Tag: FedEx Corp

Former DHL Airways owner refuses to testify in DOT probe

Posted by | Jul 17, 2003 | |

As expected, William A. Robinson, the former principal owner of DHL Airways, now Astar Air Cargo, failed to appear at a deposition hearing in Los Angeles Thursday in the federal probe into the ownership of DHL’s all-cargo airline. In a letter to attorneys for FedEx Corp. and United Parcel Service, whose complaint sparked the Department of Transportation probe, Robinson’s attorney, Philip Le B. Douglas, said the deposition will not go forward because Robinson believes his testimony is no longer relevant in light of the airline’s sale Monday to an investor group led by John Dasburg, its chairman and chief executive. Robinson had previously agreed to testify.

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FedEx Corp. Announces Stock Repurchase Program

Posted by | Jul 16, 2003 | |

FedEx Corporation today announced that its Board of Directors has authorized the repurchase of up to 5 million shares of the company’s common stock. These shares augment the 3.1 million shares remaining under the existing repurchase authorization. “The authorization of this repurchase program reflects our continued confidence in the long-term growth and profitability of FedEx Corp.,” said Frederick W. Smith, chairman, president and chief executive officer. “FedEx has significantly improved its cash flow in recent years, and we believe that a repurchase of our stock is an excellent use of the company’s cash.” Purchases may be made in the open market and in negotiated or block transactions. FedEx currently has 298 million shares outstanding.

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FedEx, UPS want Deutsche Post, DHL execs held in contempt

Posted by | Jul 1, 2003 | |

The trans-Atlantic dispute among the world’s package delivery giants over the ownership of DHL Airways has grown even nastier. FedEx Corp. and United Parcel Service have asked the administrative law judge overseeing the case to hold the chief executives of Deutsche Post World Net and DHL International in contempt for refusing to comply with the judge’s order to testify about their relationship with DHL Airways, a U.S.-based cargo airline with approximately 34 aircraft. Deutsche Post and DHL, in turn, have asked the judge to quash the subpoenas ordering Klaus Zumwinkel, chief executive of Deutsche Post, and Uwe Doerken, chief executive of DHL International, to testify.

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FedEx Corp. Reports Record Revenue and Earnings; Fourth Quarter Net Income Increases 19 Percent

Posted by | Jun 24, 2003 | |

FedEx Corporation today reported earnings of USD 0.92 per diluted share for the quarter ended May 31, compared to USD 0.78 per diluted share reported last year.
FedEx Corp. reported the following consolidated results for the fourth quarter: revenue of USD5.83 billion, up 8% from USD5.42 billion the previous year, operating income of USD492 million, up 18% from USD416 million a year ago, net income of USD280 million, up 19% from last year’s USD236 million. Total average daily package volume at FedEx Express and FedEx Ground grew a combined 5% year over year for the quarter, due to continued strong growth at Ground and in international express shipments.

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FedEx offering return service

Posted by | Jun 2, 2003 | |

FedEx Corp. is expected on Monday to introduce FedEx Consolidated Return Service, a new service for direct marketers. Under the service, which is designed for retailers with more than 150 returns daily, customers can drop off an item to be returned at any FedEx World Service Center or FedEx Authorized Ship Center using a pre-authorized number provided by the merchant. Cost varies by weight and distance.

FedEx said consumers will benefit, because they can drop off items at any FedEx service center and receive credit promptly.

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