-----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, Vw6fJLL7rLK7GtcY8voJQK+Cez8VUHCJ3crYf4qybW+UjjJCu8MrbberI+1dEFLp fPRfmDxx93FihPOHXVpOrA== 0000950152-96-002635.txt : 19960525 0000950152-96-002635.hdr.sgml : 19960525 ACCESSION NUMBER: 0000950152-96-002635 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960323 FILED AS OF DATE: 19960524 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALIBER SYSTEM INC CENTRAL INDEX KEY: 0000701708 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 341365496 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-11573 FILM NUMBER: 96572190 BUSINESS ADDRESS: STREET 1: 3560 W MARKET ST STREET 2: P O BOX 5459 CITY: AKRON STATE: OH ZIP: 44334-0459 BUSINESS PHONE: 2163848184 FORMER COMPANY: FORMER CONFORMED NAME: ROADWAY SERVICES INC DATE OF NAME CHANGE: 19920703 10-Q/A 1 CALIBER SYSTEMS, INC. 10-Q/A 1 FORM 10-Q/A AMENDMENT 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 (MARK ONE) (x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the period ended March 23, 1996 --------------------------------- 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 0-10716 CALIBER SYSTEM,INC. - ------------------------------------------------------------------------------- (Exact name of company as specified in its charter) Ohio 34-1365496 - ------------------------------- -------------------------------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 3560 West Market Street, P.O. Box 5459, Akron, Ohio 44334-0459 - --------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Company's telephone number, including area code is (330) 665-5646 Indicate by check mark whether the company (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 company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ---- ---- The number of shares of common stock without par value outstanding as of April 19, 1996 was 39,188,517. 2 CALIBER SYSTEM, INC. FORM 10-Q/A PERIOD ENDED MARCH 23, 1996 This Form 10-Q/A amends Item 1 to registrant's Form 10-Q for the period ended March 23, 1996. PART I - FINANCIAL INFORMATION - ------------------------------ Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets--March 23, 1996 and December 31, 1995 Condensed Statements of Consolidated Income--Twelve weeks ended March 23, 1996 and March 25, 1995 Condensed Statements of Consolidated Cash Flows--Twelve weeks ended March 23, 1996 and March 25, 1995 Notes to Condensed Consolidated Financial Statements SIGNATURES - ---------- 2 3 PART I - FINANCIAL INFORMATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) CALIBER SYSTEM, INC.
March 23, December 31, 1996 1995 ---------- ------------ (dollars in thousands) ASSETS Cash and cash equivalents ........................... $ 14,313 $ 34,908 Accounts receivable ................................. 292,369 273,124 Prepaid expenses and supplies ....................... 78,112 66,630 Deferred income taxes ............................... 36,986 27,562 ---------- ---------- TOTAL CURRENT ASSETS ............................. 421,780 402,224 Property and equipment .............................. 1,495,568 1,474,934 Less allowances for depreciation .................... 636,376 617,587 ---------- ---------- TOTAL PROPERTY AND EQUIPMENT ..................... 859,192 857,347 Cost in excess of net assets of businesses acquired . 89,162 89,761 Other assets ........................................ 38,156 39,938 ---------- ---------- TOTAL OTHER ASSETS ............................... 127,318 129,699 ---------- ---------- TOTAL ASSETS ..................................... $1,408,290 $1,389,270 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable .................................... $ 213,931 $ 219,406 Salaries and wages .................................. 67,075 74,790 Short-term debt ..................................... 235,400 197,500 Other current liabilities ........................... 54,735 63,663 ---------- ---------- TOTAL CURRENT LIABILITIES ........................ 571,141 555,359 Self-insurance accruals ............................. 39,370 39,832 Deferred income taxes ............................... 58,587 57,778 ---------- ---------- TOTAL LONG-TERM LIABILITIES ...................... 97,957 97,610 Common stock - 40,896,414 shares issued ............. 39,898 39,898 Additional capital .................................. 50,404 51,322 Earnings reinvested in the business ................. 699,385 696,803 ---------- ---------- 789,687 788,023 Less cost of common stock in treasury - 1,353,000 shares in 1996 and 1,394,000 shares in 1995 ........ 50,495 51,722 ---------- ---------- TOTAL SHAREHOLDERS' EQUITY ....................... 739,192 736,301 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ....... $1,408,290 $1,389,270 ========== ==========
See notes to condensed consolidated financial statements. 3 4 CONDENSED STATEMENTS OF CONSOLIDATED INCOME (Unaudited) CALIBER SYSTEM, INC.
