FEDERAL EXPRESS CORPORATION FIRST QUARTER FISCAL 1997 FINANCIAL RESULTS.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Sept. 16, 1996--Federal Express Corporation today reported net income for the quarter ended August 31 of $62.0 million, or $1.08 per share, compared to net income of $75.3 million, or $1.33 per share in last year's first quarter. Revenues for the quarter rose 10% to $2,692.3 million from $2,453.4 million a year ago. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $129.9 million compared to $149.2 million, and pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. was $107.7 million compared to $129.9 million a year ago. The company's U.S. domestic operating income was $126.2 million on revenues of $1,954.5 million, compared to an operating income of $125.5 million on revenues of $1,779.4 million in last year's first quarter. International's operating income for the first quarter was $3.7 million on international segment revenues of $737.8 million. In last year's first quarter, the international segment reported an operating income of $23.7 million on revenues of $674.0 million. The quarter's U.S. domestic operating results included $28 million attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the December December: see month. 31, 1995, expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the federal excise tax Excise Tax 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS. Notes: 1. on the transportation of property by air. This tax was reinstated on August 27, 1996. "Package volume growth, yields and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the first quarter were consistent with recent quarters and with our own expectations," commented Executive Vice President and Chief Financial Officer Alan A`lan´ n. 1. A wolfhound. B. Graf GRAF - GRaphic Additions to Fortran. Fortran plus graphic data types. ["GRAF: Graphic Additions to Fortran", A. Hurwitz et al, Proc SJCC 30 (1967)]. [Sammet 1969, p. 674]. , Jr. "As we entered the quarter, it was clear that we had tough year-over-year comparisons due to lower international airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air yields, one less operating day, rising fuel prices and last year's unusually low maintenance expenses. Higher jet fuel prices accounted for about $15 million of the increased fuel costs versus last year's first quarter. Additionally, since the first quarter of last year, quarterly maintenance expenses, which are booked as incurred, have been running higher by an average of about $44 million. "Our express package growth rate remains strong. In the U.S. domestic market, the 9% increase in our average daily volume was coupled with a 0.9% increase in revenue per package, excluding the excise tax benefit. This was the third consecutive quarter of improving U.S. domestic yields, due to the effectiveness of our yield management programs. "The international segment continued to show strong growth in our premium International Priority(R) express service, which increased more than 17% year-over-year. The international, non-express airfreight market, though still weak, showed some improvement with total pounds increasing 13% over last year's level. However, an extremely aggressive pricing environment in this market has resulted in continued lower yields which reduced international, non-express airfreight revenues by $7 million compared to last year's first quarter." Federal Express is the world's largest express transportation company, providing fast and reliable services for more than 2.5 million items in 211 countries each working day. The company employs approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 124,000 people and operates more than 560 aircraft, 37,000 vehicles and 400,000 PowerShip(R) and FedEx Ship(TM) automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. systems in its integrated global network. Federal Express reported revenues of $10.3 billion for its fiscal year ended May 31, 1996. -0-
FEDERAL EXPRESS CORPORATION FINANCIAL HIGHLIGHTS
(Unaudited; Current year data is preliminary)
First Quarter Fiscal 1997
(In millions, except earnings per share and operating data)
Three Months Ended
Aug. 31
FINANCIAL RESULTS 1996 1995
Revenues $ 2,692.3 $ 2,453.4
Operating Expenses:
Salaries and benefits 1,231.4 1,147.5
Rentals and landing fees 253.4 223.2
Depreciation and amortization 190.2 174.1
Fuel 153.5 126.4
Maintenance and repairs 181.4 124.6
Other 552.4 508.4
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2,562.4 2,304.2
Operating Income 129.9 149.2
Other Income (Expense):
Interest, net (21.8) (23.8)
Other, net (0.4) 4.5
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(22.2) (19.3)
Pretax Income 107.7 129.9 Provision for Income Taxes 45.7 54.6 Net Income $ 62.0 $ 75.3 Earnings Per Share $ 1.08 $ 1.33 Common and Common Equivalent Shares 57,467 56,688 OPERATING DATA Operating Weekdays 64 65 AVERAGE DAILY EXPRESS VOLUME Priority Overnight(R) 1,092,863 1,019,638 Standard Overnight(R) 625,074 572,236 2Day(SM) 574,293 511,628 Overnight Freight(R)/2Day Freight(SM) 4,322 2,684 Total U.S.A. Express Volume 2,296,552 2,106,186 International Priority(R) 209,238 178,614 Total Average Daily Express Volume 2,505,790 2,284,800 YIELD PER EXPRESS PACKAGE Priority Overnight(R) $15.34 $15.23 Standard Overnight(R) 10.81 10.21 2Day(SM) 9.81 9.57 Overnight Freight(R)/2Day Freight(SM) 153.10 161.77 Total U.S.A. Express Yield $12.98 $12.68 International Priority(R) 40.37 40.45 Total Composite Yield $15.27 $14.85 Avg. Pounds per Express Package 6.8 6.5 Avg. Revenue per Express Pound $2.24 $2.30 INTERNATIONAL AIRFREIGHT (IXF/ATA) Millions of Pounds 149.7 132.3 Revenue per Pound $0.92 $1.09 CONTACT: Federal Express Corporation, Memphis Media Contacts: Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Rossiter Rossiter is a surname, and may refer to:
Shirlee Clark, 901/395-3463 or Investor Contacts: Tom Holland, 901/395-3468 or Becky Becky is a diminutive of the name Rebecca. This article is about the Japanese-British celebrity. For other persons of the same name, see Rebecca Becky (ベッキー Halvorson, 901/395-5038 |
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