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CAROLINA FREIGHT CORPORATION PREDICTS BREAK-EVEN QUARTER; ANNOUNCES ORGANIZATIONAL CHANGES

 CHERRYVILLE, N.C., June 17 /PRNewswire/ -- Lary R. Scott, chief executive officer of Carolina Freight Corporation (NYSE: CAO), in an appearance before the New York Society of Security Analysts Motor Carrier Analysts Group stated today that the company is likely to break even or sustain a small loss for its second quarter which ends June 19.
 "At this point, it is a close call, but our feel of the situation is that the results of our operations for the second quarter will be break even at best," Scott said. "We are very encouraged with our revenue growth which has averaged about 8 percent during most of the quarter. This is a strong indication that the marketing initiatives taken earlier this year are producing positive results. However, competitive pressure on our prices has continued and that, more than any other factor, impacts our ability to turn a profit."
 Scott also announced organizational changes in Carolina Freight Carriers Corporation, the company's largest subsidiary, which accounts for 75 percent of the company's revenues. James D. Carlton, 44, who joined the company in 1977 and previously was executive vice president- Operations for Carolina Freight Corporation and Carolina Freight Carriers Corporation, has been named president of Carolina Freight Carriers. "This realignment will permit Jim to focus entirely on the operations of Carolina Freight Carriers," Scott said. "We are also making other changes in the field structure of the company by reducing the number of divisions from six to four, each headed by a divisional vice president with two regional managers reporting to each of the division vice presidents for the Eastern, Central, and Midwest Divisions, and three regional managers reporting to the Southern Division vice president. As I indicated at the Annual Shareholders Meeting in May, our objective is to flatten the organizational structure and these changes are a major step in that direction."
 Carolina Freight Corporation is a holding company for wholly-owned subsidiaries Carolina Freight Carriers, Red Arrow Freight Lines, G.I. Trucking Company, Cardinal Freight Carriers, Innovative Logistics Incorporated and Carolina Freight Canada, Ltd. The company provides freight transportation services coast to coast and to most foreign markets. Corporate revenue for the fifty-two weeks ended March 27, 1993, was $816,351,833.
 -0- 6/17/93
 /CONTACT: Palmer E. Huffstetler, President, Carolina Freight Corporation, 704-435-6811 ext. 2251/
 (CAO)


CO: Carolina Freight Corporation ST: North Carolina IN: TRN SU: ERP PER

MM-CM -- CH001 -- 3064 06/17/93 12:02 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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