CNF Inc., San Mateo, Calif., reported record third-quarter 2005 after-tax income from continuing operations of $62.7 million (after preferred stock dividends), or $1.12 per diluted share, up 57 percent from the third quarter of 2004.

This compared with third-quarter 2004 after-tax income from continuing operations of $39.8 million, or 72 cents per diluted share.
Operating income in the third quarter was $103.0 million, up 31 percent from $78.4 million in the same quarter a year ago. Revenue for the third quarter of 2005 was $1.10 billion, up 13 percent from $973.6 million in third-quarter 2004. The effective tax rate in the third quarter was 35 percent compared with 39 percent in the third quarter of 2004.
Net income for common shareholders in the third quarter of 2005 was $66.0 million, or $1.18 per diluted share. Net income for common shareholders in the third quarter included a 6-cents-per-diluted-share net gain related to discontinued operations. This compares with a net loss for common shareholders of $216.2 million, or $3.90 per diluted share, in the third quarter of 2004, due to impairment charges from the company's forwarding unit sold in December 2004.
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