< BUS > The Numbers, The Insiders, and all that jazz... $5.00 ah? Humm.. Will keep the eyes peeled!
$$$$Thats interesting! No insider selling, only buyers!$$$
INSIDER BUYING GREYHOUND LINES INC.
------------------------------------------------------------------------
NAME DIRECT
TITLE DATE SHARES SHARE TOTAL OR
TRANSACTION TYPE BOUGHT BOUGHT PRICE HOLDINGS INDIRECT
OSBORNE ALFRED E
DIRECTOR 12/12/97 3,000 3.81 6,164 D
OPEN MARKET PURCHASE COM
OSBORNE ALFRED E
DIRECTOR 12/12/97 3,671 3.81 6,835 I
OPEN MARKET PURCHASE COM
CHAVEZ LINDA
DIRECTOR 12/11/97 3,832 3.81 4,967 D
OPEN MARKET PURCHASE COM
CHAVEZ LINDA
DIRECTOR 05/29/97 1,135 4.25 1,135 D
OPEN MARKET PURCHASE COM
INSIDER BUYING GREYHOUND LINES INC.
------------------------------------------------------------------------
NAME DIRECT
TITLE DATE SHARES SHARE TOTAL OR
TRANSACTION TYPE BOUGHT BOUGHT PRICE HOLDINGS INDIRECT
NAGEOTTE FRANK L
DIRECTOR 05/29/97 2,000 4.25 12,000 I
OPEN MARKET PURCHASE COM
NAGEOTTE FRANK L
DIRECTOR 05/27/97 1,110 1.84 1,110 D
ACQ BY EXER OF OPTION COM
PLASKETT THOMAS G
CHAIRMAN OF THE BD 04/29/97 3,000 3.56 3,000 D
OPEN MARKET PURCHASE COM
HAUGSLAND JOHN W
VICE PRESIDENT 09/12/96 5,000 3.38 20,000 D
OPEN MARKET PURCHASE COM
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2
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Financial Profile
Data current through 02/24/1998
Greyhound Lines Inc
15110 N Dallas Parkway
Suite 600
Dallas, TX 75248
Telephone: (972) 798-7000
Fax: (972) 404-8739
Dow Jones Industry Group: Consumer/Hshld Svcs
Business Description: Largest intercity bus carrier in the
United States and its primary businesses consist of scheduled
passenger service, package express delivery service and food
service at certain terminals. Also, provides passenger service
to more than 2,500 destinations.
Primary SIC: 4131
SIC Codes: 4111 4215
Stock Symbol: BUS
Exchange: ASE
CEO: Craig R. Lentzsch
Employees: 11,000
Auditors: Arthur Andersen LLP
Latest Report: Unqualified
Share Data
Latest Reported Shares Outstanding 59,396,000
Latest Shares Outstanding Date 02/05/1998
Latest Balance Sheet Shares Outstanding 59,396,000
Short Interest Shares 2,252,194
Short Interest Ratio 9.5 Days
Short Interest Ratio Date 01/08/1998
Net Insider Transactions 10,503
Net Insider Transactions Date 12/31/1997
Shares Held by Institutions 24,287,000
Number of Institutions Holding 79
% of Shares Held by Institutions 40.9
Institutional Holding Date 01/31/1998
Market Value($ Mil) 271
Market Value as % Revenues 35
Dividend Information
Last Ex-Dividend Date 12/04/1992
Indicated Dividend Rate 0.00
Dividend Yield 0.0%
Dividend Code
Payout Ratio Last Fiscal Year NC
5-Year Average Payout NC
5-Year Dividend Yield 0.0%
Stock Price ($) And Volume
Most Recent Close Price 4.56
Most Recent Close Price Date 02/24/1998
Close Price 4 Weeks Ago 3.94
Close Price 13 Weeks Ago 3.94
Close Price 26 Weeks Ago 3.94
