UNITED STATES
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) February 6, 2014
THE GREENBRIER COMPANIES, INC.
(Exact name of registrant as specified in its charter)
Commission File No. 1-13146
Oregon | 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
(Registrants telephone number, including area code)
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
The Company is providing supplemental segment information on the performance of each of the Companys segments as of and for the three months ended November 30, 2013, August 31, 2013, May 31, 2013, February 28, 2013 and November 30, 2012. Previously the Company evaluated segment performance based on gross margin. Beginning in the first quarter of 2014, the Company changed the methodology of measuring segment profit and loss as management began evaluating segment performance based on earnings (loss) from operations. For comparability, the Company is providing updated segment information for prior periods which conforms to the new methodology. The change in presentation did not result in any change to consolidated Earnings (loss) from operations or Net earnings (loss) attributable to Greenbrier.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
99.1 | Supplemental segment information of The Greenbrier Companies, Inc. |
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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: February 6, 2014 | By: | /s/ Mark J. Rittenbaum | ||||||
Mark J. Rittenbaum | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
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Exhibit 99.1
SUPPLEMENTAL INFORMATION
(In thousands, unaudited)
Segment Information
Greenbrier operates in three reportable segments: Manufacturing; Wheels, Repair & Parts; and Leasing & Services. The accounting policies of the segments are described in the summary of significant accounting policies in the Consolidated Financial Statements contained in the Companys 2013 Annual Report on Form 10-K. Performance for each of these segments is evaluated based on earnings (loss) from operations. Corporate includes selling and administrative costs not directly related to goods and services and certain costs that are intertwined among segments due to the Companys integrated business. Greenbriers management does not allocate Interest and foreign exchange or Income tax benefit (expense) for either external or internal reporting purposes. Intersegment sales and transfers are valued as if the sales or transfers were to third parties. Related revenue and margin are eliminated in consolidation and therefore are not included in consolidated results in the Companys Consolidated Financial Statements.
The information in the following table is derived directly from the segments internal financial reports used for corporate management purposes.
For the three months ended November 30, 2013
Revenue | Earnings (loss) from operations | |||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | |||||||||||||||||||
Manufacturing |
$ | 359,473 | $ | | $ | 359,473 | $ | 38,314 | $ | | $ | 38,314 | ||||||||||||
Wheels, Repair & Parts |
113,401 | 1,653 | 115,054 | (374 | ) | 31 | (343 | ) | ||||||||||||||||
Leasing & Services |
17,481 | 2,869 | 20,350 | 8,670 | 2,869 | 11,539 | ||||||||||||||||||
Eliminations |
| (4,522 | ) | (4,522 | ) | | (2,900 | ) | (2,900 | ) | ||||||||||||||
Corporate |
| | | (8,388 | ) | | (8,388 | ) | ||||||||||||||||
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$ | 490,355 | $ | | $ | 490,355 | $ | 38,222 | $ | | $ | 38,222 | |||||||||||||
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For the three months ended August 31, 2013
Revenue | Earnings (loss) from operations | |||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | |||||||||||||||||||
Manufacturing |
$ | 351,728 | $ | 15 | $ | 351,743 | $ | 30,227 | $ | | $ | 30,227 | ||||||||||||
Wheels, Repair & Parts |
114,003 | 3,326 | 117,329 | (108 | ) | (66 | ) | (174 | ) | |||||||||||||||
Leasing & Services |
18,484 | 9,040 | 27,524 | 15,247 | 9,040 | 24,287 | ||||||||||||||||||
Eliminations |
| (12,381 | ) | (12,381 | ) | | (8,974 | ) | (8,974 | ) | ||||||||||||||
Corporate |
| | | (6,139 | ) | | (6,139 | ) | ||||||||||||||||
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$ | 484,215 | $ | | $ | 484,215 | $ | 39,227 | $ | | $ | 39,227 | |||||||||||||
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For the three months ended May 31, 2013
Revenue | Earnings (loss) from operations | |||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | |||||||||||||||||||
Manufacturing |
$ | 284,591 | $ | 27 | $ | 284,618 | $ | 21,551 | $ | | $ | 21,551 | ||||||||||||
Wheels, Repair & Parts |
131,167 | 2,548 | 133,715 | (70,242 | ) | 29 | (70,213 | ) | ||||||||||||||||
Leasing & Services |
17,905 | 2,853 | 20,758 | 9,427 | 2,851 | 12,278 | ||||||||||||||||||
Eliminations |
| (5,428 | ) | (5,428 | ) | | (2,880 | ) | (2,880 | ) | ||||||||||||||
Corporate |
| | | (7,808 | ) | | (7,808 | ) | ||||||||||||||||
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$ | 433,663 | $ | | $ | 433,663 | $ | (47,072 | ) | $ | | $ | (47,072 | ) | |||||||||||
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SUPPLEMENTAL INFORMATION
(In thousands, unaudited)
For the three months ended February 28, 2013
Revenue | Earnings (loss) from operations | |||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | |||||||||||||||||||
Manufacturing |
$ | 294,047 | $ | 253 | $ | 294,300 | $ | 21,542 | $ | 15 | $ | 21,557 | ||||||||||||
Wheels, Repair & Parts |
111,952 | 3,698 | 115,650 | 3,247 | (191 | ) | 3,056 | |||||||||||||||||
Leasing & Services |
17,167 | 2,455 | 19,622 | 9,036 | 2,454 | 11,490 | ||||||||||||||||||
Eliminations |
| (6,406 | ) | (6,406 | ) | | (2,278 | ) | (2,278 | ) | ||||||||||||||
Corporate |
| | | (7,416 | ) | | (7,416 | ) | ||||||||||||||||
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$ | 423,166 | $ | | $ | 423,166 | $ | 26,409 | $ | | $ | 26,409 | |||||||||||||
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For the three months ended November 30, 2012
Revenue | Earnings (loss) from operations | |||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | |||||||||||||||||||
Manufacturing |
$ | 285,368 | $ | 6,949 | $ | 292,317 | $ | 15,502 | $ | (45 | ) | $ | 15,457 | |||||||||||
Wheels, Repair & Parts |
112,100 | 5,386 | 117,486 | 6,137 | (63 | ) | 6,074 | |||||||||||||||||
Leasing & Services |
17,906 | 4,392 | 22,298 | 8,701 | 4,392 | 13,093 | ||||||||||||||||||
Eliminations |
| (16,727 | ) | (16,727 | ) | | (4,284 | ) | (4,284 | ) | ||||||||||||||
Corporate |
| | | (7,253 | ) | | (7,253 | ) | ||||||||||||||||
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$ | 415,374 | $ | | $ | 415,374 | $ | 23,087 | $ | | $ | 23,087 | |||||||||||||
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Total assets | ||||||||||||||||||||
November 30, | August 31, | May 31, | February 28, | November 30, | ||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | ||||||||||||||||
Manufacturing |
$ | 461,096 | $ | 401,630 | $ | 428,781 | $ | 424,622 | $ | 442,186 | ||||||||||
Wheels, Repair & Parts |
304,249 | 318,483 | 334,974 | 408,958 | 417,777 | |||||||||||||||
Leasing & Services |
427,023 | 463,381 | 481,331 | 466,802 | 487,161 | |||||||||||||||
Unallocated |
90,210 | 106,247 | 40,520 | 64,539 | 48,609 | |||||||||||||||
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$ | 1,282,578 | $ | 1,289,741 | $ | 1,285,606 | $ | 1,364,921 | $ | 1,395,733 | |||||||||||
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