Exhibit 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended January 31, 2004
(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 | | | 473,313 | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | 473,313 | |
Salaries, Wages, and Benefits | | | 169,679 | | | | — | | | | 15 | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | 169,694 | |
Operating Taxes and Licensing | | | 325,082 | | | | — | | | | 4,935 | | | | — | | | — | | | — | | | 209,923 | | | | — | | | 4,323 | | | | — | | | 544,263 | |
Claims and Insurance | | | 44,504 | | | | — | | | | — | | | | — | | | — | | | — | | | 21,686 | | | | — | | | 5,276 | | | | — | | | 71,466 | |
Rents | | | (26,591 | ) | | | — | | | | 180 | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | (26,411 | ) |
Other G&A Expense | | | 43,367 | | | | — | | | | (171 | ) | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | 43,196 | |
(Gain)/ Loss on Sale of Assets | | | (526,599 | ) | | | (3,471,419 | ) | | | — | | | | — | | | — | | | — | | | (81,882 | ) | | | — | | | 16,144 | | | | — | | | (4,063,756 | ) |
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Total Operating Expenses | | | 502,755 | | | | (3,471,419 | ) | | | 4,959 | | | | — | | | — | | | — | | | 149,727 | | | | — | | | 25,743 | | | | — | | | (2,788,235 | ) |
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Operating Income (Loss) | | | (502,755 | ) | | | 3,471,419 | | | | (4,959 | ) | | | — | | | — | | | — | | | (149,727 | ) | | | — | | | (25,743 | ) | | | — | | | 2,788,235 | |
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Interest on Debt | | | — | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Other Interest Expense | | | — | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Interest Expense | | | — | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Temporary Investment Interest | | | 45,238 | | | | — | | | | — | | | | — | | | — | | | — | | | 32,123 | | | | — | | | 6,493 | | | | — | | | 83,854 | |
Other Interest Income | | | 82,834 | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | 82,834 | |
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Interest Income | | | 128,072 | | | | — | | | | — | | | | — | | | — | | | — | | | 32,123 | | | | — | | | 6,493 | | | | — | | | 166,688 | |
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Other Miscellaneous, Net | | | (47,734 | ) | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | (47,734 | ) |
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Income (Loss) Before Taxes | | | (422,417 | ) | | | 3,471,419 | | | | (4,959 | ) | | | — | | | — | | | — | | | (117,604 | ) | | | — | | | (19,250 | ) | | | — | | | 2,907,189 | |
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Federal Income Tax Current | | | — | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Federal Income Tax Deferred | | | — | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | — | |
State Income Tax Current | | | — | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Foreign Income Tax Current | | | 601,520 | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | 601,520 | |
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Income Taxes | | | 601,520 | | | | — | | | | — | | | | — | | | — | | | — | | | — | | | | — | | | — | | | | — | | | 601,520 | |
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Net Income (Loss) | | $ | (1,023,937 | ) | | $ | 3,471,419 | | | $ | (4,959 | ) | | $ | — | | $ | — | | $ | — | | $ | (117,604 | ) | | $ | — | | $ | (19,250 | ) | | $ | — | | $ | 2,305,669 | |
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Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended February 28, 2004
(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
| | Total
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Revenue - Customers | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | |
Revenue - Affiliates | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | �� | | | — | | | — | |
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Total Revenue | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Operating Expenses | | | 630,802 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 630,802 | |
Salaries, Wages, and Benefits | | | 174,375 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 174,375 | |
Purchased Transportation | | | 897 | | | | — | | | 47,891 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 48,788 | |
Operating Taxes and Licensing | | | (424,694 | ) | | | — | | | — | | | | — | | | — | | | | — | | | 120,923 | | | | — | | | 410,010 | | | | — | | | 106,239 | |
Claims and Insurance | | | 38,463 | | | | — | | | — | | | | — | | | — | | | | — | | | 21,686 | | | | — | | | 5,276 | | | | — | | | 65,425 | |
Rents | | | (40,462 | ) | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (40,462 | ) |
Other G&A Expense | | | 614,504 | | | | — | | | 29,271 | | | | — | | | 310 | | | | — | | | — | | | | — | | | — | | | | — | | | 644,085 | |
(Gain)/Loss on Sale of Assets | | | (1,948,613 | ) | | | — | | | — | | | | — | | | — | | | | — | | | (1,926,256 | ) | | | — | | | — | | | | — | | | (3,874,869 | ) |
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Total Operating Expenses | | | (954,728 | ) | | | — | | | 77,162 | | | | — | | | 310 | | | | — | | | (1,783,647 | ) | | | — | | | 415,286 | | | | — | | | (2,245,617 | ) |
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Operating Income (Loss) | | | 954,728 | | | | — | | | (77,162 | ) | | | — | | | (310 | ) | | | — | | | 1,783,647 | | | | — | | | (415,286 | ) | | | — | | | 2,245,617 | |