Close Price 52 Weeks Ago 4.44
Price Change Last Month 15.7%
Price Change Last 10 Days 7.3%
Price Change Last 26 Weeks 15.7%
Price Change Last 52 Weeks 2.7%
Price Change YTD 23.6%
Price Change vs Market Last Trading Week 100%
Price Change vs Market Last 4 Weeks 110%
Price Change vs Market Last 13 Weeks 107%
Price Change vs Market Last 26 Weeks 101%
Price Change vs Market Last 52 Weeks 79%
Price Change vs Market YTD 116%
4-Week High Price 5.00
4-Week Low Price 3.94
13-Week High Price 5.00
13-Week Low Price 3.38
26-Week High Price 5.00
26-Week Low Price 3.38
52-Week High Price 5.00
52-Week Low Price 3.38
YTD High Price 5.00
YTD Low Price 3.50
5-Day Moving Avg Price 4.61
10-Day Moving Avg Price 4.62
10-Week Moving Avg Price 3.99
30-Week Moving Avg Price 3.98
200-Day Moving Avg Price 4.10
Beta, Up Market 3.25
Beta, Down Market 0.01
Shares Traded This Week 467,600
Volume as % of Shares Outstanding 0.79%
Avg Daily Volume Last 2 Weeks 289,600
Avg Daily Volume Last 4 Weeks 365,500
Avg Daily Volume Last 13 Weeks 265,900
Avg Daily Volume Last 26 Weeks 287,900
Avg Daily Volume Last 52 Weeks 262,100
Avg Daily Volume YTD 293,000
On-Balance Volume Index Last 4 Weeks 248%
Liquidity Ratio 51,520
P/E Ratio 57.0
5-Year High P/E NC
5-Year Low P/E NC
Selected Balance Sheet Items ($ Mil)
Fiscal Year End 12/31/1997 12/31/1996 12/31/1995 12/31/1994
Cash & Equivalent NA 0.9 3.5 9.5
Receivables NA 32.8 29.9 48.7
Inventories NA 3.8 3.6 3.8
Current Assets NA 61.3 57.8 94.6
Gr Fixed Assets NA 416.4 384.8 356.7
Accum Depr & Depl NA 101.9 84.2 68.4
Net Fixed Assets NA 314.5 300.6 288.3
Total Assets NA 500.3 480.6 511.4
Accounts Payable NA 23.9 18.9 14.9
Short-Term Debt NA 11.7 5.3 7.0
Curr Liabilities NA 118.4 112.2 111.8
Long-Term Debt NA 192.6 172.7 197.1
Total Liabilities NA 359.5 331.0 358.2
Preferred Equity NA 0.0 0.0 0.0
Common Equity NA 140.9 149.8 153.2
Retained Earnings NA -81.2 -74.6 -56.8
Total Equity NA 140.9 149.8 153.2
Liabs & Equity NA 500.4 480.8 511.4
Working Capital NA -57.2 -54.5 -17.1
Selected Income Statement Items ($ Mil)
Fiscal Year End 12/31/1997 12/31/1996 12/31/1995 12/31/1994
Revenues/Sales 771.1 700.9 657.4 616.3
Cost of Sales NA 262.7 241.0 233.2
Gr Oper Profit NA 388.4 368.2 335.6
S,G & A Expenses NA 333.1 324.2 358.6
Deprec & Amort NA 34.4 34.6 40.0
Interest Expense NA 27.3 26.8 33.5
Pretax Income NA -6.5 -17.4 -98.9
Income Taxes NA 0.1 0.4 16.9
Minority Interest NA 0.0 0.0 0.0
Net Inc Cont Ops 8.4 -6.6 -17.8 -115.8
Net Inc Disc Ops 0.0 0.0 0.0 0.0
Net Inc Tot Ops 8.4 -6.6 -17.8 -115.8
Extra Inc (Loss) 0.0 0.0 0.0 0.0
Net Income -16.9 -6.6 -17.8 -77.4
EPS Cont Ops 0.08 -0.11 -0.33 -7.58
EPS Disc Ops 0.00 0.00 0.00 0.00
EPS Total Ops 0.08 -0.11 -0.33 -7.58
EPS Extra Inc 0.00 0.00 0.00 0.00
EPS fr Net Income -0.35 -0.11 -0.33 -5.07
Domestic Sales NA NA NA NA
Foreign Sales NA NA NA NA
Income Statement YTD (last annual value if no qtrly aval for cur yr)
