-----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, G3v0BVJ8DByk9iFm5qlmHDdr2U2aimol5GON1q1AhY8Rx6K4eCDcriBmxbvQFIVa /7UsiAK/6UtpXSj7aXPhdA== 0000950152-97-005125.txt : 19970716 0000950152-97-005125.hdr.sgml : 19970716 ACCESSION NUMBER: 0000950152-97-005125 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970714 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970715 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: 97641055 BUSINESS ADDRESS: STREET 1: 3925 EMBASSY PARKWAY STREET 2: P O BOX 5459 CITY: AKRON STATE: OH ZIP: 44334-0459 BUSINESS PHONE: 2163848184 MAIL ADDRESS: STREET 1: 3925 EMBASSY PARKWAY 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 SYSTEMS FORM 8-K CURRENT REPORT 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K C U R R E N T R E P O R T Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 14, 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.) 3925 Embassy Parkway, Akron, Ohio 44333 --------------------------------------- (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 July 14, 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 July 14, 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: July 14, 1997 By: /s/ John E. Lynch ------------------------ ----------------------------------- John E. Lynch, Jr. Vice President, General Counsel and Secretary 3 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99 Caliber System, Inc. News Release dated July 14, 1997. EX-99 2 EXHIBIT 99 1 Investor Contact: Investor Relations (330) 665-8814 Media Contact: Dina Gruey (330) 665-8849 FOR IMMEDIATE RELEASE JULY 14, 1997 CALIBER SYSTEM ANNOUNCES SECOND QUARTER RESULTS RPS CONTINUES DOUBLE-DIGIT GROWTH; VIKING POSTS PROFIT FROM ONGOING OPERATIONS AKRON, OHIO - Caliber System, Inc. (NYSE: CBB) today reported net earnings from its ongoing businesses for the second quarter ended June 21, 1997, of $24.3 million or $.62 per share. These earnings exclude $16.1 million of transition costs attributable to operating losses at the former Central Freight Lines and to other non-recurring costs related to the closing of the former Coles and Spartan Divisions of Viking Freight. Including the transition costs, the Company's net income for the quarter was $13.6 million or $.34 per share, compared to net income of $220,000 or $.01 per share for the second quarter of 1996. Combined revenue for RPS, Caliber Logistics and Roberts Express increased 14% for the quarter, from $389.6 million in 1996 to $443.4 million in 1997. Second quarter 1997 revenue from Viking's ongoing operations in the West amounted to $81.4 million. Caliber's total revenue decreased from $615.9 million in the second quarter last year to $574.7 million in 1997 as a result of the Viking restructuring announced on March 27, 1997. For the first half of 1997, net income from ongoing operations was $31.5 million or $.80 per share. First quarter restructuring costs for Viking of $1.43 per share, discussed in Caliber's first quarter earnings release, and second quarter transition expenses of $.28 per share reduced year-to-date earnings per share to a loss of $.91, compared to earnings of $.25 per share for 1996. First half revenues from ongoing operations of $1.17 billion are slightly below the $1.2 billion realized a year ago because of the restructuring. "We are pleased with our results for the quarter and the first half of 1997," said Daniel J. Sullivan, Chairman, President and CEO of Caliber System. "In the past six months, we have made good progress in strengthening our balance sheet and enhancing shareholder value." - MORE - 2 Second Quarter Results Page 2 of 4 RPS Continues Double-Digit Revenue and Profit Growth - ---------------------------------------------------- Second quarter operating income at RPS, Caliber's small-package carrier, rose nearly 15% to $32.3 million, compared to $28.2 million in 1996. Revenue was $338.7 million, up 12% from $302.5 million for the same quarter a year ago. "RPS has posted double-digit growth for the past seven months, and we expect that momentum to continue at least through the end of the year," said Sullivan. "Our investments in geographic expansion, new market segments, technology and infrastructure are providing increasingly positive