-----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, EpvTwPsYDod4hLNSwHJu5gxaAhyd4I5YqSOgEshoBQAzPRJ+MN7vLYt3oCEt5ju4 djCIZAQ/0COyhm6aSONQZw== 0000950144-97-012212.txt : 19971117 0000950144-97-012212.hdr.sgml : 19971117 ACCESSION NUMBER: 0000950144-97-012212 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED HOLDINGS INC CENTRAL INDEX KEY: 0000909950 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 580360550 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276 FILM NUMBER: 97718036 BUSINESS ADDRESS: STREET 1: 160 CLAIRMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 BUSINESS PHONE: 4043701100 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVENUE SUITE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDER AUTOMOTIVE GROUP INC CENTRAL INDEX KEY: 0001049259 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582201081 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-01 FILM NUMBER: 97718954 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED INDUSTRIES INC CENTRAL INDEX KEY: 0001049260 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 581850174 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-02 FILM NUMBER: 97718955 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAUL RISK MANAGEMENT SERVICES INC CENTRAL INDEX KEY: 0001049262 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582204629 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-03 FILM NUMBER: 97718956 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINK INFORMATION SYSTEMS INC CENTRAL INDEX KEY: 0001049263 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582253768 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-04 FILM NUMBER: 97718957 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED SOUTHWOODS INC CENTRAL INDEX KEY: 0001049265 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582328035 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-05 FILM NUMBER: 97718958 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXIS GROUP INC CENTRAL INDEX KEY: 0001049266 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582204628 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-06 FILM NUMBER: 97718959 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED SYSTEMS LTD LP CENTRAL INDEX KEY: 0001049267 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 581710028 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-07 FILM NUMBER: 97718960 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED INC CENTRAL INDEX KEY: 0001049269 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 750121472 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-08 FILM NUMBER: 97718961 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTER MOBILE INC CENTRAL INDEX KEY: 0001049271 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 581859127 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-09 FILM NUMBER: 97718962 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGION TRANSPORTATION INC CENTRAL INDEX KEY: 0001049272 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 593041067 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-10 FILM NUMBER: 97718963 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNOVATIVE CAR CARRIERS INC CENTRAL INDEX KEY: 0001049275 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 593041519 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-11 FILM NUMBER: 97718964 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTOMOTIVE TRANSPORT SERVICES INC CENTRAL INDEX KEY: 0001049277 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 581835655 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-12 FILM NUMBER: 97718965 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTO HAULAWAY INC CENTRAL INDEX KEY: 0001049278 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521952252 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-13 FILM NUMBER: 97718966 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXIS INTERNATIONAL INC CENTRAL INDEX KEY: 0001049280 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582339087 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-14 FILM NUMBER: 97718967 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXIS TRUCK LEASING INC CENTRAL INDEX KEY: 0001049281 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582272795 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-15 FILM NUMBER: 97718968 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXIS NORTH AMERICA INC CENTRAL INDEX KEY: 0001049283 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582272208 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-16 FILM NUMBER: 97718969 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTO HAULAWAY RELEASING SERVICES 1981 CENTRAL INDEX KEY: 0001049285 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582272208 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-17 FILM NUMBER: 97718970 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DECATUR DRIVER EXCHANGE CO INC CENTRAL INDEX KEY: 0001049286 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582272793 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-18 FILM NUMBER: 97718971 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLAIREMONT DRIVER EXCHANGE CO INC CENTRAL INDEX KEY: 0001049287 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582273306 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-19 FILM NUMBER: 97718972 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KAR TAJNER INTERNATIONAL INC CENTRAL INDEX KEY: 0001049288 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 650252817 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-20 FILM NUMBER: 97718973 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AH ACQUISITION CORP CENTRAL INDEX KEY: 0001049290 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582338469 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-21 