BAX GLOBAL RECORDS 4TH-QUARTER OPERATING PROFIT

BAX GLOBAL RECORDS 4TH-QUARTER OPERATING PROFIT

   BAX Global, the freight transportation subsidiary of the Pittston Co., reported fourth quarter operating income of $2.1 million, compared to a loss of $70.5 million in the year-earlier period.

   The year-earlier result included a $57.5-million, pre-tax restructuring charge for BAX Global. Excluding the pre-tax charge, the company's fourth quarter 2000 operating loss was $13.0 million

   Revenue was $457.3 million, down 17.0 percent from the fourth quarter of 2000. However, ongoing efforts to align costs with market demands reduced transportation costs, enabling BAX Global to eke out the operating profit.

   'The achievement of profitability in this quarter is encouraging because it is the first of many steps required for BAX to ultimately attain an acceptable level of predictable and consistent profitability,' said Michael T. Dan, chairman, president and chief executive officer of The Pittston Co.

   Revenue in the Americas division was down 20 percent, while total international revenue for the quarter dipped 12 percent, reflecting weak economic conditions in major markets around the world.

   For 2001, BAX Global reported an operating loss of $24.6 million, compared to $99.6 million in 2000, which included the $57.5 million pre-tax charge. Excluding the charge, and the 2000 operating loss was $42.1 million. Revenue was $1.79 billion, off 14.7 percent.