Continuing weak economic conditions, particularly in the high-tech and durable goods sectors sharply reduced demand for our express services.

286

We do not think there is a mode shift (from air to ground shipments, ... We believe that the express-intensive businesses are the ones that have been punished the most in the recession and the slow recovery.

189

Deteriorating economic conditions and the rapid decline in the high-tech and other durable goods industries have increasingly affected FedEx Express volumes.

181

We intend to continue to manage the company's cost structure to remain profitable in the second quarter and the remainder of fiscal 2002.

179

Market conditions have deteriorated more than we anticipated, as reflected by numerous news accounts of earnings warnings and layoffs, particularly in the auto and high-tech sectors, ... Volume growth, yield growth and weights for February dropped noticeably for all of our operating units.

165

Continued good strong cost management will be implemented in the fourth quarter.

160

Volume growth accelerated at the end of (the second quarter) and has continued to accelerate in quarter three.

114

We're proud of our fourth quarter, and we're back.

78

Hurricane Katrina had no significant effect on first quarter results, although the storm inflicted some damage to our facilities in the U.S. Gulf Coast region, ... Meanwhile, our operations have resumed in most of the affected areas except for sections of New Orleans.

70