FILM NUMBER: 97718974 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANADIAN ACQUISITION CORP CENTRAL INDEX KEY: 0001049292 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582339472 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-22 FILM NUMBER: 97718975 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXIS NATIONAL INC CENTRAL INDEX KEY: 0001049295 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 582339474 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-23 FILM NUMBER: 97718976 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDER AUTOMOTIVE ACQUISITION LLC CENTRAL INDEX KEY: 0001049297 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-24 FILM NUMBER: 97718977 BUSINESS ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 33030 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDER AUTOMOTIVE CARRIER SERVICES INC CENTRAL INDEX KEY: 0001049299 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 581953041 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-25 FILM NUMBER: 97718978 BUSINESS ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TERMINAL SERVICE CO CENTRAL INDEX KEY: 0001049302 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 910847582 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-26 FILM NUMBER: 97718979 BUSINESS ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 FILER: COMPANY DATA: COMPANY CONFORMED NAME: F J BOUTELL DRIVEWAY CO INC CENTRAL INDEX KEY: 0001049305 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 380365100 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-27 FILM NUMBER: 97718980 BUSINESS ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RMX INC CENTRAL INDEX KEY: 0001049309 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 310961359 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-28 FILM NUMBER: 97718981 BUSINESS ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANSPORT SUPPORT INC CENTRAL INDEX KEY: 0001049312 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 382349563 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-29 FILM NUMBER: 97718982 BUSINESS ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMERCIAL CARRIERS INC CENTRAL INDEX KEY: 0001049313 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 381377932 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-30 FILM NUMBER: 97718983 BUSINESS ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 FILER: COMPANY DATA: COMPANY CONFORMED NAME: B&C INC CENTRAL INDEX KEY: 0001049314 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 381377932 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-31 FILM NUMBER: 97718984 BUSINESS ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 1450 W LONG LAKE RD CITY: TROY STATE: MI ZIP: 48098 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDER AUTOMOTIVE OPERATIONS INC CENTRAL INDEX KEY: 0001049315 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 581944786 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-32 FILM NUMBER: 97718985 BUSINESS ADDRESS: STREET 1: 3600 NW 82ND AVE CITY: MIAMI STATE: FL ZIP: 33166 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 3600 NW 82ND AVE CITY: MIAMI STATE: FL ZIP: 33166 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RC MANAGEMENT CORP CENTRAL INDEX KEY: 0001049317 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 65071002 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-33 FILM NUMBER: 97718986 BUSINESS ADDRESS: STREET 1: 3600 NW 82ND AVE CITY: TROY STATE: MI ZIP: 33166 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 3600 NW 82ND AVE CITY: MIAMI STATE: FL ZIP: 33166 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDER FREIGHT BROKER INC CENTRAL INDEX KEY: 0001049318 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 59287664 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-34 FILM NUMBER: 97718987 BUSINESS ADDRESS: STREET 1: 10701 MIDDLEBELT RD CITY: ROMULUS STATE: MI ZIP: 48174 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 10701 MIDDLEBELT RD CITY: ROMULUS STATE: MI ZIP: 48174 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OSHCO INC CENTRAL INDEX KEY: 0001049319 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 382853268 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-35 FILM NUMBER: 97718988 BUSINESS ADDRESS: STREET 1: 10701 MIDDLEBELT RD CITY: ROMULUS STATE: MI ZIP: 48174 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 10701 MIDDLEBELT RD CITY: ROMULUS STATE: MI ZIP: 48174 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCL RYDER TRANSPORT INC CENTRAL INDEX KEY: 0001049320 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 3212351 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-36 FILM NUMBER: 97718989 BUSINESS ADDRESS: STREET 1: 770 STEVENSON RD SOUTH STE 4400 STREET 2: TORONTO ONTARIO CITY: CANADA M5H 3Y4 STATE: A6 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 770 STEVENSON RD SOUTH STE 4400 STREET 2: TORONTO ONTARIO CITY: CANADA M5H 3Y4 STATE: A6 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QAT INC CENTRAL INDEX KEY: 0001049321 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 592876863 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22276-37 FILM NUMBER: 97718990 BUSINESS ADDRESS: STREET 1: 300 EAST LONG LAKE RD STREET 2: STE 280 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48098 BUSINESS PHONE: 4043704277 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 10-Q 1 ALLIED HOLDINGS,INC. 1 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 ACTION OF 1934 - FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 - For the transition period from ________________ to _____________________ Commission File Number: 0-22276 ALLIED HOLDINGS, INC. AND ITS SUBSIDIARIES LISTED IN FOOTNOTE (1) BELOW - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) GEORGIA 58-0360550 - ------------------------------------------------------------------------------------------------------------------------- (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) SUITE 510, 160 CLAIREMONT AVENUE, DECATUR, GEORGIA 30030 - ------------------------------------------------------------------------------------------------------------------------- (Address of principal executive offices) (404) 373-4285 - ------------------------------------------------------------------------------------------------------------------------- (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 the past 90 days. [X] Yes [ ] No Outstanding common stock, No par value at November 1, 1997........... 