returns. Productivity improved year over year, and revenue yields are stronger than last year and the first quarter. In addition, RPS's on-time service continues to run at record levels as we move closer to our goal of 99% by 1999." Viking Posts Second Quarter Profit from Ongoing Operations - ---------------------------------------------------------- Viking's ongoing operations posted an operating profit of $1.4 million in the first full quarter since the unit's restructuring as a regional carrier serving 12 western states. In 1996, Viking reported second quarter operating losses of $33.3 million. "The restructuring plan is proceeding ahead of plan," stated Sullivan. "The sale of Viking's Southwestern Division, which is now operating under the name Central Freight Lines, Inc., was finalized on June 30." Caliber Logistics and Roberts Express Record Strong Performances - ---------------------------------------------------------------- Caliber Logistics experienced a 35% increase in gross revenue and a 34% gain in net revenue in the second quarter and improved its operating income. Roberts Express, the Company's expedited carrier, recorded revenue growth of 6% and increased its year-over-year operating income for the quarter by 11%. - MORE - 3 Second Quarter Results Page 3 of 4 Consolidated Results - -------------------- Unaudited revenue and earnings for the second quarter of 1997 and year to date, with comparable figures for 1996, are as follows:
SECOND QUARTER YEAR TO DATE -------------- ------------ June 21, 1997 June 15,1996 June 21,1997 June 15, 1996 ------------- ------------ ------------ ------------- (dollars in thousands, except per share data) Revenue: RPS $ 338,715 $ 302,452 $ 677,850 $ 590,151 Viking 81,439 226,281 282,490 437,565 Other 104,650 87,168 205,660 170,259 --------- ----------- ----------- ----------- 524,804 615,901 1,166,000 1,197,975 Transition Revenue 49,872 -- 49,872 -- --------- ----------- ----------- ----------- Net Revenue 574,676 615,901 1,215,872 1,197,975 Operating Expenses 549,716 614,487 1,262,386 1,178,380 --------- ----------- ----------- ----------- Operating Income (Loss): RPS 32,337 28,206 71,048 55,935 Viking 1,406 (33,253) (31,658) (47,241) Other 7,353 6,461 15,232 10,901 --------- ----------- ----------- ----------- 41,096 1,414 54,622 19,595 Transition Operating Loss (16,136) -- (16,136) -- Restructuring Charge -- -- (85,000) -- --------- ----------- ----------- ----------- Operating Income (Loss) 24,960 1,414 (46,514) 19,595 Other Expense, Net (2,403) (1,370) (2,528) (2,602) --------- ----------- ----------- ----------- Income (Loss) Before Income Taxes 22,557 44 (49,042) 16,993 Provision (Benefit) For Income Taxes 8,972 (176) (13,403) 7,152 --------- ----------- ----------- ----------- Net Income (Loss) $ 13,585 $ 220 (35,639) 9,841 ========= =========== =========== =========== Earnings (Loss) Per Share $ 0.34 $ 0.01 $ (0.91) $ 0.25 ========= =========== =========== =========== Average Shares Outstanding 39,208 39,525 39,228 39,515 ========= =========== =========== ===========
Note: The gain on the sale of investments decreased other expense, net by $2.3 million or $0.05 per share in the second quarter and by $7.6 million or $.12 per share year to date. The Company operates in 13 four-week periods. Each of the first three quarters contain 12 weeks and the fourth quarter contains 16 weeks. - MORE - 4 Second Quarter Results Page 4 of 4 Caliber System is a leading provider of value-added transportation, logistics and related information services. Its operating companies include RPS, a business-to-business small-package carrier; Viking Freight, a supplier of regional freight service in the West; Caliber Logistics, a contract logistics provider; Roberts Express, a critical-shipment carrier; and Caliber Technology, a producer of systemwide information services. By combining its operating units' products and services, Caliber offers integrated, customized solutions that meet customer demand for more comprehensive transportation and logistics programs. This release contains forward-looking statements that are subject to certain risks and uncertainties that 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. - ### - -----END PRIVACY-ENHANCED MESSAGE-----