-----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, GhIzlIo+mCJmf0gH69tFal4sD+1zu794BlCbZqQrAXmyB9KfXETLlwqA+vIix/mK BX0Bm9qidbLiPzeiGyMC6A== 0000099780-96-000002.txt : 19960216 0000099780-96-000002.hdr.sgml : 19960216 ACCESSION NUMBER: 0000099780-96-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960213 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRINITY INDUSTRIES INC CENTRAL INDEX KEY: 0000099780 STANDARD INDUSTRIAL CLASSIFICATION: RAILROAD EQUIPMENT [3743] IRS NUMBER: 750225040 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06903 FILM NUMBER: 96516256 BUSINESS ADDRESS: STREET 1: 2525 STEMMONS FREEWAY CITY: DALLAS STATE: TX ZIP: 75207-2401 BUSINESS PHONE: 2146314420 FORMER COMPANY: FORMER CONFORMED NAME: TRINITY STEEL CO INC DATE OF NAME CHANGE: 19720407 10-Q 1 10-Q, 3RD QUARTER, FY96 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________ FORM 10-Q ______________ (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1995 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 1-6903 TRINITY INDUSTRIES, INC. (Exact name of Registrant as specified in its charter) Incorporated Under the Laws 75-0225040 of the State of Delaware (I.R.S. Employer Identification No.) 2525 Stemmons Freeway Dallas, Texas 75207-2401 (Address of Principal (Zip Code) Executive Offices) Registrant's Telephone Number, Including Area Code (214) 631-4420 _______________________ 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 and (2) has been subject to such filing requirements for the past 90 days. Yes __X_____ No ________ 41,549,793 ( Number of shares of common stock outstanding as of December 31, 1995) Part I Item 1 - Financial Statements Trinity Industries, Inc. Consolidated Balance Sheet (unaudited) (in millions except per share data)
December 31 March 31 1995 1995 Assets Cash and cash equivalents. . . . . . . . . . . . . $ 11.8 $ 15.3 Receivables. . . . . . . . . . . . . . . . . . . . 217.1 270.3 Inventories: Finished goods . . . . . . . . . . . . . . . . . 41.4 35.0 Work in process. . . . . . . . . . . . . . . . . 139.6 152.6 Raw materials and supplies . . . . . . . . . . . 256.4 207.4 Total inventories 437.4 395.0 Property, plant and equipment, at cost: Excluding Leasing Subsidiary . . . . . . . . . . 761.3 701.4 Leasing Subsidiary . . . . . . . . . . . . . . . 352.3 387.3 Less accumulated depreciation: Excluding Leasing Subsidiary . . . . . . . . . . (343.4) (306.2) Leasing Subsidiary . . . . . . . . . . . . . . . (78.1) (95.4) Other assets . . . . . . . . . . . . . . . . . . . 61.2 52.3 $1,419.6 $1,420.0 Liabilities and Stockholders' Equity Short-term debt. . . . . . . . . . . . . . . . . $ 191.0 $ 220.0 Accounts payable and accrued liabilities . . . . . 213.1 245.5 Billings in excess of cost and related earnings . . . . . . . . . . . . . . . . 28.9 12.0 Long-term debt: Excluding Leasing Subsidiary . . . . . . . . . . 41.8 37.7 Leasing Subsidiary . . . . . . . . . . . . . . . 171.0 205.2 Deferred income taxes. . . . . . . . . . . . . . . 35.4 44.9 Other liabilities. . . . . . . . . . . . . . . . . 16.0 13.5 697.2 778.8 Stockholders' equity: Common stock - par value $1 per share; authorized 100.0 shares; shares issued and outstanding at December 31, 1995 - 41.6 and March 31, 1995 - 40.2. . . . . . . . . 41.6 40.2 Capital in excess of par value . . . . . . . . . 239.2 221.7 Retained earnings. . . . . . . . . . . . . . . . 441.6 379.3 722.4 641.2 $1,419.6 $1,420.0
Trinity Industries, Inc. Consolidated Income Statement (unaudited) (in millions except per share data)
Nine Months Ended December 31 1995 1994 Revenues. . . . . . . . . . . . . . . . . . . . . . . $1,835.5 $1,676.7 Operating costs: Cost of revenues. . . . . . . . . . . . . . . . . . 1,573.4 1,462.7 Selling, engineering and administrative expenses 89.5 77.5 Interest expense of Leasing Subsidiary. . . . . . . . 13.5 16.1 Retirement plans expense. . . . . . . . . . . . . . . 10.3 8.5 1,686.7 1,564.8 Operating profit. . . . . . . . . . . . . . . . . . . 148.8 111.9 Other (income) expenses: Interest income . . . . . . . . . . . . . . . . . . . (1.6) (0.5) Interest expense - excluding Leasing Subsidiary 13.6 8.2 Other, net. . . . . . . . . . . . . . . . . . . . . . (0.9) (0.7) 11.1 7.0 Income before income taxes. . . . . . . . . . . . . . 137.7 104.9 Provision (benefit) for income taxes: Current . . . . . . . . . . . . . . . . . . . . . . . 69.1 44.6 Deferred. . . . . . . . . . . . . . . . . . . . . . . (14.9) (3.1) 54.2 41.5 Net income. . . . . . . . . . . . . . . . . . . . . . $ 83.5 $ 63.4 Net income per common and common equivalent share $ 1.99 $ 1.57 Weighted average number of common and common equivalent shares outstanding . . . . . . . . . . . . 41.8 40.5
