Po Boy
1st Aug 2001, 02:49
CNF <CNF.N> eyes Emery Worldwide Air sale -report
LONDON, July 20 (Reuters) - CNF Inc <CNF.N>, parent company of Emery Worldwide, is considering offers for the sale of Emery Worldwide Airlines, Seattle-based specialist trade newsletter Cargo Facts said on Friday.
Under the plan, the buyer would assume existing lease obligations on its DC-10s, Dc-8s and Boeing 727s, as an alternative to the recently announced plan to downsize its aircraft fleet to 38 freighters from 54 a year ago, it added.
The plan was announced in mid-June as part of a programme to reduce losses on Emery's domestic network.
On July 18, the Palo Alto-based CNF reported second quarter losses as a result of a $207 million charge for restructuring Emery Worldwide Airlines.
The company said that its net income before the charge was $8.2 million, or 17 cents per diluted share, compared with
The company said that its net income before the charge was $8.2 million, or 17 cents per diluted share, compared with
43.7 million, or 80 cents per diluted share, in the same quarter last year.
Including the special charges, CNF reported a second-quarter net loss of $227.9 million, or $4.67 per diluted share. Revenue in the second quarter was $1.26 billion, compared with $1.40 billion in the prior-year period.
"Overall, results from our core operations before the special charges remained weak due to the severity of the economic downturn," said Gregory Quesnel, president and chief executive.
He said CNF's Con-Way Transportation Services is expected to report a decline in year-on-year earnings in the third quarter.
Emery is expected to report a loss in the range of $8 million to $10 million in the third quarter.
07:40 07-20-01
:confused:
LONDON, July 20 (Reuters) - CNF Inc <CNF.N>, parent company of Emery Worldwide, is considering offers for the sale of Emery Worldwide Airlines, Seattle-based specialist trade newsletter Cargo Facts said on Friday.
Under the plan, the buyer would assume existing lease obligations on its DC-10s, Dc-8s and Boeing 727s, as an alternative to the recently announced plan to downsize its aircraft fleet to 38 freighters from 54 a year ago, it added.
The plan was announced in mid-June as part of a programme to reduce losses on Emery's domestic network.
On July 18, the Palo Alto-based CNF reported second quarter losses as a result of a $207 million charge for restructuring Emery Worldwide Airlines.
The company said that its net income before the charge was $8.2 million, or 17 cents per diluted share, compared with
The company said that its net income before the charge was $8.2 million, or 17 cents per diluted share, compared with
43.7 million, or 80 cents per diluted share, in the same quarter last year.
Including the special charges, CNF reported a second-quarter net loss of $227.9 million, or $4.67 per diluted share. Revenue in the second quarter was $1.26 billion, compared with $1.40 billion in the prior-year period.
"Overall, results from our core operations before the special charges remained weak due to the severity of the economic downturn," said Gregory Quesnel, president and chief executive.
He said CNF's Con-Way Transportation Services is expected to report a decline in year-on-year earnings in the third quarter.
Emery is expected to report a loss in the range of $8 million to $10 million in the third quarter.
07:40 07-20-01
:confused: