November 4, 1999 8:44 AM, EST

A.M. Executive Briefing - Nov. 4

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This Morning's Headlines:

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Agency to Target 'Risky' Exports

Intrenet, Inc. Reports Third Quarter; Nine-Month Results

FleetPride Acquires Wheels and Brakes Incorporated

Consolidated Delivery & Logistics Posts 50 Percent Earnings Gain in Third Quarter

Trimac Corporation Enters Oilfield Transportation Business With Investment in Cage Logistics, Inc.

The UPS Foundation Awards $3.1 Million to Charitable Organizations Across the U.S., Canada, and Latin America

Agency to Target 'Risky' Exports

U.S. Customs says that in order to create a better process for choosing exports for inspections it will compile and analyze information on exporters who most often commit violations. Director of outbound programs Peter Baish says the agency should come up with "something concrete in about six months."

Customs has put together a similar program for analyzing importers' compliance; while there have been complaints, traders would like to see export information collected as well. Vastera Inc. Vice President Larry Christensen says the program might not help exporters decide when their freight might be held up, since law-enforcement authorities are reluctant to release information that could help criminals.

While Customs has put out data on import violations, these rarely touch on issues of national security that export data could involve, he says. But the agency has put out certain data that it has collected on exports. Journal of Commerce Online (11/04/99) ; Lucentini, Jack

Intrenet, Inc. Reports Third Quarter; Nine-Month Results

The flatbed TL carrier Intrenet, which has such subsidiaries as Roadrunner Trucking, Advanced Distribution System, and Eck Miller Transportation, says it saw a record $75 million in operating revenues for the third quarter, up $5.2 million from the year-earlier quarter, with net earnings down to $151,000 (1 cent a share) from $968,000 (7 cents a share). The third-quarter 1999 net earnings includes a $292,000 non-recurring charge.

The company made technological strides in the quarter, and its "new management team has been tireless in identifying and eliminating unnecessary costs," says President and CEO Eric C. Jackson.

Intrenet saw $213.2 million in revenues in the first nine months, up from $196.8 million in the comparable 1998 period, with a $2.3 million (17 cents a share) net loss. In last year's first nine months, Intrenet saw $2.6 million (19 cents a share) in net earnings. The 1999 figures were both affected by the trucker shortage and rise in fuel costs. PR Newswire (11/03/99)

FleetPride Acquires Wheels and Brakes Incorporated

The truck-parts distributor FleetPride says it has purchased Wheels and Brakes Inc., a distributor whose branches include several Georgia and Tennessee locations. Parts for wheels, rims, suspensions, and brakes are Wheels and Brakes' focus. FleetPride's locations across the country now number over 170. PR Newswire (11/03/99)

Consolidated Delivery & Logistics Posts 50 Percent Earnings Gain in Third Quarter

Consolidated Delivery & Logistics says it saw $903,000 (12 cents a basic share) in third-quarter net income, up 50% from the year-earlier quarter, with $58 million in revenue, up 20%, $2.6 million in operating income, up 107%, and $14.3 million in gross profit, up 26%.

Chairman and CEO Albert W. Van Ness Jr. says "SG&A expenses, as a percentage of revenue, fell for the 11th straight quarter – down this quarter to approximately 18% from 19% in the same period a year ago." The company is also looking into involvement in online retailing, he says.

The company saw $165.1 million in revenue for the first nine months, up 22% from the comparable 1998 period, with $5.6 million in operating income, up more than 100%, and $2 million (28 cents a basic share) in net income, up from the year-earlier figures of $1.3 million and 20 cents a basic share. PR Newswire (11/03/99)

Trimac Corporation Enters Oilfield Transportation Business With Investment in Cage Logistics, Inc.

The Alberta oilfield trucking firm Cage Logistics, whose chief operating division is Speedy Heavy Hauling, is to receive an investment from Trimac, according to Trimac, including the purchase of about 32% of Cage's outstanding shares. Trimac would have a roughly 40% stake in Cage after exercising warrants to buy common stock. This marks Trimac's first entry into oilfield transportation. Canada NewsWire (11/03/99)

The UPS Foundation Awards $3.1 Million to Charitable Organizations Across the U.S., Canada, and Latin America

United Parcel Service's UPS Foundation has made grants totaling in excess of $3 million to various charitable groups via the Region/District Grant Program. The program lets employees in different regions of the United States, Latin America, and Canada recommend where the money should go locally. Further information about the UPS Foundation can be found at www.community.ups.com. PR Newswire (11/03/99)