-----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, O6A0QoASAymZxOyLKGbEHivjacyBUabyFzI18mvlcOYPRwPyfW4Jc7NKNmFnjxg4 p7vVWT79AbQAnXBgV1g/FA== 0000950103-98-000697.txt : 19980720 0000950103-98-000697.hdr.sgml : 19980720 ACCESSION NUMBER: 0000950103-98-000697 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980708 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980714 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERAL EXPRESS CORP CENTRAL INDEX KEY: 0000230211 STANDARD INDUSTRIAL CLASSIFICATION: AIR COURIER SERVICES [4513] IRS NUMBER: 710427007 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-07806 FILM NUMBER: 98665676 BUSINESS ADDRESS: STREET 1: 2005 CORPORATE AVE CITY: MEMPHIS STATE: TN ZIP: 38132 BUSINESS PHONE: 9013693600 MAIL ADDRESS: STREET 1: 2005 CORPORATE AVE CITY: MEMPHIS STATE: TN ZIP: 38132 8-K 1 - -------------------------------------------------------------------------------- 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: July 8, 1998 (Date of earliest event reported) ---------- FEDERAL EXPRESS CORPORATION (Exact name of registrant as specified in its charter) Delaware (State of Incorporation) 1-7806 71-0427007 (Commission File Number) (IRS Employer Identification No.) 2005 Corporate Avenue, Memphis, Tennessee 38132 (Address of principal executive offices) Registrant's Telephone Number, including area code: (901) 369-3600 - -------------------------------------------------------------------------------- ITEM 5. OTHER EVENTS On July 8, 1998, FDX Corporation, the parent holding company for Federal Express Corporation, announced its financial results for the quarter and fiscal year ended May 31, 1998. Certain information regarding the financial results for Federal Express Corporation (the "Registrant") for the quarter and fiscal year ended May 31, 1998 was included in the FDX Corporation announcement. Registrant recently prepared Appendix A to a Preliminary Official Statement with respect to the Indianapolis Airport Authority Special Facility Refunding Revenue Bonds, Series 1998 (Federal Express Corporation Project). Appendix A, a portion of which is attached to this report as Exhibit 20.1 and incorporated herein by reference, contains summaries of the Registrant's operating results and financial position and certain operating statistics for the past five fiscal years, including the fiscal year ended May 31, 1998. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibit 20.1 A portion of Appendix A to a Preliminary Official Statement prepared with respect to the Indianapolis Airport Authority Special Facility Refunding Revenue Bonds, Series 1998 (Federal Express Corporation Project). 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. FEDERAL EXPRESS CORPORATION By: /s/ MICHAEL W. HILLARD ---------------------------------- Michael W. Hillard Vice President and Controller (principal accounting officer) Dated: July 13, 1998 EXHIBIT INDEX Exhibit Description of Exhibit 20.1 A portion of Appendix A to a Preliminary Official Statement prepared with respect to the Indianapolis Airport Authority Special Facility Refunding Revenue Bonds, Series 1998 (Federal Express Corporation Project). EX-20.1 2 Exhibit 20.1 SELECTED OPERATING STATISTICS (Unaudited) Set forth below are selected operating statistics of the express package and airfreight services of the Company for the periods indicated. Beginning in fiscal 1995, Average Revenue Per Pound and Average Revenue Per Package include certain service fee revenues previously classified as other revenues. Data for 1994 has been restated to conform to this presentation.
Year Ended May 31, --------------------------------------------------------- 1994 1995 1996 1997 1998 --------- --------- --------- --------- --------- Express package: Average daily package volume 1,925,105 2,247,594 2,437,662 2,715,894 3,025,999 Average pounds per package 6.0 6.3 6.4 7.2 8.5 Average revenue per pound $2.51 $2.31 $2.31 $2.11 $1.84 Average revenue per package $15.12 $14.62 $14.87 $15.11 $15.69 Airfreight: Average daily pounds 1,844,270 2,153,041 2,144,225 2,542,226 2,769,922 Average revenue per pound $1.06 $1.06 $1.01 $0.94 $0.85
RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)
Year Ended May 31, ------------------------------------------------ 1994 1995 1996 1997 1998 -------- ------ ------ ------ ------ Ratio of Earnings to Fixed Charges (a) 1.7x 2.0x 1.9x 2.0x 2.1x
________ (a) Earnings included in the calculation of the ratio of earnings to fixed charges represents income before income taxes plus fixed charges (other than capitalized interest). Fixed charges include interest expense, capitalized interest, amortization of debt issuance costs and a portion of rent expense representative of interest. SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION The following is a summary of the Company's operating results and financial position for the periods indicated (in thousands): OPERATING RESULTS - -----------------
Year Ended May 31, ------------------------------------------------------------------------------- 1994(1) 1995(1) 1996(1) 1997(1) 1998(2) ------------ ------------ ------------- ------------- ------------- Revenues $8,479,456 $9,392,073 $10,273,619 $11,519,750 $13,254,841 Operating Income 530,632 591,144 623,824 699,042 836,733 Income (Loss) Before Income Taxes 378,462 522,084 539,959 628,221 735,213 Income (Loss) Before Cumulative Effect of Change in Accounting Principle 204,370 297,588 307,777 361,227 420,543 Net Income (Loss) $ 204,370 $ 297,588 $ 307,777 $ 361,227 $ 420,543
FINANCIAL POSITION - ------------------
May 31, ---------------------------------------------------------------------------- 1994 (1) 1995(1) 1996(1) 1997(1) 1998(2) ------------ ------------ ------------ ------------ ------------ Current Assets $1,761,696 $1,869,082 $1,728,261 $2,132,589 $2,376,678 Property and Equipment, Net 3,449,093 3,715,244 4,116,601 4,622,080 5,200,568 Total Assets 5,992,498 6,433,372 6,698,971 7,625,486 8,432,106 Current Liabilities 1,536,428 1,778,535 1,618,397 1,962,783 2,401,299 Long-Term Debt 1,632,202 1,324,711 1,325,277 1,397,954 1,185,180 Common Stockholders' Investment $1,924,705 $2,245,569 $2,576,139 $2,962,514 $3,401,729
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