-----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, KrxAql/GlbzR+CIBi+O8WiFT6k4txIkIt3GOmqT3ZM4EBD6wfTktRVs6uaB2prZg bYvrn5Vl5+Xf2I8K3zByMA== 0000099780-96-000007.txt : 19960813 0000099780-96-000007.hdr.sgml : 19960813 ACCESSION NUMBER: 0000099780-96-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960812 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: 96608109 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 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 June 30, 1996 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 41,657,082 (Number of shares of common stock outstanding as of June 30, 1996) Part I Item 1 - Financial Statements Trinity Industries, Inc. Consolidated Balance Sheet (unaudited) (in millions except per share data) June 30 March 31 Assets 1996 1996 Cash and cash equivalents . . . . . . . . . $ 4.3 $ 15.4 Receivables . . . . . . . . . . . . . . . . 250.8 293.5 Inventories: Finished goods. . . . . . . . . . . . . . 52.8 38.9 Work in process . . . . . . . . . . . . . 156.7 146.5 Raw material and supplies . . . . . . . . 212.0 218.3 Total inventories 421.5 403.7 Property, plant and equipment, at cost: Excluding Leasing Subsidiary. . . . . . . 757.1 745.3 Leasing Subsidiary. . . . . . . . . . . . 351.2 353.7 Less accumulated depreciation: Excluding Leasing Subsidiary. . . . . . . (348.0) (336.5) Leasing Subsidiary. . . . . . . . . . . . (71.8) (70.2) Other assets. . . . . . . . . . . . . . . . 52.2 50.9 $1,417.3 $1,455.8 Liabilities and Stockholders' Equity Short-term debt . . . . . . . . . . . . . . $ 145.0 $ 216.0 Accounts payable and accrued liabilities. . 241.1 222.9 Billings in excess of cost and related earnings. . . . . . . . . . . . . . . . . 17.5 19.2 Long-term debt: Excluding Leasing Subsidiary. . . . . . . 35.5 37.6 Leasing Subsidiary. . . . . . . . . . . . 163.0 168.8 Deferred income taxes . . . . . . . . . . . 27.0 30.2 Other liabilities . . . . . . . . . . . . . 14.4 15.1 643.5 709.8 Stockholders' equity: Common stock - par value $1 per share; authorized 100.0 shares; shares issued and outstanding at June 30, 1996 - 41.7 and March 31, 1996 - 41.6. . . . . . . . 41.7 41.6 Capital in excess of par value. . . . . . 240.6 239.6 Retained earnings . . . . . . . . . . . . 491.5 464.8 773.8 746.0 $1,417.3 $1,455.8 Trinity Industries, Inc. Consolidated Income Statement (unaudited) (in millions except per share data) Three Months Ended June 30 1996 1995 Revenues. . . . . . . . . . . . . . . . . . . . . . $662.5 $604.7 Operating costs: Cost of revenues. . . . . . . . . . . . . . . . . 561.7 517.3 Selling, engineering and administrative expenses. 35.4 30.0 Interest expense of Leasing Subsidiary. . . . . . 3.9 4.7 Retirement plans expense. . . . . . . . . . . . . 5.0 3.5 606.0 555.5 Operating profit. . . . . . . . . . . . . . . . . . 56.5 49.2 Other (income) expenses: Interest income . . . . . . . . . . . . . . . . . (0.2) (0.2) Interest expense - excluding Leasing Subsidiary . 3.4 4.0 Other, net. . . . . . . . . . . . . . . . . . . . (1.4) - 1.8 3.8 Income before income taxes . . . . . . . . . . . . 54.7 45.4 Provision (benefit) for income taxes: Current . . . . . . . . . . . . . . . . . . . . . 21.7 19.8 Deferred. . . . . . . . . . . . . . . . . . . . . (0.8) (1.9) 20.9 17.9 Net income. . . . . . . . . . . . . . . . . . . . . $ 33.8 $27.5 Net income per common and common equivalent share . $ 0.80 $0.66 Weighted average number of common and common equivalent shares outstanding. . . . . . . . . . . 42.1 41.6 Trinity Industries, Inc. Consolidated Statement of Cash Flows (unaudited) (in millions) Three Months Ended June 30 1996 1995 Cash flows from operating activities: Net income . . . . . . . . . . . . . . . . . . . . $ 33.8 $ 27.5 Adjustments to reconcile net income to net cash provided (required) by operating activities: Depreciation: Excluding Leasing Subsidiary. . . . . . . . . . 15.6 14.3 Leasing Subsidiary. . . . . . . . . . . . . . . 4.7 4.9 Deferred benefit for income taxes. . . . . . . . (0.8) (1.9) Gain on sale of property, plant and equipment. . (1.4) (0.1) Other. . . . . . . . . . . . . . . . . . . . . . (0.1) (0.8) Changes in assets and liabilities: Decrease in receivables. . . . . . . . . . . .. 42.4 1.4 Increase in inventories. . . . . . . . . . . .. (17.8) (40.3) Increase in other assets . . . . . . . . . . . (3.3) (0.9) Increase (decrease) in accounts payable and accrued liabilities. . . . . . . . . . . . 16.9 (16.1) Decrease in billings in excess of cost and related earnings . . . . . . . . . . . . . . . (1.7) (0.1) Increase (decrease)in other liabilities . . . . 0.6 (1.6) Total adjustments . . . . . . . . . . . . . . 55.1 (41.2) Net cash provided (required) by operating activities . . . . . . . . . . . . . . . . . . 88.9 (13.7) Cash flows from investing activities: Proceeds from sale of property, plant and equipment . . . . . . . . . . . . . . . . . . 