SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended JuneSeptember 30, 1996
Commission File Number 1-6512
AIRBORNE FREIGHT CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State of incorporation or organization)
91-0837469
---------------------------------
(IRS Employer Identification No.)
3101 Western Avenue
P.O. Box 662
Seattle, Washington 98111-0662
------------------------------
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (206) 285-4600
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes: XXX No:
--- ---
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the close of the period covered by this report.
Common Stock, par value $1 per share
Outstanding (net of 315,150 treasury shares)
as of JuneSeptember 30, 1996 21,134,281 shares
-----------------
AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET EARNINGS
(Dollars in thousands except per share data)
(Unaudited)
Three Months Ended SixNine Months Ended
September 30 September 30
------------------ ----------------
June 30 June 30
------- ------------------------
1996 1995 1996 1995
---- ---- ---- ----
REVENUES:
Domestic $524,055 $452,631 $1,030,176 $ 894,808$522,040 $468,275 $1,552,216 $1,363,083
International 98,343 93,309 190,131 181,04889,987 92,290 280,118 273,338
-------- -------- ---------- ----------
622,398 545,940 1,220,307 1,075,856612,027 560,565 1,832,334 1,636,421
OPERATING EXPENSES:
Transportation purchased 207,207 196,726 409,739 385,511201,744 196,566 611,483 582,077
Station and ground operations 193,346 170,812 385,663 335,926194,688 171,649 580,351 507,575
Flight operations and maintenance 92,973 79,311 187,742 157,37297,301 81,738 285,043 239,110
General and administrative 47,903 37,019 91,165 74,51344,937 39,767 136,102 114,280
Sales and marketing 15,030 16,250 30,478 31,88114,694 14,490 45,172 46,371
Depreciation and amortization 40,124 34,846 78,985 69,64842,239 36,134 121,224 105,782
-------- -------- ---------- ----------
596,583 534,964 1,183,772 1,054,851595,603 540,344 1,779,375 1,595,195
-------- -------- ---------- ----------
EARNINGS FROM OPERATIONS 25,815 10,976 36,535 21,00516,424 20,221 52,959 41,226
INTEREST, NET 8,191 6,964 16,532 13,6898,343 7,343 24,875 21,032
-------- -------- ---------- ----------
EARNINGS BEFORE INCOME TAXES 17,624 4,012 20,003 7,3168,081 12,878 28,084 20,194
INCOME TAXES 6,935 1,750 8,000 3,1743,370 5,176 11,370 8,350
-------- -------- ---------- ----------
NET EARNINGS 10,689 2,262 12,003 4,1424,711 7,702 16,714 11,844
PREFERRED STOCK DIVIDENDS 68 68 136 13969 69 205 208
-------- -------- ---------- ----------
NET EARNINGS AVAILABLE $ 10,6214,642 $ 2,1947,633 $ 11,86716,509 $ 4,00311,636
TO COMMON SHAREHOLDERS ======== ======== ========== ==========
NET EARNINGS PER COMMON SHARE:
Primary -SHARE $ .50.22 $ .10.36 $ .56.78 $ .19
======== ======== ========== ==========
Fully Diluted - $ .48 $ .10 $ .56 $ .19.55
======== ======== ========== ==========
DIVIDENDS PER COMMON SHARE $ .075 $ .075 $ .15.225 $ .15.225
======== ======== ========== ==========
See notes to consolidated financial statements.
AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
JuneSeptember 30 December 31
------------------- -----------
ASSETS 1996 1995
------ ---- ----
(Unaudited)
ASSETS
------
CURRENT ASSETS:
Cash $ 12,36210,765 $ 17,906
Trade accounts receivable, less 261,286 259,408
allowance of $7,915$7,990 and $7,750 263,075 259,408
Spare parts and fuel inventory 35,64535,221 33,792
Deferred income tax assets 17,82816,116 16,135
Prepaid expenses 21,92621,219 24,887
---------- ----------
TOTAL CURRENT ASSETS 350,836344,607 352,128
PROPERTY AND EQUIPMENT, NET 854,618866,514 842,703
EQUIPMENT DEPOSITS and OTHER ASSETS 25,09423,864 22,553
---------- ----------
TOTAL ASSETS $1,230,548$1,234,985 $1,217,384
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 123,602115,870 $ 136,987
Salaries, wages and related taxes 51,41949,915 49,106
Accrued expenses 67,72874,205 66,679
Income taxes payable 4,637971 1,967
Current portion of debt 1,050474 5,790
---------- ----------
TOTAL CURRENT LIABILITIES 248,436241,435 260,529
LONG-TERM DEBT 378,649386,061 364,621
SUBORDINATED DEBT 115,000 115,000
DEFERRED INCOME TAX LIABILITIES 40,14539,950 38,242
OTHER LIABILITIES 28,78429,953 28,729
REDEEMABLE PREFERRED STOCK 3,948 3,948
SHAREHOLDERS' EQUITY:
Preferred Stock, without par value -
Authorized 5,200,000 shares,
no shares issued
Common stock, par value $1 per share -
Authorized 60,000,000 shares
Issued 21,449,431 and 21,397,865 shares 21,449 21,398
Additional paid-in capital 186,470186,465 185,947
Retained earnings 208,638211,695 199,941
---------- ----------
416,557419,609 407,286
Treasury stock, 315,150 shares, at cost (971) (971)
----------- ---------- 415,586----------
418,638 406,315
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,230,548$1,234,985 $1,217,384
========== ==========
See notes to consolidated financial statements.
AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
SixNine Months Ended
JuneSeptember 30
----------------
1996 1995
---- ----
OPERATING ACTIVITIES:
Net Earnings $ 12,00316,714 $ 4,14211,844
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Depreciation and amortization 72,965 64,689112,186 98,224
Provision for aircraft engine overhauls 6,020 4,9599,038 7,558
Deferred income taxes 211 (1,178)1,727 766
Other 147 (2,791)1,363 (2,470)
-------- --------
CASH PROVIDED BY OPERATIONS 91,346 69,821141,028 115,922
Change in:
Receivables (3,667) 1,901(1,878) (17,788)
Inventories and prepaid expenses 1,108 (2,938)2,239 (4,190)
Accounts payable (13,385) (5,545)(21,117) 4,433
Accrued expenses, salaries &7,339 4,594
and taxes payable 6,032 2,283 -------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 81,434 65,522127,611 102,971
INVESTING ACTIVITIES:
Additions to property and equipment (85,621) (106,098)
Dispositions(135,491) (167,541)
Disposition of property and equipment 52 340141 904
Expenditures for engine overhauls (6,966) (3,922)(10,218) (6,060)
Other (998) (257)(916) 520
-------- --------
NET CASH USED IN INVESTING ACTIVITIES (93,533) (109,937)(146,484) (172,177)
FINANCING ACTIVITIES:
Proceeds from bank note borrowings, net 14,200 68,60021,700 (12,100)
Proceeds from debt issuance -- 107,461
Principal payments on debt (4,912) (17,071)(5,576) (17,693)
Proceeds from common stock issuance 574 320569 306
Dividends paid (3,307) (3,301)(4,961) (4,949)
-------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 6,555 48,54811,732 73,025
-------- --------
NET INCREASE (DECREASE) IN CASH (5,544) 4,133(7,141) 3,819
CASH AT JANUARY 1 17,906 10,318
-------- --------
CASH AT JUNESEPTEMBER 30 $ 12,36210,765 $ 14,45114,137
======== ========
See notes to consolidated financial statements.
AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JuneSeptember 30, 1996
(Unaudited)
NOTE A--SUMMARY OF FINANCIAL STATEMENT PREPARATION:
The consolidated financial statements included herein are unaudited
but include all adjustments which are, in the opinion of management,
necessary for a fair presentation of the financial position and results of
operations and cash flows for the interim periods reported.
Certain amounts for prior periods have been reclassified to conform to
the 1996 presentation.