7,818,667 (1) This Form 10-Q is also being filed by the co-registrants specified under the caption "Co-Registrants", each of which is a wholly-owned subsidiary of Allied Holdings, Inc. and each of which has met the conditions for the filing of Form 10-Q in a reduced disclosure format. TOTAL NUMBER OF PAGES INCLUDED IN THIS REPORT: 21 1 2 CO-REGISTRANTS This Form 10-Q is also being filed by the following entities:
STATE OR OTHER JURISDICTION OF I.R.S. EMPLOYER NUMBER OF SHARES INCORPORATION OR COMMISSION FILED IDENTIFICATION NAME, ADDRESS AND TELEPHONE NUMBER OUTSTANDING ORGANIZATION NUMBER NUMBER - ------------------------------------ ----------- ------------ ---------------- --------------- 1. Allied Automotive Group, Inc. 100,000 Georgia 333-37113 58-2201081 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 2. Allied Industries Incorporated 1,000 Georgia 333-37113 58-1850174 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 3. Haul Risk Management Services, Inc. 500 Georgia 333-37113 58-2204629 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 4. Link Information Systems, Inc. 500 Georgia 333-37113 58-2253768 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 5. Allied Southwoods, Inc. 1,000 Georgia 333-37113 58-2328035 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 6. Axis Group, Inc. 500 Georgia 333-37113 58-2204628 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 7. Allied Systems, Ltd. (L.P.) 100% OF THE Georgia 333-37113 58-1710028 160 Clairemont Avenue, Suite 510 OUTSTANDING Decatur, Georgia 30030 PARTNERSHIP 404/370-1100 INTERESTS 8. Allied, Inc. 76 Texas 333-37113 75-0121472 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 9. Inter Mobile, Inc. 1,000 Georgia 333-37113 58-1859127 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 10. Legion Transportation, Inc. 750 Georgia 333-37113 59-3041067 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 11. Innovative Car Carriers, Inc. 750 Delaware 333-37113 59-3041519 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 12. Automotive Transport Services, Inc. 500 Georgia 333-37113 58-1835655 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 13. Auto Haulaway, Inc. 30,303,721 Ontario, Canada 333-37113 52-1952252 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100
2 3 14. Axis International, Inc. 500 Georgia 333-37113 58-2339087 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 15. Axis Truck Leasing, Inc. 500 Georgia 333-37113 58-2272795 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 16. Axis North America, Inc. 500 Georgia 333-37113 58-2273308 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 17. Auto Haulaway Releasing Services (1981) 100 Ontario, Canada 333-37113 100347467 Limited 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 18. Decatur Driver Exchange Company, Inc. 500 Georgia 333-37113 58-2272793 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 19. Clairemont Driver Exchange Company, 500 Georgia 333-37113 58-2273306 Inc. 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 20. Kar-Tainer International, Inc. 100 Florida 333-37113 65-0252817 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 21. AH Acquisition Corp. 500 Georgia 333-37113 58-2339469 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 22. Canadian Acquisition Corp. 500 Georgia 333-37113 58-2339472 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 23. Axis National Incorporated 500 Georgia 333-37113 58-2339474 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 24. RC Management Corp. 100 Delaware 333-37113 65-071002 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 25. Ryder Automotive Carrier Services, Inc. 1,000 Florida 333-37113 58-1953041 1450 West Long Lake Road Troy, Michigan 48098 404/370-1100 26. Ryder Automotive Acquisition LLC 100% OF THE Georgia 333-37113 65-0783421 160 Clairemont Avenue, Suite 510 OUTSTANDING Decatur, Georgia 30030 MEMBERSHIP 404/370-1100 INTERESTS 27. MCL Ryder Transport, Inc. 200 Canada 333-37113 321235-1 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100 28. Ryder Automotive Operations, Inc. 1,000 Florida 333-37113 58-1944786 160 Clairemont Avenue, Suite 510 Decatur, Georgia 30030 404/370-1100
3 4 29. Ryder Freight Broker, Inc. 1,000 Virginia 333-37113 59-2876864 10701 Middlebelt Road Romulus, Michigan 48174 404/370-1100 30. QAT, Inc. 1,000 Florida 333-37113 59-2876863 300 East Long lake Road, Suite 280 Bloomfield Hills, Michigan 48304 404/370-1100 31. OSHCO, Inc. 1,000 Florida 333-37113 38-2853268 10701 Middlebelt Road Romulus, Michigan 48174 404/370-1100 32. Terminal Service Co. 50 Washington 333-37113 91-0847582 1450 West Long Lake Road Troy, Michigan 48098 404/370-1100 33. F.J. Boutell Driveaway Co., Inc. 1,239 Michigan 333-37113 38-0365100 1450 West Long Lake Road Troy, Michigan 48098 404/370-1100 34. RMX, Inc. 100 Delaware 333-37113 31-0961359 1450 West Long Lake Road Troy, Michigan 48098 404/370-1100 35. Transport Support, Inc. 100 Delaware 333-37113 38-2349563 1450 West Long Lake Road Troy, Michigan 48098 404/370-1100 36. Commercial Carriers, Inc. 1,000 Michigan 333-37113 38-0436930 1450 West Long Lake Road Troy, Michigan 48098 404/370-1100 37. B&C, Inc. 200 Michigan 333-37113 38-1377932 1450 West Long Lake Road Troy, Michigan 48098 404/370-1100