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Interest on Debt | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Other Interest Expense | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Interest Expense | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Temporary Investment Interest | | | 50,614 | | | | — | | | — | | | | — | | | — | | | | — | | | 31,758 | | | | — | | | 7,996 | | | | — | | | 90,368 | |
Other Interest Income | | | 49,731 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 49,731 | |
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Interest Income | | | 100,345 | | | | — | | | — | | | | — | | | — | | | | — | | | 31,758 | | | | — | | | 7,996 | | | | — | | | 140,099 | |
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Other Miscellaneous, Net | | | 2,542 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 2,542 | |
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Income (Loss) Before Taxes | | | 1,057,615 | | | | — | | | (77,162 | ) | | | — | | | (310 | ) | | | — | | | 1,815,405 | | | | — | | | (407,290 | ) | | | — | | | 2,388,258 | |
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Federal Income Tax Current | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Federal Income Tax Deferred | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
State Income Tax Current | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Foreign Income Tax Current | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Income Taxes | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Net Income (Loss) | | $ | 1,057,615 | | | $ | — | | $ | (77,162 | ) | | $ | — | | $ | (310 | ) | | $ | — | | $ | 1,815,405 | | | $ | — | | $ | (407,290 | ) | | $ | — | | $ | 2,388,258 | |
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Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended March 31, 2004
(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
| | Total
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Revenue - Customers | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | |
Revenue - Affiliates | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Total Revenue | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Operating Expenses | | | 495,286 | | | | — | | | 353 | | | | — | | | 440 | | | | — | | | 547 | | | | — | | | — | | | | — | | | 496,626 | |
Salaries, Wages, and Benefits | | | 305,502 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 305,502 | |
Purchased Transportation | | | 7,801 | | | | — | | | 62,548 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 70,349 | |
Operating Taxes and Licensing | | | (56,833 | ) | | | — | | | — | | | | — | | | — | | | | — | | | 29,202 | | | | — | | | — | | | | — | | | (27,631 | ) |
Claims and Insurance | | | 50,080 | | | | — | | | — | | | | — | | | — | | | | — | | | 21,686 | | | | — | | | 5,276 | | | | — | | | 77,042 | |
Rents | | | (26,256 | ) | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (26,256 | ) |
Other G&A Expense | | | 2,578,513 | | | | — | | | (689 | ) | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 2,577,824 | |
(Gain)/Loss on Sale of Assets | | | (2,266,593 | ) | | | — | | | — | | | | — | | | — | | | | — | | | (6,160,155 | ) | | | — | | | (130 | ) | | | — | | | (8,426,878 | ) |
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Total Operating Expenses | | | 1,087,500 | | | | — | | | 62,212 | | | | — | | | 440 | | | | — | | | (6,108,720 | ) | | | — | | | 5,146 | | | | — | | | (4,953,422 | ) |
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Operating Income (Loss) | | | (1,087,500 | ) | | | — | | | (62,212 | ) | | | — | | | (440 | ) | | | — | | | 6,108,720 | | | | — | | | (5,146 | ) | | | — | | | 4,953,422 | |
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Interest on Debt | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Other Interest Expense | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Interest Expense | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Temporary Investment Interest | | | 54,735 | | | | — | | | — | | | | — | | | — | | | | — | | | 35,792 | | | | — | | | 8,845 | | | | — | | | 99,372 | |
Other Interest Income | | | 58,960 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 58,960 | |
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Interest Income | | | 113,695 | | | | — | | | — | | | | — | | | — | | | | — | | | 35,792 | | | | — | | | 8,845 | | | | — | | | 158,332 | |
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Other Miscellaneous, Net | | | 103,402 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 103,402 | |
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Income (Loss) Before Taxes | | | (870,403 | ) | | | — | | | (62,212 | ) | | | — | | | (440 | ) | | | — | | | 6,144,512 | | | | — | | | 3,699 | | | | — | | | 5,215,156 | |
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Federal Income Tax Current | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Federal Income Tax Deferred | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
State Income Tax Current | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
Foreign Income Tax Current | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Income Taxes | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Net Income (Loss) | | $ | (870,403 | ) | | $ | — | | $ | (62,212 | ) | | $ | — | | $ | (440 | ) | | $ | — | | $ | 6,144,512 | | | $ | — | | $ | 3,699 | | | $ | — | | $ | 5,215,156 | |
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