CNF Inc. has reported first-quarter net income of $15.9 million, or 30 cents per diluted share. This compares with net income for common shareholders of $18.3 million, or 35 cents per diluted share, in the first quarter of 2002.

Excluding special items in both periods, net income for common shareholders was $11.5 million, or 22 cents per diluted share, in first-quarter 2003 compared with $4.4 million, or 9 cents per diluted share, in first-quarter 2002.
The first quarter of 2003 included a $4.4 million after-tax net gain (8 cents per share) from a payment under the Air Transportation Safety and System Stabilization Act. The first quarter of 2002 included a $6 million after-tax net gain (11 cents per share) under the Act, plus $6.7 million of after-tax gains (12 cents per share) on the sale of excess properties and a $1.1 million after-tax net gain (2 cents per share) from the early termination of a contract.
First-quarter 2003 operating income was $41 million compared with $40.4 million in the same quarter a year ago. Revenue for the first quarter of 2003 was $1.21 billion compared with $1.07 billion in first-quarter 2002. The effective tax rate was 39% in both periods. Cash and cash equivalents were $238 million at the end of the quarter.
"Excluding special items, all of CNF's operations improved their results from a year ago despite a weak economy, which was overshadowed by the war in Iraq," said CNF President and Chief Executive Officer Greg Quesnel. "Con-Way had a very good quarter with strong results relative to the macro economic environment as it increased profits on essentially flat tonnage. This growth is due to an effective sales strategy and quality service that enables Con-Way to increase yields. Menlo Worldwide recorded its fourth quarter of year-over-year improvement in its results, which were fueled by strong international growth in all of its companies."
CNF is a $4.8-billion management company of global supply chain services with businesses in regional trucking, air freight, ocean freight, customs brokerage, global logistics management and trailer manufacturing.