CNF Inc. said it earned $22 million for the fourth quarter of 2002, compared with a net loss of $217 million last year. The 4Q results include a $2.3 million net loss from discontinued operations.
The quarterly results also included a $5.7 million pretax gain from the settlement from the company's former Express Mail contract, which was terminated in August 2001, and a $3.7 million pretax charge for investment losses, CNF reported.
For the full year, CNF reported net income of $93.6 million, compared with a net loss of $403 million the year before. The results for 2002 included a net loss of $12.4 million from discontinued operations.
"This was a year of many challenges for the company as we restructured Emery and launched Menlo Worldwide," said president & CEO Gregory Quesnel. "These were huge tasks for our people, and they performed admirably."
Quesnel said the Con-Way division reported a solid year despite the weak economy, Menlo Worldwide Logistics had a strong recovery, the results at Emery Forwarding improved substantially and Vector SCM contributed significantly to earnings this year.