NOTE B--LONG-TERM DEBT:
Long-term debt consists of the following:
JuneSeptember 30 December 31
------- ----------------------- ------------
1996 1995
---- ----
(In thousands)
Senior debt:
Revolving bank credit $135,000$140,000 $115,000
Notes payable 22,50025,000 28,300
Senior notes 200,000 200,000
Revenue bonds 13,200 13,200
Other debt 8,9998,335 10,331
-------- --------
379,699386,535 366,831
Subordinated debt:
Senior subordinated notes -- 3,580
Convertible subordinated debentures 115,000 115,000
-------- --------
115,000 118,580
-------- --------
Total long-term debt 494,699501,535 485,411
Less current portion 1,050474 5,790
-------- --------
$493,649$501,061 $479,621
======== ========
NOTE C--EARNINGS PER COMMON SHARE:
Primary earnings per common share are based upon the weighted average
number of common shares outstanding during the interim period plus dilutive
common equivalent shares applicable to the assumed exercise of outstanding
stock options. Fully diluted earnings per share for the three and nine
months ended June 30, 1996,
assumes conversion of the Company's redeemable preferred stock and
convertible subordinated debentures as well as the dilutive common
equivalent shares applicable to the assumed exercise of stock options. Net
earnings as adjusted for the elimination of preferred stock dividends and
interest expense, net of applicable taxes, relative to the assumed
conversion was $11,753,285 for the three month period.
Fully diluted earnings per share for the six month period ended JuneSeptember 30, 1996 and the three and six month periods ended June 30, 1995 wereare the same as primary earnings
per share.
Average shares outstanding used in earnings per share computations were as
follows:
Three Months Ended SixNine Months Ended
------------------ ----------------
June-----------------
September 30 JuneSeptember 30
------- ------------------- ------------
1996 1995 1996 1995
---- ---- ---- ----
AVERAGE SHARES OUTSTANDING Primary 21,316 21,178 21,321 21,182
Fully Diluted 24,728 21,180 21,322 21,18221,253 21,196 21,299 21,186
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
RESULTS OF OPERATIONS:
The Company's operating performance in the secondthird quarter of 1996 resulted
in significantly higherlower operating income and net earnings compared to the third quarter of
1995. Domestic business growth began to slow late in the second quarter of
1995,this year and compared tocontinued through the weather-hampered results ofthird quarter. This slow down in
growth had a negative impact on the firstthird quarter of 1996. Key factors contributing to the improved operating results include yield improvements, productivity gains, and solid shipment
growth.results.
Net earnings available to common shareholders for the secondthird quarter of 1996
were $10.6$4.6 million, or $0.50$0.22 per share, compared to $2.2$7.6 million, or $0.10$0.36
per share for the secondthird quarter of 1995. Net earnings were $11.9$16.5 million,
or $0.56$0.78 per share for the first sixnine months of 1996, compared to $4.0$11.6
million, or $0.19$0.55 per share for the corresponding period
in 1995.
Earnings per share on a fully diluted basis for the second quarter of 1996
and 1995 were $0.48 and $0.10, respectively, and for the first six months
of 1996 were $0.56 compared to $0.19 for the corresponding period in 1995.
The following table sets forth selected shipment and revenue data for the
comparative periods indicated:
Three Months Ended SixNine Months Ended
------------------ ----------------
JuneSeptember 30 JuneSeptember 30
------- ------------------- ------------
1996 1995 1996 1995
---- ---- ---- ----
Shipments (in thousands):
Domestic
Overnight
Letters 9,620 9,017 19,147 18,1479,570 9,393 28,717 27,540
0-2 Lbs. 14,173 12,208 28,003 24,22114,406 12,689 42,409 36,910
3-99 Lbs. 12,312 10,509 24,629 20,981
------ ------12,546 11,211 37,175 32,192
------- ------- 36,105 31,734 71,779 63,349------- -------
36,522 33,293 108,301 96,642
Select Delivery Service
0-2 Lbs. 17,751 14,558 34,941 28,46117,574 14,933 52,515 43,394
3-99 Lbs. 9,352 8,143 18,859 15,819
------ ------8,799 8,310 27,658 24,129
------- ------
27,103 22,701 53,800 44,280------- ------- -------
26,373 23,243 80,173 67,523
100 Lbs. &and over 75 81 148 162
------ ------73 78 221 240
------- ------- ------- -------
Total Domestic 63,283 54,516 125,727 107,791
