-----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, MrvWma2voyV+r4UZOzwBpllCZvgERpT3fH6dYm+tJge7XgUHbUh4WUimd5UP2H6b lH/4YqDJFOZg/f9rxUEERQ== 0000912057-00-001286.txt : 20000202 0000912057-00-001286.hdr.sgml : 20000202 ACCESSION NUMBER: 0000912057-00-001286 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991130 FILED AS OF DATE: 20000114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENBRIER COMPANIES INC CENTRAL INDEX KEY: 0000923120 STANDARD INDUSTRIAL CLASSIFICATION: RAILROAD EQUIPMENT [3743] IRS NUMBER: 930816972 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13146 FILM NUMBER: 507384 BUSINESS ADDRESS: STREET 1: ONE CENTERPOINTE DR STREET 2: STE 200 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 5036847000 MAIL ADDRESS: STREET 1: ONE CENTERPOINTE DR STREET 2: STE 200 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 10-Q 1 FORM 10-Q 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 ACT OF 1934 for the quarterly period ended November 30, 1999 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 No. 1-13146 ------------------------------------------------------------ THE GREENBRIER COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware 93-0816972 (State of Incorporation) (I.R.S. Employer Identification No.) One Centerpointe Drive, Suite 200, Lake Oswego, OR 97035 (Address of principal executive offices) (Zip Code) (503) 684-7000 (Registrant's telephone number, including area code) 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. Yes X No ------- ------- The number of shares of the registrant's common stock, $0.001 par value per share, outstanding on December 31, 1999 was 14,254,632 shares. THE GREENBRIER COMPANIES, INC. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED)
November 30, August 31, 1999 1999 ------------- ------------- ASSETS Cash and cash equivalents $ 16,881 $ 77,161 Restricted cash and investments - 635 Accounts and notes receivable 64,290 47,514 Inventories 112,989 92,495 Investment in direct finance leases 138,743 143,185 Equipment on operating leases 100,639 93,225 Property, plant and equipment 73,360 69,316 Other 26,981 27,185 ------------- ------------- $ 533,883 $ 550,716 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Revolving notes $ 22,739 $ 3,783 Accounts payable and accrued liabilities 103,176 131,474 Deferred participation 51,454 50,439 Deferred income taxes 17,292 17,634 Notes payable 155,701 161,401 Subordinated debt 37,788 37,788 Minority interest 12,612 14,034 Commitments and contingencies (Note 5) Stockholders' equity Preferred stock - $0.001 par value, 25,000 shares authorized, none outstanding - - Common stock - $0.001 par value, 50,000 shares authorized, 14,255 outstanding at both November 30, 1999 and August 31, 1999 14 14 Additional paid-in capital 50,495 50,495 Retained earnings 84,675 85,534 Other comprehensive income (2,063) (1,880) ------------- ------------- 133,121 134,163 ------------- ------------- $ 533,883 $ 550,716 ============= =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS. 2 THE GREENBRIER COMPANIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED)
Three Months Ended November 30, ----------------------------------- 1999 1998 ------------- ------------- REVENUE Manufacturing $ 91,749 $ 100,074 Leasing and services 21,253 20,012 ------------- ------------- 113,002 120,086 COST OF REVENUE Manufacturing 80,013 90,393 Leasing and services 12,214 8,198 ------------- ------------- 92,227 98,591 MARGIN 20,775 21,495 OTHER COSTS Selling and administrative expense 12,405 9,445 Interest expense 4,978 4,746 ------------- ------------- 17,383 14,191 Earnings before income tax expense, minority interest and equity in unconsolidated subsidiary 3,392 7,304 Income tax expense (2,237) (3,555) ------------- ------------- Earnings before minority interest and equity in unconsolidated subsidiary 1,155 3,749 Minority interest (746) (657) Equity in unconsolidated subsidiary 15 (226) ------------- ------------- NET EARNINGS $ 424 $ 2,866 ============= ============= Basic earnings per share $ 0.03 $ 0.20 ============= ============= Diluted earnings per share $ 0.03 $ 0.20 ============= ============= Weighted average shares outstanding: Basic 14,255 14,254 Diluted 14,305 14,323
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS. 3 THE GREENBRIER COMPANIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS, UNAUDITED)
