-----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, HnHSV+oc16t3TIg6MrxNxOIG1TTMo/Jp+P8XSkxap6EmKM7dBDG0Wwlf+TUqFHzD V95Gs9OSfT8bFTZBVFblsQ== 0001047469-98-018851.txt : 19980511 0001047469-98-018851.hdr.sgml : 19980511 ACCESSION NUMBER: 0001047469-98-018851 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980508 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACCAR INC CENTRAL INDEX KEY: 0000075362 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 910351110 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-06394 FILM NUMBER: 98613704 BUSINESS ADDRESS: STREET 1: 777 106TH AVE NE STREET 2: PO BOX 1518 CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 4254557383 MAIL ADDRESS: STREET 1: 777 106TH AVENUE NE STREET 2: PO BOX 1518 CITY: BELLEVUE STATE: WA ZIP: 98004 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC CAR & FOUNDRY CO DATE OF NAME CHANGE: 19720707 10-Q 1 FORM 10-Q - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNITED STATES 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 For the quarterly period ended March 31, 1998 [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ___________ Commission File No. 0-6394 PACCAR Inc - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 91-0351110 - ---------------------------------- --------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 777 - 106th Ave. N.E., Bellevue, WA 98004 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (425) 468-7400 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 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 at least the past 90 days. Yes X No_____ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, $1 par value--78,105,429 shares as of April 30, 1998 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FORM 10-Q PACCAR Inc AND SUBSIDIARIES INDEX Page ---- PART I. FINANCIAL INFORMATION: ITEM 1. FINANCIAL STATEMENTS: Consolidated Statements of Income -- Three Months Ended March 31, 1998 and 1997. . . . . . . . . . . . 3 Consolidated Balance Sheets -- March 31, 1998, and December 31, 1997 . . . . . . . . . . . . . . 4 Condensed Consolidated Statements of Cash Flows -- Three Months Ended March 31, 1998 and 1997. . . . . . . . . . . . 6 Notes to Consolidated Financial Statements. . . . . . . . . . . . . 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION . . . . . . . . . . . . . 9 PART II. OTHER INFORMATION: ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. . . . . 11 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K . . . . . . . . . . . . . . 11 SIGNATURE. . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . 12 INDEX TO EXHIBITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 -2- FORM 10-Q PACCAR Inc AND SUBSIDIARIES PART I--FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS - ------------------------------------------------------------------------------------------------ Consolidated Statements of Income (Unaudited) (Millions Except per Share Amounts) - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Three Months Ended March 31 1998 1997 - ------------------------------------------------------------------------------------------------ MANUFACTURING AND PARTS: Revenues Net sales $1,746.4 $1,443.4 Other 5.9 1.4 - ------------------------------------------------------------------------------------------------ 1,752.3 1,444.8 Costs and Expenses Cost of sales 1,478.4 1,255.0 Selling, general and administrative 140.9 123.5 Interest 4.5 4.1 - ------------------------------------------------------------------------------------------------ 1,623.8 1,382.6 - ------------------------------------------------------------------------------------------------ Manufacturing and Parts Income Before Income Taxes 128.5 62.2 FINANCIAL SERVICES: Revenues 73.1 68.1 Costs and Expenses Interest and other 39.9 36.5 Selling, general and administrative 13.8 12.8 Provision for losses on receivables 2.4 1.7 - ------------------------------------------------------------------------------------------------ 56.1 51.0 - ------------------------------------------------------------------------------------------------ Financial Services Income Before Income Taxes 17.0 17.1 OTHER: Investment income 6.8 5.1 Other, net 4.8 4.3 - ------------------------------------------------------------------------------------------------ Total Income Before Income Taxes 157.1 88.7 Income taxes 56.7 30.8 - ------------------------------------------------------------------------------------------------ Net Income $ 100.4 $ 57.9 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Net Income Per Share: Basic $ 1.29 $ .74 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Diluted 1.28 .74 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Weighted average number of common shares outstanding 78.0 77.8 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Dividends declared per share $ .15 $ .125 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------
See Notes to Consolidated Financial Statements. -3- FORM 10-Q PACCAR Inc AND SUBSIDIARIES
