EMERY TURNS IN SOLID 4TH-QUARTER PERFORMANCE

EMERY TURNS IN SOLID 4TH-QUARTER PERFORMANCE    Emery Worldwide, the air freight forwarding subsidiary of CNF Transportation, more than doubled its operating income in the fourth quarter of 1999, to $32.0 million, from $13.0 million in 1998.
   The better profit results reflect the success of a yield management program instituted by the company, which operates planes in the United States and acts solely as a forwarder overseas.
   Fourth-quarter revenue rose 13 percent to $67.8 million at Emery, despite flat growth in North American air freight sales and a 6.6-percent decline in North American traffic. International revenue grew 26 percent on a 21.6-percent increase in international tonnage handled.
   Yield improved from both North American and international operations, rising 6.9 percent and 3.5 percent, respectively.
   For the full year, Emery reported a 17-percent increase in operating income to $75.5 million, on a 9-percent rise in revenue to $2.41 billion.
   North American air freight revenue decreased slightly for the year, while international air freight revenue increased 13 percent. North American air freight tonnage fell 5.7 percent. International tonnage grew 10.2 percent. North American air freight yield increased 5.3 percent and international air freight yield increased 2.4 percent.
   CNF’s third-partly logistics subsidiary, Menlo Logistics, also had a good year. Operating income rose 20 percent to $6.1 million in the last quarter, and for the year increased 14 percent to $22.3 million. Annual revenue increased 22 percent to $716.0 million.