-----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, MXYuhr5477VhuNhkoA57yHQsq7Ga156hsp/Xcm/36U9tEnSPTdaZ9oywldtyQko9 Y0wZGTchTYfoFFk5knAzzA== 0001047469-98-030855.txt : 19980814 0001047469-98-030855.hdr.sgml : 19980814 ACCESSION NUMBER: 0001047469-98-030855 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980813 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACCAR INC CENTRAL INDEX KEY: 0000075362 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 910351110 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-06394 FILM NUMBER: 98684413 BUSINESS ADDRESS: STREET 1: 777 106TH AVE NE STREET 2: PO BOX 1518 CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 4254557383 MAIL ADDRESS: STREET 1: 777 106TH AVENUE NE STREET 2: PO BOX 1518 CITY: BELLEVUE STATE: WA ZIP: 98004 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC CAR & FOUNDRY CO DATE OF NAME CHANGE: 19720707 10-Q 1 FORM 10-Q - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 1998 [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________ to _________ Commission File No. 0-6394 PACCAR Inc ----------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 91-0351110 ------------------------------- ----------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 777 - 106th Ave. N.E., Bellevue, WA 98004 --------------------------------------- ------- (Address of principal executive offices) (Zip Code) (425) 468-7400 ------------------------------------------------------ (Registrant's telephone number, including area code) -------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. Yes /X/ No / / Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, $1 par value--78,123,773 shares as of July 31, 1998 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FORM 10-Q PACCAR Inc AND SUBSIDIARIES INDEX
Page ----- PART I. FINANCIAL INFORMATION: ITEM 1. FINANCIAL STATEMENTS: Consolidated Statements of Income-- Three and Six Months Ended June 30, 1998 and 1997 (unaudited). . . . . . . . . . . . . . . . . 3 Consolidated Balance Sheets-- June 30, 1998 (unaudited), and December 31, 1997 . . . . . . . . . . . . . . . . . . . . . . . 4 Condensed Consolidated Statements of Cash Flows-- Six Months Ended June 30, 1998 and 1997 (unaudited). . . . . . . . . . . . . . . . . . . . . . 6 Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 PART II. OTHER INFORMATION: ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 SIGNATURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 INDEX TO EXHIBITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
-2- FORM 10-Q PACCAR Inc AND SUBSIDIARIES PART I--FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Consolidated Statements of Income (Unaudited) (Millions Except Per Share Amounts)
Three Months Ended Six Months Ended June 30 June 30 -------------------- -------------------- 1998 1997 1998 1997 -------- -------- -------- -------- MANUFACTURING AND PARTS: Revenues Net sales $1,846.3 $1,588.7 $3,592.7 $3,032.1 Other 3.1 1.8 9.0 3.9 -------- -------- -------- -------- 1,849.4 1,590.5 3,601.7 3,036.0 Costs and Expenses Cost of sales 1,559.0 1,366.7 3,037.4 2,621.7 Selling, general and administrative 147.0 130.1 287.9 253.6 Interest 4.9 4.2 9.4 8.3 -------- -------- -------- -------- 1,710.9 1,501.0 3,334.7 2,883.6 -------- -------- -------- -------- Manufacturing and Parts Income Before Income Taxes 138.5 89.5 267.0 152.4 FINANCIAL SERVICES: Revenues 77.4 69.4 150.5 137.5 Costs and Expenses Interest and other 42.0 37.4 81.9 73.9 Selling, general and administrative 14.6 13.7 28.4 26.5 Provision for losses on receivables 3.5 1.3 5.9 3.0 -------- -------- -------- -------- 60.1 52.4 116.2 103.4 -------- -------- -------- -------- Financial Services Income Before Income Taxes 17.3 17.0 34.3 34.1 OTHER: Investment income 7.9 5.5 14.7 10.6 Other, net .5 (1.2) 5.3 2.4 -------- -------- -------- -------- Total Income Before Income Taxes 164.2 110.8 321.3 199.5 Income taxes 59.3 39.3 116.0 70.1 -------- -------- -------- -------- Net Income $ 104.9 $ 71.5 $ 205.3 $ 129.4 -------- -------- -------- -------- -------- -------- -------- -------- Net Income Per Share: Basic $ 1.34 $ .92 $ 2.63 $ 1.66 -------- -------- -------- -------- -------- -------- -------- -------- Diluted $ 1.33 $ .92 $ 2.61 $ 1.66 -------- -------- -------- -------- -------- -------- -------- -------- Weighted average number of common shares outstanding 78.1 77.8 78.1 77.8 -------- -------- -------- -------- -------- -------- -------- -------- Dividends declared and paid per share $ .15 $ .15 $ .30 $ .275 -------- -------- -------- -------- -------- -------- -------- --------
See Notes to Consolidated Financial Statements. -3- FORM 10-Q PACCAR Inc AND SUBSIDIARIES
