Both the 2008 and 2007 fourth-quarter results from continuing operations included special charges. Without the charges, on a non-GAAP basis Con-way's net income from continuing operations was $4.5 million, in the 2008 fourth quarter, compared to $41.8 million in the year-earlier period.
Fourth quarter revenue was $1.13 billion, down 6.2 percent from last year's fourth-quarter revenue of $1.2 billion.
| Stotlar |
In response, Stotlar noted that the company has taken a number of steps to reduce costs and conserve cash, including workforce reductions, aggressive expense controls, lower capital expenditures and a freeze on pay levels for management and administrative employees for 2009.
For the 2008 fourth quarter:
' Con-way Freight, the company's regional less-than-truckload operations, reported an operating loss of $9.4 million compared to profit of $55.2 million in the year-ago period.
' Menlo Worldwide Logistics, the company's global logistics and supply chain management operations, reported an operating loss of $38.6 million compared to income of $5.9 million in the fourth quarter of 2007.
' Con-way Truckload, the company's full-truckload transportation operations, reported operating income of $14.5 million for the quarter, a 64.7 percent increase over the $8.8 million earned in the fourth quarter of 2007.
Due to uncertainty in the global economy and lack of visibility into future business volumes and market trends, the company said it has suspended its practice of providing annual earnings guidance.
