EGL REPORTS $23 MILLION LOSS

EGL REPORTS $23 MILLION LOSS    EGL, Inc. reported a loss of $23.3 million for the second quarter ended June 30, due to the weak U.S. economy. The loss compares with net income of $15.0 million for the second quarter of 2000.
   Gross revenues for the second quarter decreased 9 percent to $409 million, compared with $451 million for the same period last year.
   James R. Crane, EGL Chairman and chief executive officer, said, “We expected this to be a very difficult and challenging quarter. In April, we embarked on a campaign to re-align the company to match the depressed activity levels brought about by the weak U.S. economy. Over the last several months we effected a reduction of 13 percent of the U.S. workforce, consolidated additional facilities across the globe that we had targeted after the merger with Circle, cut our operating expenses significantly and reduced our dedicated charter network from 13 cargo aircraft to six.”
   International operations improved with net revenue increasing 7 percent over both the first quarter of this year and the second quarter of last year. Net revenue as a percent of gross revenue of operations outside North America was at 35.8 percent, compared to 31.7 percent last year and 32.5 percent in the first quarter of this year.