December 31
1996 1995
($ thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents -- Note N $ 1,806 $ 16,945
Receivables -- Note E
Trade, less allowances for doubtful accounts
(1996 -- $6,118,000; 1995 -- $19,403,000) 186,065 205,196
Inventories -- Notes D and E 33,831 36,850
Prepaid expenses 13,593 13,927
Deferred income taxes -- Note G 16,490 32,080
Federal and state income taxes refundable -- Note G 7,320 17,489
TOTAL CURRENT ASSETS 259,105 322,487
PROPERTY, PLANT AND EQUIPMENT -- Note E
Land and structures 228,051 228,706
Revenue equipment 268,270 285,045
Manufacturing equipment 18,815 8,289
Service, office and other equipment 65,532 65,458
Leasehold improvements 9,273 10,675
589,941 598,173
Less allowances for depreciation and amortization (222,308) (190,690)
367,633 407,483
OTHER ASSETS 57,160 70,452
NET ASSETS HELD FOR SALE -- Note C 9,148 39,937
GOODWILL, less amortization (1996 -- $28,006,000;
1995 -- $24,027,000) -- Notes B and C 150,154 145,478
$ 843,200 $ 985,837
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Bank drafts payable $ 646 $ 12,999
Trade accounts payable 79,140 74,998
Accrued expenses -- Note F 182,011 188,708
Current portion of long-term debt -- Note E 39,082 26,634
TOTAL CURRENT LIABILITIES 300,879 303,339
LONG-TERM DEBT, less current portion -- Notes E and N 326,950 399,144
OTHER LIABILITIES 21,416 18,665
DEFERRED INCOME TAXES -- Note G 22,505 48,560
MINORITY INTEREST -- Note A 34,020 38,265
SHAREHOLDERS’ EQUITY -- Notes A and H
Preferred stock, $.01 par value, authorized 10,000,000 shares;
issued and outstanding 1,495,000 shares 15 15
Common stock, $.01 par value, authorized 70,000,000 shares;
issued and outstanding 1996: 19,504,473 shares;
1995: 19,519,061 shares 195 195
Additional paid-in capital -- Note H 192,328 192,436
Retained earnings (deficit) (55,108) (14,782)
TOTAL SHAREHOLDERS’ EQUITY 137,430 177,864
COMMITMENTS AND CONTINGENCIES -- Notes I, J and K
$ 843,200 $ 985,837
See notes to consolidated financial statements.
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