USFreightways restates 1Q earnings

Aug. 13, 2002
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.

About the Author

Tim Parry

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...

Fleet Industry Benchmarks: How does your fleet stack up?

Discover how your fleet compares to industry benchmarks and gain insights from a 2024 Benchmarking Report on maintenance spend, turnaround time, and more. Join us to identify ...

Build a Tolling Program to Manage Toll Fees and Risks

Fleets looking to effectively manage their operational costs should consider their tolling costs. Download the PrePass whitepaper, “Build a Tolling Program to Manage Toll Fees...

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...