None of the above-named co-registrants have been subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, for 90 days or more. 4 5 INDEX PART I FINANCIAL INFORMATION PAGE ITEM 1: FINANCIAL STATEMENTS Consolidated Balance Sheets as of September 30, 1997 and December 31, 1996 .................................................. 6 Consolidated Statements of Operations for the Three and Nine Month Periods Ended September 30, 1997 and 1996............ 7 Consolidated Statements of Cash Flows for the Nine Month Periods Ended September 30, 1997 and 1996..................... 8 Notes to Consolidated Financial Statements............................ 9 ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations................................. 11 PART II OTHER INFORMATION ITEM 6 Exhibits and Reports on Form 8-K ..................................... 13 Signature Page ....................................................... 15 5 6 PART 1 - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS ALLIED HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
SEPTEMBER 30 DECEMBER 31 1997 1996 --------------------------- (UNAUDITED) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 8,323 $ 1,973 Short-term investments 12,215 8,520 Receivables, net of allowance for doubtful accounts 76,241 22,673 Inventories 5,366 4,096 Deferred tax assets 13,555 353 Prepayments and other current assets 24,580 11,587 ---------- ---------- Total current assets 140,279 49,202 ---------- ---------- PROPERTY AND EQUIPMENT, NET 283,505 132,552 ---------- ---------- OTHER ASSETS: Goodwill, net 98,488 22,081 Notes receivable due from related parties 573 573 Other 21,115 6,675 ---------- ---------- Total other assets 120,176 29,329 ---------- ---------- Total assets $ 543,960 $ 211,083 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $2,955 $2,275 Trade accounts payable 30,593 15,872 Accrued liabilities 117,257 30,347 ---------- ---------- Total current liabilities 150,805 48,494 ---------- ---------- LONG-TERM DEBT, LESS CURRENT MATURITIES 233,883 93,708 POSTRETIREMENT BENEFITS OTHER THAN PENSIONS 12,387 3,621 ---------- ---------- DEFERRED INCOME TAXES 28,487 7,487 ---------- ---------- OTHER LONG-TERM LIABILITIES 63,858 1,064 ---------- ---------- STOCKHOLDERS' EQUITY: Common stock, no par value; 20,000 shares authorized, 7,810 shares outstanding 0 0 Additional paid-in capital 43,657 43,657 Retained earnings 12,512 14,475 Foreign currency translation adjustment, net of tax (1,050) (743) Unearned compensation (579) (680) ---------- ---------- Total stockholders' equity 54,540 56,709 ---------- ---------- Total liabilities and stockholders' equity $ 543,960 $ 211,083 ========== ==========
The accompanying notes are an integral part of these consolidated balance sheets. 6 7 ALLIED HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 -------------------------- -------------------------- 1997 1996 1997 1996 ---- ---- ---- ---- REVENUES $ 91,384 $ 87,609 $ 300,353 $ 288,174 ---------- ---------- ----------- ---------- OPERATING EXPENSES: Salaries, wages and fringe benefits 50,747 46,687 160,381 152,002 Operating supplies and expenses 14,891 14,396 47,454 45,922 Purchased transportation 7,530 7,390 26,700 25,056 Insurance and claims 2,959 4,243 11,057 12,282 Operating taxes and licenses 3,482 3,901 11,672 12,282 Depreciation and amortization 6,893 6,703 20,679 19,634 Rents 1,217 1,266 3,687 3,747 Communications and utilities 673 750 2,207 2,490 Other operating expenses 1,234 1,286 3,308 2,717 Acquisition related realignment 8,914 0 8,914 0 ---------- --------- ----------- ---------- Total operating expenses 98,540 86,622 296,059 276,132 ---------- --------- ----------- ---------- Operating (loss) income (7,156) 987 4,294 12,042 ---------- --------- ----------- ---------- OTHER INCOME (EXPENSE): Interest expense (2,824) (2,747) (8,232) (8,143) Interest income 199 146 556 449 ---------- --------- ----------- ---------- (2,625) (2,601) (7,676) (7,694) ---------- --------- ----------- ---------- (LOSS) INCOME BEFORE INCOME TAXES AND EXTRAORDINARY ITEM (9,781) (1,614) (3,382) 4,348 INCOME TAX BENEFIT (PROVISION) 4,107 678 1,419 (1,826) ---------- --------- ----------- ---------- (LOSS) INCOME BEFORE EXTRAORDINARY ITEM (5,674) (936) (1,963) 2,522 EXTRAORDINARY LOSS ON EARLY EXTINGUISHMENT OF DEBT, NET OF INCOME TAX BENEFIT OF $573 0 0 0 (935) --------- --------- ----------- ---------- NET (LOSS) INCOME $ (5,674) $ (936) $ (1,963) $ 1,587 ========= ========= =========== ========== PER COMMON SHARE: (Loss) Income before extraordinary item $ (0.73) $ (0.12) $ (0.25) $ 0.33 Extraordinary loss on early extinguishment of debt 0.00 0.00 0.00 (0.12) --------- --------- ----------- ---------- NET (LOSS) INCOME PER COMMON SHARE $ (0.73) $ (0.12) $ (0.25) $ 0.21 ========= ========= =========== ========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 7,725 7,725 7,725 7,725 ========= ========= =========== ==========
The accompanying notes are an integral part of these consolidated statements. 7 8 ALLIED HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
