Federal Express 1998 Annual Report Download - page 27

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FDX CORPORATION P25
In thousands, except earnings per share
and Other Operating Data 1998 1997 Percent Change
OPERATING RESULTS
Revenues $15,872,810 $14,265,288 + 11
Operating income 1,010,660 425,369 +138
Income from continuing operations before income taxes 899,518 343,865 +162
Net income 503,030 141,276 +256
Net income, excluding non-recurring items(1) 582,723 372,752 + 56
Earnings per share, assuming dilution $ 3.37 $ .96 +251
Earnings per share, excluding non-recurring items,
assuming dilution(1) $ 3.91 $ 2.53 + 55
Average common and common equivalent shares 149,204 147,144 + 1
FINANCIAL POSITION
Property and equipment, net $ 5,935,050 $ 5,460,293 + 9
Total assets 9,686,060 9,008,816 + 8
Long-term debt, less current portion 1,385,180 1,597,954 – 13
Common stockholders’ investment 3,961,230 3,448,095 + 15
OTHER OPERATING DATA
FedEx
Express package:
Average daily package volume 3,025,999 2,715,894 + 11
Average pounds per package 8.5 7.2 + 18
Average revenue per pound $ 1.84 $ 2.11 – 13
Average revenue per package $ 15.69 $ 15.11 + 4
Airfreight:
Average daily pounds 2,769,922 2,542,226 + 9
Average revenue per pound $ .85 $ .94 – 10
Operating weekdays 254 254
Aircraft fleet 613 584
RPS
Average daily package volume 1,326,190 1,121,380 + 18
Average revenue per package $ 5.04 $ 4.93 + 2
Operating weekdays 256 257
Viking
Shipments per day 13,287 30,771 – 57
Average revenue per hundredweight $ 9.28 $ 9.08 + 2
Operating weekdays 256 257
Average number of employees (based on a
standard full-time workweek) 150,823 145,721 + 4
The information presented on page 24 and the table above compare the results for fiscal 1998 to 1997 as if Caliber System, Inc.’s prior year
had ended May 24, 1997 and had included unaudited results from May 19, 1996 to May 24, 1997. However, the 1997 information
discussed in the accompanying
Management’s Discussion and Analysis of Results of Operations and Financial Condition
and the 1997
amounts presented in the accompanying consolidated financial statements are based on Caliber System, Inc.’s audited prior fiscal year ended
December 31, 1996.
(1) Non-recurring items include a charge of $88 million ($80 million, net of tax, or $.54 per share, assuming dilution) in 1998 related to the
acquisition of Caliber System, Inc., and charges of $310 million ($231 million, net of tax, or $1.57 per share, assuming dilution) in 1997
related to the restructuring of Viking Freight, Inc.’s operations.
FINANCIAL HIGHLIGHTS ON A LIKE-CALENDAR BASIS