Pacer International Reports First Quarter 2000 Results
Pacer International, Inc.
Unaudited Consolidated Statement of Operations
($ millions)
1st Quarter
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As Reported Stacktrain Logistics Consolidated
Gross revenues $ 203.1 $ 109.5 $ 304.2
Cost of purchased transportation 162.8 88.7 243.1
Net revenues 40.3 20.8 61.1
Margin 19.8% 19.0% 20.1%
Direct operating expenses 16.1 -- 16.1
Selling, general & admin. expenses 9.7 14.9 24.6
Depreciation and amortization 1.8 1.1 2.9
Income from operations 12.7 4.8 17.5
Operating ratio 93.7% 95.6% 94.2%
Interest (income) expense 9.0
Other (income) expense --
Income before income taxes
minority interest and extraordinary loss 8.5
Income tax 3.6
Minority interest 0.5
Income before extraordinary loss 4.4
Extraordinary loss, net of tax benefit --
Net income $ 4.4
EBITDA $ 14.5 $ 5.9 $ 20.4
Pacer International, Inc.
Consolidated Balance Sheet
($ million)
April 7, 2000
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Assets
Current assets
Cash and cash equivalents $ --
Accounts receivable,net 174.4
Prepaid expenses and other 4.6
Deferred income taxes 4.4
Total current assets 183.4
Property and equipment
Property, plant & equipment at cost 63.1
Accumulated depreciation (13.2)
Property and equipment, net 49.9
Other assets
Intangible assets, net 173.9
Deferred income taxes 74.3
Other assets 11.7
Total other assets 259.9
Total assets $ 493.2
Liabilities & Equity
Current liabilities
Current maturities of long-term debt and
capital leases $ 1.4
Accounts payable and accrued expenses 190.7
Total current liabilities 192.1
Long-term liabilities
Revolver 8.0
Deferred income taxes --
Long-term debt and capital leases 287.6
Other 2.5
Total long-term liabilities 298.1
Minority interest -- exchangeable preferred stock 23.9
Stockholders' equity
Common stock 0.1
Paid In capital 110.7
Retained earnings (deficit) (131.7)
Total stockholders' equity (20.9)
Total liabilities and equity $ 493.2
Pacer International, Inc.
Unaudited Pro Forma Consolidated Statement of Operations
($ millions)
Variance
First Quarter Comparison 1Q99 1Q00 B/(W)
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Gross revenues $ 260.9 $ 304.2 $ 43.3
Cost of purchased transportation 205.2 243.1 (37.9)
Net revenues 55.7 61.1 5.4
Margin 21.3% 20.1% -1.2%
Direct operating expenses 17.5 16.1 1.4
Selling, general & admin. expenses 20.4 24.6 (4.2)
Depreciation and amortization 2.8 2.9 (0.1)
Income from operations 15.0 17.5 2.5
Operating ratio 94.3% 94.2% 0.0%
Interest (income) expense 7.9 9.0 (1.1)
Other (income) expense -- -- --
Income before income taxes
minority interest and
extraordinary loss 7.0 8.5 1.5
Income tax 2.9 3.6 (0.7)
Minority interest 0.4 0.5 (0.1)
Income before extraordinary loss 3.8 4.4 0.6
Extraordinary loss, net of tax benefit -- -- --
Net income $ 3.8 $ 4.4 $ 0.6
Depreciation and amortization $ 2.8 $ 2.9 $ (0.1)
EBITDA $ 17.8 $ 20.4 $ 2.6
Adjustments to EBITDA
Corporate Allocation Reduction $ 0.9 $ -- $ (0.9)
Other Income $ -- $ -- $ --
Adjusted EBITDA $ 18.7 $ 20.4 $ 1.7
Pacer International, Inc.
Unaudited Consolidated Statements of Operations
As Reported 1Q00 1Q99 Variance %
----------- ----------- ----------- -----
Segments
Revenue
Stacktrain 203,149,000 163,529,000 39,620,000 24.2%
Logistics 109,494,430 -- 109,494,430
Cons. Entries (8,461,219) -- (8,461,219)
Total 304,182,211 163,529,000 140,653,211 86.0%
Net Revenue
Stacktrain 40,268,000 33,703,000 6,565,000 19.5%
Logistics 20,842,395 -- 20,842,395
Total 61,110,395 33,703,000 27,407,395 81.3%
Operating Income
Stacktrain 12,640,246 7,658,000 4,982,246 65.1%
Logistics 4,849,229 -- 4,849,229
Total 17,489,475 7,658,000 9,831,475 128.4%
EBITDA
Stacktrain 14,465,530 9,298,000 5,167,530 55.6%
Logistics 5,954,597 -- 5,954,597
Total 20,420,127 9,298,000 11,122,127 119.6%
Note: Issued by Potash & Company, Oakland, California
Steve Potash, 510/261-1570
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