EMERY WORLDWIDE SEES 53% DROP IN FIRST-QUARTER INCOME

EMERY WORLDWIDE SEES 53% DROP IN FIRST-QUARTER INCOME

   Emery Worldwide, the integrated transportation subsidiary of CNF
Transportation, reported a 53-percent drop in first-quarter income, citing
declines in domestic and international air freight revenue and tonnage.
   Income for the recent quarter was $3.6 million, down from $7.5 million
for the year earlier quarter, despite a 1-percent increase in revenue, to
$29.4 million.
   However, "Emery’s expedited freight services, ocean freight and customs
brokers continue to do well," said Gregory L. Quesnel, president and CEO of CNF
Transportation.
   North American air freight revenue was down 6.6 percent, while
international air freight revenue fell 3.3 percent. Freight tonnage was
down 10 percent in North America and 4 percent internationally.