-----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, VmmjeIc7Rb7oHk3TODoxwem+PI7IZHQUwAMffGGbUCJdpH8RRBSbCIAyRxgNEjqU gmWTtnkxgY89rxXi+fMVAg== 0000950152-97-000395.txt : 19970127 0000950152-97-000395.hdr.sgml : 19970127 ACCESSION NUMBER: 0000950152-97-000395 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970124 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970124 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11573 FILM NUMBER: 97510702 BUSINESS ADDRESS: STREET 1: 3560 W MARKET ST STREET 2: P O BOX 5459 CITY: AKRON STATE: OH ZIP: 44334-0459 BUSINESS PHONE: 2163848184 MAIL ADDRESS: STREET 1: 3560 W MARKET ST STREET 2: P O BOX 5459 CITY: AKRON STATE: OH ZIP: 44334-0459 FORMER COMPANY: FORMER CONFORMED NAME: ROADWAY SERVICES INC DATE OF NAME CHANGE: 19920703 8-K 1 CALIBER SYSTEM, INC. 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 24, 1997 ---------------- CALIBER SYSTEM, INC. -------------------------- (Exact name of registrant as specified in its charter) Ohio 0-10716 34-1365496 - ---------------------------- ----------------------- -------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation Identification No.) 3560 W. Market Street, Akron, Ohio 44334-0459 --------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code (330) 665-5646 2 Caliber System, Inc. Form 8-K INFORMATION REQUIRED IN REPORT ITEM 5. OTHER EVENTS The Registrant's news release dated January 24, 1997, a copy of which is attached hereto as Exhibit 99, is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits. 99 Caliber System, Inc. News Release dated January 24, 1997. 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 hereto duly authorized. CALIBER SYSTEM, INC. ---------------------------- REGISTRANT Date: January 24, 1997 By: /s/ John E. Lynch ------------------------ John E. Lynch Vice President, General Counsel and Secretary 3 EXHIBIT INDEX EXHIBIT NO. 99 Caliber System, Inc. News Release dated January 24, 1997. EX-99 2 EXHIBIT 99 1 Exhibit 99 CONTACT: R.M. ADAMOV CALIBER SYSTEM, INC. (330) 665-8894 FOR IMMEDIATE RELEASE CALIBER SYSTEM ANNOUNCES YEAR END RESULTS AKRON, OHIO, JANUARY 24, 1997 - Daniel J. Sullivan, Chairman of the Board, President and CEO of Caliber System, Inc. (NYSE: CBB), today announced the Company's 1996 results. Revenue for the year ended December 31, 1996 was $2.72 billion, an increase of 11% from the $2.45 billion realized in 1995. Income from continuing operations for 1996 was $9.9 million, or $0.25 per share, compared to $92.4 million, or $2.34 per share, for the prior year. Revenue of $892.9 million for the fourth quarter ended December 31, 1996 represented an 11.5% increase over fourth quarter 1995 revenue of $801.2 million. Income from continuing operations for the fourth quarter of 1996 amounted to $2.0 million, or $0.05 per share, compared to income of $26.3 million, or $0.67 per share, in 1995. "1996 was a difficult year for Caliber. Earnings were severely impacted by poor operating results at Viking Freight and costs associated with the consolidation of four regional companies into one superregional carrier. Additionally, operating profits declined at RPS, the Company's small package carrier, due primarily to slower than expected revenue growth," said Sullivan. VIKING'S RESULTS Viking reported revenue of $965.8 million for 1996, representing a 15.8% increase over 1995 revenue of $834.1 million. Viking's operating loss for the year amounted to $127.8 million as compared to a loss of $31.5 million last year. The 1996 loss was due to significant one-time costs and operating inefficiencies associated with the consolidation; pricing problems; and higher fuel prices. Tonnage growth beyond planned levels also generated additional expenses because of lower productivity, excessive overtime, hiring and training of new employees, equipment rentals and purchased transportation. 