Exhibit 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended November 30, 2003
(Unaudited)
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| | 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 | | | 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 | ) |
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Total Operating Expenses | | | (9,941,880 | ) | | | — | | | 20,160 | | | | — | | | | — | | | 13 | | | | (900,448 | ) | | | — | | | (657,590 | ) | | | — | | | (11,479,745 | ) |
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Operating Income (Loss) | | | 9,941,880 | | | | — | | | (20,160 | ) | | | — | | | | — | | | (13 | ) | | | 900,448 | | | | — | | | 657,590 | | | | — | | | 11,479,745 | |
Interest on Debt | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
Affiliate Interest Expense | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
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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 | |
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Interest Income | | | 105,799 | | | | — | | | — | | | | — | | | | 44,989 | | | — | | | | 27,645 | | | | — | | | 5,825 | | | | — | | | 184,258 | |
Debt Expense | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
Other Miscellaneous, Net | | | (121,436 | ) | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | (121,436 | ) |
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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 | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
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Income Taxes | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | | — | | | — | | | | — | | | — | |
Net Income (Loss) | | $ | 9,926,243 | | | $ | — | | $ | (20,160 | ) | | $ | — | | | $ | 44,989 | | $ | (13 | ) | | $ | 928,093 | | | $ | — | | $ | 663,415 | | | $ | — | | $ | 11,542,567 | |
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