14.7 8.4 Capital expenditures: Excluding Leasing Subsidiary. . . . . . . . . . . (17.6) (13.0) Leasing Subsidiary. . . . . . . . . . . . . . . . (12.0) (13.2) Payment for purchase of acquisitions, net of cash acquired. . . . . . . . . . . . . . . - (2.3) Cash of acquired subsidiary. . . . . . . . . . . . - 1.2 Net cash required by investing activities. . . . (14.9) (18.9) Cash flows from financing activities: Issuance of common stock . . . . . . . . . . . . . 1.0 2.6 Net borrowings (repayments) under short-term debt. (71.0) 36.0 Proceeds from issuance of long-term debt . . . . . - 7.0 Payments to retire long-term debt. . . . . . . . . (8.0) (10.6) Dividends paid . . . . . . . . . . . . . . . . . . (7.1) (6.8) Net cash provided (required) by financing activities. . . . . . . . . . . . . . (85.1) 28.2 Net decrease in cash and cash equivalents. . . . .. (11.1) (4.4) Cash and cash equivalents at beginning of year. . . 15.4 15.3 Cash and cash equivalents at end of period. . . . . $ 4.3 $ 10.9 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, 1995 . . . . 40,220,694 $40.2 $221.7 $379.3 $641.2 Other. . . . . . . . . . . . . . 1,325,468 1.3 32.5 - 33.8 Net income . . . . . . . . . . . - - - 27.5 27.5 Cash dividends ($0.17 per share) . . . . . . - - - (6.8) (6.8) Balance June 30, 1995 . . . . . . 41,546,162 $41.5 $254.2 $400.0 $695.7 Balance at March 31, 1996 . . . . 41,596,037 $41.6 $239.6 $464.8 $746.0 Other. . . . . . . . . . . . . . 61,045 0.1 1.0 - 1.1 Net income . . . . . . . . . . . - - - 33.8 33.8 Cash dividends ($0.17 per share) . . . . . . - - - (7.1) (7.1) Balance June 30, 1996 . . . . . . 41,657,082 $41.7 $240.6 $491.5 $773.8
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 June 30, 1996 and March 31, 1996, the results of operations for the three month periods ended June 30, 1996 and 1995 and cash flows for the three month periods ended June 30, 1996 and 1995, 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 decrease in 'Receivables' at June 30, 1996 compared to March 31, 1996 is primarily due to payments received from certain customer accounts at the end of the quarter. These receipts diminished the need for 'Short-Term Debt' at the end of the current period. Statement of Operations Three Months Ended June 30, 1996 vs. Three Months Ended June 30, 1995 'Revenues' increased in the current three month period compared to the same period of the prior year due primarily to increased business in the Railcars, Construction Products, and Marine Products segments. The replacement market continues to play a vital role in the Railcars segment. Railcar retirements and scrapings continue to create a healthy demand for freight cars and tank cars. Replacement cycles for various types of vessels are also creating more demand in the Marine Products segment. The demand for inland hopper barges should continue to increase as barge traffic on the nation's rivers remains strong. Construction Products revenues for the current quarter were higher due to increased governmental, residential, and commercial construction. With the emphasis in the repair and upgrading of the nation's highway system, demand for construction products is expected to remain favorable. The increase in 'Operating profit' in the current period is principally due to improved results from the Railcars, Marine Products, Construction Products, and Containers segments. Subsequent Events At the Annual Meeting of Stockholders held July 17, 1996, stockholders elected eight incumbent directors for a one year term. Part II Item 6 - Exhibits and Reports on Form 8-K. (a) Exhibits Exhibit Number Description 27 Financial Data Schedule (b) Form 8-K was filed on June 27, 1996 that reported an Agreement and Plan of Merger by and among Transcisco Industries, Inc., the Registrant, and Trinity Y, Inc., a wholly-owned subsidiary of the Registrant. 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: /s/ F. Dean Phelps F. Dean Phelps Vice President August 9, 1996 Index to Exhibit No. Description Page 27 Financial Data Schedule * EXHIBIT 27 [ARTICLE] 5 [PERIOD-TYPE] 3-MOS [FISCAL-YEAR-END] MAR-31-1997 [PERIOD-END] JUN-30-1996 [CASH] 4,300,000 [SECURITIES] 0 [RECEIVABLES] 250,800,000 [ALLOWANCES] 0 [INVENTORY] 421,500,000 [CURRENT-ASSETS] 0 [PP&E] 1,108,300,000 [DEPRECIATION] (419,800,000) [TOTAL-ASSETS] 1,417,300,000 [CURRENT-LIABILITIES] 0 [BONDS] 0 [COMMON] 41,700,000 [PREFERRED-MANDATORY] 0 [PREFERRED] 0 [OTHER-SE] 732,100,000 [TOTAL-LIABILITY-AND-EQUITY] 1,417,300,000 [SALES] 0 [TOTAL-REVENUES] 662,500,000 [CGS] 0 [TOTAL-COSTS] 561,700,000 [OTHER-EXPENSES] 44,300,000 [LOSS-PROVISION] 0 [INTEREST-EXPENSE] 3,400,000 [INCOME-PRETAX] 54,700,000 [INCOME-TAX] 20,900,000 [INCOME-CONTINUING] 33,800,000 [DISCONTINUED] 0 [EXTRAORDINARY] 0 [CHANGES] 0 [NET-INCOME] 33,800,000 [EPS-PRIMARY] .80 [EPS-DILUTED] 0
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