Exhibit 99.1
Consolidated Freightways Corporation – Debtors
Consolidating Income Statements
For the Month Ended May 31, 2003
(Unaudited)
Consolidated Freightways Corporation of Delaware | Consolidated Freightways Corporation | CF AirFreight Corporation | Leland James Service Corporation | Redwood Systems Inc. | CF Inc. | CFCD LLC | CFCD Member LLC | CFCD LLC | CFCD Member LLC | Eliminations | Total | |||||||||||||||||||||||||||||||||
Revenue – Customers | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Revenue – Affiliates | — | — | — | — | — | — | 746,988 | — | 281,000 | — | (1,027,988 | ) | — | |||||||||||||||||||||||||||||||
Total Revenue | — | — | — | — | — | — | 746,988 | — | 281,000 | — | (1,027,988 | ) | — | |||||||||||||||||||||||||||||||
Operating Expenses | 1,352,281 | — | 9,228 | 17 | — | — | 6,014 | — | — | — | — | 1,367,540 | ||||||||||||||||||||||||||||||||
Salaries, Wages, and Benefits | 1,034,626 | — | 235 | 7,818 | — | — | — | — | — | — | — | 1,042,679 | ||||||||||||||||||||||||||||||||
Purchased Transportation | 29,780 | — | 73,436 | — | — | — | — | — | — | — | — | 103,216 | ||||||||||||||||||||||||||||||||
Operating Taxes and Licensing | 113,673 | — | (4,935 | ) | — | — | — | 8,221 | — | — | — | — | 116,959 | |||||||||||||||||||||||||||||||
Claims and Insurance | 105,569 | — | 79,573 | — | — | — | 34,208 | — | 7,478 | — | — | 226,828 | ||||||||||||||||||||||||||||||||
Rents | 1,126,265 | — | 23 | — | — | — | — | — | — | — | (1,027,988 | ) | 98,300 | |||||||||||||||||||||||||||||||
Depreciation | 577,249 | — | — | 1,218 | 511 | — | — | — | — | — | — | 578,978 | ||||||||||||||||||||||||||||||||
Amortization | 154,145 | — | — | 875,119 | 4,976 | — | — | — | — | — | — | 1,034,240 | ||||||||||||||||||||||||||||||||
Other G&A Expense | 3,348,403 | — | 7,973 | (884,172 | ) | 14,164 | — | 17,307 | — | — | — | — | 2,503,675 | |||||||||||||||||||||||||||||||
(Gain) Loss on Sale of Assets | (986,426 | ) | — | 116,184 | — | 351 | — | (1,397,486 | ) | — | (4,272,432 | ) | — | — | (6,539,809 | ) | ||||||||||||||||||||||||||||
Total Operating Expenses | 6,855,565 | — | 281,717 | — | 20,002 | — | (1,331,736 | ) | — | (4,264,954 | ) | — | (1,027,988 | ) | 532,606 | |||||||||||||||||||||||||||||
Operating Income (Loss) | (6,855,565 | ) | — | (281,717 | ) | — | (20,002 | ) | — | 2,078,724 | — | 4,545,954 | — | — | (532,606 | ) | ||||||||||||||||||||||||||||
Interest Expense | (200,001 | ) | — | — | — | — | — | (203,674 | ) | — | (142,623 | ) | — | — | (546,298 | ) | ||||||||||||||||||||||||||||
Interest Expense | (200,001 | ) | — | — | — | — | — | (203,674 | ) | — | (142,623 | ) | — | — | (546,298 | ) | ||||||||||||||||||||||||||||
Temporary Investment Interest | — | — | — | — | — | — | 20,709 | — | 1,324 | — | — | 22,033 | ||||||||||||||||||||||||||||||||
Affiliate Interest Income | — | — | — | — | 23,244 | — | — | — | — | — | — | 23,244 | ||||||||||||||||||||||||||||||||
Other Interest Income | 49,506 | — | — | — | — | — | — | — | — | — | — | 49,506 | ||||||||||||||||||||||||||||||||
Interest Income | 49,506 | — | — | — | 23,244 | — | 20,709 | — | 1,324 | — | — | 94,783 | ||||||||||||||||||||||||||||||||
Debt Expense | (310,937 | ) | — | — | — | — | — | (739,346 | ) | — | (70,977 | ) | — | — | (1,121,260 | ) | ||||||||||||||||||||||||||||
Other Miscellaneous, Net | (133,032 | ) | — | (147 | ) | — | — | — | — | — | — | — | — | (133,179 | ) | |||||||||||||||||||||||||||||
Income (Loss) Before Taxes | (7,450,029 | ) | — | (281,864 | ) | — | 3,242 | — | 1,156,413 | — | 4,333,678 | — | — | (2,238,560 | ) | |||||||||||||||||||||||||||||
Federal Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Federal Income Tax Deferred | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
State Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Income Taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (7,450,029 | ) | $ | — | $ | (281,864 | ) | $ | — | $ | 3,242 | $ | — | $ | 1,156,413 | $ | — | $ | 4,333,678 | $ | — | $ | — | $ | (2,238,560 | ) | |||||||||||||||||