- ------------------------------------------------------------------------------------------------ Consolidated Balance Sheets March 31 December 31 ASSETS (Millions of Dollars) 1998 1997* - ------------------------------------------------------------------------------------------------ MANUFACTURING AND PARTS: (Unaudited) Current Assets Cash and cash equivalents $ 277.9 $ 318.6 Trade and other receivables, net of allowance for losses 691.7 600.3 Marketable securities 330.9 357.0 Inventories 430.4 393.5 Deferred taxes and other current assets 78.8 86.7 - ------------------------------------------------------------------------------------------------ Total Manufacturing and Parts Current Assets 1,809.7 1,756.1 Deferred taxes, goodwill and other 180.4 183.5 Property, plant and equipment, net 666.4 665.9 - ------------------------------------------------------------------------------------------------ Total Manufacturing and Parts Assets 2,656.5 2,605.5 - ------------------------------------------------------------------------------------------------ FINANCIAL SERVICES: Cash and cash equivalents 15.2 19.3 Finance and other receivables, net of allowance for losses 3,226.8 3,131.0 Less unearned interest (236.3) (237.1) - ------------------------------------------------------------------------------------------------ 2,990.5 2,893.9 Equipment on operating leases, net 55.0 55.8 Other assets 30.5 24.9 - ------------------------------------------------------------------------------------------------ Total Financial Services Assets 3,091.2 2,993.9 - ------------------------------------------------------------------------------------------------ $5,747.7 $5,599.4 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------
-4- FORM 10-Q PACCAR Inc AND SUBSIDIARIES
- ------------------------------------------------------------------------------------------------ March 31 December 31 LIABILITIES AND STOCKHOLDERS' EQUITY 1998 1997* - ------------------------------------------------------------------------------------------------ MANUFACTURING AND PARTS: (Unaudited) Current Liabilities Accounts payable and accrued expenses $1,163.9 $1,037.6 Current portion of long-term debt 14.6 15.0 Dividend payable 116.7 Income taxes and other 65.2 44.5 - ------------------------------------------------------------------------------------------------ Total Manufacturing and Parts Current Liabilities 1,243.7 1,213.8 Long-term debt 209.4 236.6 Other, including deferred taxes 214.2 226.1 - ------------------------------------------------------------------------------------------------ Total Manufacturing and Parts Liabilities 1,667.3 1,676.5 - ------------------------------------------------------------------------------------------------ FINANCIAL SERVICES: Accounts payable and accrued expenses 34.8 85.8 Commercial paper and bank loans 1,216.2 1,086.7 Long-term debt 1,091.2 1,097.7 Deferred income taxes and other 149.2 154.9 - ------------------------------------------------------------------------------------------------ Total Financial Services Liabilities 2,491.4 2,425.1 - ------------------------------------------------------------------------------------------------ STOCKHOLDERS' EQUITY Preferred stock, no par value: Authorized 1.0 million shares, none issued Common stock, $1 par value: Authorized 200.0 million shares, 78.1 million shares issued and outstanding 78.1 77.8 Additional paid-in capital 619.4 609.9 Retained earnings 1,029.5 940.8 Currency translation and net unrealized investment gains or (losses) (138.0) (130.7) - ------------------------------------------------------------------------------------------------ Total Stockholders' Equity 1,589.0 1,497.8 - ------------------------------------------------------------------------------------------------ $5,747.7 $5,599.4 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------
* The December 31, 1997 consolidated balance sheet has been derived from audited financial statements. See Notes to Consolidated Financial Statements. -5- FORM 10-Q PACCAR Inc AND SUBSIDIARIES
- ------------------------------------------------------------------------------------------------ Condensed Consolidated Statements of Cash Flows (Unaudited) (Millions of Dollars) - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Three Months Ended March 31 1998 1997 - ------------------------------------------------------------------------------------------------ NET CASH PROVIDED BY OPERATING ACTIVITIES $ 89.4 $ 24.9 INVESTING ACTIVITIES: Finance receivables originated (366.5) (309.8) Collections on finance receivables 285.7 295.1 Net (increase) decrease in wholesale receivables (24.2) 11.9 Marketable securities purchased (193.2) (397.9) Marketable securities sales and maturities 219.3 408.1 Acquisition of property, plant, and equipment (28.3) (15.3) Acquisition of equipment for operating leases (5.0) (1.1) Proceeds from asset disposals 11.1 8.7 Other (3.6) (.5) - ------------------------------------------------------------------------------------------------ Net Cash Used in Investing Activities (104.7) (.8) FINANCING ACTIVITIES: Cash dividends paid (128.5) (68.0) Stock option transactions 9.8 .9 Net increase in notes payable, commercial paper and bank loans 119.5 21.6 Proceeds of long-term debt 126.3 120.2 Payments of long-term debt (153.6) (124.1) - ------------------------------------------------------------------------------------------------ Net Cash Used in Financing Activities (26.5) (49.4) Effect of exchange rate changes on cash (3.0) (6.9) - ------------------------------------------------------------------------------------------------ Net Decrease in Cash and Equivalents (44.8) (32.2) Cash and equivalents at beginning of period 337.9 222.9 - ------------------------------------------------------------------------------------------------ Cash and equivalents at end of period $293.1 $190.7 - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------
