Exhibit 99.1
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended July 31, 2004
(Unaudited)
Consolidated Freightways Corporation of Delaware | Consolidated Freightways Corporation | CF AirFreight | Leland James Service | Redwood Inc. | CF MovesU Inc. | CFCD 2002 LLC | CFCD 2002 LLC | CFCD 2002A LLC | CFCD 2002A LLC | Total | |||||||||||||||||||||||||||||
Revenue - Customers | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Revenue - Affiliates | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total Revenue | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Operating Expenses | 180,766 | — | — | — | — | — | (17,203 | ) | — | — | — | 163,563 | |||||||||||||||||||||||||||
Salaries, Wages, and Benefits | 174,071 | — | — | — | — | — | — | — | — | — | 174,071 | ||||||||||||||||||||||||||||
Purchased Transportation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Operating Taxes and Licensing | 59,710 | — | — | — | — | — | 4,882 | — | — | — | 64,592 | ||||||||||||||||||||||||||||
Claims and Insurance | 22,020 | — | — | — | — | — | 5,059 | — | 1,735 | — | 28,814 | ||||||||||||||||||||||||||||
Rents | 153,019 | — | — | — | — | — | — | — | — | — | 153,019 | ||||||||||||||||||||||||||||
Other G&A Expense | 1,143,938 | — | — | — | 250 | — | (3,625 | ) | — | — | — | 1,140,563 | |||||||||||||||||||||||||||
(Gain)/Loss on Sale of Assets | (586,602 | ) | — | (468 | ) | — | — | — | 344,107 | — | — | — | (242,963 | ) | |||||||||||||||||||||||||
Total Operating Expenses | 1,146,922 | — | (468 | ) | — | 250 | — | 333,220 | — | 1,735 | — | 1,481,659 | |||||||||||||||||||||||||||
Operating Income (Loss) | (1,146,922 | ) | — | 468 | — | (250 | ) | — | (333,220 | ) | — | (1,735 | ) | — | (1,481,659 | ) | |||||||||||||||||||||||
Temporary Investment Interest | 122,825 | — | — | — | — | — | 12,635 | — | — | — | 135,460 | ||||||||||||||||||||||||||||
Other Interest Income | 33,868 | — | — | — | — | — | — | — | — | — | 33,868 | ||||||||||||||||||||||||||||
Interest Income | 156,693 | — | — | — | — | — | 12,635 | — | — | — | 169,328 | ||||||||||||||||||||||||||||
Other Miscellaneous, Net | 9,427 | — | 31,488 | — | — | — | — | — | — | — | 40,915 | ||||||||||||||||||||||||||||
Income (Loss) Before Taxes | (980,802 | ) | — | 31,956 | — | (250 | ) | — | (320,585 | ) | — | (1,735 | ) | — | (1,271,416 | ) | |||||||||||||||||||||||
Income Taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net Income (Loss) | $ | (980,802 | ) | $ | — | $ | 31,956 | $ | — | $ | (250 | ) | $ | — | $ | (320,585 | ) | $ | — | $ | (1,735 | ) | $ | — | $ | (1,271,416 | ) | ||||||||||||
Consolidated Freightways Corporation
Consolidating Income Statements
For the Month Ended August 31, 2004
(Unaudited)
Consolidated Freightways Corporation of Delaware | Consolidated Freightways Corporation | CF AirFreight | Leland James Service | Redwood Inc. | CF MovesU Inc. | CFCD 2002 LLC | CFCD 2002 LLC | CFCD 2002A LLC | CFCD 2002A LLC | Total | ||||||||||||||||||||||||||||
Revenue - Customers | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Revenue - Affiliates | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total Revenue | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Operating Expenses | 148,726 | — | — | — | — | — | — | — | — | — | 148,726 | |||||||||||||||||||||||||||
Salaries, Wages, and Benefits (a) | 5,067,888 | — | — | — | — | — | — | — | — | — | 5,067,888 | |||||||||||||||||||||||||||
Purchased Transportation | 5,223 | — | — | — | — | — | — | — | — | — | 5,223 | |||||||||||||||||||||||||||
Operating Taxes and Licensing | 3,304 | — | — | — | — | — | 12,614 | — | — | — | 15,918 | |||||||||||||||||||||||||||
Claims and Insurance | 22,020 | — | — | — | — | — | 5,059 | — | 1,735 | — | 28,814 | |||||||||||||||||||||||||||
Rents | 4,011 | — | — | — | — | — | — | — | — | — | 4,011 | |||||||||||||||||||||||||||
Other G&A Expense | 457,959 | — | 2,027 | — | — | — | — | — | — | — | 459,986 | |||||||||||||||||||||||||||
Loss on Sale of Assets | 70,262 | — | — | — | — | — | — | — | — | — | 70,262 | |||||||||||||||||||||||||||
Total Operating Expenses | 5,779,393 | — | 2,027 | — | — | — | 17,673 | — | 1,735 | — | 5,800,828 | |||||||||||||||||||||||||||
Operating Loss | (5,779,393 | ) | — | (2,027 | ) | — | — | — | (17,673 | ) | — | (1,735 | ) | — | (5,800,828 | ) | ||||||||||||||||||||||
Temporary Investment Interest | 148,312 | — | — | — | — | — | 12,665 | — | — | — | 160,977 | |||||||||||||||||||||||||||
Other Interest Income | 48,187 | — | — | — | — | — | — | — | — | — | 48,187 | |||||||||||||||||||||||||||
Interest Income | 196,499 | — | — | — | — | — | 12,665 | — | — | — | 209,164 | |||||||||||||||||||||||||||
Other Miscellaneous, Net | 67,959 | — | (68,886 | ) | — | 250 | — | — | — | — | — | (677 | ) | |||||||||||||||||||||||||
Income (Loss) Before Taxes | (5,514,935 | ) | — | (70,913 | ) | — | 250 | — | (5,008 | ) | — | (1,735 | ) | — | (5,592,341 | ) | ||||||||||||||||||||||
Income Taxes | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net Income (Loss) | $ | (5,514,935 | ) | $ | — | $ | (70,913 | ) | $ | — | $ | 250 | $ | — | $ | (5,008 | ) | $ | — | $ | (1,735 | ) | $ | — | $ | (5,592,341 | ) | |||||||||||
(a) | Includes a $4.9 million charge related to settlement of withdrawal liabilities associated with various union pension funds to which the Company made contributions to on behalf of its former employees. |