Exhibit 99
CNF
3240 HILLVIEW AVENUE
PALO ALTO, CA 94304-1297
(650) 494-2900
NEWS RELEASE
Contacts:
Investors - Patrick Fossenier
(650) 813-5353
Media - James Allen
(650) 813-5335
CNF INCREASES EARNINGS GUIDANCE FOR FIRST QUARTER 2005
PALO ALTO, California - April 11 - CNF Inc. (NYSE:CNF) today said it
increased its guidance for shareholders for the first quarter 2005 to a range
of 66 cents to 69 cents per diluted share. The company's previous guidance
for earnings in the quarter was 57 cents to 65 cents per diluted share.
W. Keith Kennedy, chairman and interim chief executive officer, said the
guidance increase was due to strong earnings at its Con-Way less-than-
truckload (LTL) carriers, across all regions of the country. Kennedy said the
company's Menlo Worldwide supply chain management earnings would also
increase compared to last year.
The company said it will release its full earnings after the market
closes on April 20, as previously announced. At that time, the company will
provide guidance for the second quarter of 2005. The company will hold a
conference call for shareholders and the investment community on April 21.
CNF is a $3.7 billion management company of supply chain service
providers. It has businesses in LTL trucking, truckload carriage, air
freight, logistics and supply chain management and trailer manufacturing.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking
statements" and are subject to a number of risks and uncertainties and should
not be relied upon as predictions of future events. All statements other than
statements of historical fact are forward-looking statements, including any
projections and objectives of management for future operations, any
statements regarding contributions to pension plans, any statements as to the
adequacy of reserves, any statements regarding the possible outcome of claims
brought against CNF, any statements regarding future economic conditions or
performance, any statements of estimates or belief and any statements or
assumptions underlying the foregoing. Specific factors that could cause
actual results and other matters to differ materially from those discussed in
such forward-looking statements include: changes in general business and
economic conditions, the creditworthiness of CNF's customers and their
ability to pay for services rendered, increasing competition and pricing
pressure, changes in fuel prices, the effects of the cessation of the air
carrier operations of Emery Worldwide Airlines, the possibility that CNF may,
from time to time, be required to pay indemnification claims in connection
with the sale of Menlo Worldwide Forwarding, or to record impairment charges
for long-lived assets, the possibility of defaults under CNF's $385 million
credit agreement and other debt instruments (including defaults resulting
from additional unusual charges), and the possibility that CNF may be
required to repay certain indebtedness in the event that the ratings assigned
to its long-term senior debt by credit rating agencies are reduced, labor
matters, enforcement of and changes in governmental regulations,
environmental and tax matters, the February 2000 crash of an EWA aircraft and
related litigation, matters relating to CNF's 1996 spin-off of Consolidated
Freightways Corporation (CFC), including the possibility that CFC's multi-
employer pension plans may assert claims against CNF, and matters relating to
CNF's defined benefit pension plans. The factors included herein and in Item
7 of CNF's 2003 Annual Report on Form 10-K as well as other filings with the
Securities and Exchange Commission could cause actual results and other
matters to differ materially from those in such forward-looking statements.
As a result, no assurance can be given as to future financial condition, cash
flows, or results of operations.
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