Exhibit 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended November 30, 2003
(Unaudited)
Consolidated 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 | 223,908 | — | 5,941 | 16 | — | 13 | 4,992 | — | — | — | 234,870 | |||||||||||||||||||||||||||||
Salaries, Wages, and Benefits | 323,503 | — | — | — | — | — | — | — | — | — | 323,503 | |||||||||||||||||||||||||||||
Purchased Transportation | 3,638 | — | 6,307 | — | — | — | — | — | — | — | 9,945 | |||||||||||||||||||||||||||||
Operating Taxes and Licensing | 233,778 | — | — | — | — | — | 285,361 | — | (25,410 | ) | — | 493,729 | ||||||||||||||||||||||||||||
Claims and Insurance | 169,660 | — | — | — | — | — | 21,686 | — | 5,276 | — | 196,622 | |||||||||||||||||||||||||||||
Rents | (57,573 | ) | — | — | — | — | — | — | — | — | — | (57,573 | ) | |||||||||||||||||||||||||||
Depreciation | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Amortization | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other G&A Expense | 915,376 | — | 8,474 | (16 | ) | — | — | — | — | — | — | 923,834 | ||||||||||||||||||||||||||||
(Gain)/Loss on Sales of Assets | (11,754,170 | ) | — | (562 | ) | — | — | — | (1,212,487 | ) | — | (637,456 | ) | — | (13,604,675 | ) | ||||||||||||||||||||||||
Total Operating Expenses | (9,941,880 | ) | — | 20,160 | — | — | 13 | (900,448 | ) | — | (657,590 | ) | — | (11,479,745 | ) | |||||||||||||||||||||||||
Operating Income (Loss) | 9,941,880 | — | (20,160 | ) | — | — | (13 | ) | 900,448 | — | 657,590 | — | 11,479,745 | |||||||||||||||||||||||||||
Interest on Debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Affiliate Interest Expense | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest Expense | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Temporary Investment Interest | 39,011 | — | — | — | — | — | 27,645 | — | 5,825 | — | 72,481 | |||||||||||||||||||||||||||||
Affiliate Interest Income | — | — | — | — | 44,989 | — | — | — | — | — | 44,989 | |||||||||||||||||||||||||||||
Other Interest Income | 66,788 | — | — | — | — | — | — | — | — | — | 66,788 | |||||||||||||||||||||||||||||
Interest Income | 105,799 | — | — | — | 44,989 | — | 27,645 | — | 5,825 | — | 184,258 | |||||||||||||||||||||||||||||
Debt Expense | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other Miscellaneous, Net | (121,436 | ) | — | — | — | — | — | — | — | — | — | (121,436 | ) | |||||||||||||||||||||||||||
Income (Loss) Before Taxes | 9,926,243 | — | (20,160 | ) | — | 44,989 | (13 | ) | 928,093 | — | 663,415 | — | 11,542,567 | |||||||||||||||||||||||||||
Federal Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Federal Income Tax Deferred | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
State Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Foreign Income Tax Current | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Income Taxes | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net Income (Loss) | $ | 9,926,243 | $ | — | $ | (20,160 | ) | $ | — | $ | 44,989 | $ | (13 | ) | $ | 928,093 | $ | — | $ | 663,415 | $ | — | $ | 11,542,567 | ||||||||||||||||