FOR THE NINE MONTHS ENDED SEPTEMBER 30 ------------------------- 1997 1996 ----------- ----------- (UNAUDITED) (UNAUDITED) CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (1,963) $ 1,587 ---------- ---------- Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 20,679 19,634 Loss (Gain) on sale of property and equipment 44 (68) Acquisition related realignment 8,914 0 Extraordinary loss on early extinguishment of debt, net 0 935 Deferred income taxes 1,853 81 Change in operating assets and liabilities, excluding effect of businesses acquired: (5,780) (4,498) Inventories 574 311 Prepayments and other current assets 1,686) (882) Trade accounts payable (5,618) 3,714 Accrued liabilities (990) 4,674 ---------- ---------- Total adjustments 17,990 23,901 ---------- ---------- Net cash provided by operating activities 16,027 25,488 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (10,561) (19,731) Proceeds from sale of property and equipment 569 3,398 Purchase of businesses, net of cash acquired (125,380) 0 Increase in short-term investments (3,695) 0 Increase in the cash surrender value of life insurance (1,722) (1,860) ---------- ---------- Net cash used in investing activities (140,789) (18,193) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of long-term debt (78,008) (48,391) Proceeds from issuance of long-term debt 216,953 42,190 Other, net (7,795) (695) ---------- ---------- Net cash provided by (used in) financing activities 131,150 (6,896) ---------- ---------- EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (38) (19) NET INCREASE IN CASH AND CASH EQUIVALENTS 6,350 380 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,973 11,147 ---------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 8,323 $ 11,527 ========== ==========
The accompanying notes are an integral part of these consolidated statements. 8 9 ALLIED HOLDINGS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) Note 1. Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The statements contained herein reflect all adjustments, all of which are of a normal, recurring nature, which are, in the opinion of management, necessary to present fairly the financial condition, results of operations and cash flows for the periods presented. Operating results for the three and nine month periods ended September 30, 1997 are not necessarily indicative of the results that may be expected for the year ended December 31, 1997. The interim financial statements should be read in conjunction with the financial statements and notes thereto of Allied Holdings, Inc. and Subsidiaries, (the "Company") included in the Company's 1996 Annual Report on Form 10-K. Note 2. Long-Term Debt On September 30, 1997, the Company issued and sold $150,000,000 of 8 5/8% senior notes (the "Notes") through a private placement. The Company raised approximately $144,650,000, net of discounts and expenses, through the issuance of the Notes. The net proceeds from the Notes were used to fund the acquisition, of Ryder Automotive Carrier Services, Inc. and RC Management Corp., pay related fees and expenses, and reduce amounts owed on outstanding Company debt. The Company's obligations under the Notes are guaranteed by substantially all of the subsidiaries of the Company (the "Guarantors"). Separate financial statements of the Guarantors are not provided herein as (i) the Guarantors are jointly and severally liable for the Company's obligations under the Notes, (ii) the subsidiaries which are not Guarantors are inconsequential to the consolidated operations of the Company and its subsidiaries and (iii) the net assets and earnings of the Guarantors are substantially equivalent to the net assets and earnings of the consolidated entity as reflected in these consolidated financial statements. In September 1997, the Company also entered into a new credit facility due in 2002, which allows the Company to borrow under a revolving line of credit and issue letters of credit up to the lesser of $230 million or a borrowing base amount that is determined based on a defined percentage of the Company's accounts receivable and equipment. The interest rate for the new credit facility will be, at the Company's option, either (i) the bank's Base Rate, or (ii) the bank's Eurodollar rate, plus an applicable margin as defined. In February 1996, the Company issued $40 million of senior subordinated notes through a private placement. Proceeds from the senior subordinated notes were used to reduce borrowings outstanding under the Company's $130 million revolving credit 9 10 facility. In connection with the issuance of the notes, the Company refinanced its revolving credit facility and recorded a $935,000 extraordinary loss, net of income taxes, during the first quarter of 1996 related to the extinguishment of debt. Note 3. Acquisition of Ryder Automotive Carrier Services, Inc. and RC Management Corp. On September 30, 1997, the Company completed the acquisition of Ryder Automotive Carrier Services, Inc. and RC Management Corp. from Ryder System, Inc. (the "Acquisition") for approximately $114.5 million in cash, subject to post-closing adjustments. The subsidiaries of Ryder Automotive Carrier Services are engaged in car hauling, vehicle processing and dealer prep, rail unloading and loading services of vehicle railcars, and rail and port yard management. RC Management Corp. is principally involved in providing logistics services to the new retail used car superstores. Ryder's automotive carrier group, headquartered in Troy, Michigan, has approximately 3,400 rigs at 91 locations in 34 states and Canada. Its revenues in 1996 were approximately $600 million. Note 4. Acquisition of Kar-Tainer International Limited In April 1997, the Company completed the acquisition of the stock of Kar-Tainer International Limited for $13.1 million. Kar-Tainer is a wholly-owned subsidiary of the Axis Group, Inc., a wholly-owned subsidiary of the Company. Kar-Tainer, with offices in the United States, Bermuda, London, and South Africa, is a leader in the containerized shipping of vehicles. Kar-Tainer has been involved in the containerized shipment of completely built up (CBU) and semi knocked down (SKD) vehicles in international markets since 1983. Kar-Tainer has worked with vehicle manufacturers and shipping lines around the world, and is a leader in the design and manufacture of ramps, frames, and cassettes for the shipment of CBU and SKD vehicles in standard ISO containers. Note 5. Acquisition Related Realignment On September 30, 1997, the Company recorded a pre-tax charge of $8.9 million (after-tax $5.2 million, or $0.67 per share) to write down equipment and terminal facilities that will be idled or closed as a result of the Ryder acquisition. The Company plans to consolidate approximately 19 terminals, or approximately 14% of its terminal locations, which, as a result of the acquisition are located in close proximity to one another. These actions are expected to reduce the number of rigs the Company will operate. Note 6. Earnings per Share In February 1997, the Financial Accounting Standards Board issued SFAS No. 128, "Earnings per Share." This new statement will not result in changes to the Company's earnings per share for the first nine months of 1997 or prior years. 