-----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, HTzjqwHMlPPhuOjsfJlH5JGSBzserFGkLwcCq0PFnwUXc3UtosvGP6++G4QicxRp 4BAqmxOo6Q8DT2r+iwZesQ== 0000793074-99-000002.txt : 19990122 0000793074-99-000002.hdr.sgml : 19990122 ACCESSION NUMBER: 0000793074-99-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990121 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990121 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: 99509441 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): January 21, 1999 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 21, 1999, the registrant issued a news release announcing its operating revenues and earnings for the fourth quarter and year ended December 31, 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 January 21, 1999. 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 21, 1999 By: /S/ John J. Steele ----------------------------- John J. Steele Vice President, Treasurer and Chief Financial Officer Date: January 21, 1999 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 FOURTH QUARTER 1998 AND ANNUAL 1998 OPERATING REVENUES AND EARNINGS Omaha, Nebraska, January 21, 1999: - --------------------------------- Werner Enterprises, Inc. (Werner), one of the nation's five largest truckload transportation companies, today reported record operating revenues and earnings for the fourth quarter and year ended December 31, 1998. Operating revenues for fourth quarter 1998 increased 13% to $232.3 million compared to $206.2 million in the fourth quarter of 1997. Earnings grew 10% to $.33 per diluted share in fourth quarter 1998 compared to $.29 per diluted share in fourth quarter 1997. Werner generated substantial truck growth of 276 trucks during fourth quarter 1998 compared to third quarter 1998, due to improved driver recruiting. This should increase growth in revenues and earnings in 1999. Operating revenues increased 12% to $863.4 million for the full year 1998 compared to $772.1 million for 1997. Earnings increased 18% to $1.19 per diluted share for 1998 compared to $1.01 per diluted share for 1997. Clarence (C.L.) Werner, Chairman and Chief Executive Officer said "Improved driver recruiting, solid shipper demand, and lower fuel prices contributed to the record fourth quarter results. We were pleased that we added 200 more trucks in fourth quarter 1998 compared to fourth quarter 1997. We expect to continue to improve our recruitment of drivers in 1999."
INCOME STATEMENT DATA (Unaudited) (In thousands) Quarter % of Quarter % of Ended Operating Ended Operating 12/31/98 Revenues 12/31/97 Revenues --------- --------- -------- --------- Operating revenues $232,317 100.0 $206,174 100.0 --------- --------- -------- --------- Operating expenses: Salaries, wages and benefits 88,256 38.0 73,734 35.8 Fuel 14,124 6.1 17,556 8.5 Supplies and maintenance 19,114 8.2 15,979 7.8 Taxes and licenses 18,301 7.9 16,075 7.8 Insurance and claims 5,729 2.5 4,967 2.4 Depreciation 22,114 9.5 19,072 9.2 Rent and purchased transportation 38,556 16.6 36,210 17.6 Communications and utilities 2,874 1.2 2,114 1.0 Other (2,678) (1.2) (2,651) (1.3) --------- --------- -------- --------- Total operating expenses 206,390 88.8 183,056 88.8 --------- --------- -------- --------- Operating income 25,927 11.2 23,118 11.2 --------- --------- -------- --------- Other expense (income): Interest expense 1,403 0.6 1,041 0.5 Interest income (428) (0.1) (481) (0.2) Other 40 0.0 41 0.0 --------- --------- -------- --------- Total other expense 1,015 0.5 601 0.3 --------- --------- -------- --------- Income before income taxes 24,912 10.7 22,517 10.9 Income taxes 9,466 4.1 8,319 4.0 --------- --------- -------- --------- Net income $15,446 6.6 $14,198 6.9 ========= ========= ======== ========= Diluted shares outstanding 47,480 48,184 ========= ======== Diluted earnings per share $.33 $.29 ========= ========
Year % of Year % of Ended Operating Ended Operating 12/31/98 Revenues 12/31/97 Revenues --------- --------- -------- --------- Operating revenues $863,417 100.0 $772,095 100.0 --------- --------- -------- --------- Operating expenses: Salaries, wages and benefits 325,659 37.7 278,968 36.1 Fuel 56,786 6.6 67,600 8.8 Supplies and maintenance 72,273 8.4 63,060 8.2 Taxes and licenses 67,907 7.9 58,513 7.6 Insurance and claims 23,875 2.7 21,212 2.7 Depreciation 82,549 9.6 72,634 9.4
Rent and purchased transportation 139,026 16.1 132,261 17.1 Communications and utilities 10,796 1.2 8,358 1.1 Other (11,065) (1.3) (8,158) (1.1) --------- --------- -------- --------- Total operating expenses 767,806 88.9 694,448 89.9 --------- --------- -------- --------- Operating income 95,611 11.1 77,647 10.1 --------- --------- -------- --------- Other expense (income): Interest expense 4,889 0.6 3,002 0.4 Interest income (1,724) (0.2) (1,580) (0.2) Other 114 0.0 130 0.0 --------- --------- -------- --------- Total other expense 3,279 0.4 1,552 0.2 --------- --------- -------- --------- Income before income taxes 92,332 10.7 76,095 9.9 Income taxes 35,086 4.1 27,717 3.6 --------- --------- -------- --------- Net income $57,246 6.6 $48,378 6.3 ========= ========= ======== ========= Diluted shares outstanding 47,910 47,959 ========= ======== Diluted earnings per share $1.19 $1.01 ========= ========
BALANCE SHEET DATA (In thousands) As of As of 12/31/98 12/31/97 --------- --------- Current assets $145,265 $145,792 Total assets 769,196 667,638 Current liabilities 91,907 91,791 Long-term debt 100,000 60,000 Stockholders' equity 440,588 395,118
Werner Enterprises is a full-service transportation company providing truckload and other transportation services throughout the 48 states, portions of Canada and Mexico. The Company was founded in 1956 by C.L. Werner. Werner is one of the nation's five largest truckload carriers with a fleet of 6,150 trucks and 16,350 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 may contain 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, 1997. -----END PRIVACY-ENHANCED MESSAGE-----