Three Months Ended November 30, ----------------------------------- 1999 1998 ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 424 $ 2,866 Adjustments to reconcile net earnings to net cash used in operating activities: Deferred income taxes (342) (1,927) Deferred participation 1,015 1,519 Depreciation and amortization 4,603 3,849 Gain on sales of equipment (62) (2,624) Other 215 441 Increase in assets: Accounts and notes receivable (16,776) (4,263) Inventories (17,818) (17,707) Other (515) (163) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (28,276) 6,446 ------------- ------------- Net cash used in operating activities (57,532) (11,563) ------------- ------------- CASH FLOWS FROM INVESTING ACTIVITIES Acquisition, net of cash acquired (539) (3,553) Principal payments received under direct finance leases 4,378 4,118 Proceeds from sales of equipment 207 21,111 Purchase of property and equipment (19,321) (6,695) Use of (investment in) restricted cash and investments 635 (381) ------------- ------------- Net cash provided by (used in) investing activities (14,640) 14,600 ------------- ------------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 20,103 - Repayments of borrowings (6,928) (8,483) Dividends (1,283) (855) Proceeds from stock options - 119 ------------- ------------- Net cash provided by (used in) financing activities 11,892 (9,219) ------------- ------------- DECREASE IN CASH AND CASH EQUIVALENTS (60,280) (6,182) Cash and cash equivalents: Beginning of period 77,161 41,912 ------------- ------------- End of period $ 16,881 $ 35,730 ============= ============= SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest $ 5,098 $ 3,079 Income taxes 1,487 118
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS. 4 THE GREENBRIER COMPANIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (IN THOUSANDS, UNAUDITED) NOTE 1 - INTERIM FINANCIAL STATEMENTS The consolidated financial statements of The Greenbrier Companies, Inc. and Subsidiaries ("Greenbrier" or the "company") as of November 30, 1999 and for the three months ended November 30, 1999 and 1998 have been prepared without audit and reflect all adjustments (consisting of normal recurring accruals) which, in the opinion of management, are necessary for a fair presentation of the financial position and operating results for the periods indicated. The results of operations for the three months ended November 30, 1999 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2000. Certain reclassifications have been made to the prior year's consolidated financial statements to conform with the 2000 presentation. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the consolidated financial statements contained in Greenbrier's 1999 Annual Report incorporated by reference into the company's 1999 Annual Report on Form 10-K. NOTE 2 - INVENTORIES
November 30, August 31, 1999 1999 --------------- ---------------- Manufacturing supplies and raw materials $ 12,743 $ 10,953 Work-in-process 50,562 66,255 Assets held for sale or refurbishment 49,684 15,287 --------------- ---------------- $ 112,989 $ 92,495 =============== ================
NOTE 3 - COMPREHENSIVE INCOME The following is a reconciliation of net earnings to comprehensive income:
Three Months Ended November 30, ------------------------------------- 1999 1998 --------------- ---------------- Net earnings $ 424 $ 2,866 Foreign currency translation adjustment (net of tax benefit and expense of $205 and $58) (183) 74 --------------- ---------------- Comprehensive income $ 241 $ 2,940 =============== ================
5 THE GREENBRIER COMPANIES, INC. NOTE 4 - SEGMENT INFORMATION Greenbrier has two reportable segments: manufacturing and leasing and services. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in the consolidated financial statements contained in the company's 1999 Annual Report. Performance is evaluated based on margin, which is presented on the Consolidated Statements of Operations. Intersegment sales and transfers are accounted for as if the sales or transfers were to third parties, that is, at market prices. The information in the following tables is derived directly from the segments' internal financial reports used for corporate management purposes. Unallocated assets primarily consist of cash, short-term investments and capitalized loan costs.
