BAX GLOBAL FIRST-QUARTER EARNINGS DIP

BAX GLOBAL FIRST-QUARTER EARNINGS DIP

   BAX Global, the integrated subsidiary of The Pittston Co., reported a first-quarter operating loss of $5.5 million, compared to an operating loss of $6.7 million for the same period in 2002.

   Though worldwide revenue increased 12 percent to $463.6 million, those results were offset by higher costs as carriers cut services, raised rates and increased surcharges, the company said.

   'Soft United States and European economies, and high costs stemming from carrier cutbacks and surcharges, kept us from showing real year-over-year improvement,' said Michael T. Dan, chairman, president and chief executive officer of The Pittston Co.

   Revenue for the Americas improved 2 percent to $236.6 million on 'modestly higher volume,' the company said. However the region saw an operating loss of $9.7 million, compared to an operating loss of $10.5 million for the year-earlier quarter.

   International revenue jumped 23 percent to $244.3 million, due to strong Asia Pacific activity. Operating profit for the region rose 9.2 percent to $7.1 million.

   Expedited freight revenues rose 10.5 percent to $354.0 million, while expedited freight volume improved 7.4 percent to 374.4 million pounds.