FRITZ REPORTS DROP IN 2ND-QUARTER NET INCOME
Fritz Cos. Inc., based in San Francisco, said Monday that its net income for the second quarter was $5.3 million down from $9.1 million for the year-earlier period.
United Parcel Service announced on Jan. 10 that will acquire Fritz for about $450 million in UPS stock.
The financial results for the second quarter were taken into account by the parties in their merger discussions. Each of the roughly 37 million shares of Fritz stock will be exchanged for 0.200 shares of UPS stock.
Fritz’ net revenues for the second quarter, ending Nov. 30, fell 1.6 percent to $158.2 million,. Revenues totaled $422.1 million, down 1 percent from the comparable period last year.