10 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Revenues for the third quarter of 1997 were $91.4 million, compared with revenues of $87.6 million reported for the third quarter of 1996, an increase of 4%. Revenues for the nine-month period ended September 30, 1997 were $300.4 million, versus revenues of $288.2 million reported for the same period last year, a 4% increase. The increase in revenues during 1997 was primarily due to an increase in the number of vehicles delivered by the Company together with an increase in the revenue generated per vehicle delivered. The Company delivered approximately 3% more vehicles during the first nine months of 1997 than during the first nine months of 1996. The increase is primarily due to increases in new vehicles sales, especially in Canada. A 14% increase in vehicle deliveries in Canada, due to increased Canadian new vehicle production and sales, more than offset a 2% decline in vehicle deliveries in the United States. In addition, the revenue generated per vehicle delivered for the first nine months of 1997 increased approximately 2% from the first nine months of 1996 due to an increase in longer haul dealer deliveries. The Company experienced a net loss of $0.5 million during the third quarter of 1997, versus a loss of $0.9 million during the third quarter of 1996, or $0.06 per share in 1997, versus $0.12 per share in 1996. Net income was $3.2 million, or $0.42 per share, for the nine-months period ended September 30, 1997, compared with net income of $2.5 million, or $0.33 per share, for the comparable nine-month period a year ago, an increase of 28% (excluding a $935,000 extraordinary loss on the early extinguishment of debt recorded during the first quarter of 1996). The 1997 results discussed above exclude an after-tax charge of approximately $5.2 million, or $0.67 per share, the Company recorded during the third quarter of 1997 to write down Company rigs and terminal facilities that will be idled or closed as a result of the Ryder acquisition. Salaries, wages and fringe benefits as a percentage of revenues increased for the third quarter of 1997 to 56% from 53% for the third quarter of 1996. The increase is primarily due to an increase in the percentage of vehicles delivered by Company drivers compared to owner-operators together with an increase in corporate office personnel in anticipation of the Ryder acquisition. However, salaries, wages and fringe benefits as a percentage of revenues for the nine months ended September 30, 1997 remained approximately unchanged from the first nine months of 1996. A decrease in salaries, wages and benefits during the first nine months of 1997 resulting from a decrease in the percentage of vehicles delivered by Company drivers compared to owner-operators was offset by additional salaries, wages and benefits at the Company's logistics subsidiary, Axis Group, Inc. together with an increase in the Company's corporate office personnel. Operating supplies and expenses as a percentage of revenues remained approximately unchanged during both the third quarter of 1997 compared to 1996 and the first nine months of 1997 compared to the first nine months of 1996. 11 12 Purchased transportation was 8.2% of revenues during the third quarter of 1997 compared to 8.4% of revenues for the third quarter of 1996. The decrease is primarily due to an increase in the percentage of vehicles delivered by Company drivers compared to owner-operators. For the nine months ended 1997, purchased transportation was 8.9% of revenues compared to 8.7% of revenues for the nine months ended 1997. This increase is due to increased use of owner-operators together with an increase in the number of vehicles delivered for the Company by other carriers. Insurance and claims expense decreased from 4.8% of revenues during the third quarter of 1996 to 3.8% of revenues during the third quarter of 1997, and from 4.3% of revenues for the first nine months of 1996 to 3.7% of revenues for the first nine months of 1997. The decrease was primarily due to a decrease in liability claims for cargo damage. Operating taxes and licenses decreased from 4.5% of revenues for the third quarter of 1996 to 3.8% of revenues for the third quarter of 1997, and decreased from 4.3% for the nine months ended 1996 to 3.9% of revenues for the nine months ended 1997. The decrease was primarily due to a decline in the operating taxes and licenses the Company paid for its fleet of specialized tractor-trailers ("Rigs") due to a decrease in the number of active Rigs the Company operated. FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES Net cash provided by operating activities totaled $16,027,000 for the nine months ended September 30, 1997 versus $25,488,000 for the same period in 1996. This decrease in cash flows from operations is mainly because of a decrease in the Company's accounts payable from December 31, 1996 to September 30, 1997. Net cash used in investing activities totaled $140,789,000 for the nine months ended September 30, 1997 versus $18,193,000 for the