Less-than-truckload giant Consolidated Freightways Inc. (CF) lost $104.3 million in 2001, including a $37.5 million fourth-quarter loss. However, the carrier said it has lined up $45 million in extra financing – in addition to a $200 million 5-year line of credit – to help it return to profitability.
CF's 4Q loss came on revenues of $500.8 million, compared to a loss of $8.4 million on revenues of $579.7 million in the fourth quarter of 2000. For the year, CF lost $104.3 million on $2.2 billion in revenue, compared to a $7.6 million loss on revenues of $2.4 billion in 2000.
In terms of freight volume, CF saw its 4Q tonnage levels decline 9.3% compared to the same period in 2000 and 3.6% for the year compared to last year. CF added that revenue per hundredweight, excluding a fuel surcharge, decreased by 0.3% to $18.28 in 2001.
