-----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, CzQ06DhXBEqI0JpiPGF0KcNf1I0YGBVPbWsfiXQYzU5W48yj11DpCPT/NOoLIifC o8JHrokQwj6Jdk4RyvP59Q== 0000950152-97-003027.txt : 19970423 0000950152-97-003027.hdr.sgml : 19970423 ACCESSION NUMBER: 0000950152-97-003027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970421 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970421 SROS: NONE 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: 97584336 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. 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) April 21, 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 April 21, 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 April 21, 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: April 21, 1997 By: /s/ John E. Lynch ------------------ ----------------------------- John E. Lynch Vice President, General Counsel and Secretary 3 EXHIBIT INDEX Exhibit No. Description - ----------- ------------ 99 Caliber System, Inc. News Release dated April 21, 1997. EX-99 2 EXHIBIT 99 1 Exhibit 99 NEWS RELEASE [CALIBER LOGO] CALIBER SYSTEM, INC. 3925 Embassy Parkway Investor Contact: Investor Relations P.O. Box 5459 (330) 665-8814 Akron, OH 44334-0459 (330) 665-5646 Media Contact: Dina Gruey http://www.calibersys.com (330) 665-8849 FOR IMMEDIATE RELEASE APRIL 21, 1997 CALIBER SYSTEM ANNOUNCES FIRST QUARTER RESULTS AKRON, OHIO - Caliber System, Inc. (NYSE: CBB) today reported a net loss for the first quarter ended March 29, 1997 of $49.2 million or $1.25 per share, compared to net income of $9.6 million or $0.24 per share in the first quarter of 1996. Included in the first quarter results is a restructuring charge of $85 million ($56.4 million net of tax) or $1.43 per share for employee-related costs, including severance and benefits, costs related to lease terminations and other expenses resulting from the restructuring of Viking Freight, which was announced on March 27, 1997. Excluding the effect of these restructuring charges, the company earned $.18 per share in the quarter. Revenue for the first quarter of 1997 amounted to $641.2 million, a 10% increase over 1996 first quarter revenue of $582.1 million. "This has been a pivotal quarter for Caliber, " said Daniel J. Sullivan, Chairman, President and CEO of Caliber System. "With the restructuring of Viking, we are optimistic about our prospects for the remainder of the year. RPS, Roberts Express and Caliber Logistics are off to a good start in 1997." Excluding Viking, combined revenues amounted to $440.1 million in 1997, an increase of 19% over 1996 levels. Operating profit of $46.6 million in 1997 improved from $32.2 million in 1996. Operating margins at RPS, Roberts and Logistics improved over last year as aggressive cost control measures implemented in the fourth quarter of 1996 have had a positive effect on earnings. As part of the restructuring, the Company terminated the operations at the former Coles Express unit in the Northeast and Spartan Express in the Southeast and Midwest and is negotiating the sale of the former Central Freight Lines, which serves customers in the Southwest. Viking now provides regional freight service to customers in 12 western through 43 terminals. -MORE- 2 FIRST QUARTER RESULTS PAGE 2 OF 3 RPS Posts Record First Quarter Revenues and Profits - --------------------------------------------------- Revenue at RPS amounted to $339.1 million for the first quarter of 1997 as compared to 1996 first quarter revenues of $287.7 million, an 18% increase. However, there were three additional shipping days in this year's first quarter. Operating income rose to $38.7 million in the first quarter of 1997 from $27.7 million in 1996. The RPS results were positively affected by a $5.3 million one-time change in employee benefits. "We are pleased with RPS's performance during the first quarter," said Sullivan. "Package volume is significantly higher than last year; however, a continuing, aggressive pricing environment, lower package weights and a greater percentage of overnight packages in the company's mix has reduced revenue yields year over year. Nonetheless, revenue and profits have improved over 1996's first quarter. Our on-time service - the best in the company's 12-year history - is currently running at 96%. Our commitment to service culture as well as a strong retail environment have helped RPS realize double-digit growth in the first quarter." Roberts and Caliber Logistics - ----------------------------- Roberts Express, the Company's expedited carrier, reported revenue growth of 4% over the first quarter last year and operating income 5% higher than 1996. Caliber Logistics experienced a 54% increase in gross revenue and a 38% increase in net revenues for the first quarter over the same period in 1996 while improving operating income. "Both of these units met their profits plans in the quarter," said Sullivan. Viking - ------ Viking's first-quarter revenue decreased to $201.1 million in 1997 from $211.3 million in 1996. The operating loss, excluding the $85 million restructuring charge, amounted to $33.1 million compared to a loss of $14.0 million in the first quarter of last year. "Viking is reducing expenses as quickly as possible as the company completes the transition process," noted Sullivan. "Response to the new Viking in the West has been very positive among our customer base." Sullivan added that negotiations for the sale of Central are continuing and expects resolution of the matter in the current fiscal quarter. Operations have ceased at all of the 83 terminals in the Northeast, Southeast and Midwest. -MORE- 3 FIRST QUARTER RESULTS PAGE 3 OF 3 Consolidated Results - --------------------- Unaudited revenue and earnings for the first quarter of 1997, with comparable figures for 1996, are as follows:
(First Quarter) ------------------------------------------- March 29, 1997 March 23, 1996 -------------- -------------- (dollars in thousands, except per share data) Revenue RPS $ 339,135 $ 287,699 Viking 201,051 211,284 Other 101,010 83,091 ----------- ------------ $ 641,196 $ 582,074 =========== ============ Operating Income (Loss) RPS $ 38,711 $ 27,729 Viking (33,064) (13,988) Other 7,879 4,440 Operating Income Before Restructuring ----------- ------------ 13,526 18,181 Restructuring Charge (85,000) -- ----------- ------------ Operating Income (Loss) (71,474) 18,181 Other Expense, Net (125) (1,232) ----------- ------------ Income (Loss) Before Income Taxes (71,599) 16,949 Provision (Benefit) For Income Taxes (22,375) 7,328 ----------- ------------ Net Income (Loss) $ (49,224) $ 9,621 =========== ============ Earnings (Loss) Per Share $ (1.25) $ 0.24 =========== ============ Average Shares Outstanding 39,247 39,505 =========== ============ Note: The sale of Roadway Express stock retained from the spin-off decreased other expense, net by $5.3 million or $0.07 per share. The Company operates in 13 four-week periods. Each of the first three quarters contain 12 weeks and the fourth quarter contains 16 weeks.
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-----