same period in 1996. This increase was primarily due to the acquisition of Ryder Automotive Carrier Services, Inc. and RC Management Corp. in September 1997 and Kar-Tainer International Limited in April 1997. Capital expenditures decreased to $10,561,000 for the nine months ended September 30 ,1997 versus $19,731,000 for the same period in 1996. The decrease is due to a decrease in the number of Rigs that were purchased. Net cash provided by financing activities totaled $131,150,000 for the nine months ended September 30, 1997 versus net cash used in financing activities of $6,896,000 for the same period in 1996. During 1997, the Company had $216,953,000 of proceeds from issuance of long-term debt and repaid $78,008,000 of long-term debt. During 1996, the Company issued $40,000,000 of senior subordinated notes, the proceeds of which were used to repay long-term debt. 12 13 SEASONALITY AND INFLATION The Company's revenues are seasonable, with the second and fourth quarters generally experiencing higher revenues than the first and third quarters. The volume of vehicles shipped during the second and fourth quarters is generally higher due to the introduction of new models which are shipped to dealers during those periods and the higher spring and early summer sales of automobiles and light trucks. During the first and third quarters, vehicle shipments typically decline due to lower sales volume during those periods and scheduled plant shut downs which primarily occur during the third quarter. Inflation has not significantly affected the Company's results of operations. PART II OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits: See attached exhibit index (b) Reports on Form 8-K: The Company filed a Form 8-K dated September 2, 1997 containing preliminary pro forma financial statements giving effect to the offering of the Notes and the Acquisition. The Company filed a Form 8-K dated August 29, 1997 announcing the execution of a definitive agreement on the Acquisition. The Company filed a Form 8-K dated August 13, 1997 announcing that Canada's Competition Bureau had no objections regarding the proposed Acquisition. The Company filed a Form 8-K dated July 22, 1997 announcing that the period for anti-trust review under the Hart-Scott Rodini Act of the proposed Acquisition expired without action by federal regulatory agencies. 13 14 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION OF EXHIBITS 4.1 Indenture dated September 30, 1997 by and among the Company, the Guarantors and The First National Bank of Chicago as Trustee (Incorporated by reference from Registration Statement on Form S-4, as filed with the Commission on October 3, 1997, Commission File No. 33-37113). 4.2 Purchase Agreement dated September 19, 1997 by and among the Company and the Initial Purchasers (Incorporated by reference from Registration Statement on Form S-4, as filed with the Commission on October 3, 1997. Commission File No. 33-37113). 4.3 Form of 8 5/8% Series A Senior Note due 2007 (included in Exhibit 4.1) (Incorporated by reference from Registration Statement on Form S-4, as filed with the Commission on October 3, 1997, Commission File No. 33-37113). 4.4 Registration Rights Agreement dated September 30, 1997 by and between the Company and Bear, Stearns & Co. Inc., as Initial Purchaser (Incorporated by reference from Registration Statement on Form S-4, as filed with the Commission on October 3, 1997, Commission File No. 33-37113). 4.5 $230 million Revolving Credit Agreement among Allied Holdings, Inc. and BankBoston, N.A., individually and as Administrative Agent, et al., dated September 30, 1997 (Incorporated by reference from Registration Statement on Form S-4, as filed with the Commission on October 3, 1997, Commission File No. 33-37113). 4.6 Form of 8 5/8% Series B Senior Note due 2007 (included in Exhibit 4.1). (Incorporated by reference from Registration Statement on Form S-4, as filed with the Commission on October 3, 1997, Commission File No. 33-37113). 4.7 Form of Guarantee (included in Exhibit 4.1) (Incorporated by reference from Registration Statement on Form S-4, as filed with the Commission on October 3, 1997, Commission File No. 33-37113). 27 Financial Data Schedule (for SEC purposes only). 99.3 Acquisition Agreement among Allied Holdings, Inc., AH Acquisition Corp., Canadian Acquisition Corp., and Axis International Incorporated and Ryder System, Inc. dated August 20, 1997 (Incorporated by reference from Form 8-K filed with the Commission on August 29, 1997). - ------------------- 14 15 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 thereunto duly authorized. Allied Holdings, Inc. November 13, 1997 /s/ A. Mitchell Poole, Jr. - ----------------- ----------------------------------- (Date) A. Mitchell Poole, Jr. on behalf of Registrant as President, Chief Operating Officer, Chief Financial Officer and Assistant Secretary 15 16 Pursuant to the requirements of the Securities Exchange Act of 1934, the co-registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. ALLIED AUTOMOTIVE GROUP, INC. November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer, Treasurer and Assistant Secretary ALLIED INDUSTRIES INCORPORATED November 13, 1997 By /s/Daniel H. Popky - ----------------- -------------------------------------------------------------- (Date) Daniel H. Popky, Vice President and Chief Financial Officer HAUL RISK MANAGEMENT SERVICES, INC. November 13, 1997 By /s/Daniel H. Popky - ----------------- -------------------------------------------------------------- (Date) Daniel H. Popky, Secretary, Treasurer and Chief Financial Officer LINK INFORMATION SYSTEMS, INC. November 13, 1997 By /s/Daniel H. Popky - ----------------- -------------------------------------------------------------- (Date) Daniel H. Popky, Vice President, Chief Financial Officer ALLIED SOUTHWOODS, INC. November 13, 1997 By /s/Daniel H. Popky - ----------------- -------------------------------------------------------------- (Date) Daniel H. Popky, Vice President and Chief Financial Officer AXIS GROUP, INC. November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer
