-----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, SxYj5T26svqt2iF3Cyt/ZQ1/6RhUhAtja0GpKAta5AEyBuQBtmr7NqFqonodxNId linnNGdQIl/32EsGs9hZmg== 0000793074-01-000001.txt : 20010129 0000793074-01-000001.hdr.sgml : 20010129 ACCESSION NUMBER: 0000793074-01-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010122 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WERNER ENTERPRISES INC CENTRAL INDEX KEY: 0000793074 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 470648386 STATE OF INCORPORATION: NE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-14690 FILM NUMBER: 1515905 BUSINESS ADDRESS: STREET 1: 14507 FRONTIER ROAD STREET 2: P O BOX 45308 CITY: OMAHA STATE: NE ZIP: 68145 BUSINESS PHONE: 4028956640 8-K 1 0001.txt 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 22, 2001 --------------- WERNER ENTERPRISES, INC. (Exact name of registrant as specified in its charter) NEBRASKA 0-14690 47-0648386 (State or other jurisdiction of (Commission File (IRS Employer incorporation or organization) Number) Identification No.) 14507 FRONTIER ROAD POST OFFICE BOX 45308 OMAHA, NEBRASKA 68145 (402)895-6640 (Address of principal (Zip Code) (Registrant's telephone number) executive offices) ITEM 5. OTHER EVENTS. On January 22, 2001, the registrant issued a news release announcing its operating revenues and earnings for the fourth quarter and year ended December 31, 2000. A copy of the news release is filed as an exhibit to this Form 8-K. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. Exhibit 99.1 News release issued by the registrant on January 22, 2001. 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 hereunto duly authorized. WERNER ENTERPRISES, INC. Date: January 26, 2001 By: /s/ John J. Steele ------------------------- ----------------------------- John J. Steele Vice President, Treasurer and Chief Financial Officer Date: January 26, 2001 By: /s/ James L. Johnson ------------------------- ----------------------------- James L. Johnson Vice President - Controller and Secretary EX-99 2 0002.txt Exhibit 99.1 WERNER ENTERPRISES, INC. 14507 Frontier Road P. O. Box 45308 Omaha, Nebraska 68145 FOR IMMEDIATE RELEASE Contact: Robert E. Synowicki, Jr. - --------------------- Executive Vice President and Chief Information Officer (402) 894-3000 John J. Steele Vice President, Treasurer and Chief Financial Officer (402) 894-3000 WERNER ENTERPRISES ANNOUNCES FOURTH QUARTER 2000 AND ANNUAL 2000 OPERATING REVENUES AND EARNINGS Omaha, Nebraska, January 22, 2001: - --------------------------------- Werner Enterprises, Inc. (Werner), one of the nation's largest truckload transportation companies, today reported operating revenues and earnings for the fourth quarter and year ended December 31, 2000. Operating revenues increased 11% to $311.4 million in fourth quarter 2000 compared to $280.6 million in fourth quarter 1999. Earnings per share decreased slightly to $.26 per share in fourth quarter 2000 compared to $.27 per share in fourth quarter 1999. Operating revenues increased 15% to $1.215 billion for 2000 compared to $1.052 billion in 1999. Earnings per share decreased to $1.02 per share in 2000 compared to $1.26 per share in 1999. "We have seen some improvement in our financial performance during one of the most difficult operating environments that the truckload industry has experienced for many years," said Chairman and Chief Executive Officer, Clarence (C.L.) Werner. "Record high fuel prices, a slower growth economy, and a weak market for the sale of used trucks have made it challenging for all truckload carriers. By slowing our fleet growth, increasing our focus on margin improvement, and reducing debt over the last several quarters, we have lessened the impact of the current operating environment on our business. We are solidly positioned to capitalize on market opportunities that may become available in 2001." During fourth quarter 2000, the average price per gallon of diesel fuel, excluding fuel taxes, increased another 7% over the price paid in third quarter 2000. Further, fourth quarter 2000 prices were approximately 45% higher than prices in fourth quarter 1999. Werner is recovering most of the higher fuel cost from customers in the form of fuel surcharge reimbursements. Management's decision to slow truck growth at the beginning of the year 2000 helped to minimize the impact of a slower growth economy. Werner experienced a small increase in its empty mile percentage and a small decrease in miles per truck in fourth quarter 2000 when compared to the fourth quarter 1999. Due in part to Werner's diversified freight