2 "As previously announced, a number of significant actions have been taken. We have put new management in place at Viking. Steps being taken to reduce costs include the closing of 30 terminals, elimination of approximately 1,500 positions and implementation of a wage freeze for Viking salaried employees. In addition, studies by internal personnel and outside consultants are progressing as we consider all options for Viking," stated Sullivan. RPS RESULTS For 1996, revenue at RPS was $1.34 billion, a 4.0% increase over 1995 levels. Operating income amounted to $119.0 million in 1996 compared to $161.2 million in 1995. An aggressive pricing environment, coupled with modest retail sales in the nondurable goods sector, negatively impacted RPS package growth during the year. However, better than 95% on-time service, the best peak season delivery performance in the company's history, contributed to improved revenue growth and operating margins in the fourth quarter. During 1996, RPS expanded its terminal and hub network to serve 100% of the U.S. population, accomplishing its goal set eight years ago. Capacity was also added in several next day markets increasing its Overnight Ground(SM) service during the year to 45% of the nation's population. ROBERTS EXPRESS AND CALIBER LOGISTICS REPORT STRONG REVENUE GROWTH Roberts Express, the Company's expedited carrier, reported good year over year revenue growth of 6%. At the same time, 1996 operating profits were up 8.3% over 1995 as margins improved. Roberts met its profit objective for the year. Caliber Logistics realized annual gross revenue of $506.0 million, an increase of 59% over 1995 levels. Logistics also improved operating margins over 1995. 3 Revenue and earnings for the fourth quarter of 1996, with comparable figures for 1995, are as follows:
Sixteen Weeks Ended (Fourth Quarter) ------------------------------------- Dec. 31, 1996 Dec. 31, 1995 ------------- ------------- (dollars in thousands, except per share data) Revenue $ 892,941 $ 801,183 ========== ========== Operating Income $ 13,177 $ 57,488 Other (Expense) Income, Net (4,749) 175 ---------- ---------- Income from Continuing Operations Before Income Taxes 8,428 57,663 Provision for Income Taxes 6,386 31,359 ---------- ----------- Income from Continuing Operations 2,042 26,304 Loss from Discontinued Operations - (59,686) ---------- ----------- Net Income (Loss) $ 2,042 $ (33,382) ========== =========== Earnings (Loss) Per Share: Continuing Operations $ .05 $ 0.67 Discontinued Operations - (1.52) ---------- ----------- Net Income (Loss) $ .05 $ (0.85) ========== =========== Average Shares Outstanding 39,421 39,463
Revenue and earnings for 1996, with comparable figures for 1995, are as follows:
Fifty-Two Weeks Ended (Four Quarters) ------------------------------------- Dec. 31, 1996 Dec. 31, 1995 ------------- ------------- (dollars in thousands, except per share data) Revenue $2,718,142 $2,448,172 ========== ========== Operating Income $ 32,996 $ 155,728 Other (Expense) Income, Net (10,316) 6,407 ---------- ---------- Income from Continuing Operations Before Income Taxes 22,680 162,135 Provision for Income Taxes 12,767 69,726 ---------- ----------- Income from Continuing Operations 9,913 92,409 Loss from Discontinued Operations - (119,614) ---------- ----------- Net Income (Loss) $ 9,913 $ (27,205) ========== =========== Earnings (Loss) Per Share: Continuing Operations $ 0.25 $ 2.34 Discontinued Operations - (3.03) ---------- ----------- Net Income (Loss) $ 0.25 $ (0.69) ========== =========== Average Shares Outstanding 39,484 39,459
4 Note: 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. This release contains forward-looking statements that are subject to risks and uncertainties which could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-Q and 10-K. Caliber System, Inc. is a leading, value-added provider of transportation, logistics and related information services. Its operating units include RPS, a business-to-business small package carrier; Viking Freight, a superregional freight carrier; Caliber Logistics, a supplier of contract logistics services; Roberts Express, a critical-shipment carrier, and Caliber Technology, a provider of computer-based solutions for customers. -##- -----END PRIVACY-ENHANCED MESSAGE-----