Consolidated Balance Sheets June 30 December 31 ASSETS (Millions of Dollars) 1998 1997* - ---------------------------- ----------- ----------- (Unaudited) MANUFACTURING AND PARTS: Current Assets Cash and cash equivalents $ 264.1 $ 318.6 Trade and other receivables, net of allowance for losses 694.4 600.3 Marketable securities 360.1 357.0 Inventories 460.2 393.5 Deferred taxes and other current assets 86.2 86.7 -------- -------- Total Manufacturing and Parts Current Assets 1,865.0 1,756.1 Deferred taxes, goodwill and other 186.8 183.5 Property, plant and equipment, net 745.1 665.9 -------- -------- Total Manufacturing and Parts Assets 2,796.9 2,605.5 -------- -------- FINANCIAL SERVICES: Cash and cash equivalents 17.5 19.3 Finance and other receivables, net of allowance for losses 3,363.5 3,131.0 Less unearned interest (240.3) (237.1) -------- -------- 3,123.2 2,893.9 Equipment on operating leases, net 57.0 55.8 Other assets 29.9 24.9 -------- -------- Total Financial Services Assets 3,227.6 2,993.9 -------- -------- $6,024.5 $5,599.4 -------- -------- -------- --------
-4- FORM 10-Q PACCAR Inc AND SUBSIDIARIES
June 30 December 31 LIABILITIES AND STOCKHOLDERS' EQUITY 1998 1997* - ------------------------------------ ----------- ----------- (Unaudited) MANUFACTURING AND PARTS: Current Liabilities Accounts payable and accrued expenses $1,218.5 $1,037.6 Current portion of long-term debt 14.8 15.0 Dividend payable 116.7 Income taxes 38.1 44.5 -------- -------- Total Manufacturing and Parts Current Liabilities 1,271.4 1,213.8 Long-term debt 213.8 236.6 Other, including deferred taxes 255.2 226.1 -------- -------- Total Manufacturing and Parts Liabilities 1,740.4 1,676.5 -------- -------- FINANCIAL SERVICES: Accounts payable and accrued expenses 48.2 85.8 Commercial paper and bank loans 1,437.8 1,086.7 Long-term debt 971.3 1,097.7 Deferred income taxes and other 145.8 154.9 -------- -------- Total Financial Services Liabilities 2,603.1 2,425.1 -------- -------- STOCKHOLDERS' EQUITY Preferred stock, no par value: authorized, 1.0 million shares, none issued Common stock, $1 par value: authorized 200.0 million shares, 78.1 million shares issued and outstanding 78.1 77.8 Additional paid-in capital 620.0 609.9 Retained earnings 1,122.7 940.8 Currency translation and net unrealized investment gains or (losses) (139.8) (130.7) -------- -------- Total Stockholders' Equity 1,681.0 1,497.8 -------- -------- $6,024.5 $5,599.4 -------- -------- -------- --------
* The December 31, 1997 consolidated balance sheet has been derived from audited financial statements. See Notes to Consolidated Financial Statements. -5- FORM 10-Q PACCAR Inc AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (Millions of Dollars)
Six Months Ended June 30 1998 1997 - ------------------------ --------- --------- NET CASH PROVIDED BY OPERATING ACTIVITIES $ 268.5 $ 125.1 INVESTING ACTIVITIES: Finance receivables originated (876.3) (651.5) Collections on finance receivables 618.7 616.1 Net (increase) decrease in wholesale receivables (12.9) 33.1 Marketable securities purchased (439.5) (1,102.9) Marketable securities maturities and sales 461.6 1,109.6 Acquisition of businesses, net of cash acquired (75.2) cquisition of property, plant and equipment (68.2) (38.5) Acquisition of equipment for operating leases (10.4) (2.5) Proceeds from asset disposals 10.6 13.9 Other (1.7) (.1) --------- --------- Net Cash Used in Investing Activities (393.3) (22.8) FINANCING ACTIVITIES: Cash dividends paid (140.2) (79.7) Stock option transactions 6.4 2.0 Net increase (decrease) in notes payable, commercial paper and bank loans 340.2 (382.0) Proceeds of long-term debt 305.1 627.2 Payment of long-term debt (439.4) (254.9) -------- -------- Net Cash Provided by (Used in) Financing Activities 72.1 (87.4) Effect of exchange rate changes on cash (3.6) (9.8) -------- -------- Net (Decrease) Increase in Cash and Equivalents (56.3) 5.1 Cash and cash equivalents at beginning of period 337.9 222.9 -------- -------- Cash and cash equivalents at end of period $ 281.6 $ 228.0 -------- -------- -------- --------
See Notes to Consolidated Financial Statements. -6- FORM 10-Q PACCAR Inc AND SUBSIDIARIES Notes to Consolidated Financial Statements (In millions, except share amounts) NOTE A--Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six-month periods ended June 30, 1998 are not necessarily indicative of the results that may be expected for the year ended December 31, 1998. For further information, refer to the consolidated financial statements and footnotes included in the Company's annual report on Form 10-K for the year ended December 31, 1997. Reclassifications: Certain prior year amounts have been reclassified to conform to the 1998 presentation. NOTE B--Inventories
