USFreightways restates 1Q earnings

USFreightways Corp. said it has filed an amended Form10-Q for the first quarter 2002, which reclassifies a $12.76-million pre-tax charge for relinquishing the company's interest in USF Asia Group Ltd. from a non-operating expense to an operating expense. President & CEO Samuel K. Skinner said it does not change the company's reported revenue, net income, earnings per share or equity initially reported

USFreightways Corp. said it has filed an amended Form10-Q for the first quarter 2002, which reclassifies a $12.76-million pre-tax charge for relinquishing the company's interest in USF Asia Group Ltd. from a non-operating expense to an operating expense.

President & CEO Samuel K. Skinner said it does not change the company's reported revenue, net income, earnings per share or equity initially reported by the company. He said the company took the action after consultation with its auditors, Deloitte & Touche LLP.

The company said in April that its earnings of $5.1 million turned into a $77.7-million loss for the Chicago-based LTL conglomerate. In addition to the charge to relinquish Chicago-based USF's interest in its Asia joint venture, a $70-million charge was recorded related to goodwill impairment at USF Worldwide under the new accounting standards.

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