EXHIBIT 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended April 30, 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 | CFC | |||||||||||||||||||||||||||||
Revenue - Customers | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Revenue - Affiliates | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total Revenue | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||
Total Operating Expenses | (2,209,150 | ) | — | 11,076 | — | 899 | — | (2,931,845 | ) | — | 1,735 | — | (5,127,285 | ) | |||||||||||||||||||||||||
Operating Income (Loss) | 2,209,150 | — | (11,076 | ) | — | (899 | ) | — | 2,931,845 | — | (1,735 | ) | — | 5,127,285 | |||||||||||||||||||||||||
Other Interest Expense | (126 | ) | — | — | — | — | — | — | — | — | — | (126 | ) | ||||||||||||||||||||||||||
Interest Expense | (126 | ) | — | — | — | — | — | — | — | — | — | (126 | ) | ||||||||||||||||||||||||||
Temporary Investment Interest | 55,132 | — | — | — | — | — | 38,479 | — | 8,677 | — | 102,288 | ||||||||||||||||||||||||||||
Other Interest Income | 49,423 | — | — | — | — | — | — | — | — | — | 49,423 | ||||||||||||||||||||||||||||
Interest Income | 104,555 | — | — | — | — | — | 38,479 | — | 8,677 | — | 151,711 | ||||||||||||||||||||||||||||
Other Miscellaneous, Net | 3,214 | — | — | — | — | — | — | — | — | — | 3,214 | ||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Income Taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net Income (Loss) | $ | 2,316,793 | $ | — | $ | (11,076 | ) | $ | — | $ | (899 | ) | $ | — | $ | 2,970,324 | $ | — | $ | 6,942 | $ | — | $ | 5,282,084 | |||||||||||||||