Exhibit 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended July 31, 2003
Consolidated Freightways Corporation of Delaware | Consolidated Freightways Corporation | CF AirFreight Corporation | Leland James Service Corporation | Redwood Systems Inc. | CF MovesU Inc. | CFCD 2002 LLC | CFCD 2002 LLC | CFCD 2002A LLC | CFCD 2002A LLC | Eliminations | Total | ||||||||||||||||||||||||||||||||
Revenue—Customers | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Revenue—Affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total Revenue | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Operating Expenses | 832,926 | — | 3,124 | — | (19 | ) | — | 2,306 | — | 1,671 | — | — | 840,008 | ||||||||||||||||||||||||||||||
Salaries, Wages, and Benefits | 446,452 | — | (11,091 | ) | 8,149 | (3,707 | ) | — | — | — | — | — | — | 439,803 | |||||||||||||||||||||||||||||
Purchased Transportation | — | — | (13,015 | ) | — | — | — | — | — | — | — | — | (13,015 | ) | |||||||||||||||||||||||||||||
Operating Taxes and Licensing | 146,764 | — | — | — | — | — | 13,671 | — | (7,211 | ) | — | — | 153,224 | ||||||||||||||||||||||||||||||
Claims and Insurance | 109,344 | — | — | — | — | — | 19,217 | — | 6,565 | — | — | 135,126 | |||||||||||||||||||||||||||||||
Rents | (30,050 | ) | — | — | — | — | — | — | — | — | — | — | (30,050 | ) | |||||||||||||||||||||||||||||
Depreciation | 7,429 | — | — | 93 | 73 | — | — | — | — | — | — | 7,595 | |||||||||||||||||||||||||||||||
Amortization | 154,145 | — | — | 875,119 | — | — | — | — | — | — | — | 1,029,264 | |||||||||||||||||||||||||||||||
Other G&A Expense | 2,758,688 | — | (11,426 | ) | (886,642 | ) | 9,970 | — | — | — | — | — | — | 1,870,590 | |||||||||||||||||||||||||||||
(Gain)/Loss on Sales of Assets | (3,897,488 | ) | — | 46,917 | 3,281 | 1,147 | — | (167,297 | ) | — | 1,857,098 | — | — | (2,156,342 | ) | ||||||||||||||||||||||||||||
Total Operating Expenses | 528,210 | — | 14,509 | — | 7,464 | — | (132,103 | ) | — | 1,858,123 | — | — | 2,276,203 | ||||||||||||||||||||||||||||||
Operating Income (Loss) | (528,210 | ) | — | (14,509 | ) | — | (7,464 | ) | — | 132,103 | — | (1,858,123 | ) | — | — | (2,276,203 | ) | ||||||||||||||||||||||||||
Other Interest Expense | (200,000 | ) | — | — | — | — | — | 58 | — | — | — | — | (199,942 | ) | |||||||||||||||||||||||||||||
Interest Expense | (200,000 | ) | — | — | — | — | — | 58 | — | — | — | — | (199,942 | ) | |||||||||||||||||||||||||||||
Temporary Investment Interest | — | — | — | — | — | — | 3,836 | — | 2,906 | — | — | 6,742 | |||||||||||||||||||||||||||||||
Affiliate Interest Income | — | — | — | — | (22,494 | ) | — | — | — | — | — | — | (22,494 | ) | |||||||||||||||||||||||||||||
Other Interest Income | 170,474 | — | — | — | — | — | — | — | — | — | — | 170,474 | |||||||||||||||||||||||||||||||
Interest Income | 170,474 | — | — | — | (22,494 | ) | — | 3,836 | — | 2,906 | — | — | 154,722 | ||||||||||||||||||||||||||||||
Debt Expense | (242,354 | ) | — | — | — | — | — | — | — | — | — | — | (242,354 | ) | |||||||||||||||||||||||||||||
Other Miscellaneous, Net | (121,430 | ) | — | — | — | — | — | — | — | — | — | — | (121,430 | ) | |||||||||||||||||||||||||||||
Income (Loss) Before Taxes | (921,520 | ) | — | (14,509 | ) | — | (29,958 | ) | — | 135,997 | — | (1,855,217 | ) | — | — | (2,685,207 | ) | ||||||||||||||||||||||||||
Federal Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Federal Income Tax Deferred | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
State Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Income Taxes | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Net Loss | $ | (921,520 | ) | $ | — | $ | (14,509 | ) | $ | — | $ | (29,958 | ) | $ | — | $ | 135,997 | $ | — | $ | (1,855,217 | ) | $ | — | $ | — | $ | (2,685,207 | ) | ||||||||||||||