| IPO Company Profile |
| SEC Filings | Peer IPO Companies |
| Overnite Corporation |
| 1000 Semmes Avenue P.O. Box 1216, Richmond, VA 23218 * (804) 231-8000 |
| The company is a leading provider of less-than-truckload transportation, offering a full spectrum of regional, inter-regional and long-haul services nationwide. |
| Manager | Tier | Phone |
| Morgan Stanley Dean Witter Discover & Co. | Lead Manager | (212) 761-5900 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| NASNTL: | OVNT | Financial: | SIC 6719 | |
| Type of Shares: | Common Shares | Filing Date: | 5/20/98 | |
| U.S. Shares Filed: | 33,600,000 | Filing Range: | $12.00 - $14.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $436,800,000 | |
| Primary Shares: | 33,600,000 | Expenses: | - | |
| Secondary Shares: | 0 | Post-IPO Shares: | ||
| Spin out parent firm: | Union Pacific Corporation | |||
| Employees: | 12500 | |||
| Issuer's Law Firm: | Hunton & Williams |
| Bank's Law Firm: | Cravath, Swaine & Moore |
| Auditor: | Deloitte & Touche |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/97 | 3/31/98 | 3/31/97 | 3/31/98 | ||
| Revenue: | $945.97 | $257.40 | $214.07 | Assets: | $1,395.02 |
| Net Income: | $4.31 | $4.79 | -$3.63 | Curr Assets: | $351.56 |
| EPS: | Liabilities: | $284.23 | |||
| Prior EPS: | Curr Liab: | $169.06 | |||
| Cash Flow/Oper: | Equity: | $1,110.79 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | Working Cap: | $182.50 | |||
| Competition |
| The LTL industry is highly competitive, and the Company competes against other carriers on the basis of service quality and reliability, as well as price. The Company competes with regional and national motor carriers, and to a lesser extent, with package carriers and railroads, some of which have greater financial and other resources or lower operating costs than the Company. The Company estimates that the 25 largest LTL carriers generated approximately $17 billion in revenues and constituted at least 80% of the LTL market in 1997. The regional market is primarily served by regional, non-union carriers. The long-haul market is primarily served by national, unionized carriers. Regional carriers and national carriers provide inter-regional LTL service. The Company is a full service provider, offering regional, inter- regional and long-haul service to its customers. |
| Business Plan |
| In restoring high-quality service and returning the Company to profitability over the past two years, the Company's new management team implemented the measures discussed above and focused on four critical on-going areas of the business: service quality, cost control, yield improvement and profitable revenue growth. |
| Use of Proceeds |
| The proceeds from the proposed offering will be paid as partial consideration for Union Pacific Corporation and for reduction of indebtedness. |