See Notes to Consolidated Financial Statements. -6- FORM 10-Q PACCAR Inc AND SUBSIDIARIES - -------------------------------------------------------------------------------- Notes to Consolidated Financial Statements (Millions of Dollars) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- NOTE A--Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance 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 three month period ended March 31, 1998 are not necessarily indicative of the results that may be expected for the year ended December 31, 1998. For further information, refer to the consolidated financial statements and footnotes included in the Company's annual report on Form 10-K for the year ended December 31, 1997. Reclassifications: Certain prior year amounts have been reclassified to conform to the 1998 presentation. NOTE B--Inventories
- -------------------------------------------------------------------------------- March 31 December 31 1998 1997 - -------------------------------------------------------------------------------- Inventories at FIFO cost: (Unaudited) Finished products $309.5 $274.7 Work in process and raw materials 247.0 244.9 - -------------------------------------------------------------------------------- 556.5 519.6 Less excess of FIFO cost over LIFO (126.1) (126.1) - -------------------------------------------------------------------------------- $430.4 $393.5 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Under the LIFO method of accounting (used for approximately 52% of March 31, 1998 inventories), an actual valuation can be made only at the end of each year based on year-end inventory levels and costs. Accordingly, interim valuations are based on management's estimates of those year-end amounts. Based on present estimates of year-end inventory levels, no significant liquidations of LIFO inventory quantities are expected. Because inventory levels and costs are subject to many forces beyond management's control, the present estimates are subject to the final year-end LIFO inventory valuation. -7- FORM 10-Q PACCAR Inc AND SUBSIDIARIES - -------------------------------------------------------------------------------- Notes to Consolidated Financial Statements (In Millions, Except Share Amounts) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- NOTE C--Stockholders' Equity Stock Option Exercises On January 1, 1998, approximately 533,000 stock options previously granted to PACCAR employees became exercisable. For the three months ended March 31, 1998, PACCAR issued an additional 276,897 common shares as a result of employee stock option exercises. Diluted Earnings Per Share The dilutive effect of stock options as indicated below was added to basic shares outstanding for purposes of calculating diluted earnings per share:
- -------------------------------------------------------------------------------- Three Months Ended March 31 1998 1997 - -------------------------------------------------------------------------------- Dilutive effect of stock options 464,870 488,092 - --------------------------------------------------------------------------------
Comprehensive Income As of January 1, 1998, PACCAR adopted Statement of Financial Accounting Standard No. 130 (SFAS No. 130), "Reporting Comprehensive Income". SFAS No. 130 requires unrealized gains or losses on the Company's available-for-sale securities and foreign currency translation adjustments, which, prior to adoption, were reported separately in stockholders' equity, to be included in other comprehensive income. The new statement had no impact on PACCAR's net income or stockholders' equity. The components of comprehensive income, net of any related tax, are as follows:
- -------------------------------------------------------------------------------- Three Months Ended March 31 1998 1997 - -------------------------------------------------------------------------------- Net income $ 100.4 $ 57.9 Net unrealized losses on securities (.9) Foreign currency translation adjustments (7.3) (21.2) - -------------------------------------------------------------------------------- Total comprehensive income $ 93.1 $ 35.8 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Accumulated Other Comprehensive Loss Accumulated other comprehensive loss was comprised of the following:
