Chicago-based less-than-truckload carrier USFreightways Corp. took a $5.9-million restructuring charge in the third quarter of 2001 to cope with business disruptions largely related to the September 11 terrorist attacks – a charged that knocked its third quarter net income down to $9.7 million.
USF added that its revenues in the third quarter of 2001 declined as well, dropping to $618.6 million compared to $642.2 million reported for the third quarter of 2000.
USF said the restructuring charge it took in the third quarter takes into account the continued economic slowdown and the terrorist attacks of September 11. Samuel Skinner, USF’s chairman, president & CEO, added that the nearly $6 million charge is related to severance and other downsizing expenses due to decreased revenue, as well as preparations for implementation of a new freight-management system in the fourth quarter.
