BAX GLOBAL’S PROFITS SOAR IN 4TH QUARTER

BAX GLOBAL’S PROFITS SOAR IN 4TH QUARTER

   BAX Global, the Irvine, Calif.-based forwarding and logistics subsidiary of The Pittston Co., more than doubled its operating profit in the fourth quarter of 1999.

   Operating profit for the latest quarter was $30.1 million, up 116 percent on the $13.9 million profit reported in the fourth quarter of 1998.

   BAX Global’s total operating revenue increased by 25 percent, to $600.9 million, from $480.8 million in the year-earlier quarter. Worldwide expedited freight at the company increased to 504 million pounds in the quarter, from 415 million pounds. The number of shipments for the latest quarter was 1.255 million, marginally lower than the 1.26 million shipped in the fourth quarter of 1998.

   The Pittston Co. said that higher BAX Global operating performance resulted from initiatives taken in 1998 and 1999 to strengthen the subsidiary and its focus on quality customer service.

   For the year, BAX Global reported an operating profit of $61.5 million,

as compared to an operating loss of $0.6 million in 1998.

   Total operating revenue was $2.1 billion, up 17 percent on the previous year.

   The Pittston Co. parent company reported a net loss of $17.9 million for the fourth quarter of 1999, on net group sales of $1.1 billion, as compared to a net income of $32.3 million on sales of $988.2 million in the year-earlier quarter. The deficit was due to a book loss on the group’s planned disposal of its coal operations.