base, Werner's low empty mile percentage and high miles per truck remain among the best in the industry. Due to record levels of trucks manufactured over the past two years, an increased supply of used trucks caused in part by trucking company business failures, and slower fleet growth by many carriers, the market value of used trucks has decreased. Gains on third party truck sales are reflected as a reduction in other operating expenses. The Company's gains were $5.1 million and $0.2 million in 2000 and fourth quarter 2000, respectively, compared to $13.0 million and $4.2 million in 1999 and fourth quarter 1999, respectively. Margin improvement and debt reduction have been the focus over the past several months. Revenue per loaded mile, net of fuel surcharge revenues, increased 4% in fourth quarter 2000 compared to fourth quarter 1999. Werner reduced controllable costs and improved efficiency through an aggressive cost management program. Over the last year, Werner significantly improved its already strong financial position as total debt was reduced from $145 million to $105 million, while stockholders' equity increased from $495 million to $536 million. Werner plans to continue a slower growth rate for the near term. However, when operating margins improve, Werner intends to increase its growth rate. Werner has worked very hard to improve cash flow this past year. Even though earnings decreased due to the industry factors discussed above, cash flow from operations increased 29% to $170.1 million in 2000 compared to $132.0 million in 1999. The Company's operating revenues in fourth quarter 2000 were reduced by 4% due to transferring its logistics business unit to Transplace.com. Werner Enterprises is one of six large transportation companies that merged their logistics business into a commonly owned, Internet-based logistics company, Transplace.com. Effective July 1, 2000, the transfer was completed, and each of the six founding members contributed their logistics business, related intangible assets, and $5 million of cash. Werner Enterprises is recording its approximate 15% investment in Transplace.com using the equity method of accounting and is accruing its percentage share of Transplace.com's earnings as non- operating income. "Werner Enterprises is committed to improving earnings growth and shareholder value. The current challenges facing the truckload industry are tremendous opportunities for our Company. Our size, excellent service, advanced technology, financial strength and experienced management team provide Werner Enterprises with distinct competitive advantages. We are excited and optimistic about the future of our Company," said C.L. Werner.
INCOME STATEMENT DATA (Unaudited) (In thousands, except per share amounts) Quarter % of Quarter % of Ended Operating Ended Operating 12/31/00 Revenues 12/31/99 Revenues -------- --------- -------- --------- Operating revenues $311,435 100.0 $280,563 100.0 -------- --------- -------- --------- Operating expenses: Salaries, wages and benefits 109,690 35.2 100,427 35.8 Fuel 39,335 12.6 25,210 9.0 Supplies and maintenance 24,250 7.8 23,410 8.3 Taxes and licenses 22,915 7.4 22,018 7.9 Insurance and claims 9,020 2.9 7,417 2.6 Depreciation 28,181 9.0 26,349 9.4 Rent and purchased transportation 51,949 16.7 53,564 19.1 Communications and utilities 3,605 1.2 3,540 1.3 Other 1,665 0.5 (3,798) (1.4) -------- --------- -------- --------- Total operating expenses 290,610 93.3 258,137 92.0 -------- --------- -------- --------- Operating income 20,825 6.7 22,426 8.0 -------- --------- -------- --------- Other expense (income): Interest expense 1,913 0.6 1,991 0.7 Interest income (890) (0.3) (379) (0.1) Other (358) (0.1) 105 0.0 -------- --------- -------- --------- Total other expense 665 0.2 1,717 0.6 -------- --------- -------- --------- Income before income taxes 20,160 6.5 20,709 7.4 Income taxes 7,661 2.5 7,873 2.8 -------- --------- -------- --------- Net income $ 12,499 4.0 $ 12,836 4.6 ======== ========= ======== ========= Diluted shares outstanding 47,252 47,590 ======== ======== Diluted earnings per share $.26 $.27 ======== ======== OPERATING STATISTICS Average monthly miles per tractor 10,242 10,395 Average revenues per total mile (1) $1.222 $1.179 Average revenues per loaded mile (1) $1.354 $1.301 Average tractors in service 7,402 7,071 Non-trucking revenues (in thousands) $15,225 $17,840 Total tractors (at quarter end) Company 6,300 5,895 Owner-operator 1,175 1,230 -------- -------- Total tractors 7,475 7,125 Total trailers (at quarter end) 19,770 18,900
(1) Net of fuel surcharge revenues.
