UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 19, 2008
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WERNER ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
NEBRASKA 0-14690 47-0648386
(State or other jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification No.)
14507 FRONTIER ROAD
POST OFFICE BOX 45308
OMAHA, NEBRASKA 68145
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (402) 895-6640
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS.
On March 7, 2008, the Registrant issued a press release and filed a Form
8-K announcing its participation in the 6th Annual JPMorgan Aviation and
Transportation Conference in New York City, New York on March 19, 2008. As
announced in such documents, John J. Steele, the Registrant's Executive
Vice President, Treasurer and Chief Financial Officer, will be presenting a
business overview and highlights of the Registrant to the investment
community at 8:30 a.m. (ET). This presentation is available to the public
on the internet through a live audio webcast, and a replay of the webcast
presentation will be available for 30 days. Both the live webcast and the
replay are publicly accessible under the "Investor Information" link on the
Registrant's website at www.werner.com.
During the presentation, Mr. Steele will make comments regarding the
Registrant's (i) January and February 2008 results and (ii) first quarter
2008 earnings expectations compared to first quarter 2007, as follows:
"Earlier this morning, we filed an 8-K with specific
comments that I am going to discuss with you regarding first
quarter 2008. During another transportation conference held on
February 13, 2008, in our prepared remarks we stated that due to
several factors and based on our January 2008 results, it is
likely that our earnings per share for the first quarter of 2008
will be significantly lower than our earnings per share for the
first quarter 2007.
"After finalizing our February 2008 results, we are updating
those remarks. Although the first two months were profitable, we
expect that our first quarter 2008 earnings per share will be
substantially lower than our first quarter 2007 earnings per
share.
"There are several factors that are causing this quarter to
be very challenging:
"The freight market continues to be difficult. Load counts
began at a very low level in January 2008, below load count
levels of the previous five years. While we have experienced the
typical seasonal improvement in load counts from January, to
February, to this point in March, load counts continue to be
below levels of the previous five years. By far the most
challenging sector of our business is our medium-to-long haul van
division. Beginning a year ago, we believe we were the first
public truckload carrier to begin a fleet reduction of our
medium-to-long haul van fleet. We have cumulatively taken out
over 30% of our trucks from this division, including the 200
trucks we took out in January 2008. This decision has helped us
soften the impact of a very weak long-haul market and has enabled
us to improve truck utilization and maintain our rate per mile
on a year-over-year basis.
"Fuel prices have been rising rapidly and this week reached
$1.39 per gallon higher than the same time a year ago. This
compares to a 72 cent per gallon year-over-year average price
increase in fourth quarter 2007 compared to fourth quarter 2006.
Since Werner purchases over 14 million gallons of fuel a month,
this is a large cost increase. Over the long term, we have been
able to recover over 80% of the fuel cost increase through our
fuel surcharge programs. However, when fuel prices rise rapidly,
the recovery percentage is temporarily lower since costs increase
daily while surcharge billings tend to lag because surcharge
rates are adjusted weekly based on the national DOE fuel survey
price.
"In addition, first quarter 2008 winter weather conditions
were generally worse than normal compared to a milder than normal
first quarter 2007. This contributed to higher than anticipated
truck maintenance repairs and equipment related costs. Finally,
the softer freight market and high fuel prices are causing demand
to be softer for the sale of our used trucks, which is reducing
the gains on sales of our trucks.
"We believe that the continuation of a soft freight market
and the spike in fuel prices are making it increasingly more
difficult for many truckload carriers to stay in business. An
acceleration of trucking company failures may cause a decline in
industry truck capacity and could improve the supply/demand
balance in our industry."
This current report on Form 8-K and the oral public statements made by a
representative of the Registrant during the aforementioned webcast may
contain forward-looking statements, which are based on information
currently available to our management and are current only as of the date
made. Therefore, undue reliance should not be placed on any such forward-
looking statement. Actual results could also differ materially from those
anticipated as a result of a number of factors, including, but not limited
to, those discussed in the Registrant's Annual Report on Form 10-K for the
year ended December 31, 2007. The Registrant assumes no duty or obligation
to update or revise any forward-looking statement, although it may do so
from time to time as management believes is warranted. Any such updating
or revising may be accomplished through the filing of reports with the U.S.
Securities and Exchange Commission, issuance of press releases or by other
methods of public disclosure.
SIGNATURES
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.
WERNER ENTERPRISES, INC.
Date: March 19, 2008 By: /s/ John J. Steele
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John J. Steele
Executive Vice President,
Treasurer and Chief
Financial Officer
Date: March 19, 2008 By: /s/ James L. Johnson
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James L. Johnson
Senior Vice President,
Controller and Corporate
Secretary