Just picked this one up from AirCargoWorld (edit oops not ACN!)
Airborne posts $17 million loss
irborne Inc. today announced that it lost $17 million, or 35 cents a share, in the first quarter. That compares with net earnings before a change in accounting of $17.9 million, or 36 cents a share, in the first quarter of 2000.
Airborne attributed the loss to the slowing economy, a shift to deferred shipments and the lack of growth in its core domestic product.
Revenue for the quarter was up narrowly by 1.4% to $824 million from $812 million a year earlier. International revenue increased 7.1% while domestic revenue rose less than 1%. Average revenue per domestic shipment edged downward 1.7% as higher yielding overnight express volumes declined.
"We remain committed to our growth initiatives despite the deteriorating economic conditions adversely impacting our shipment volume growth," said Robert Cline, chairman and chief executive, referring to the carrier's introduction last month of its ground delivery service.
Operating expenses rose 8.1% to $842 million. The Seattle-based company said it continues to focus on controlling costs. Airborne has reduced planned capital spending by $60 million to a targeted level of $200 million for 2001.
Total shipment volume rose 2% to 85 million. Domestic volume rose 1.9% to 83.3 million.
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rgds Rat
[This message has been edited by CargoRat2 (edited 06 May 2001).]