RYDER FIRST-QUARTER RESULTS DOWN 23%
Ryder System Inc.’s chief executive said the company is considering
selling assets, following a reported 23-percent drop in first-quarter
M. Anthony Burns, chairman, president and CEO of the Miami-based
company, said that Ryder may have to sell assets in order to "free up
equity" to improve profits. He said the company is exploring ways to expand
"through acquisitions" in order to be "less asset-intensive."
Excluding expenses to prevent Y2K problems, first quarter earnings were
$30.9 million, down from $40.3 million for the year-earlier period.
First-quarter revenue was up 6 percent, to $1.32 billion.
Ryder also announced that C.J. "Corky" Nelson has been named chief
financial officer and senior executive vice president-finance. Nelson, who
was with Koch Industries, replaces Edwin Huston, who will become vice