INCOME STATEMENT DATA (Unaudited) (In thousands, except per share amounts) Year % of Year % of Ended Operating Ended Operating 12/31/00 Revenues 12/31/99 Revenues ---------- --------- ---------- --------- Operating revenues $1,214,628 100.0 $1,052,333 100.0 ---------- --------- ---------- --------- Operating expenses: Salaries, wages and benefits 429,825 35.4 382,824 36.4 Fuel 137,620 11.3 79,029 7.5 Supplies and maintenance 102,784 8.5 87,600 8.3 Taxes and licenses 89,126 7.3 82,089 7.8 Insurance and claims 34,147 2.8 31,728 3.0 Depreciation 109,107 9.0 99,955 9.5 Rent and purchased transportation 216,917 17.9 185,129 17.6 Communications and utilities 14,454 1.2 13,444 1.3 Other (2,173) (0.2) (11,666) (1.1) ---------- -------- ---------- --------- Total operating expenses 1,131,807 93.2 950,132 90.3 ---------- -------- ---------- --------- Operating income 82,821 6.8 102,201 9.7 ---------- -------- ---------- --------- Other expense (income): Interest expense 8,169 0.7 6,565 0.6 Interest income (2,650) (0.3) (1,407) (0.1) Other (154) (0.0) 245 0.0 ---------- -------- ---------- --------- Total other expense 5,365 0.4 5,403 0.5 ---------- -------- ---------- --------- Income before income taxes 77,456 6.4 96,798 9.2 Income taxes 29,433 2.4 36,787 3.5 ---------- -------- ---------- --------- Net income $ 48,023 4.0 $ 60,011 5.7 ========== ======== ========== ========= Diluted shares outstanding 47,257 47,631 ========== ========== Diluted earnings per share $1.02 $1.26 ========== ========== OPERATING STATISTICS Average monthly miles per tractor 10,464 10,488 Average revenues per total mile (1) $1.197 $1.162 Average revenues per loaded mile (1) $1.328 $1.287 Average tractors in service 7,303 6,769 Non-trucking revenues (in thousands) $65,977 $60,379 Total tractors (at year end) Company 6,300 5,895 Owner-operator 1,175 1,230 ---------- ---------- Total tractors 7,475 7,125 Total trailers (at year end) 19,770 18,900
(1) Net of fuel surcharge revenues.
BALANCE SHEET DATA (Unaudited) (In thousands) As of As of 12/31/00 12/31/99 -------- -------- Current assets $206,777 $188,827 Total assets $927,207 $896,879 Current liabilities $101,419 $121,206* Total debt (current and long-term) $105,000 $145,000 Stockholders' equity $536,084 $494,772
* Current liabilities include $25 million of short-term debt at December 31, 1999. Werner Enterprises is a full-service transportation company providing truckload services throughout the 48 states, portions of Canada and Mexico. C.L. Werner founded the Company in 1956. Werner is one of the nation's largest truckload carriers with a fleet of 7,475 trucks and 19,770 trailers. Werner Enterprises' common stock is traded on The Nasdaq Stock Market under the symbol WERN. The Werner Enterprises web site address is www.werner.com. -------------- Note: This press release contains forward-looking statements which are based on information currently available. Actual results could differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 1999. The Company assumes no obligation to update any forward-looking statement to the extent it becomes aware that it will not be achieved for any reason. -----END PRIVACY-ENHANCED MESSAGE-----