CNF Inc., Palo Alto, Calif. reported third-quarter 2004 after-tax income from continuing operations of $39.8 million
, 72 cents per diluted share (after preferred stock dividends), and after-tax income from discontinued operations of $4.4 million, 8 cents per diluted share.
This compares with third-quarter 2003 after-tax income from continuing operations of $35.1 million, 64 cents per diluted share, and a net loss from discontinued operations of $10.3 million, 18 cents per diluted share.
CNF reported a net loss to common shareholders for third-quarter 2004 of $216.2 million, or $3.90 per diluted share, compared with net income to common shareholders of $24.8 million, or 46 cents per diluted share, in the third quarter of 2003.
The third-quarter 2004 net loss to common shareholders was primarily due to a $260.5 million after-tax impairment charge, $4.70 per diluted share, from the planned sale of Menlo Worldwide Forwarding to UPS. This number is subject to adjustment at closing.
0 Comments