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Tiger Blames Weak Air Cargo Market for Loss

EARNINGS

October 19, 1985|DONALD WOUTAT

Tiger International, blaming a continued deterioration in transpacific air cargo traffic because of weaknesses in the apparel and electronics industries, reported a $23.3-million loss for the third quarter ended Sept. 30. Revenue slid 10% to $284 million.

Los Angeles-based Tiger International, whose principal business is Flying Tiger, an air cargo carrier, said revenue from its Pacific traffic fell 23%, more than offsetting year-to-year gains in its other markets. It said the big problem was U.S.-bound traffic from Japan, Taiwan and Korea.

The loss, which compared to a year-earlier profit of $12.7 million, was deeper than Tiger's second-quarter deficit and brought the loss for the first nine months of the year to $38.1 million. That compared to earnings of $23.6 million for January to September, 1984.

Revenue totaled $833 million through September, off 5.7%.

The entire third-quarter decline stemmed from Flying Tiger. The company's trucking unit, Warren Transport, earned $845,000, little changed from the year-earlier $840,000. Trucking revenue of $9.5 million was up marginally.

Tiger continued to be plagued by North American Car, its former rail-car subsidiary whose bankruptcy left the parent with a $132-million debt. About $3.4 million of Tiger's third-quarter loss was due to interest on its note payable to North American Car.

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