FRITZ SEES FALL IN FIRST-QUARTER EARNINGS
Fritz Cos. reported a 10.4-percent decline in net earnings for its first
fiscal quarter, ending Aug. 31.
San Francisco-based forwarding and logistics company reported net
earnings of $6 million for the period. Net revenue (revenues minus direct
transportation costs) rose 3.8 percent to $150.7 million, while revenues
jumped 14.4 percent to $391.7 million.
Fritz said the earnings decline was due to roll-out costs and write-down of
redundant systems under the company’s new Global Business System.