USFREIGHTWAYS 3RD QUARTER NET INCOME DROPS 60%

USFREIGHTWAYS 3RD QUARTER NET INCOME DROPS 60%    USFreightways reported third quarter net income of $9.7 million, 60 percent lower than the year-earlier period.
   Revenue for the period was $618.6 million, down 4 percent. Operating income was $21.9 million, 52 percent lower than the same period of 2000.
   “Taking into account the operating environment created by the continued economic slowdown and the terrorist attacks of Sept. 11, I am pleased with the results of the company for the third quarter,” said Samuel K. Skinner, USFreightways’ chairman, president and chief executive officer.
   In the Regional less-than-truckload group, third quarter revenue was $461 million, 5 percent lower than the third quarter last year. LTL revenue at the regional trucking subsidiaries decreased 3.9 percent from the 2000 third quarter, LTL shipments decreased 4.1 percent and LTL tonnage decreased 6.1 percent.
   The logistics group generated $4.4 million in operating profit in this year’s third quarter, a 7 percent improvement.
   The results at the freight forwarding group remain disappointing, with USF Worldwide running at a $2.9 million operating loss, the company said. The loss for the quarter at USF Worldwide including a $5.9 million charge is $8.8 million. Revenue for the quarter decreased 2 percent from the same quarter last year.
   Through the first three quarters of 2001, net income was $29.6 million, 60 percent less than that of the same period last year. Total revenue dropper 2 percent to $1.9 million. Operating income was $66,023, a 52-percent slide from the same period of 2000.
   USFreightways provides supply chain management services, including high-value next-day, regional and national LTL transportation, logistics, domestic and international freight forwarding and premium regional and national truckload transportation.