GEOLOGISTICS REPORTS $49.7-MILLION NET LOSS FOR 1999

GEOLOGISTICS REPORTS $49.7-MILLION NET LOSS FOR 1999    GeoLogistics Corp., the U.S. forwarding and logistics group, reported an annual net deficit of $49.7 million for 1999, compared to a loss of $38 million in 1998.
   The operating result for the year was a deficit of $66 million, compared to $12 million of operating losses in 1998.
   The $66-million operating loss for 1999 included restructuring and non-recurring charges of $19 million and asset impairment charges of approximately $11.9 million related to goodwill, capitalized software and property. However, the operating loss for 1999 was offset partly by a non-operating gain of $68.9 million on the sale of the former GeoLogistics Air Services business.
   GeoLogistics said that it has shut down its domestic freight forwarding business in the United States and streamlined other corporate and administrative functions.
   Group revenue increased to $1.56 billion in 1999, from $1.53 billion in 1998.
   The annual report of GeoLogistics filed with the U.S. Securities and Exchange Commission shows that the group reduced its long-term debt to $152.9 million at the end of 1999, from $183.2 million on Dec. 31, 1998. Because of accumulated deficits, the group’s stockholders’ equity was a deficit of $46.4 million as of Dec. 31, 1999, compared to a positive equity of $1.5 million in December 1998.