-----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, IZV34JyKC3XCbHIQgLEQHe0ZxBgf5gUFo4e8EEOE6YYVRVYnHqY+7Crg3N/xMB7Q Aice65vB8Jygb+HyFViGMw== 0000793074-01-000004.txt : 20010421 0000793074-01-000004.hdr.sgml : 20010421 ACCESSION NUMBER: 0000793074-01-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010416 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010419 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: 1606866 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): April 16, 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 April 16, 2001, the registrant issued a news release announcing its operating revenues and earnings for the first quarter ended March 31, 2001. 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 April 16, 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: April 19, 2001 By: /s/ John J. Steele ------------------------ ----------------------------- John J. Steele Vice President, Treasurer and Chief Financial Officer Date: April 19, 2001 By: /s/ James L. Johnson ------------------------ ----------------------------- James L. Johnson Vice President, Controller and Corporate 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 FIRST QUARTER 2001 OPERATING REVENUES AND EARNINGS Omaha, Nebraska, April 16, 2001: - ------------------------------- Werner Enterprises, Inc. (Werner), one of the nation's largest truckload transportation companies, today reported operating revenues and earnings for the first quarter ended March 31, 2001. Operating revenues increased to $304.6 million compared to $291.4 million in first quarter 2000. Earnings per share decreased slightly to $.20 per share in first quarter 2001 compared to $.22 per share in first quarter 2000. "Considering the difficult operating environment for truckload carriers in the first three months of this year, Werner Enterprises achieved improved financial results," said Chairman and Chief Executive Officer, Clarence (C.L.) Werner. "By continuing to aggressively execute the business plan we implemented last year, we minimized the impact of several negative industry factors. A slowing economy, weak used truck pricing, high fuel prices and other factors challenged even the best of truckload carriers. By slowing fleet growth, focusing on margin improvement and reducing debt, Werner Enterprises continues to be uniquely positioned as one of the largest and most financially stable truckload carriers in the industry. We are excited about the opportunities which may become available to Werner Enterprises as the year progresses." Freight demand during first quarter 2001 was less than first quarter 2000. Werner's decision to slow truck growth during 2000 helped to soften the impact of a slowing economy. Werner Enterprises experienced a small increase in its empty mile percentage and a modest decrease in miles per truck when compared to first quarter 2000. By capitalizing on its diversified customer base and sophisticated use of technology, Werner was able to keep its low empty mile percentage and high miles per truck 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 in the Company's income statement as a reduction of other operating expenses. The Company's gains were $0.1 million in first quarter 2001 compared to $2.8 million in first quarter 2000. Diesel fuel prices stabilized during first quarter 2001 compared to first quarter 2000, although prices remain near historically high levels. Werner Enterprises is recovering most of the higher fuel costs from customers through fuel surcharge reimbursements. Over the past year, we have publicly stated that margin improvement and debt reduction have been our focus. Werner Enterprises continued to reduce controllable costs and improve efficiency through an aggressive cost management program. During first quarter 2001, Werner significantly improved its financial strength when total debt was reduced by $45 million, from $105 million to $60 million. At the same time, Werner increased its stockholders' equity to $545 million. Werner plans to continue a slower fleet growth rate for the near term. However, when operating margins improve, Werner intends to increase its growth rate. While the market for recruiting and retaining truck drivers is almost always challenging, market conditions improved during first quarter. A rising unemployment rate and trucking company business failures helped Werner Enterprises increase its company driver workforce and improve driver turnover slightly. The Company's first quarter 2001 operating revenues were reduced due to transferring logistics business representing 3% of total revenues for the three months ended March 31, 2000 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 or losses as non-operating income or expense. "Werner Enterprises remains committed to improving earnings 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 3/31/01 Revenues 3/31/00 Revenues -------- --------- -------- --------- Operating revenues $304,577 100.0 $291,379 100.0 -------- --------- -------- --------- Operating expenses: Salaries, wages and benefits 109,074 35.8 103,312 35.4 Fuel 35,064 11.5 31,209 10.7 Supplies and maintenance 26,944 8.9 25,312 8.7 Taxes and licenses 23,078 7.6 21,462 7.4 Insurance and claims 10,741 3.5 6,980 2.4 Depreciation 29,195 9.6 26,321 9.0 Rent and purchased transportation 50,272 16.5 57,027 19.5 Communications and utilities 3,743 1.2 3,686 1.3 Other 407 0.1 (2,465) (0.8) -------- --------- -------- --------- Total operating expenses 288,518 94.7 272,844 93.6 -------- --------- -------- --------- Operating income 16,059 5.3 18,535 6.4 -------- --------- -------- --------- Other expense (income): Interest expense 1,406 0.5 2,235 0.8 Interest income (894) (0.3) (447) (0.1) Other 419 0.1 105 0.0 -------- --------- -------- --------- Total other expense 931 0.3 1,893 0.7 -------- --------- -------- --------- Income before income taxes 15,128 5.0 16,642 5.7 Income taxes 5,673 1.9 6,324 2.2 -------- --------- -------- --------- Net income $ 9,455 3.1 $ 10,318 3.5 ======== ========= ======== ========= Diluted shares outstanding 47,663 47,251 ======== ======== Diluted earnings per share $.20 $.22 ======== ======== OPERATING STATISTICS Average monthly miles per tractor 10,242 10,505 Average revenues per total mile (1) $1.189 $1.172 Average revenues per loaded mile (1) $1.331 $1.302 Average percentage of empty miles 10.67% 9.99% Average tractors in service 7,547 7,127 Non-trucking revenues (in thousands) $14,766 $19,220 Total tractors (at quarter end) Company 6,440 5,925 Owner-operator 1,185 1,250 -------- -------- Total tractors 7,625 7,175 Total trailers (at quarter end) 19,860 18,900
(1) Net of fuel surcharge revenues.
BALANCE SHEET DATA (Unaudited) (In thousands) As of As of 3/31/01 12/31/00 -------- -------- Current assets $207,155 $206,777 Total assets $927,253 $927,207 Current liabilities $107,895 $101,419 Total debt (current and long-term) $60,000 $105,000 Stockholders' equity $545,156 $536,084
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 7,625 trucks and 19,860 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. Recently the Company updated its web site, including the Investor Relations section. If you are interested in keeping current with the Company's news releases or SEC filings, you can obtain automatic Internet e-mail alerts by going to www.werner.com, clicking on Investor Relations (upper right hand corner), clicking on e-mail alerts (lower left hand corner), entering your e-mail address, and completing the registration information. 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, 2000. 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-----