Three Months Ended November 30, ------------------------------------- 1999 1998 --------------- ---------------- REVENUE: Manufacturing $ 147,201 $ 130,222 Leasing and services 26,927 24,028 Eliminate intersegment (61,126) (34,164) --------------- ---------------- $ 113,002 $ 120,086 =============== ================ DEPRECIATION AND AMORTIZATION: Manufacturing $ 2,195 $ 1,589 Leasing and services 2,408 2,260 --------------- ---------------- $ 4,603 $ 3,849 =============== ================ CAPITAL EXPENDITURES: Manufacturing $ 6,889 $ 4,456 Leasing and services 12,432 2,239 --------------- ---------------- $ 19,321 $ 6,695 =============== ================ November 30, August 31, 1999 1999 --------------- ---------------- ASSETS: Manufacturing $ 187,418 $ 188,147 Leasing and services 328,711 284,401 Unallocated 17,754 78,168 --------------- ---------------- $ 533,883 $ 550,716 =============== ================
NOTE 5 - COMMITMENTS AND CONTINGENCIES Purchase commitments of approximately $22,000 for leasing and services operating equipment were outstanding as of November 30, 1999. Greenbrier is involved as a defendant in litigation in the ordinary course of business, the outcome of which cannot be predicted with certainty. Litigation has been initiated by former shareholders of Interamerican Logistics Inc. ("Interamerican"), which was acquired in the fall of 1996. The plaintiffs allege that Greenbrier violated the agreements pursuant to which it acquired ownership of Interamerican and seek damages aggregating $4,500 Canadian. Management contends the claim to be without merit and intends to vigorously defend its position. Management believes that any ultimate liability resulting from litigation will not materially affect the financial position, results of operations or cash flows of the company. 6 THE GREENBRIER COMPANIES, INC. NOTE 6 - ACQUISITIONS In December 1999, Greenbrier completed the acquisition of a portion of the minority investor's interest in the Canadian manufacturing subsidiary utilizing operating cash flow and available lines of credit. This acquisition was effective September 1, 1999. Also in December 1999, Greenbrier executed an asset purchase agreement with DaimlerChrysler Rail Systems GmbH, Berlin ("Adtranz") for the purchase of Adtranz' Freight Wagon Division. The Freight Wagon Division, located in Siegen, Germany, provides expertise in the fields of engineering, design, sales and marketing and project management. It also includes a comprehensive portfolio of railcar designs certified for the European marketplace, accordingly a significant portion of the assets to be acquired are intangibles. The acquisition is expected to be completed during the second quarter utilizing operating cash flow and available lines of credit. 7 THE GREENBRIER COMPANIES, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Greenbrier currently operates in two primary business segments: manufacturing and leasing and services. The two business segments are operationally integrated. With operations in North America and Europe, the manufacturing segment produces double-stack intermodal railcars, conventional railcars, marine vessels and forged steel products and performs railcar refurbishment and maintenance activities, a portion of which is for the leasing operation. The leasing and services segment owns or manages a fleet of approximately 33,000 railcars for railroads, institutional investors and other leasing companies. Railcars are generally manufactured under firm orders from third parties, and revenue is recognized when the cars are completed and accepted by the customer. From time to time Greenbrier commits to manufacture railcars prior to receipt of firm orders to maintain continuity of manufacturing operations, and railcars produced in a given period may be delivered in subsequent periods, delaying revenue recognition. Greenbrier may also build railcars for its own lease fleet. Revenues do not include sales of new railcars to, or refurbishment services performed for, the leasing operation since intercompany transactions are eliminated in preparing the consolidated financial statements. The margin generated from such sales or refurbishment activity is realized by the leasing segment over the related life of the asset or upon sale of the equipment. OVERVIEW Net earnings for the three-month period ended November 30, 1999 were $424 thousand or $.03 per diluted share. The current period results were negatively impacted by timing differences between the production and delivery of new railcars and lower than anticipated new railcar margins resulting from greater than expected losses in European operations and Auto-Max-Registered Trademark-start-up difficulties. Net losses from the European operations, which include the Polish facility and related sales and marketing costs, were $1.9 million in the current period. Subsequent to quarter end, Greenbrier executed an asset purchase agreement with DaimlerChrysler Rail Systems GmbH, Berlin ("Adtranz") for the purchase of Adtranz' Freight Wagon Division. The Freight Wagon Division, located in Siegen, Germany, provides expertise in the fields of engineering, design, sales and marketing and project management. It also includes a comprehensive portfolio of railcar designs certified for the European marketplace, accordingly a significant portion of the assets to be acquired are intangibles. The acquisition is expected to complement Greenbrier's existing European operations and to be completed during the second quarter. THREE MONTHS ENDED NOVEMBER 30, 1999 COMPARED TO THREE MONTHS ENDED NOVEMBER 30, 1998 MANUFACTURING New railcar delivery and backlog information disclosed herein includes all facilities, including the joint venture in Mexico that is accounted for by the equity method. Manufacturing revenue for the three-month period ended November 30, 1999 was $92 million compared to $100 million in the corresponding prior period, a decrease of $8 million, or 8%. Revenue resulted primarily from new railcar deliveries which were approximately 1,400 in the current period compared to 1,600 in the prior comparable period. Approximately 800 railcars were produced and placed on lease in the current period for expected delivery or sale in the second and third quarters. In the prior comparable period, 400 railcars were produced for delivery in the second and third quarters of 1999. The gross margin of 12.8% for the three months ended November 30, 1999 compares favorably to the prior period gross margin of 9.7% as a result of the efficiencies of longer production runs and a strong market demand for railcars. The manufacturing backlog of railcars for sale and lease for all facilities as of November 30, 1999 was approximately 3,900 railcars with an estimated value of $264 million compared to 4,000 railcars valued at $271 million as of August 31, 1999. Subsequent to quarter end, Greenbrier received orders for 2,600 railcars valued at $150 million. 