute basic earnings per share ......................................... 24.5 20.3 Sharesissuable 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 .......................... .6 .3 Common stock issuable upon assumed conversion of preferred stock ............................................ .1 4.0 ------ ------ Total shares ................................................................... 25.2 24.6 ====== ====== Net income, as adjusted per basic computation .................................. $ 37.4 $ 27.9 Add - Dividends paid and accrued on preferred stock ............................ -- 3.3 ------- ----- Net income, as adjusted ........................................................ $ 37.4 $ 31.2 ======== ====== Diluted net income per share ................................................... $ 1.48 $ 1.27 ========= ======= Note: See discussion of FAS 128 on Exhibit 11A.
EX-27.1 4 FINANCIAL DATA SCHEDULE
5 This Schedule Contains Summary Financial Information Extraced From The consolidated Balance Sheet and Consolidated Income Statement of GATX and is qualified in its entirety by reference to such financial statements. 1,000,000 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 106 0 1162 131 0 0 4601 1867 4947 0 2809 0 0 17 668 4947 0 409 0 183 62 3 58 48 20 37 0 0 0 37 1.52 1.48 Receivables consist of three components: Trade Accounts of 115 million, Finance Leases of 675 million, and Secured Loans of 372 million. Not applicable because GATX has an unclassified balance sheet. Bonds consist of three components: Recourse Long-term debt of 2,235 million Nonrecourse long-term debt of 368 million and Capital lease obligations of 206 million. This value represents Operating Expenses on the Consolidated Income Statement. This value represents the Provision for Depreciation and Amortization on the Consolidated Income Statement. This value represents Income Before Income Taxes and Equity in Net Earnings of Affiliates
EX-27.2 5 FINANCIAL DATA SCHEDULE
5 The following Financial Data Schedules have been restated to reflect the adoption of SFAS 128. 1,000,000 3-MOS 6-MOS 9-MOS 3-MOS DEC-31-1997 DEC-31-1997 DEC-31-1997 DEC-31-1996 JAN-01-1997 JAN-01-1997 JAN-01-1997 JAN-01-1996 MAR-31-1997 JUN-30-1997 SEP-30-1997 MAR-31-1996 50 33 72 31 0 0 0 0 999 1002 1191 1017 124 128 132 111 0 0 0 0 0 0 0 0 4685 4809 4719 4011 1807 1845 1873 1557 4710 4830 4936 4166 0 0 0 0 2521 2475 2467 2162 3 0 0 3 0 0 0 0 15 17 17 14 770 790 811 720 4710 4830 4936 4166 0 0 0 0 395 829 1260 304 0 0 0 0 183 402 614 150 60 122 185 44 2 6 10 0 52 107 163 44 45 83 115 30 19 35 48 12 31 61 89 18 0 0 0 0 0 0 0 0 0 0 0 0 31 61 89 18 1.37 2.62 3.77 1.06 1.27 2.49 3.61 1.01
EX-27.3 6 FINANCIAL DATA SCHEDULE
5 The following Financial Data Schedules have been restated to reflect the adoption of SFAS 128. 1,000,000 6-MOS 9-MOS 12-MOS 12-MOS DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1995 JAN-01-1996 JAN-01-1996 JAN-01-1996 JAN-01-1995 JUN-30-1996 SEP-30-1996 DEC-31-1996 DEC-31-1995 32 88 46 35 0 0 0 0 1105 1021 1114 1029 113 117 121 100 0 0 0 0 0 0 0 0 4200 4559 4619 3902 1582 1748 1773 1533 4468 4564 4750 4043 0 0 0 0 2208 2346 2664 2093 3 3 3 3 0 0 0 0 14 14 14 14 733 755 758 701 4468 4564 4750 4043 0 0 0 0 641 1009 1414 1246 0 0 0 0 316 487 695 626 93 145 202 172 7 10 11 18 93 148 203 170 60 104 74 117 24 41 54 48 50 84 103 101 0 0 0 0 0 0 0 0 0 0 0 0 50 84 103 101 2.17 3.67 4.43 4.38 2.06 3.43 4.20 4.14
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