BAX GLOBAL BOOSTS PROFIT IN THIRD QUARTER

BAX GLOBAL BOOSTS PROFIT IN THIRD QUARTER

   BAX Global reported a major improvement in profitability and a 12-percent jump in revenues for the third quarter. Operating profit in the latest quarter amounted to $10.6 million, the company’s best quarterly profit in nearly three years, as compared to an operating deficit of $10.9 million in the third quarter of 2001.

   BAX Global’s third-quarter revenues increased to $483.3 million, from $431.3 million last year.

   A subsidy of $3.7 million under the Air Transportation Safety and System Stabilization Act was included in the latest results.

   Revenue for the third quarter increased 6 percent in the Americas region. This was the first year-over-year quarterly increase in the Americas region since the first quarter of 2000. International revenue in the quarter was up 20 percent, largely due to increased activity in the Asia Pacific region.

   BAX Global is owned by the Richmond, Va.-based Pittston group.