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CAROLINA FREIGHT CORPORATION DECLARES DIVIDEND

 CAROLINA FREIGHT CORPORATION DECLARES DIVIDEND
 CHERRYVILLE, N.C., Oct. 5 /PRNewswire/ -- The Board of Directors of


Carolina Freight Corporation (NYSE: CAO) declared a dividend of $.05 per share on the common stock of the Corporation at a meeting held Oct. 5, 1992. The dividend is payable Nov. 6 to shareholders of record on Oct. 23, 1992. This represents a reduction in the dividend from its previous level of $.15 per share per quarter. Kenneth E. Mayhew, Jr., president and CEO, stated: "This dividend reduction is a part of our ongoing strategy to minimize all costs that do not adversely affect either service to our clients or our long-term viability. We have initiated other cost-cutting measures which will lower expenses without compromising service, including the following:
 -- Carolina's early retirement incentive program will reduce the number of salaried and clerical jobs.
 -- The combining of redundant terminal facilities without affecting either geographic coverage or transit times will reduce operating costs.
 -- Affirmative prevention programs have resulted in reducing cargo claims costs, bad debt expense and both vehicle and workers' compensation accident rates."
 Mayhew said that the Company's financial condition continues to be very strong. Mayhew also noted, "This action is similar to actions taken by other companies within our industry and in other industries. Incidentally, our company has paid quarterly dividends, including the one just declared, for 29 consecutive years."
 Carolina Freight Corporation is a holding company which specializes in freight transportation through its subsidiaries. Its primary subsidiaries are: Carolina Freight Carriers Corporation, G.I. Trucking Company, Red Arrow Freight Lines and Cardinal Freight Carriers. For confirmation contact:
 John B. Yorke
 Secretary and Assistant General Counsel
 Carolina Freight Corporation
 P.O. Box 1000
 Cherryville, N.C. 28021
 -0- 10/5/92
 /CONTACT: Shawn W. Poole, Carolina Freight Corporation, 704-435-6811/
 (CAO) CO: Carolina Freight Corporation ST: North Carolina IN: TRN SU: DIV


MM -- CH005 -- 6771 10/05/92 17:01 EDT
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Publication:PR Newswire
Date:Oct 5, 1992
Words:316
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