Twelve Weeks Ended (First Quarter) --------------------- March 23, March 25, 1996 1995 --------- --------- (amounts in thousands, except per share data) REVENUE ....................................... $ 582,074 $ 543,469 OPERATING EXPENSES Salaries, wages and benefits ................ 230,023 210,952 Purchased transportation .................... 166,491 155,020 Operating supplies and expenses ............. 110,795 92,509 Operating taxes and licenses ................ 12,043 11,183 Insurance and claims ........................ 11,194 12,049 Provision for depreciation .................. 33,347 28,284 --------- --------- TOTAL OPERATING EXPENSES .................. 563,893 509,997 --------- --------- OPERATING INCOME .......................... 18,181 33,472 Other (expense) income, net ................... (1,232) 1,709 --------- --------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ..................... 16,949 35,181 Provision for income taxes .................... 7,328 13,651 --------- --------- INCOME FROM CONTINUING OPERATIONS ....... 9,621 21,530 LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES ............................ -- (15,679) --------- --------- NET INCOME .............................. $ 9,621 $ 5,851 ========= ========= EARNINGS (LOSS) PER SHARE Income from continuing operations ......... $ 0.24 $ 0.54 Loss from discontinued operations ......... -- (0.39) --------- --------- NET INCOME ................................ $ 0.24 $ 0.15 ========= ========= DIVIDENDS DECLARED PER SHARE .................. $ 0.18 $ 0.35 ========= ========= AVERAGE SHARES OUTSTANDING .................... 39,505 39,434 ========= =========
See notes to condensed consolidated financial statements. 4 5 CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) CALIBER SYSTEM, INC.
Twelve Weeks Ended (First Quarter) ------------------------- March 23, March 25, 1996 1995 --------- ------- (dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES Income from continuing operations .................... $ 9,621 $ 21,530 Adjustments .......................................... (6,601) 15,514 -------- --------- NET CASH PROVIDED BY OPERATING ACTIVITIES .......................... 3,020 37,044 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property and equipment .................. (37,830) (52,630) Sales of property and equipment ...................... 3,331 781 Net advances to discontinued operations .............. (14,277) (59,600) -------- --------- NET CASH USED IN INVESTING ACTIVITIES .............. (48,776) (111,449) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid ....................................... (13,671) (13,653) Dividends received from discontinued operations ...... -- 7,500 Increase in short-term debt, net ..................... 37,900 85,800 -------- --------- NET CASH PROVIDED BY FINANCING ACTIVITIES ............................ 24,229 79,647 -------- --------- CASH FLOWS USED IN CONTINUING OPERATIONS ........................... (21,527) 5,242 CASH FLOWS PROVIDED BY (USED IN) DISCONTINUED OPERATIONS ......................... 932 (1,133) -------- --------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ............................ (20,595) 4,109 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR ............................ 34,908 14,780 -------- --------- CASH AND CASH EQUIVALENTS AT END OF FIRST QUARTER ......................... $ 14,313 $ 18,889 ======== =========
See notes to condensed consolidated financial statements 5 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CALIBER SYSTEM, INC. Note A - Basis of Presentation - ------------------------------ The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the twelve weeks ended March 23, 1996 are not necessarily indicative of the results that may be expected for the year ending December 31, 1996. First quarter amounts for 1995 have been restated to reflect the spin-off of Roadway Express, Inc. and the exit from the air freight business served by Roadway Global Air, Inc. during 1995 which are reflected as discontinued operations. During 1995, certain costs were estimated and recognized in connection with the discontinuance of these businesses. Although actual results could differ from these estimates, it is management's opinion that significant adjustments to these estimates are not currently required. For further information, refer to consolidated financial statements and footnotes thereto included in the company's annual report on Form 10-K for the year ended December 31, 1995. Note B - Accounting Period - -------------------------- The company operates on a 13 four-week period calendar with 12 weeks in each of the first three quarters and 16 weeks in the fourth quarter. 6 7 SIGNATURES - ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CALIBER SYSTEM, INC. ------------------------------- (Company) Date: May 23, 1996 By /S/ D. A. Wilson -------------- ------------------ D. A. Wilson, Senior Vice President-Finance and Planning, Secretary and Chief Financial Officer Date: May 23, 1996 By /S/ K. W. Dindo -------------- ----------------- Kathryn W. Dindo, Vice President and Controller 7 -----END PRIVACY-ENHANCED MESSAGE-----