CON-WAY MAKES EXECUTIVE APPOINTMENTS
Fritz Cos. Inc. Thursday reported improved earnings for the fourth quarter and fiscal year ended May 31.
Fourth-quarter net income was $3.8 million, compared to $1.2 million for the year-earlier period. Revenues rose 19.3 percent to $412.5 million.
Net revenues, or revenues less direct transportation costs, increased 10.6 percent to $159.5 million. Net revenue growth was balanced across the company's product lines. Regionally, Asia and Europe recorded Fritz's strongest growth.
The company incurred $2.8 million in pre-tax consolidation costs related to the opening of Fritz's centralized customs brokerage operation in Dallas.
For the fiscal year, Fritz reported a 29.5-percent increase in net income, to $17.4 million. Net revenues improved 7.2 percent to $619.3 million, while operating expenses rose 6.1 percent to $586.8 million.
Fritz incurred $6.3 million in pre-tax consolidation costs for the Dallas customs brokerage operation. The costs were in line with original estimates, the broker said.