Consolidated Freightways Marks First Quarter Profit and Improving Operating Trends; Registers Non-Recurring Charges.Business Editors MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif.--(BUSINESS WIRE)--April 25, 2000 Consolidated Freightways Consolidated Freight was the 3rd biggest trucking company in the US. In the 1930s they started their own truck manufacturing operation, Freightliner, now part of DaimlerChrysler. Corporation (Nasdaq:CFWY CFWY Consolidated Freightways ) today announced net income of $1.1 million ($0.05 per basic share), before non-recurring charges to earnings. Revenue for the quarter grew 6.3 percent to $593.6 million compared to last year. Total shipments increased 3.3 percent with tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. nearly flat compared to last year's first quarter. Revenue per hundredweight hun·dred·weight n. pl. hundredweight or hun·dred·weights Abbr. cwt 1. A unit of weight in the U.S. Customary System equal to 100 pounds (45.36 kilograms). increased 7.6 percent to $17.57. The non-recurring charges, net of tax, of $4.1 million are comprised of an anticipated settlement of the tax-sharing liability with former parent CNF CNF Configuration (File Name Extension) CNF Conference CNF Conjunctive Normal Form CNF Could Not Find CNF Chin National Front (Burma) CNF Canadian Nature Federation CNF Cornell NanoScale Facility , Inc., as well as wage severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when benefits due to an administrative reorganization in the quarter. After the non-recurring charges, the company showed a net loss of $3.0 million ($0.14 per basic share) compared to last year's net income of $6.8 million ($0.30 per basic share.) "We are pleased with the improving profit and operating trends we're seeing through the first quarter," said G. Robert Evans There are several well-known people named Robert Evans, including:
"We are very confident that the operations and freight profile problems of 1999 are well understood and are being fixed," Evans Ev·ans , Herbert McLean 1882-1971. American anatomist who isolated four pituitary hormones and discovered vitamin E (1922). said. "As the quarter progressed the company showed improving trends in every major operating category and we are encouraged by the company's 97.4 operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: in March. "The increase in our December 31 cash balance from $49.1 million to $87.7 million was achieved primarily by reducing our receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . We're also pleased that our proactive safety programs are reducing injuries and lost time which should significantly reduce workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. expenses over time," Evans said. Certain statements in this release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are subject to a number of risks and uncertainties and therefore should not be relied upon as predictions of the future. Such statements are dependent on assumptions that may not be realized and are subject to factors, including those mentioned in the company's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission, that could cause actual results to differ materially. Consolidated Freightways is a transportation company primarily providing less-than-truckload and logistics services throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Mexico using its system of 350 terminals and over 22,000 employees. The company also provides international freight services between the U.S. and more than 80 countries.
CONSOLIDATED FREIGHTWAYS CORPORATION
STATEMENTS OF CONSOLIDATED OPERATIONS
(Dollars in thousands except per share amounts)
For the Three Months Ended
March 31,
2000 1999
REVENUES $ 593,629 $ 558,208
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COSTS AND EXPENSES
Salaries, wages and benefits 379,660 358,400
Operating expenses 115,815 91,580
Purchased transportation 49,125 51,772
Operating taxes and licenses 18,468 17,042
Claims and insurance 18,059 13,898
Depreciation 13,741 12,324
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594,868 545,016
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OPERATING INCOME (LOSS) (1,239) 13,192
OTHER INCOME (EXPENSE)
Investment income 353 818
Interest expense (1,087) (1,032)
Miscellaneous, net (4,106) (359)
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(4,840) (573)
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Income (loss) before
income taxes (benefits) (6,079) 12,619
Income taxes (benefits) (3,100) 5,868
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NET INCOME (LOSS) $ (2,979) $ 6,751
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Basic average shares outstanding 21,350,812 22,607,703
Diluted average shares outstanding 21,350,812 22,607,703
Basic Earnings (Loss) per Share: $ (0.14) $ 0.30
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Diluted Earnings (Loss) per Share: $ (0.14) $ 0.30
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CONSOLIDATED FREIGHTWAYS CORPORATION
CONDENSED BALANCE SHEETS
(Dollars in thousands)
March 31, Dec. 31,
2000 1999
ASSETS
Current assets $500,342 $471,012
Property, plant and equipment, net 360,430 368,952
Other assets 78,439 76,308
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Total Assets $939,211 $916,272
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $420,612 $396,455
Long-term debt 15,100 15,100
Other long-term liabilities 247,188 246,155
Shareholders' equity 256,311 258,562
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Total Liabilities and
Shareholders' Equity $939,211 $916,272
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