Trinity Industries, Inc. Consolidated Income Statement (unaudited) (in millions except per share data)
Three Months Ended December 31 1995 1994 Revenues. . . . . . . . . . . . . . . . . . . . . . $602.3 $576.9 Operating costs: Cost of revenues. . . . . . . . . . . . . . . . . . 514.9 501.7 Selling, engineering and administrative expenses 30.0 26.7 Interest expense of Leasing Subsidiary. . . . . . . 4.3 4.9 Retirement plans expense. . . . . . . . . . . . . . 3.5 3.0 552.7 536.3 Operating profit. . . . . . . . . . . . . . . . . . 49.6 40.6 Other (income) expenses: Interest income . . . . . . . . . . . . . . . . . . (0.3) (0.2) Interest expense - excluding Leasing Subsidiary 4.7 3.2 Other, net. . . . . . . . . . . . . . . . . . . . . (1.1) - 3.3 3.0 Income before income taxes. . . . . . . . . . . . . 46.3 37.6 Provision (benefit) for income taxes: Current . . . . . . . . . . . . . . . . . . . . . . 24.1 18.0 Deferred. . . . . . . . . . . . . . . . . . . . . . (5.9) (3.1) 18.2 14.9 Net income. . . . . . . . . . . . . . . . . . . . . $ 28.1 $ 22.7 Net income per common and common equivalent share $ 0.67 $ 0.56 Weighted average number of common and common equivalent shares outstanding . . . . . . . . . . . 41.9 40.6
Trinity Industries, Inc. Consolidated Statement of Cash Flows (unaudited) (in millions)
Nine Months Ended December 31 1995 1994 Cash flows from operating activities: Net income. . . . . . . . . . . . . . . . . . . . . . . . $ 83.5 $ 63.4 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation: Excluding Leasing Subsidiary . . . . . . . . . . . . . . 41.4 37.6 Leasing Subsidiary . . . . . . . . . . . . . . . . . . . 13.7 12.2 Deferred benefit for income taxes. . . . . . . . . . . . (14.9) (3.1) Gain on sale of property, plant and equipment. . . . . . (2.7) (0.2) Other. . . . . . . . . . . . . . . . . . . . . . . . . . (2.1) (4.4) Changes in assets and liabilities: Decrease in receivables. . . . . . . . . . . . . . . . . 59.5 - Increase in inventories. . . . . . . . . . . . . . . . . (33.8) (11.4) Increase in other assets . . . . . . . . . . . . . . . . (2.1) (3.3) Increase (decrease) in accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . (47.2) 41.5 Increase (decrease) in billings in excess of cost and related earnings. . . . . . . . . . . . . . . . . . . . 16.8 (4.4) Increase in other liabilities. . . . . . . . . . . . . . 1.4 1.2 Total adjustments. . . . . . . . . . . . . . . . . . . 30.0 65.7 Net cash provided by operating activities. . . . . . . . 113.5 129.1 Cash flows from investing activities: Proceeds from sale of property, plant and equipment 67.5 26.8 Capital expenditures: Excluding Leasing Subsidiary . . . . . . . . . . . . . . (33.1) (45.3) Leasing Subsidiary . . . . . . . . . . . . . . . . . . . (46.5) (15.1) Payment for purchase of acquisitions, net of cash acquired. . . . . . . . . . . . . . . . . . . . . . (28.6) (57.5) Cash of acquired subsidiary. . . . . . . . . . . . . . . 1.2 2.4 Net cash required by investing activities. . . . . . . . (39.5) (88.7) Cash flows from financing activities: Issuance of common stock . . . . . . . . . . . . . . . . 2.5 0.7 Net borrowings under short-term debt . . . . . . . . . . (29.0) 7.0 Proceeds from issuance of long-term debt . . . . . . . . 7.0 - Payments to retire long-term debt. . . . . . . . . . . . (37.1) (34.1) Dividends paid . . . . . . . . . . . . . . . . . . . . . (20.9) (20.3) Net cash required by financing activities. . . . . . . . (77.5) (46.7) Net decrease in cash and cash equivalents. . . . . . . . (3.5) (6.3) Cash and cash equivalents at beginning of year . . . . . 15.3 8.7 Cash and cash equivalents at end of period . . . . . . . $ 11.8 $ 2.4