16 17 ALLIED SYSTEMS, LTD. (L.P.) BY: ALLIED AUTOMOTIVE GROUP, INC., as Managing General Partner November 13, 1997 By /s/David S. Forbes - ----------------- ----------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer Treasurer and Assistant Secretary ALLIED, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ----------------------------------------------------------- (Date) David S. Forbes, Vice President, Secretary and Chief Financial Officer INTER MOBILE, INC. November 13, 1997 By /s/Joseph W. Collier - ----------------- ----------------------------------------------------------- (Date) Joseph W. Collier, Vice President and Chief Financial Officer LEGION TRANSPORTATION, INC. November 13, 1997 By /s/Joseph W. Collier - ----------------- ----------------------------------------------------------- (Date) Joseph W. Collier, President and Chief Financial Officer INNOVATIVE CAR CARRIERS, INC. November 13, 1997 By /s/Joseph W. Collier - ----------------- ----------------------------------------------------------- (Date) Joseph W. Collier, President and Chief Financial Officer AUTOMOTIVE TRANSPORT SERVICES, INC. November 13, 1997 By /s/Joseph W. Collier - ----------------- ----------------------------------------------------------- (Date) Joseph W. Collier, President and Chief Financial Officer AUTO HAULAWAY, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ----------------------------------------------------------- (Date) David S. Forbes, Vice President and Chief Financial Officer
17 18 AXIS INTERNATIONAL, INC. November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer AXIS TRUCK LEASING, INC. November 13, 1997 By /s/David S. Forbes - ----------------- --------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer AXIS NORTH AMERICA, INC. November 13, 1997 By /s/David S. Forbes - ----------------- --------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer AUTO HAULAWAY RELEASING SERVICES (1981) LIMITED November 13, 1997 By /s/David S. Forbes - ----------------- ---------------------------------------------------------------- (Date) David S. Forbes, Vice President and Chief Financial Officer DECATUR DRIVER EXCHANGE COMPANY, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ---------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer CLAIREMONT DRIVER EXCHANGE COMPANY, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ---------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer KAR-TAINER INTERNATIONAL, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ---------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer
18 19 AH ACQUISITION CORP. November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------------- (Date) David S. Forbes, Chief Financial Officer and Secretary CANADIAN ACQUISITION CORP. November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------------- (Date) David S. Forbes., Chief Financial Officer and Secretary AXIS NATIONAL INCORPORATED November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------------- (Date) David S. Forbes, Chief Financial Officer and Secretary RC MANAGEMENT CORP. November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer RYDER AUTOMOTIVE CARRIER SERVICES, INC. November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer and Assistant Secretary RYDER AUTOMOTIVE ACQUISITION LLC BY: CANADIAN ACQUISITION CORP, as Member November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------------- (Date) David S. Forbes., Chief Financial Officer and Secretary MCL RYDER TRANSPORT, INC. November 13, 1997 By /s/David S. Forbes - ----------------- -------------------------------------------------------------------- (Date) David S. Forbes, Vice President and Chief Financial Officer
19 20
RYDER AUTOMOTIVE OPERATIONS, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------ (Date) David S. Forbes, Vice President, Chief Financial Officer and Assistant Secretary RYDER FREIGHT BROKER, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------ (Date) David S. Forbes, Chief Financial Officer and Assistant Secretary QAT, INC. November 13, 1997 By /s/Daniel H. Popky - ----------------- ------------------------------------------------------------------- (Date) Daniel H. Popky, Vice President, Chief Financial Officer and Secretary OSHCO, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer TERMINAL SERVICE CO. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer F.J. BOUTELL DRIVEWAY CO., INC. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer and Assistant Secretary RMX, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer and Assistant Secretary
20 21 TRANSPORT SUPPORT, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial Officer and Assistant Secretary COMMERCIAL CARRIERS, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------------- (Date) David S. Forbes, Vice President, Chief Financial officer and Assistant Secretary B&C, INC. November 13, 1997 By /s/David S. Forbes - ----------------- ------------------------------------------------------------------------- (Date) David S. Forbes, Vice President and Chief Financial Officer and Assistant Secretary
21 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF ALLIED HOLDINGS, INC. FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000909950 ALLIED HOLDINGS INC 1,000 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 8,323 12,215 76,241 0 5,365 140,279 283,505 0 543,960 150,805 233,883 0 0 0 54,540 543,960 300,353 300,353 296,059 296,059 0 0 8,232 (3,382) 1,419 (1,963) 0 0 0 (1,963) (0.25) (0.25)
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