- -------------------------------------------------------------------------------- March 31 December 31 1998 1997 - -------------------------------------------------------------------------------- Accumulated foreign currency translation adjustments $(138.9) $(131.6) Net unrealized gains on securities .9 .9 - -------------------------------------------------------------------------------- Net accumulated other comprehensive loss $(138.0) $(130.7) - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Net accumulated other comprehensive loss is reported in the accompanying consolidated financial statements as "Currency translation and net unrealized investment gains or (losses)". -8- FORM 10-Q PACCAR Inc AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS: PACCAR recorded significantly higher sales and net income in the first quarter of 1998 compared to year-earlier levels. Consolidated net sales grew 21% to $1.7 billion compared to $1.4 billion in the first quarter of 1997. Net income increased to $100.4 million from the $57.9 million earned in 1997, a 73% improvement. Higher sales in 1998 resulted from strong market demand for trucks in North America and Europe. As a result of the higher sales, improved margins and increased production efficiencies, manufacturing and parts segment income before taxes more than doubled from $62.2 million to $128.5 million. Truck market conditions and backlogs remained strong worldwide for PACCAR. In North America, PACCAR's primary market, backlogs are nine months, consistent with industry trends. On May 4, 1998, approximately 1200 production employees at the Company's Peterbilt plant in Madison, Tennessee implemented a work stoppage after the bargaining unit contract expired on May 1. The Company is evaluating alternative production plans. PACCAR's other product areas which include auto parts and winches reflected improved sales and income in the first quarter of 1998 versus the first three months of 1997. The Company's financial services revenues increased compared to the year-earlier quarter, reflecting continued growth in the loan and lease portfolios. Higher revenues however, were partially offset by higher loss provisions consistent with the larger portfolio. Selling, general and administrative expense also increased due to greater staffing and other labor-related costs. The average margin rates on finance receivables declined due to continued heavy rate competition encountered by PACCAR's largest finance subsidiaries in the United States and Canada. As a result, the Financial Services segment earned $17.0 million income before income taxes in the first quarter of 1998, just below the $17.1 million earned in the first quarter of 1997. -9- FORM 10-Q PACCAR Inc AND SUBSIDIARIES LIQUIDITY AND CAPITAL RESOURCES: PACCAR's ratio of manufacturing current assets to current liabilities at March 31, 1998 of 1.46 remained comparable to the 1.45 at December 31, 1997. During the first quarter of 1998 the Company used cash from operations, proceeds from net marketable securities sales and maturities, and cash reserves for purposes of payment of the special year-end and regular first quarter dividends, for capital additions, net of proceeds from asset disposals, and for reduction of principal on the DAF acquisition debt. Portfolio growth of the finance companies was funded primarily by the proceeds from additional short-term debt. In 1996, PACCAR's largest financial services subsidiary, PACCAR Financial Corp. (PFC), registered $1 billion of senior debt securities under the Securities Act of 1933 for offering to the public. At the end of March 1998, $150 million of such securities remained available for issuance. PFC expects to register additional senior debt securities for offering to the public by June 30, 1998, prior to final issuance of the remaining available securities under the current registration. As previously announced, PACCAR has entered into an agreement to purchase Leyland Trucks Limited, a leading truck manufacturer in the United Kingdom. The transaction is expected to be completed in May 1998 and is subject to government approval. While the purchase price was not disclosed, this transaction will not result in the use of a material amount of the Company's capital resources. PACCAR expects to finance the acquisition through the use of cash reserves combined with additional borrowings. Other information on liquidity and sources of capital as presented in the 1997 Annual Report to Stockholders continues to be relevant. -10- FORM 10-Q PACCAR Inc AND SUBSIDIARIES PART II--OTHER INFORMATION For Items 1, 2, 3 and 5, there was no reportable information for any of the three months ended March 31, 1998. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The annual meeting of stockholders was held on April 28, 1998. (b) The following persons were elected to serve as directors: CLASS III - TERM EXPIRING IN 2001 --------------------------------- Dr. Carl H. Hahn Charles M. Pigott John W. Pitts Other persons whose term of office as a director continued after the meeting: CLASS II - TERM EXPIRING IN 2000 -------------------------------- William G. Reed James C. Pigott Mark C. Pigott CLASS I - TERM EXPIRING IN 1999 ------------------------------- John M. Fluke, Jr. David J. Hovind Michael A. Tembreull Gerald Grinstein (c) Directors were elected with the following vote:
Shares Voted Shares "For" "Withheld" Nonvotes ------ ---------- -------- Dr. Carl H. Hahn 72,937,657 685,096 0 Charles M. Pigott 72,960,642 662,111 0 John W. Pitts 72,938,758 683,995 0