Trinity Industries, Inc. Consolidated Statement of Stockholders' Equity (unaudited) (in millions except share and per share data)
Common Capital Common Stock in Total Shares $1.00 Excess Stock- (100,000,000 Par of Par Retained holders' Authorized) Value Value Earnings Equity Balance at March 31, 1994 39,711,698 $39.7 $213.4 $317.4 $570.5 Other . . . . . . . . . . . 497,038 0.5 8.9 - 9.4 Net income. . . . . . . . . - - - 63.4 63.4 Cash Dividends ($0.51 per share) . . . . - - - (20.4) (20.4) Balance December 31, 1994 40,208,736 $40.2 $222.3 $360.4 $622.9 Balance at March 31, 1995 40,220,694 $40.2 $221.7 $379.3 $641.2 Other . . . . . . . . . . . 1,329,099 1.4 17.5 - 18.9 Net income. . . . . . . . . - - - 83.5 83.5 Cash Dividends ($0.51 per share) . . . . - - - (21.2) (21.2) Balance December 31, 1995 41,549,793 $41.6 $239.2 $441.6 $722.4
____________________________________________ The foregoing consolidated financial statements are unaudited and have been prepared from the books and records of the Registrant. In the opinion of the Registrant, all adjustments, consisting only of normal and recurring adjustments necessary to a fair presentation of the financial position of the Registrant as of December 31, 1995 and March 31, 1995, the results of operations for the nine and three month periods ended December 31, 1995 and 1994 and cash flows for the nine month periods ended December 31, 1995 and 1994, in conformity with generally accepted accounting principles, have been made. Item 2 - Management's Discussion and Analysis of Consolidated Financial Condition and Statement of Operations Financial Condition The increase in 'Property, plant and equipment, at cost: Excluding Leasing Subsidiary' at December 31, 1995 compared to March 31, 1995 is due primarily to business acquisitions in the Marine Products and Construction Products segments. Statement of Operations Nine Months Ended December 31, 1995 vs. Nine Months Ended December 31, 1994 All business segments recorded increased 'Revenues' in the current nine month period compared to the same period of the prior year due to ongoing demand for Trinity's products. Improved operating results in the Railcars segment is due primarily to the steady level of railcar orders throughout the year which reflect the strength of the ongoing replacement cycle for railcars. This increase is indicative of true long-term demand and is expected to continue in the future. The strong performances by the highway guardrail, safety barriers and ready-mix concrete businesses, coupled with an increase in funding for the improvement of the nation's highway system contributed to the increase in 'Revenues' and 'Operating Profit' for the Construction Products segment. Leasing's 'Revenues' increased due to the sale of selected railcars previously held for lease. Marine Products' 'Revenues' in the current period are higher due to the ongoing demand of the barge replacement cycle. The replacement cycle is expected to continue as the increase in agricultural shipments fuel the demand for open hopper barges. Three Months Ended December 31, 1995 vs. Three Months Ended December 31, 1994 Operating results are higher in the current quarter due primarily to increased business in the Railcars and Construction Products segments. Business conditions remain favorable for Trinity's products. Part II Item 6 - Exhibits and Reports on Form 8-K. (a) Exhibits Exhibit Number Description 27 Financial Data Schedule (b) No Form 8-K was filed during the quarter. ___________________________________________ Pursuant to the requirements of Section 13 or 15 (d) 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. Trinity Industries, Inc. By: F. Dean Phelps F. Dean Phelps Vice President February 12, 1996 Index to Exhibit No. Description Page 27 Financial Data Schedule * EX-27 2
5 9-MOS MAR-31-1996 DEC-31-1995 11,800,000 0 217,100,000 0 437,400,000 0 1,113,600,000 (421,500,000) 1,419,600,000 0 0 41,600,000 0 0 680,800,000 1,419,600,000 0 1,835,500,000 0 1,673,200,000 (2,500,000) 0 27,100,000 137,700,000 54,200,000 83,500,000 0 0 0 83,500,000 1.99 1.99
-----END PRIVACY-ENHANCED MESSAGE-----