Hi Brad, ABF info.
note i currently have calls in ABF and SYMC.
Monday October 27 4:28 PM EST
Company Press Release
Airborne Freight Corporation Reports Third Quarter 1997 Results
SEATTLE, Oct. 27 /PRNewswire/ -- Airborne Freight Corporation (NYSE:ABF), which operates under the trade name Airborne Express, today reported net earnings available to common shareholders of $46,619,000, or $2.05 per share, $1.87 on a fully diluted basis, for the third quarter ended September 30, 1997. This compares to net earnings of $4,642,000, or $.22 per share for the same period last year.
Total revenues for third quarter 1997 were $788,598,000 a 29 percent increase over 1996 third quarter revenues of $612,027,000. Domestic revenues of $687,549,000 were 32 percent higher than 1996 third quarter domestic revenues of $522,040,000. International revenues increased 12 percent to $101,049,000 versus last year's international revenues of $89,987,000.
Net earnings available to common shareholders for the first nine months of 1997 were $89,280,000, or $4.04 per share, $3.64 per share on a fully diluted basis, versus $16,509,000, or $.78 per share for 1996. Total revenues for the first nine months of 1997 were 18 percent higher at $2,156,904,000, compared to $1,832,334,000 for the same nine month period in 1996. Domestic revenues were $1,861,659,000, an increase of 20 percent over 1996 revenues of $1,552,216,000. International revenues for this period reached $295,245,000, 5 percent higher than 1996 international revenues of $280,118,000.
Airborne's total number of shipments during third quarter 1997 increased 26 percent to 80,748,000, versus 64,219,000 in third quarter 1996. Domestic shipments were 79,279,000, an increase of 26 percent over last year's shipments of 62,968,000. International shipments gained 17 percent to 1,469,000 compared to 1,251,000 for the same period in 1996. Total shipments for the nine months were 223,865,000, up 16 percent over 1996.
''The Company obviously received a positive financial boost during the third quarter as a result of the strike at United Parcel Service from August 1 to August 19,'' said Airborne's Chief Financial Officer Roy Liljebeck. ''We estimate the incremental revenues were $50 to $55 million, and that the impact on earnings per share is in the range of $.60 to $.70. It must be emphasized that these are estimates which could only be arrived at by assuming what level of business the Company would have handled had there been no strike.
''While the UPS strike was the headline news in the quarter, Company operations outside the strike window were steady, trending higher than performance in the second quarter of 1997. Productivity gains remain strong and the overall operating cost per shipment continues to improve,'' concluded Liljebeck.
For more than 50 years, Airborne Express has served shipping needs of business customers around the world. Today, Airborne offers total distribution solutions by providing time-sensitive delivery of documents, letters, small packages and freight to virtually every U.S. ZIP code and more than 200 countries. Customers can select from a variety of services including same-day, next-morning, next-afternoon or second-day delivery, ocean service and logistics management.
AIRBORNE FREIGHT CORPORATION
FINANCIAL RESULTS
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
1997 1996 1997 1996
Domestic Revenues $ 687,549 $ 522,040 $ 1,861,659 $ 1,552,216
International Revenues 101,049 89,987 295,245 280,118
Total Revenues 788,598 612,027 2,156,904 1,832,334
Depreciation &
Amortization 41,688 42,239 126,169 121,224
Other Operating Expenses 662,999 553,364 1,859,533 1,658,151
Earnings from Operations 83,911 16,424 171,202 52,959
Interest, Net 7,026 8,343 23,522 24,875
Earnings Before Income
Taxes 76,885 8,081 147,680 28,084
Income Taxes 30,266 3,370 58,400 11,370
Net Earnings 46,619 4,711 89,280 16,714
Preferred Stock Dividends -- 69 -- 205
Net Earnings Available to
Common Shareholders $ 46,619 $ 4,642 $ 89,280 $ 16,509
Net Earnings per Common Share:
Primary $ 2.05 $ .22 $ 4.04 $ .78
Fully Diluted $ 1.87 $ .22 $ 3.64 $ .78
Average Primary Common
Shares Outstanding 22,759 21,253 22,079 21,299
OPERATING STATISTICS
Shipments (in thousands)
Domestic:
Overnight 45,675 36,522 127,601 108,301
Next Afternoon 14,026 8,796 39,907 16,894
Second Day Service 19,482 17,577 51,948 63,279
100 lbs. and Over 96 73 250 221
Total Domestic 79,279 62,968 219,706 188,695
International:
Express 1,351 1,124 3,803 3,311
All Other 118 127 356 423
Total International 1,469 1,251 4,159 3,734
Total Shipments 80,748 64,219 223,865 192,429
Average Pounds per Shipment
Domestic 4.71 4.43 4.45 4.45
International 50.32 51.77 51.33 55.78
Average Revenue per Pound
Domestic $ 1.82 $ 1.84 $ 1.89 $ 1.82
International $ 1.34 $ 1.38 $ 1.36 $ 1.33
Average Revenue per Shipment
Domestic $ 8.67 $ 8.26 $ 8.46 $ 8.20
International $ 68.79 $ 71.93 $ 70.99 $ 75.02
AIRBORNE FREIGHT CORPORATION
(NYSE/ABF)
CONDENSED STATEMENT OF EARNINGS
Three Months Ended September 30
1997 1996
Revenues $ 788,598,000 $ 612,027,000
Earnings Before Income Taxes 76,885,000 8,081,000
Net Earnings 46,619,000 4,711,000
Preferred Stock Dividends -- 69,000
Net Earnings Available to
Common Shareholders 46,619,000 4,642,000
Net Earnings per Common Share:
Primary $ 2.05 $ .22
Fully Diluted $ 1.87 $ .22
Average Common Shares Outstanding 22,759,000 21,253,000
Nine Months Ended September 30
1997 1996
Revenues $ 2,156,904,000 $ 1,832,334,000
Earnings Before Income Taxes 147,680,000 28,084,000
Net Earnings 89,280,000 16,714,000
Preferred Stock Dividends -- 205,000
Net Earnings Available to
Common Shareholders 89,280,000 16,509,000
Net Earnings per Common Share:
Primary $ 4.04 $ .78
Fully Diluted $ 3.64 $ .78
Average Common Shares Outstanding 22,079,000 21,299,000
SOURCE Airborne Freight Corporation
it had been said they would have beated estimates
without the UPS strike.
good luck, ag |
