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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread

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Nov 13 4:00 PM EST

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To: Justa Werkenstiff who wrote (390)	7/20/2000 11:50:35 AM
From: Justa Werkenstiff	Read Replies (1) of 10065

UPS Imposes Fuel Surcharge Thursday July 20, 11:30 am Eastern Time UPS to impose surcharge as fuel costs rise (UPDATE: Adds comments from conference call, fuel cost details) ATLANTA, July 20 (Reuters) - United Parcel Service Inc. (NYSE:UPS - news), the world's largest package delivery company, said on Thursday it planned to impose a temporary surcharge on its fees to help offset unexpectedly higher fuel costs. Atlanta-based UPS said it would begin collecting from customers a 1.25 percent surcharge on Aug. 7 because the company's fuel costs this year would likely be about $100 million more than originally planned. Oil has been trading at more than $30 a barrel compared with about $19 a barrel a year ago. UPS maintains a fuel-hedging programme, which has sheltered the company from some of the impact of soaring oil prices. ``The hedges we put into place last year buffered the company from crude price increases but did not prevent us from the unusual increases in the spread (between crude prices and at-the-pump prices),'' UPS Chief Financial Officer Robert Clanin told analysts in a conference call following release of second-quarter earnings. Clanin said the surcharge likely would be lifted if oil prices fell to the ``low twenties.'' UPS reported earnings of $695 million, or 60 cents per share, in the second quarter, compared with a profit of $588 million or 52 cents, excluding a nonrecurring item, in the same period last year. Analysts on average had expected UPS to earn 60 cents in the second quarter, according to First Call/Thomson Financial, which tracks forecasts.

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