June 30 December 31 1998 1997 ----------- ----------- (Unaudited) Inventories at FIFO cost: Finished products $300.2 $274.7 Work in process and raw materials 286.1 244.9 -------- ------- 586.3 519.6 Less excess of FIFO cost over LIFO (126.1) (126.1) -------- ------- $460.2 $393.5 -------- ------- -------- -------
Under the LIFO method of accounting (used for approximately 49% of June 30, 1998, inventories), an actual valuation can be made only at the end of each year based on year-end inventory levels and costs. Accordingly, interim valuations are based on management's estimates of those year-end amounts. Based on present estimates of year-end inventory levels, no significant liquidations of LIFO inventory quantities are expected. Because inventory levels and costs are subject to many forces beyond management's control, the present estimates are subject to the final year-end LIFO inventory valuation. NOTE C--Stockholders' Equity Stock Option Exercises On January 1, 1998, approximately 533,000 stock options previously granted to PACCAR employees became exercisable. For the six months ended June 30, 1998, PACCAR issued an additional 297,000 common shares as a result of employee stock option exercises. -7- FORM 10-Q PACCAR Inc AND SUBSIDIARIES Notes to Consolidated Financial Statements (In millions, except share amounts) Diluted Earnings Per Share The following table shows the additional shares added to basic shares outstanding to calculate diluted earnings per share. These amounts represent primarily the dilutive effect of stock options outstanding.
Three Months Ended Six months Ended June 30 June 30 ------------------- ------------------- 1998 1997 1998 1997 -------- ------- ------- ------- Additional shares 649,000 362,000 676,000 310,000 -------- ------- ------- -------
Comprehensive Income As of January 1, 1998, PACCAR adopted Statement of Financial Accounting Standard No. 130 (SFAS No. 130), "Reporting Comprehensive Income". SFAS No. 130 requires unrealized gains or losses on the Company's available-for-sale securities and foreign currency translation adjustments, which, prior to adoption, were reported separately in stockholders' equity, to be included in other comprehensive income. The new statement had no impact on PACCAR's net income or stockholders' equity. The components of comprehensive income, net of any related tax, were as follows:
Three Months Ended Six months Ended June 30 June 30 ------------------- ------------------- 1998 1997 1998 1997 -------- ------- ------- ------- Net income $ 104.9 $ 71.5 $ 205.3 $ 129.4 Foreign currency translation adjustments (1.7) (6.3) (9.0) (27.5) Net unrealized (losses) gains on securities (.1) .7 (.1) (.2) -------- ------- ------- ------- Total comprehensive income $ 103.1 $ 65.9 $ 196.2 $ 101.7 -------- ------- ------- ------- -------- ------- ------- -------
Accumulated Other Comprehensive Loss Accumulated other comprehensive loss was comprised of the following:
June 30 December 31 1998 1997 ----------- ----------- Accumulated foreign currency translation adjustments $(140.6) $(131.6) Net unrealized gains on securities .8 .9 ----------- ----------- Net accumulated other comprehensive loss $(139.8) $(130.7) ----------- ----------- ----------- -----------
Net accumulated other comprehensive loss is reported in the accompanying consolidated financial statements as "Currency translation and net unrealized investment gains or (losses)". -8- FORM 10-Q PACCAR Inc AND SUBSIDIARIES Notes to Consolidated Financial Statements NOTE D---Acquisition of Leyland Trucks Limited Effective June 2, 1998 PACCAR acquired privately held Leyland Trucks Limited (Leyland). Leyland is a United Kingdom truck manufacturing company with 760 employees. PACCAR's Netherlands truck manufacturing subsidiary, DAF Trucks N.V. (DAF), is a major customer of Leyland. The 45 and 55 Series distribution trucks produced by Leyland are marketed exclusively in Europe by DAF. PACCAR used the purchase method of accounting for the acquisition. The consolidated financial statements include Leyland operations subsequent to the acquisition date. Had the acquisition taken place on January 1, 1997, the impact on PACCAR's 1998 and 1997 second quarter and first half consolidated financial statements would not be material. In addition, due to the supplier-customer relationship of Leyland to DAF, a substantial portion of Leyland's separate sales eliminate in consolidation. -9- FORM 10-Q PACCAR Inc AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS: PACCAR recorded significantly higher sales and net income for both the second quarter and the first half of 1998 compared with the same periods last year. Second quarter net income increased $33.4 million (47%) as sales grew 16% to $1.8 billion. First half net income improved 59% to $205.3 million on an 18% gain in sales. Higher manufacturing and parts segment net sales in 1998 are primarily attributable to Truck operations. PACCAR's North American truck operations benefited from continued strong market conditions. Also, operations of DAF Trucks N.V. (DAF), the Company's Netherlands truck subsidiary, benefited from excellent demand in Europe. Second quarter segment pretax income of $138.5 million grew 55% over year-earlier levels. For the first half of 1998, pretax income of $267.0 million showed a 75% improvement compared to 1997. These increases resulted from the higher truck volumes, improved margins and production efficiencies. The previously announced acquisition of Leyland Trucks Limited (Leyland) was completed during the second quarter of 1998. Since DAF is a major customer of Leyland, including Leyland operations in PACCAR's consolidated financial statements subsequent to the acquisition date will not have a material impact. Sales and profits for PACCAR's other product areas, which include retail auto parts and winches, showed favorable comparisons in both the first half and second quarter of 1998 compared to 1997. The Company's oilfield equipment business was sold in the fourth quarter of 1997. In the Financial Services segment, consolidated net loan and lease portfolios grew to $3.1 billion at the end of June 1998. The additional income from portfolio growth was offset by a reduction in interest rate spreads, higher operating expenses and increases to the loan loss provision. As a result, Financial Services income before income taxes remained at levels comparable to the prior year for both the second quarter and first half. In Europe, the traditional summer holiday factory closures are scheduled to occur. This is expected to impact the overall trend in quarterly operating results for DAF, Leyland and Foden, the Company's three European truck makers. In the United States, the strike at PACCAR's Peterbilt factory in Nashville, which began on May 4, has not been settled. To meet increasing customer demand, Peterbilt has increased the production rate at its Denton, Texas facility and recently began utilizing skilled, temporary employees at Nashville. -10- FORM 10-Q PACCAR Inc AND SUBSIDIARIES LIQUIDITY AND CAPITAL RESOURCES: PACCAR's ratio of manufacturing current assets to current liabilities at June 30, 1998 of 1.47 remained comparable to the 1.45 at December 31, 1997. Net cash provided by operating activities increased in 1998 due primarily to higher net income and to changes occurring during the period to components of working capital. During the first six months of 1998, PACCAR used cash from operations, cash reserves, proceeds from maturities of marketable securities and proceeds from stock option exercises to pay the special year-end and regular quarterly cash dividends, purchase Leyland Trucks, make capital additions and pay down manufacturing long-term debt. Portfolio growth of the finance companies was funded primarily by proceeds from additional short-term debt together with net cash provided by Financial Services segment operating activities. PACCAR Financial Corp., PACCAR's largest financial services subsidiary, plans to complete a shelf registration under the Securities Act of 1933 for offering to the public of up to $1 billion of additional senior debt securities in August, 1998. Other information on liquidity and capital resources as presented in the 1997 Annual Report to Stockholders continues to be relevant. -11- FORM 10-Q PACCAR Inc AND SUBSIDIARIES PART II--OTHER INFORMATION For Items 1, 2, 3 and 5, there was no reportable information for any of the three months ended June 30, 1998. Reportable information in response to Item 4 was previously reported in the Quarterly Report on Form 10-Q for the quarter ended March 31, 1998. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits. Any exhibits filed herewith are listed in the accompanying index to exhibits. (b) No reports on Form 8-K have been filed for the quarter ended June 30, 1998. -12- FORM 10-Q PACCAR Inc AND SUBSIDIARIES SIGNATURE 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 thereunto duly authorized. PACCAR Inc - ---------------------------------- (Registrant) Date August 7, 1998 By /s/ G. D. Hatchel ----------------------------- G. D. Hatchel Vice President and Controller (Authorized Officer and Chief Accounting Officer) -13- FORM 10-Q PACCAR Inc AND SUBSIDIARIES INDEX TO EXHIBITS
