Exhibit 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended September 30, 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
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Revenue—Customers | | $ | — | | | $ | — | | $ | — | | | $ | — | | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | |
Revenue—Affiliates | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Total Revenue | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Operating Expenses | | | 215,872 | | | | — | | | 91,589 | | | | 17 | | | | — | | | | — | | | 10 | | | | — | | | — | | | | — | | | 307,488 | |
Salaries, Wages, and Benefits | | | 297,926 | | | | — | | | — | | | | 5,504 | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 303,430 | |
Purchased Transportation | | | — | | | | — | | | (1,096 | ) | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (1,096 | ) |
Operating Taxes and Licensing | | | 270,018 | | | | — | | | — | | | | — | | | | — | | | | — | | | (14,694 | ) | | | — | | | 432,853 | | | | — | | | 688,177 | |
Claims and Insurance | | | 237,558 | | | | — | | | — | | | | — | | | | — | | | | — | | | 17,132 | | | | — | | | (858 | ) | | | — | | | 253,832 | |
Rents | | | (5,988 | ) | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (5,988 | ) |
Depreciation | | | 7,195 | | | | — | | | — | | | | — | | | | 73 | | | | — | | | — | | | | — | | | — | | | | — | | | 7,268 | |
Amortization | | | 319,108 | | | | — | | | — | | | | 971,515 | | | | (75 | ) | | | — | | | — | | | | — | | | — | | | | — | | | 1,290,548 | |
Other G&A Expense | | | 3,176,243 | | | | — | | | 4,676 | | | | (977,036 | ) | | | 24,987 | | | | — | | | — | | | | — | | | — | | | | — | | | 2,228,870 | |
(Gain)/Loss on Sales of Equip | | | (12,514,569 | ) | | | — | | | — | | | | — | | | | — | | | | — | | | 68,401 | | | | — | | | 224,465 | | | | — | | | (12,221,703 | ) |
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Total Operating Expenses | | | (7,996,637 | ) | | | — | | | 95,169 | | | | — | | | | 24,985 | | | | — | | | 70,849 | | | | — | | | 656,460 | | | | — | | | (7,149,174 | ) |
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Operating Income | | | 7,996,637 | | | | — | | | (95,169 | ) | | | — | | | | (24,985 | ) | | | — | | | (70,849 | ) | | | — | | | (656,460 | ) | | | — | | | 7,149,174 | |
Other Interest Expense | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Interest Expense | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Temporary Investment Interest | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | 7,669 | | | | — | | | 5,902 | | | | — | | | 13,571 | |
Affiliate Interest Income | | | — | | | | — | | | — | | | | — | | | | 69,198 | | | | — | | | — | | | | — | | | — | | | | — | | | 69,198 | |
Other Interest Income | | | 7,707 | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 7,707 | |
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Interest Income | | | 7,707 | | | | — | | | — | | | | — | | | | 69,198 | | | | — | | | 7,669 | | | | — | | | 5,902 | | | | — | | | 90,476 | |
Debt Expense | | | (310,937 | ) | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (310,937 | ) |
Other Miscellaneous, Net | | | (121,188 | ) | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (121,188 | ) |
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Income Before Taxes | | | 7,572,219 | | | | — | | | (95,169 | ) | | | — | | | | 44,213 | | | | — | | | (63,180 | ) | | | — | | | (650,558 | ) | | | — | | | 6,807,525 | |
Federal Income Tax Current | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Federal Income Tax Deferred | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
State Income Tax Current | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Foreign Income Tax Current | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Income Taxes | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Net Income to Common Stockholders | | $ | 7,572,219 | | | $ | — | | $ | (95,169 | ) | | $ | — | | | $ | 44,213 | | | $ | — | | $ | (63,180 | ) | | $ | — | | $ | (650,558 | ) | | $ | — | | $ | 6,807,525 | |
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