• ITVI.USA
    15,466.420
    -70.120
    -0.5%
  • OTLT.USA
    2.742
    -0.012
    -0.4%
  • OTRI.USA
    20.530
    0.040
    0.2%
  • OTVI.USA
    15,439.080
    -68.090
    -0.4%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
  • ITVI.USA
    15,466.420
    -70.120
    -0.5%
  • OTLT.USA
    2.742
    -0.012
    -0.4%
  • OTRI.USA
    20.530
    0.040
    0.2%
  • OTVI.USA
    15,439.080
    -68.090
    -0.4%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
American ShipperWarehouse

GEOLOGISTICS REPORTS MORE LOSSES, 600 LAYOFFS

GEOLOGISTICS REPORTS MORE LOSSES, 600 LAYOFFS

   GeoLogistics Corp., the troubled forwarding and
logistics group, reported further losses for the quarter and nine months ended Sept. 30,
despite a $70-million capital gain on the sale of a subsidiary company.
    For the third quarter, GeoLogistics made a net loss of $504,000
compared to a deficit of $2 million in the third quarter of last year. The operating
result was a loss of $28 million, compared to an operating income of $246,000 in the same
quarter of 1998.
    GeoLogistics said that the operating loss was largely due to the
downturn in its Americas freight forwarding business.
Revenues were $400 million, up from $388 million in the third quarter of last year.
    The $28-million operating loss for the latest included restructuring
and non-recurring charges of $10 million related to layoffs.
GeoLogistics is terminating the employment of about 600 sales, administrative and
warehouse employees globally.
    The third-quarter net loss takes into account a capital gain of $70
million on the sale in September of GeoLogistics Air Services to the Federal Express
group.
    For the nine months ended Sept. 30, GeoLogistics posted a net deficit
of $28 million, compared to a net loss of $8 million in the corresponding period of 1998.
    The operating result was a loss of $42 million, compared to an
operating profit of $298,000 in the same period of last year.
Revenues were $1.16 billion, up from the $1.12 billion for the first nine months of 1998.
    The highly-leveraged GeoLogistics group reported a negative
stockholders equity of (minus) $27 million as of Sept. 30, compared to a positive equity
of $2 million in September 1998.

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