-----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, AcdEIZBJSEUtU1iz8L6T2X95adiyPHzwMwZxskEZgPpX3h4qPmKEIrq2rIbLnCJk yKSKsZNabgWRKip2yGf6bg== 0000793074-98-000011.txt : 19980723 0000793074-98-000011.hdr.sgml : 19980723 ACCESSION NUMBER: 0000793074-98-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980716 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980722 SROS: NASD 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: 98669469 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 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): July 16, 1998 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 July 16, 1998, the registrant issued a news release announcing its operating revenues and earnings for the second quarter ended June 30, 1998. 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 July 16, 1998. 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: July 21, 1998 By: /s/ John J. Steele John J. Steele Vice President, Treasurer and Chief Financial Officer Date: July 21, 1998 By: /s/ James L. Johnson James L. Johnson Corporate Secretary and Controller EX-99 2 EXHIBIT 99.1 WERNER ENTERPRISES, INC. 14507 Frontier Road P.O. Box 45308 Omaha, Nebraska 68145 FOR IMMEDIATE RELEASE Contact: Robert E. Synowicki, Jr. - --------------------- (402) 894-3000 WERNER ENTERPRISES REPORTS RECORD SECOND QUARTER EARNINGS Omaha, Nebraska, July 16, 1998: - ------------------------------- Werner Enterprises, Inc. (Werner), a nationwide truckload transportation company, today reported record operating revenues and earnings for the second quarter ended June 30, 1998. Operating revenues increased to $211.7 million for the 1998 second quarter compared to $193.6 million for the same period of 1997. Second quarter net income increased 20% to $15.0 million ($.31 per diluted share) in 1998 compared to $12.5 million ($.26 per diluted share) in second quarter 1997. On May 13, 1998, Werner issued shares for a five-for-four common stock split effected in the form of a 25% stock dividend from authorized and unissued shares to stockholders of record on April 27, 1998. The number of shares of stock and the per share amounts for all periods below reflect the effect of the stock split.
INCOME STATEMENT DATA (Unaudited) (In thousands) Quarter % of Quarter % of Ended Operating Ended Operating 6/30/98 Revenues 6/30/97 Revenues -------- --------- -------- -------- Operating revenues $211,678 100.0 $193,635 100.0 -------- --------- -------- -------- Operating expenses: Salaries, wages and benefits 79,679 37.6 70,635 36.5 Fuel 14,198 6.7 16,719 8.6 Supplies and maintenance 17,214 8.1 15,548 8.0 Taxes and licenses 16,679 7.9 15,208 7.9 Insurance and claims 5,978 2.8 4,901 2.5 Depreciation 20,372 9.6 17,976 9.3 Rent and purchased transportation 32,815 15.6 33,004 17.0 Communications and utilities 2,549 1.2 1,937 1.0 Other (2,848) (1.3) (2,342) (1.2) -------- --------- -------- -------- Total operating expenses 186,636 88.2 173,586 89.6 -------- --------- -------- -------- Operating income 25,042 11.8 20,049 10.4 -------- --------- -------- -------- Other expense (income): Interest expense 1,238 0.6 588 0.3 Interest income (430) (0.2) (299) (0.1) Other 21 0.0 36 0.0 -------- --------- -------- -------- Total other expense 829 0.4 325 0.2 -------- --------- -------- -------- Income before income taxes 24,213 11.4 19,724 10.2 Income taxes 9,201 4.3 7,192 3.7 -------- --------- -------- -------- Net income $15,012 7.1 $12,532 6.5 ======== ========= ======== ======== Average common shares outstanding 47,883 47,728 ======== ======== Earnings per share $.31 $.26 ======== ======== Diluted shares outstanding 48,185 47,928 ======== ======== Diluted earnings per share $.31 $.26 ======== ========
Six Months % of Six Months % of Ended Operating Ended Operating 6/30/98 Revenues 6/30/97 Revenues -------- --------- -------- -------- Operating revenues $411,385 100.0 $365,684 100.0 -------- --------- -------- -------- Operating expenses: Salaries, wages and benefits 153,982 37.4 133,908 36.6 Fuel 28,896 7.0 33,984 9.3 Supplies and maintenance 34,723 8.4 30,493 8.4 Taxes and licenses 32,531 7.9 27,927 7.6 Insurance and claims 12,623 3.1 11,251 3.1 Depreciation 39,831 9.7 35,224 9.6 Rent and purchased transportation 66,192 16.1 60,652 16.6 Communications and utilities 5,108 1.3 4,121 1.1 Other (5,686) (1.4) (3,378) (0.9) -------- --------- -------- -------- Total operating expenses 368,200 89.5 334,182 91.4 -------- --------- -------- -------- Operating income 43,185 10.5 31,502 8.6 -------- --------- -------- -------- Other expense (income): Interest expense 2,244 0.5 1,035 0.3 Interest income (850) (0.2) (714) (0.2) Other 41 0.0 65 0.0 -------- --------- -------- -------- Total other expense 1,435 0.3 386 0.1 -------- --------- -------- -------- Income before income taxes 41,750 10.2 31,116 8.5 Income taxes 15,865 3.9 11,135 3.0 -------- --------- -------- -------- Net income $25,885 6.3 $19,981 5.5 ======== ========= ======== ======== Average common shares outstanding 47,852 47,608 ======== ======== Earnings per share $.54 $.42 ======== ======== Diluted shares outstanding 48,156 47,792 ======== ======== Diluted earnings per share $.54 $.42 ======== ========
BALANCE SHEET DATA (Unaudited) (In thousands) As of As of 6/30/98 12/31/97 -------- -------- Current assets $139,781 $145,792 Total assets 706,702 667,638 Current liabilities 78,675 91,791 Long-term debt 80,000 60,000 Stockholders' equity 420,493 395,118 Werner's common stock is traded on The Nasdaq Stock Market under the symbol WERN. -----END PRIVACY-ENHANCED MESSAGE-----