RYDER SYSTEM INCOME RISES SHARPLY

RYDER SYSTEM INCOME RISES SHARPLY

   Ryder System Inc., the Miami-based supply chain and transportation management service provider, reported first quarter net earnings of $16.8 million, despite a 10 percent drop in revenue, to $1.28 billion.

   The most recent results, which include a $1.2-million recovery of prior years' restructuring charges, are up sharply over the first quarter 2001. Net income for the year earlier quarter was $4.1 million, which included a $10.6 million charge.

   'Ryder's revenue continued to be impacted by economic conditions, which have yet to materially improve,' said Gregory T. Swienton, president and chief executive officer. 'While we weathered a continued softness in all of our business segments during the first quarter of 2002, there were a few signs of improvement.'

   Ryder's Supply Chain Solutions saw operating revenue fall 8.4 percent to $245.9 million, and an earnings loss of $2.2 million before income taxes, compared to a deficit of $8.6 million in the year-earlier quarter.

   Dedicated Contract Carriage saw operating revenues off 5.7 percent to $124.6 million, and earnings before income taxes off 12.3 percent, to $5.0 million.

   Fleet Management Solutions revenues fell 10.4 percent to $765.1 million, while earnings before income taxes were off 7.1 percent to $36.6 million.

   For the second quarter, Ryder System is anticipating earnings of 41 to 43 cents per diluted share, slightly above the company's December 2001 estimates.