RYDER SYSTEMS RECORDS $5.5 MILLION LOSS

RYDER SYSTEMS RECORDS $5.5 MILLION LOSS

   Ryder Systems Inc. recorded a net loss of $5.5 million in the third quarter of 2001, down 145 percent from the same period of the year before.

   The Miami-based company generated $1.24 billion in revenue, down 7.2 percent. Pre-tax earnings from continuing operations, before restructuring and other charges, were $46.9 million, down 17 percent

   Ryder recorded restructuring and other charges of $53.8 million during the third quarter, related to ongoing strategic initiatives. These initiatives include: the cancellation of an information technology project in the company’s fleet management solutions business unit; the write-off of certain software licenses; charges related to the pending shutdown of Ryder’s shared-user home delivery network in the United Kingdom; and a continuation of previously announced headcount reductions and facility closures.

   For the nine months, net earnings dropped 70 percent to $18.5 million. Revenue was $3.82 billion, down 4 percent.

   “Because of the unusual economic uncertainty due to recent events, Ryder is not yet providing an outlook for the fourth quarter,” said Gregory T. Swienton, Ryder’s president and chief executive officer. “We plan to give guidance on the fourth quarter after assessing October activity. Information will be provided prior to the Thanksgiving holiday.”