Revenues/Sales($ Mil) 771.1
Inc fr Total Ops($ Mil) 8.4
EPS fr Total Ops($) 0.08
Dividends per Share($) 0.00
Selected Cash Flow Statement Items ($ Mil)
Fiscal Year End 12/31/1997 12/31/1996 12/31/1995 12/31/1994
Net Income NA -6.6 -17.8 -115.8
Deprec & Amort NA 34.4 34.6 40.0
Chg Receivables NA -2.9 4.1 3.8
Chg Payables NA -2.3 3.8 -3.2
Net Cash fr Ops NA 16.0 29.5 -13.2
Net Cash fr Inv NA -24.1 -34.1 -58.2
Net Cash fr Fin NA 5.5 -1.4 41.2
Eff Exch Rate Chg NA 0.0 0.0 0.0
Net Chg Cash & Eq NA -2.6 -6.0 -30.2
Cash Begin Period NA 3.5 9.5 39.6
Key Financial Ratios
Fiscal Year End 12/31/1997 12/31/1996 12/31/1995 12/31/1994
Book Value P/S NA 2.41 2.58 4.09
Price/Book Val(%) NA 176 167 57
Debt/Equity(%) NA 137 115 129
LT Debt % Inv Cap NA 57.8 53.6 56.3
LT Debt % Tot Dbt NA 53.6 52.2 55.0
Dbt % Tot Assets NA 71.8 68.9 70.1
Quick Ratio NA 0.3 0.3 0.5
Current Ratio NA 0.5 0.5 0.8
Revenue/Assets(%) NA 140 140 120
Price/Revenue(%) 28 35 38 14
Cash % Revenue NA 0.1 0.5 1.5
Pre-Tax Mgn(%) NA -0.9 -2.6 -16.0
Post-Tax Mgn(%) 1.1 -0.9 -2.7 -18.8
Eff Tax Rate(%) NA NA NA NA
Asset Turnover NA 1.4 1.3 1.2
Receivable Turn NA 22.4 16.7 14.4
Inventory Turn NA 71.0 65.1 42.4
Ret on Equity(%) NA NE NE NE
Ret Invest Cap(%) NA -2.0 -5.5 -33.1
Ret on Assets(%) NA -1.3 -3.7 -22.6
Growth Rates
5-Yr Annual EPS Growth NC
5-Yr Annual Div Growth NC
5-Yr Annual Revenue Growth 2.40%
% Change EPS YTD vs Last YTD NE
$ Change in EPS this YTD vs Last YTD 0.19
Key Competitors
America West
AMR
Amtrak
Caliber System
Coach USA
Continental Airlines
Delta
FedEx
Hertz
Northwest Airlines
Roadway Express
Southwest Airlines
TWA
UAL
UPS
US Airways
U.S. Postal Service
Yellow Corporation
Business Background
OVERVIEW
Greyhound's famous running dog is back on the track to financial
success after a disastrous episode of acting as if it were an
airplane. Dallas-based Greyhound Lines, the US's only long-haul
intercity bus company, offers its core customers -- low- to middle-
income passengers from diverse ethnic backgrounds -- low-priced, walk-
up ticket service and direct long-distance transportation. Greyhound
also operates a package express delivery service and provides food
service at its terminals.
The company's "back to its routes" strategy lured back some of
the passengers lost when the company tried imposing airline-style
reserved seating and hub-and-spoke routes. To give riders the spur-of-
the-moment service they desire, it increased its fleet to more than
2,000 buses and hired more drivers. Annual ridership has risen to over
18 million.
The company hopes to cushion bankruptcy costs by entering into
partnerships with other carriers, growing its customer base, and
focusing on markets along the US-Mexico border. Like other US bus
companies, however, Greyhound does not have permission to offer
service to Mexico through Texas.
HISTORY
Greyhound was founded in 1913 by Swedish immigrant Carl Wickman.