8 THE GREENBRIER COMPANIES, INC. LEASING AND SERVICES Leasing and services revenue increased $1 million, or 5%, to $21 million for the quarter ended November 30, 1999 compared to $20 million for the quarter ended November 30, 1998. The increase is primarily a result of a multi-year maintenance management agreement that began in December 1998 offset by lower gains on sales of leased equipment. Pre-tax earnings realized on the disposition of leased equipment during the quarter amounted to $56 thousand compared to $2.5 million for the corresponding prior period. Leasing and services operating margin was 42.5% and 59% for the three-month periods ended November 30, 1999 and 1998. The lower margin in the current period is primarily due to lower gains on sales of leased equipment and the lower margin maintenance management agreement which commenced in December 1998. OTHER COSTS Selling and administrative expense increased $3 million, or 31%, to $12.4 million for the three months ended November 30, 1999 compared to $9.5 million for the comparable prior period. As a percentage of revenue, selling and administrative expense increased to 11% for the three months ended November 30, 1999 from 8% in the prior comparable period. The increase is primarily due to the start-up of the European operations and related increased international sales, marketing and business development activities. Interest expense for the three months ended November 30, 1999 was $5 million, similar to the prior period. Income tax expense for the three months ended November 30, 1999 and 1998 represents an effective tax rate of 42% on U.S. operations and varying effective tax rates on foreign operations. The consolidated effective tax rate of 66% in the current period is a result of European operating losses for which no tax benefit has been recognized. The consolidated effective tax rate for the prior comparable period was 49%. Minority interest increased for the three months ended November 30, 1999 as compared to the prior period as a result of improved results from the Canadian manufacturing operation offset by losses from the Polish manufacturing operation. Greenbrier increased its ownership position in the Polish operation in August 1999 and in the Canadian operation in September 1999. LIQUIDITY AND CAPITAL RESOURCES Cash used by operations totaled $58 million for the three months ended November 30, 1999. During the quarter ended November 30, 1999, assets held for sale, included in inventory, increased $34 million principally due to railcars produced and placed on lease during the quarter that are expected to be sold in the second and third quarters. Credit facilities aggregated $124 million as of November 30, 1999. A $60 million revolving line of credit is available through May 2001 to provide working capital and interim financing of equipment for the leasing and services operations. A $40 million operating line of credit to be used for working capital is available through February 2002 for U.S. manufacturing operations. A $20 million (at the November 30, 1999 exchange rate) operating line of credit is available through March 2000 for working capital for Canadian manufacturing operations. Operating lines of credit totaling $4 million (at the November 30, 1999 exchange rate) are available through May 2000 for working capital for Polish manufacturing operations. Advances under the revolving and operating lines of credit bear interest at rates which vary depending on the type of borrowing and certain defined ratios. At November 30, 1999, $14 million, $7 million and $2 million were outstanding under the U.S., Canadian and Polish manufacturing operating lines. Capital expenditures totaled $19 million and $7 million for the three months ended November 30, 1999 and 1998. Of these capital expenditures, approximately $12 and $5 million were attributable to leasing and services operations. Leasing and services capital expenditures for the remainder of 2000 are expected to be approximately $37 million. Greenbrier regularly sells assets from its lease fleet, some of which may have been purchased within the current year and included in capital expenditures. 9 THE GREENBRIER COMPANIES, INC. Approximately $7 million and $2 million of the capital expenditures for the three months ended November 30, 1999 and 1998 were attributable to manufacturing operations. Manufacturing capital expenditures for the remainder of 2000 are expected to be approximately $17 million and will include plant improvements and equipment acquisitions to further increase capacity, enhance efficiencies and allow for the production of new products. Foreign operations give rise to market risks from changes in foreign currency exchange rates. Greenbrier utilizes foreign currency forward exchange contracts with established financial institutions to hedge a portion of that risk. No provision has been made for credit loss due to counterparty non-performance. At November 30, 1999, forward exchange contracts for the purchase of Canadian dollars aggregated $53 million, contracts for the sale of Polish zloties aggregated $4 million and contracts for the sale of German Deutschemarks aggregated $3 million at the November 30, 1999 exchange rates. These contracts mature at various dates through November 2000. At November 30, 1999, gains and losses of approximately $929 thousand and $150 thousand on such contracts have been deferred and will be recognized in income concurrent with the hedged transaction. A quarterly dividend of $.09 per share was declared in January 2000, to be paid in February. In July 1999, the dividend rate was increased to $.09 