(d) None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Any exhibits filed herewith are listed in the accompanying index to exhibits. (b) No reports on Form 8-K have been filed for the quarter ended March 31, 1998. -11- FORM 10-Q PACCAR Inc AND SUBSIDIARIES SIGNATURE 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. PACCAR Inc ----------------------------- (Registrant) Date May 8, 1998 By /s/ G. D. Hatchel -------------------------- ----------------------------- G. D. Hatchel Vice President and Controller (Authorized Officer and Chief Accounting Officer) -12- FORM 10-Q PACCAR Inc AND SUBSIDIARIES INDEX TO EXHIBITS EXHIBIT (IN ORDER OF ASSIGNED INDEX NUMBERS) 3 Articles of incorporation and bylaws: (a) PACCAR Inc Certificate of Incorporation, as amended to April 29, 1997 (incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1997). (b) PACCAR Inc Bylaws, as amended to April 26, 1994 (incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1994). 4 Instruments defining the rights of security holders, including indentures: (a) Rights agreement dated as of December 21, 1989 between PACCAR Inc and First Chicago Trust Company of New York setting forth the terms of the Series A Junior Participating Preferred Stock, no par value per share (incorporated by reference to Exhibit 1 of the Current Report on Form 8-K of PACCAR Inc, dated December 27, 1989). (b) Indenture for Senior Debt Securities dated as of December 1, 1983 between PACCAR Financial Corp. and Citibank, N.A., Trustee (incorporated by reference to Exhibit 4.1 of the Annual Report on Form 10-K of PACCAR Financial Corp. for the year ended December 31, 1983). (c) First Supplemental Indenture dated as of June 19, 1989 between PACCAR Financial Corp. and Citibank, N.A., Trustee (incorporated by reference to Exhibit 4.2 to PACCAR Financial Corp.'s registration statement on Form S-3, Registration No. 33-29434). (d) Forms of Medium-Term Note, Series F (incorporated by reference to Exhibits 4.3A, 4.3B and 4.3C to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated May 26, 1992, Registration Number 33-48118). Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A., and the Depository Trust Company, Series F (incorporated by reference to Exhibit 4.4 to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated May 26, 1992, Registration Number 33-48118). (e) Forms of Medium-Term Note, Series G (incorporated by reference to Exhibits 4.3A and 4.3B to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated December 8, 1993, Registration Number 33-51335). Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A., and the Depository Trust Company, Series G (incorporated by reference to Exhibit 4.4 to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated December 8, 1993, Registration Number 33-51335). -13- FORM 10-Q PACCAR Inc AND SUBSIDIARIES INDEX TO EXHIBITS EXHIBIT (IN ORDER OF ASSIGNED INDEX NUMBERS) (f) Forms of Medium-Term Note, Series H (incorporated by reference to Exhibits 4.3A and 4.3B to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated March 11, 1996, Registration Number 333-01623). Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A. and the Depository Trust Company, Series H (incorporated by reference to Exhibit 4.4 to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated March 11, 1996, Registration Number 333-01623). 10 Material contracts (a) PACCAR Inc Incentive Compensation Plan (incorporated by reference to Exhibit (10)(a) of the Annual Report on Form 10-K for the year ended December 31, 1980). (b) PACCAR Inc Deferred Compensation Plan for Directors (incorporated by reference to Exhibit (10)(b) of the Annual Report on Form 10-K for the year ended December 31, 1980). (c) Supplemental Retirement Plan (incorporated by reference to Exhibit (10)(c) of the Annual Report on Form 10-K for the year ended December 31, 1980). (d) 1981 Long Term Incentive Plan (incorporated by reference to Exhibit A of the 1982 Proxy Statement, dated March 25, 1982). (e) Amendment to 1981 Long Term Incentive Plan (incorporated by reference to Exhibit (10)(a) of the Quarterly Report on Form 10-Q for the quarter ended March 31, 1991). (f) PACCAR Inc 1991 Long-Term Incentive Plan (incorporated by reference to Exhibit C of the 1997 Proxy Statement, dated March 20, 1997). (g) Amended and Restated Deferred Incentive Compensation Plan (incorporated by reference to Exhibit (10)(g) of the Annual Report on Form 10-K for the year ended December 31, 1993). (h) PACCAR Inc Senior Executive Incentive Plan (incorporated by reference to Exhibit D of the 1997 Proxy Statement, dated March 20, 1997). 27 Financial Data Schedule -14- EX-27 2 EXHIBIT 27
5 This schedule contains summary financial information extracted from the consolidated statements of income for the three months ended March 31, 1998 and 1997, and the consolidated balance sheets, March 31, 1998, and December 31, 1997, of PACCAR Inc and Subsidiaries and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS DEC-31-1998 MAR-31-1998 293,100 330,900 3,682,200 0 430,400 0 666,400 0 5,747,700 0 1,300,600 0 0 78,100 1,510,900 5,747,700 1,746,400 1,825,400 1,478,400 1,518,300 0 2,400 4,500 157,100 56,700 100,400 0 0 0 100,400 1.29 1.28
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