BAX GLOBAL BACK IN PROFIT

BAX GLOBAL BACK IN PROFIT

   BAX Global, the forwarding arm of the Richmond, Va.-based conglomerate Pittston, returned to the black in the second quarter, with an operating income of $3.7 million.

   BAX Global’s positive operating result in the second quarter follows a first-quarter operating deficit of $6.4 million and a cumulative operating loss of $24.6 million for the year ended Dec. 31, 2001. In the second quarter of 2001, BAX Global made a loss of $10.1 million.

   BAX Global’s worldwide revenue increased 1 percent, to $444 million, in the second quarter when compared to the same period last year. In comparison to last year, revenue for the current quarter declined 4 percent in the Americas region, but increased 9 percent in international operations, reflecting improved economic conditions in the Asia Pacific region, the Pittston parent company said.

   “Successful ongoing efforts at BAX Global to align costs with market demands and economic conditions resulted in reduced transportation costs and operating expenses,” it said.

   “We expect BAX to benefit when global economic conditions show further improvement,” said Michael T. Dan, Chairman, president and chief executive officer of Pittston.

   The Pittston group posted a net income of $19.1 million in the second quarter, up from $3.8 million, while revenues increased to $919.1 million, from $884.5 million in the second quarter of 2001.