from the $.06 per share that had been paid quarterly since 1995. Future dividends are dependent upon earnings, capital requirements and financial condition. Management expects existing funds and cash generated from operations, together with borrowings under existing credit facilities and long-term financing, to be sufficient to fund dividends, working capital needs, planned capital expenditures, expected debt repayments and the planned acquisitions of the Canadian minority interest and the Adtranz' Freight Wagon Division. YEAR 2000 READINESS DISCLOSURE The "Year 2000" issue refers to computer programs that use two rather than four digits to define a given year and which therefore might read a date using "00" as the year 1900 rather than the year 2000. This could result in the computer failing to perform or performing incorrect computations in programs that have date-sensitive software. A variety of computer systems, applications and automated equipment are utilized in daily operations and may be affected by the Year 2000 issue. Greenbrier developed a Year 2000 readiness plan that assessed the impact of the Year 2000 issue on both information systems and embedded manufacturing control technology and a remediation plan for mission-critical systems. These systems include manufacturing equipment and internal computer systems supporting the manufacturing and railcar leasing and services operations. Systems and embedded technology not already Year 2000 compliant were corrected or replaced. As part of ongoing equipment replacement programs, non-compliant computers were replaced in advance of any key Year 2000 processing dates and non-compliant software was corrected or replaced. Greenbrier's internal remediation efforts and readiness plans are complete. Greenbrier has key relationships with a number of vendors and suppliers, including banks and other providers of goods and services. The company has determined that not all of the vendors and suppliers are Year 2000 compliant. Reliance on single source vendor suppliers, however, is minimal, and the company seeks to limit sole source supply relationships. The company could be adversely impacted if its suppliers and vendors do not make necessary changes to their own systems and products successfully or timely. Critical vendor and supplier assessment is materially complete. Greenbrier is not aware of any significant vendor or supplier which has been materially affected by Year 2000 issues. Costs incurred in assessing and remediating Year 2000 issues have aggregated approximately $1.3 million. Internal costs incurred in responding to the Year 2000 issue are not separately tracked. Such costs are principally payroll-related costs. No significant costs are expected to be incurred in the future for assessing or remediating the Year 2000 issues. Contingency plans have been developed for continued operations without, or with reduced functionality of, mission-critical systems and suppliers. Activation of these plans, if necessary, may result in reduced capabilities, restricted access to data, slower business processes and delayed product delivery. Greenbrier has not been required to activate any significant contingency plans to date. 10 THE GREENBRIER COMPANIES, INC. While Greenbrier is not aware of any significant Year 2000 issues as a result of the rollover to Year 2000, there remains a risk that either information systems or embedded manufacturing technology may fail or operate at reduced functionality at other key Year 2000 processing dates. Such eventuality could have a material adverse effect on the company's financial position, results of operations or cash flows. FORWARD-LOOKING STATEMENTS Statements contained in Management's Discussion and Analysis of Financial Condition and Results of Operations that are not statements of historical fact may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to expectations, beliefs and strategies regarding the future. The following are among the factors that could cause actual results or outcomes to differ materially from the forward-looking statements: general political, regulatory or economic conditions; changes in interest rates; business conditions and growth in the surface transportation industry, both domestic and international; currency and other risks associated with international operations; shifts in market demand; a delay or failure of acquisitions, products or services to compete successfully; changes in product mix and the mix between manufacturing and leasing and services revenue; labor disputes or operating difficulties which might disrupt manufacturing operations, component supplies or the flow of cargo; competitive factors, including increased competition, new product offerings by competitors and price pressures; actual future costs and availability of materials and a trained workforce; production difficulties and product delivery delays in the future as a result of, among other matters, changing process technologies and increasing production; lower than expected customer orders; the ability to consummate expected sales; delays in receipt of orders or cancellation of orders; financial condition of principal customers; and the impact of Year 2000 compliance by the company or by its customers, suppliers or service partners. Any forward-looking statements should be considered in light of these factors. 11 THE GREENBRIER COMPANIES, INC. PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 27.1 Financial Data Schedule (b) Form 8-K No reports on Form 8-K were filed during the quarter for which this report is filed. 12 THE GREENBRIER COMPANIES, INC. 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. THE GREENBRIER COMPANIES, INC. Date: January 14, 2000 By: /s/ Larry G. Brady -------------------- --------------------------------------- Larry G. Brady Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) 13 EX-27.1 2 EXHIBIT 27.1
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FINANCIAL STATEMENTS FOR THE QUARTER ENDED NOVEMBER 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS AUG-31-2000 SEP-01-1999 NOV-30-1999 16,881 0 64,290 0 112,989 0 73,360 0 533,883 0 0 0 0 14 88,107 533,883 0 113,002 92,227 109,610 0 0 4,978 3,392 2,237 424 0 0 0 424 0.03 0.03
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