Exhibit 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended August 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 Member LLC | CFCD 2002A LLC | CFCD 2002A Member LLC | Total | |||||||||||||||||||||||||||||||
Revenue—Customers | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Revenue—Affiliates | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total Revenue | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Operating Expenses | 120,444 | — | 1,901 | 10 | 468 | 26 | — | — | — | — | 122,849 | ||||||||||||||||||||||||||||||
Salaries, Wages, and Benefits | 450,688 | — | — | 14,760 | — | — | — | — | — | — | 465,448 | ||||||||||||||||||||||||||||||
Purchased Transportation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Operating Taxes and Licensing | 134,273 | — | — | — | — | — | (7,589 | ) | — | — | — | 126,684 | |||||||||||||||||||||||||||||
Claims and Insurance | 111,410 | — | 500 | — | — | — | 17,773 | — | 6,565 | — | 136,248 | ||||||||||||||||||||||||||||||
Rents | (54,420 | ) | — | — | — | — | — | — | — | — | — | (54,420 | ) | ||||||||||||||||||||||||||||
Depreciation | 7,195 | — | 1,604 | — | 73 | — | — | — | — | — | 8,872 | ||||||||||||||||||||||||||||||
Amortization | 154,145 | — | — | 875,119 | — | — | — | — | — | — | 1,029,264 | ||||||||||||||||||||||||||||||
Other G&A Expense | 1,954,931 | — | 1,997 | (889,889 | ) | 4,675 | — | — | — | — | — | 1,071,714 | |||||||||||||||||||||||||||||
(Gain)/Loss on Sales of Assets | (3,196,503 | ) | — | 134,985 | — | — | — | (2,807,719 | ) | — | — | — | (5,869,237 | ) | |||||||||||||||||||||||||||
Total Operating Expenses | (317,837 | ) | — | 140,987 | — | 5,216 | 26 | (2,797,535 | ) | — | 6,565 | — | (2,962,578 | ) | |||||||||||||||||||||||||||
Operating Income (Loss) | 317,837 | — | (140,987 | ) | — | (5,216 | ) | (26 | ) | 2,797,535 | — | (6,565 | ) | — | 2,962,578 | ||||||||||||||||||||||||||
Other Interest Expense | (583 | ) | — | — | — | — | — | — | — | — | — | (583 | ) | ||||||||||||||||||||||||||||
Interest Expense | (583 | ) | — | — | — | — | — | — | — | — | — | (583 | ) | ||||||||||||||||||||||||||||
Temporary Investment Interest | — | — | — | — | — | — | 6,570 | — | 6,195 | — | 12,765 | ||||||||||||||||||||||||||||||
Affiliate Interest Income | — | — | — | — | 22,494 | — | — | — | — | — | 22,494 | ||||||||||||||||||||||||||||||
Other Interest Income | 689 | — | — | — | — | — | — | — | — | — | 689 | ||||||||||||||||||||||||||||||
Interest Income | 689 | — | — | — | 22,494 | — | 6,570 | — | 6,195 | — | 35,948 | ||||||||||||||||||||||||||||||
Debt Expense | (310,937 | ) | — | — | — | — | — | — | — | — | — | (310,937 | ) | ||||||||||||||||||||||||||||
Income (Loss) Before Taxes | 7,006 | — | (140,987 | ) | — | 17,278 | (26 | ) | 2,804,105 | — | (370 | ) | — | 2,687,006 | |||||||||||||||||||||||||||
Federal Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Federal Income Tax Deferred | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
State Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Foreign Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Income Taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 7,006 | $ | — | $ | (140,987 | ) | $ | — | $ | 17,278 | $ | (26 | ) | $ | 2,804,105 | $ | — | $ | (370 | ) | $ | — | $ | 2,687,006 | ||||||||||||||||