EXHIBIT (IN ORDER OF ASSIGNED INDEX NUMBERS) - -------------------------------------------- 3 Articles of incorporation and bylaws: (a) PACCAR Inc Certificate of Incorporation, as amended to April 29, 1997 (incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1997). (b) PACCAR Inc Bylaws, as amended to April 26, 1994 (incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1994). 4 Instruments defining the rights of security holders, including indentures: (a) Rights agreement dated as of December 21, 1989 between PACCAR Inc and First Chicago Trust Company of New York setting forth the terms of the Series A Junior Participating Preferred Stock, no par value per share (incorporated by reference to Exhibit 1 of the Current Report on Form 8-K of PACCAR Inc, dated December 27, 1989). (b) Indenture for Senior Debt Securities dated as of December 1, 1983 between PACCAR Financial Corp. and Citibank, N.A., Trustee (incorporated by reference to Exhibit 4.1 of the Annual Report on Form 10-K of PACCAR Financial Corp. for the year ended December 31, 1983). (c) First Supplemental Indenture dated as of June 19, 1989 between PACCAR Financial Corp. and Citibank, N.A., Trustee (incorporated by reference to Exhibit 4.2 to PACCAR Financial Corp.'s registration statement on Form S-3, Registration No. 33-29434). (d) Forms of Medium-Term Note, Series F (incorporated by reference to Exhibits 4.3A, 4.3B and 4.3C to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated May 26, 1992, Registration Number 33-48118). Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A., and the Depository Trust Company, Series F (incorporated by reference to Exhibit 4.4 to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated May 26, 1992, Registration Number 33-48118). (e) Forms of Medium-Term Note, Series G (incorporated by reference to Exhibits 4.3A and 4.3B to PACCAR Financial Corp.'s Registration Statement on Form S-3, dated December 8, 1993, Registration Number 33-51335). Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A., and the Depository Trust Company, Series G (incorporated by reference to Exhibit 4.4 to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated December 8, 1993, Registration Number 33-51335).
-14- FORM 10-Q PACCAR Inc AND SUBSIDIARIES INDEX TO EXHIBITS
EXHIBIT (IN ORDER OF ASSIGNED INDEX NUMBERS) - -------------------------------------------- (f) Forms of Medium-Term Note, Series H (incorporated by reference to Exhibits 4.3A and 4.3B to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated March 11, 1996, Registration Number 333-01623). Form of Letter of Representation among PACCAR Financial Corp., Citibank, N.A. and the Depository Trust Company, Series H (incorporated by reference to Exhibit 4.4 to PACCAR Financial Corp.'s Registration Statement on Form S-3 dated March 11, 1996, Registration Number 333-01623). 10 Material contracts (a) PACCAR Inc Incentive Compensation Plan (incorporated by reference to Exhibit (10)(a) of the Annual Report on Form 10-K for the year ended December 31, 1980). (b) PACCAR Inc Deferred Compensation Plan for Directors (incorporated by reference to Exhibit (10)(b) of the Annual Report on Form 10-K for the year ended December 31, 1980). (c) Supplemental Retirement Plan (incorporated by reference to Exhibit (10)(c) of the Annual Report on Form 10-K for the year ended December 31, 1980). (d) 1981 Long Term Incentive Plan (incorporated by reference to Exhibit A of the 1982 Proxy Statement, dated March 25, 1982). (e) Amendment to 1981 Long Term Incentive Plan (incorporated by reference to Exhibit (10)(a) of the Quarterly Report on Form 10-Q for the quarter ended March 31, 1991). (f) PACCAR Inc 1991 Long-Term Incentive Plan (incorporated by reference to Exhibit C of the 1997 Proxy Statement, dated March 20, 1997). (g) Amended and Restated Deferred Incentive Compensation Plan (incorporated by reference to Exhibit (10)(g) of the Annual Report on Form 10-K for the year ended December 31, 1993). (h) PACCAR Inc Senior Executive Incentive Plan (incorporated by reference to Exhibit D of the 1997 Proxy Statement, dated March 20, 1997). 27 Financial Data Schedule
-15- EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997, AND THE CONSOLIDATED BALANCE SHEETS, JUNE 30, 1998, AND DECEMBER 31, 1997, OF PACCAR INC AND SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1998 JUN-30-1998 281,600 360,100 3,817,600 0 460,200 0 745,100 0 6,024,500 0 1,185,100 0 0 78,100 1,602,900 6,024,500 3,592,700 3,752,200 3,037,400 3,119,300 0 5,900 9,400 321,300 116,000 205,300 0 0 0 205,300 2.63 2.61
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