BAX GLOBAL SECOND-QUARTER EARNINGS UP 210%
Pittston BAX Group, which operates as BAX Global, reported
second-quarter net income of $3.1 million, up from $1 million a year
earlier.
Revenue rose 13 percent to $33 million, due to growth in the expedited
freight carriers’ Pacific operations and the acquisition of an agent in
Taiwan in the first quarter of 1999, BAX said.
Second-quarter operating profit for the Pacific rose 217 percent to
$5.45 million. Transatlantic operations rose 8.7 percent while U.S. and
Americas operations were flat.
"We are pleased with our continue strong performance internationally,
led by the Pacific region where supply chain management and transportation
services to the high technology industry continue to enjoy an excellent
rate of growth," said C. Robert Campbell, president and chief executive
officer of BAX Global.
For the first six months of 1999, net income was $3.5 million, compared
to a net loss of $2 million in 1998. Revenue increased 14 percent to $950
million.
BAX handled 425.1 million pounds of freight in the second quarter (up
5.6 percent) and 839.4 million pounds for January-June (up 7.1 percent).
Shipments fell 10.1 percent for the quarter and 8.6 for the six month
period, boosting revenue per shipment by about 20 percent.