-----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, GEVximb5235IYq83OK4B7HaaKm998+DJ5LVqgnsKAO0GK++G0ihM436eHv4R670q xwyiV+hSOAvm1QvtWAWs2A== 0000931763-97-001725.txt : 19971017 0000931763-97-001725.hdr.sgml : 19971017 ACCESSION NUMBER: 0000931763-97-001725 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971002 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971016 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: US XPRESS ENTERPRISES INC CENTRAL INDEX KEY: 0000923571 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 621378182 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24806 FILM NUMBER: 97696507 BUSINESS ADDRESS: STREET 1: 2931 SOUTH MARKET ST CITY: CHATTANOOGA STATE: TN ZIP: 37410 BUSINESS PHONE: 6156967377 MAIL ADDRESS: STREET 1: 2931 SOUTH MARKET ST CITY: CHATTONOOGA STATE: TN ZIP: 37410 8-K 1 FORM 8-K 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): OCTOBER 2, 1997 U.S. XPRESS ENTERPRISES, INC. ------------------------------------------------ (Exact name of registrant as specified in its charter) NEVADA 0-24806 62-1378182 - ------------------------ --------------------- ------------------- (State of incorporation) (Commission File No.) (IRS Employer Identification No.) 2931 SOUTH MARKET STREET, CHATTANOOGA, TENNESSEE 37410 ------------------------------------------------------------ (Address of principal executive offices, including zip code) (423) 697-7377 ------------------------------------------------------ (Registrant's telephone number, including area code) ITEM 8. CHANGE IN FISCAL YEAR - ------- --------------------- On October 2, 1997, the Board of Directors of U.S. Xpress Enterprises, Inc. (the "Company") adopted a new fiscal year end of December 31. The Company's fiscal year end previously ended on March 31. The change will be effective December 31, 1997. The Company intends to file an Annual Report on Form 10-K for the nine month transition period ended December 31, 1997. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS - ------- --------------------------------- ( c ) Exhibits No. Description --- ----------- 99 Press Release of the Company dated October 15, 1997. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. October 16, 1997 U.S. XPRESS ENTERPRISES, INC. By: /s/ Patrick E. Quinn --------------------------------------------- President and Co-Chairman of the Board EX-99 2 QUARTERLY EARNINGS REPORTS EXHIBIT 99 NEWS RELEASE WEDNESDAY, OCTOBER 15, 1997 Media Contact: John Ulczycki Communications Director (423) 510-3203 Analyst Contact: Ray Harlin Chief Financial Officer (423) 510-3207 U.S. XPRESS ENTERPRISES REPORTS RECORD QUARTERLY EARNINGS; ANNOUNCES CHANGE TO DECEMBER 31 FISCAL YEAR CHATTANOOGA, TN. U.S. Xpress Enterprises, Inc. (Nasdaq: XPRSA) announced today that net income for its second fiscal quarter ended September 30, 1997 was a record $4.4 million, or $.33 per common share, an increase in net income of 59.6% from $2.7 million, or $.23 per common share, in the same quarter of 1996. Operating revenue in the 1997 quarter was a record $115.4 million, up 25.1% from $92.3 million in the comparable 1996 quarter. Operating income in the fiscal quarter was a record $8.8 million, up 46.7% from $6.0 million in the 1996 quarter. For the six months ended September 30, 1997, the Company reported net income of $8.3 million, or $.65 per common share, an increase in net income of 150.4% from $3.3 million, or $.27 per common share, in the same six month period of 1996. Operating revenue in the 1997 six-month period was $223.3 million, up 24% from $180.1 million in the same six month period last year. Operating income for the six months ended September 30, 1997 was $16.9 million, up 104.2% from $8.3 million in the comparable 1996 period. "The 25% quarter-to-quarter increase in revenues was driven by strong internal growth," said Co-Chairman Patrick Quinn. "We capitalized on continuing strong demand from customers by increasing our tractor fleet. The average number of tractors operated during the quarter was 2,621, an increase of 23.9% from the same quarter in 1996." "The improvement in operating income and net income was driven by the revenue increase and by continuing reductions in the Company's cost structure," added Co-Chairman Max Fuller. "These reductions are demonstrated by a 3.0 percentage point improvement in the operating ratio 1 (operating expenses as a percentage of revenue) to 92.4 for the six months ended September 30, 1997, compared to 95.4 in the six month period a year ago." The Company completed a secondary stock offering during the quarter in which the Company sold 2,885,000 shares of its Class A Common Stock. Proceeds from the offering were used to purchase revenue equipment formerly financed under operating leases and to reduce indebtedness. At September 30, 1997 the Company had 15,014,000 shares of Common Stock outstanding. The Company also announced that its Board of Directors has approved the adoption of a new fiscal year end of December 31. The Company's fiscal year previously ended on March 31. The change will be effective December 31, 1997. U.S. Xpress Enterprises, Inc. operates primarily through three subsidiaries: U.S. Xpress, Inc. is a nationwide truckload carrier that provides time-definite and expedited services in the United States, Canada and Mexico, regional services in the West, Southeast and Midwest, and logistics services for the air freight industry. CSI/Crown, Inc. is a logistics provider to the floorcovering industry, offering freight consolidation, nationwide transportation, local distribution, warehousing services and installation supplies. JTI, Inc. is a truckload carrier that serves primarily the Midwest. This press release contains certain forward looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Without limitation, these risks and uncertainties include economic recessions or downturns in customers' business cycles, rapid fluctuations in fuel pricing or availability, increases in interest rates and the availability of qualified drivers. Readers are urged to carefully review and consider the various disclosures made by the Company in this press release and in the Company's periodic reports on forms 10-K and 10-Q. 2 -----END PRIVACY-ENHANCED MESSAGE-----