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Con-way Narrows Loss in Fourth Quarter; Revenue Stabilizes

February 04, 2010

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While Con-way Inc. did not have as weak a quarter as the fourth quarter of 2008, the company still posted a net loss of $1.9 million, or 4 cents a share, which it attributes to expenses related to an administrative
Con-way Truckload's income was down 43.3 percent to $8.2 million.
Con-way Truckload's income was down 43.3 percent to $8.2 million.
outsourcing initiative. Net loss during the year-ago quarter was $43 million, or 94 cents a share.

The company's revenue during the 2009 quarter was about the same as last year's quarter, at $1.12 billion. Operating income in the 2009 quarter was $17.3 million, compared to an operating loss of $35.2 million in the fourth quarter a year ago.

As a result of employee-related cost saving initiatives, Con-way Freight, the company's less-than-truckload operation, posted operating income of $2.8 million, up from a loss of $9.4 million in the year-ago period. Con-way Freight said its results were also hurt by continued weakness in LTL pricing. Revenue was $683.9 million, a 6.8 percent increase over last year's fourth quarter revenue of $640.3 million.

Con-way Truckload, the company's truckload subsidiary, posted operating income of $8.2 million, a decrease of 43.3 percent compared to $14.5 million in the previous year period, a reflection of lower recovery of fuel surcharge revenue and weaker pricing due to excess industry capacity. Revenue was $93.6 million, compared to 2008 fourth quarter revenue of $110.9 million.

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