Exhibit 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended October 31, 2003
Unaudited
| | 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
| | CFC
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Revenue—Customers | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | |
Revenue—Affiliates | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
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Total Revenue | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
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Operating Expenses | | | 1,037,274 | | | | — | | | 14,298 | | | | — | | | — | | | | 26 | | | | — | | | | — | | | — | | | | — | | | 1,051,598 | |
Salaries, Wages, and Benefits | | | 296,353 | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | 296,353 | |
Purchased Transportation | | | 2,125 | | | | — | | | (30,818 | ) | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | (28,693 | ) |
Operating Taxes and Licensing | | | 229,109 | | | | — | | | — | | | | — | | | — | | | | — | | | | 59,535 | | | | — | | | (14,827 | ) | | | — | | | 273,817 | |
Claims and Insurance | | | 169,178 | | | | — | | | — | | | | — | | | — | | | | — | | | | 21,686 | | | | — | | | 5,276 | | | | — | | | 196,140 | |
Rents | | | 19,654 | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | 19,654 | |
Depreciation | | | (14,290 | ) | | | — | | | — | | | | — | | | 73 | | | | — | | | | — | | | | — | | | — | | | | — | | | (14,217 | ) |
Amortization | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
Other G&A Expense | | | 874,377 | | | | — | | | 10,157 | | | | — | | | 250 | | | | — | | | | — | | | | — | | | — | | | | — | | | 884,784 | |
(Gain)/Loss on Sales of Assets | | | (6,962,108 | ) | | | — | | | 18,453 | | | | — | | | — | | | | — | | | | (1,775,780 | ) | | | — | | | — | | | | — | | | (8,719,435 | ) |
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Total Operating Expenses | | | (4,348,328 | ) | | | — | | | 12,090 | | | | — | | | 323 | | | | 26 | | | | (1,694,559 | ) | | | — | | | (9,551 | ) | | | — | | | (6,039,999 | ) |
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Operating Income (Loss) | | | 4,348,328 | | | | — | | | (12,090 | ) | | | — | | | (323 | ) | | | (26 | ) | | | 1,694,559 | | | | — | | | 9,551 | | | | — | | | 6,039,999 | |
Other Interest Expense | | | (34 | ) | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | (34 | ) |
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Interest Expense | | | (34 | ) | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | (34 | ) |
Temporary Investment Interest | | | 18,673 | | | | — | | | — | | | | — | | | — | | | | — | | | | 17,874 | | | | — | | | 5,911 | | | | — | | | 42,458 | |
Other Interest Income | | | 240,696 | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | 240,696 | |
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Interest Income | | | 259,369 | | | | — | | | — | | | | — | | | — | | | | — | | | | 17,874 | | | | — | | | 5,911 | | | | — | | | 283,154 | |
Debt Expense | | | (100,000 | ) | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | (100,000 | ) |
Other Miscellaneous, Net | | | (117,518 | ) | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | (117,518 | ) |
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Income (Loss) Before Taxes | | | 4,390,145 | | | | — | | | (12,090 | ) | | | — | | | (323 | ) | | | (26 | ) | | | 1,712,433 | | | | — | | | 15,462 | | | | — | | | 6,105,601 | |
Federal Income Tax Current | | | — | | | | — | | | — | | | | — | | | (4 | ) | | | — | | | | — | | | | — | | | — | | | | — | | | (4 | ) |
Federal Income Tax Deferred | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
State Income Tax Current | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
Foreign Income Tax Current | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
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Income Taxes | | | — | | | | — | | | — | | | | — | | | (4 | ) | | | — | | | | — | | | | — | | | — | | | | — | | | (4 | ) |
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Net Income | | $ | 4,390,145 | | | $ | — | | $ | (12,090 | ) | | $ | — | | $ | (319 | ) | | $ | (26 | ) | | $ | 1,712,433 | | | $ | — | | $ | 15,462 | | | $ | — | | $ | 6,105,605 | |
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