Wickman began transporting miners from his hometown of Hibbing,
Minnesota, to the nearby Iron Range mines in Alice. Maximizing
passenger loads, he carried 18 miners at a time in his seven-seater
Hupmobiles. In 1916 the company, named Hibbing Transportation,
operated elongated Studebakers and Packards.
In the heyday of small independent bus lines after WWI, the
company (renamed Greyhound Corporation in 1930) jockeyed for
passengers with other animal-named companies such as Golden Eagle,
Jack Rabbit, and White Swan. Greyhound nearly went bankrupt after the
1929 stock market crash, but its ridership was revived by the
transportation demands of the 1933 World's Fair in Chicago and by
Claudette Colbert's and Clark Gable's romantic cross-country bus trip
in the 1935 movie It Happened One Night.
Despite the lack of gas and parts for civilian travel during
WWII, Greyhound was well-employed transporting workers to munitions
plants and shipyards. When Wickman retired in 1946 and was succeeded
by Orville Ceasar, Greyhound was the #1 US line, carrying one-fourth
of all bus passengers.
In the mid-1950s, under president Arthur Genet, the company began
diversifying. It became the world's largest industrial leasing company
by buying Booth Leasing (which leased computers, jet aircraft, and
locomotives) in 1962. To compensate for dwindling bus ticket sales,
Greyhound moved into foods by acquiring Armour Foods in 1970 for $400
million (later renamed Armour-Dial).
Plagued by strikes, the bus line failed to prosper in the 1980s
and was spun off to a group of Dallas investors, which included
company managers, in 1987. (The consumer products company later
changed its name to Greyhound-Dial, then to Dial, then split into two
companies -- Dial and Viad.) Also in 1987 the company acquired
Trailways Lines, its only national competitor.
Steadily declining sales and a bitter strike forced the bus
company into bankruptcy in 1990. CEO Frank Schmieder led the newly
named Greyhound Lines out of bankruptcy the next year by cutting the
fleet and devising a reservation system. But most Greyhound passengers
were not preplanners, and when they did make (unpaid) reservations,
they often did not show up. Customers were also alienated by a new
price structure that hiked fares for walk-up sales. The system itself
was understaffed and inefficient (often taking five tries to connect).
The result was a $116 million loss in 1994, which led to Schmieder's
resignation. He was replaced by Carl Lentzsch (former buyout
participant who had left in 1988 to work for Motor Coach Industries,
Greyhound's principal bus supplier).
Lentzsch brought back more convenient ticketing and more direct
routes. Company sales rose almost 14% from 1994 to 1996. In 1996
Greyhound continued to upgrade its fleet, re-open rural routes, and
use its new customer services phone system in joint ticketing
arrangements with regional bus lines. In 1997 the company bought
Carolina Trailways (for $25 million) and Valley Transit (serving 71
South Texas towns) -- its first acquisitions in more than eight years.
That year Greyhound dipped its paw into Mexico when it acquired a 49%
stake in Crucero, which operates an 800-mile bus route between Ciudad
Obregon and Los Angeles. Greyhound purchased the rights to its running
dog logo from Viad that year for $10 million.
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EPS 2/21/98 Page 1 of 1
GREYHOUND LINES INC.
Fiscal year ends 12/97
Earnings per share estimates
--Mean $ 0.05
--High $ 0.05
--Low $ 0.05
P/E Ratio 91.25 (Estimated)
Number of analysts 1
Past EPS estimates (Mean)
-- Month ago 0.05
--13 Weeks ago 0.04
--26 Weeks ago 0.23
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EPS 2/21/98 Page 1 of 1
GREYHOUND LINES INC.
Fiscal year ends 12/98
Earnings per share estimates
--Mean $ 0.34
--High $ 0.34
--Low $ 0.34
P/E Ratio 13.42 (Estimated)
Number of analysts 1
Past EPS estimates (Mean)
-- Month ago 0.34
--13 Weeks ago 0.30
--26 Weeks ago 0.48
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PS 2/21/98 Page 1 of 3
GREYHOUND LINES INC.
Analyst's ratings 2/21/98 Month ago
Strong buy 0 0
Buy 1 1
Neutral 0 0
Sell 0 0
Strong sell 0 0
Total analysts 1 1
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