EXHIBIT 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended April 30, 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
| | CFC
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Revenue - Customers | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | | | $ | — | | $ | — | |
Revenue - Affiliates | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Total Revenue | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | |
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Operating Expenses | | | 905,683 | | | | — | | | 288 | | | | — | | | 161 | | | | — | | | 291 | | | | — | | | — | | | | — | | | 906,423 | |
Salaries, Wages, and Benefits | | | 189,884 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 189,884 | |
Purchased Transportation | | | 435 | | | | — | | | 12,351 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 12,786 | |
Operating Taxes and Licensing | | | 117,229 | | | | — | | | — | | | | — | | | — | | | | — | | | 18,286 | | | | — | | | — | | | | — | | | 135,515 | |
Claims and Insurance | | | 26,375 | | | | — | | | — | | | | — | | | — | | | | — | | | 5,059 | | | | — | | | 1,735 | | | | — | | | 33,169 | |
Rents | | | (49,241 | ) | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (49,241 | ) |
Other G&A Expense | | | 147,545 | | | | — | | | (1,563 | ) | | | — | | | 738 | | | | — | | | — | | | | — | | | — | | | | — | | | 146,720 | |
(Gain)/Loss on Sale of Assets | | | (3,547,060 | ) | | | — | | | — | | | | — | | | — | | | | — | | | (2,955,481 | ) | | | — | | | — | | | | — | | | (6,502,541 | ) |
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Total Operating Expenses | | | (2,209,150 | ) | | | — | | | 11,076 | | | | — | | | 899 | | | | — | | | (2,931,845 | ) | | | — | | | 1,735 | | | | — | | | (5,127,285 | ) |
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Operating Income (Loss) | | | 2,209,150 | | | | — | | | (11,076 | ) | | | — | | | (899 | ) | | | — | | | 2,931,845 | | | | — | | | (1,735 | ) | | | — | | | 5,127,285 | |
Other Interest Expense | | | (126 | ) | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (126 | ) |
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Interest Expense | | | (126 | ) | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | (126 | ) |
Temporary Investment Interest | | | 55,132 | | | | — | | | — | | | | — | | | — | | | | — | | | 38,479 | | | | — | | | 8,677 | | | | — | | | 102,288 | |
Other Interest Income | | | 49,423 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 49,423 | |
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Interest Income | | | 104,555 | | | | — | | | — | | | | — | | | — | | | | — | | | 38,479 | | | | — | | | 8,677 | | | | — | | | 151,711 | |
Other Miscellaneous, Net | | | 3,214 | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | — | | | | — | | | 3,214 | |
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Income (Loss) Before Taxes | | | 2,316,793 | | | | — | | | (11,076 | ) | | | — | | | (899 | ) | | | — | | | 2,970,324 | | | | — | | | 6,942 | | | | — | | | 5,282,084 | |
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) | | $ | 2,316,793 | | | $ | — | | $ | (11,076 | ) | | $ | — | | $ | (899 | ) | | $ | — | | $ | 2,970,324 | | | $ | — | | $ | 6,942 | | | $ | — | | $ | 5,282,084 | |
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