------ ------62,968 56,614 188,695 164,405
------- ------- ------- -------
International
Express 1,129 1,013 2,187 1,9491,124 1,037 3,311 2,986
All Other 150 142 296 272
------ ------127 140 423 412
------- ------- ------- -------
Total International 1,279 1,155 2,483 2,221
------ ------1,251 1,177 3,734 3,398
------- ------- ------- -------
Total Shipments 64,562 55,671 128,210 110,012
====== ======64,219 57,791 192,429 167,803
======= ======= ======= =======
Average Pounds per Shipment:
Domestic 4.54.4 4.5 4.5 4.5
International 57.2 62.5 57.8 65.051.8 61.2 55.8 63.7
Average Revenue per Pound:
Domestic $1.82$ 1.84 $ 1.80 $1.81$ 1.82 $ 1.81
International $1.32 $ 1.30 $1.301.38 $ 1.261.29 $ 1.33 $ 1.27
Average Revenue per Shipment:
Domestic $ 8.258.26 $ 8.24 $ 8.20 $ 8.27
International $ 8.1771.93 $ 8.28
International $76.89 $80.79 $76.57 $81.5278.41 $ 75.02 $ 80.44
Total shipments increased 16.0%11.1% in the secondthird quarter of 1996 compared to an
increase of 20.0%20.5% in the secondthird quarter of 1995. Domestic and international
shipments increased 16.1%11.2% and 10.7%6.3%, respectively, during this period of 1996 compared to
20.0%20.6% and 17.7%16.4%, respectively, for the corresponding period of 1995.
Domestic shipments increased 16.6%14.8% and international shipments increased
11.8%9.9% in the first halfnine months of 1996 compared to 20.1%20.3% and 17.1%16.9%,
respectively, in the first halfnine months of 1995.
The growth in domestic shipments has been aided by improvedslowed considerably during the third
quarter of 1996 compared to the first half of the year. This was the
result of lower growth rates in both the Company's overnight express
product and its deferred service product.product, which increased 9.7% and 13.5%,
respectively, in the third quarter of 1996, compared to 12.6% and 34.5%,
respectively, in the third quarter of 1995. The Company attributes the
slower growth to a slowdown in business activity in some of its key
customer segments. For the first sixnine months of 1996, overnight shipments
increased 13.3%12.1% and deferred shipments increased 18.7% compared to
an increase of 9.1% for the
comparable period in 1995. Also, domestic shipment growth continued to be
aided by solid growthincreases in the deferred service product, which increased
21.5% in the first six monthscorresponding period of 1996, accounting for 42.8%1995 of total
domestic shipments in the first half of 1996 compared to 41.1% for the same
period in 1995.10.3% and 38.4%,
respectively.
Domestic revenues increased 15.8%11.5% in the secondthird quarter of 1996 and 15.1%13.9%
for the first sixnine months of 1996 compared to 11.0%12.7% and 11.2%11.7% for the
comparable periods in 1995, respectively. The Company experienced a
milestone during the second quarterand third quarters of 1996 relative to domestic
revenue growth that has not occurred in several years. The percentage
growth in domestic revenue did not lag shipment growth, but was relatively equal to the percentage growth in
domestic shipments.shipments rather than lagging shipment growth. Also, the average
revenue per domestic shipment increased during the secondthird quarter of 1996 to
$8.25,$8.26 compared to $8.08$8.24 in the firstthird quarter of 1995 and compared to $8.25
in the second quarter of 1996. These improvedImproved domestic revenue trends reflect
the extra focus placed on enhancing yields. This
focus beganyields beginning in the third quarter
of 1995, and these efforts continueare ongoing.
International business activity slowed in the third quarter of 1996.
However, some of this slowing has been intentional, as the Company has
chosen to be an ongoing focus of the Company.less price aggressive in pursuing some heavy weight freight
business. International shipments increased 10.7% and 11.8%revenues decreased 2.5% in the second quarter and
first six months of 1996, respectively, compared to 17.7% and 17.1% in the
comparable periods of 1995. International revenues increased 5.4% in the
secondthird quarter of
1996 compared to 21.4%an increase of 24.2% in 1995, and for the first halfnine
months of 1996 and 1995 increased 5.0%2.5% and 23.5%23.7%, respectively.
International revenue per shipment and the average weight per shipment
decreased as a result of the lower unit growth in higher yielding freight
shipments in the first halfnine months of 1996 compared to 1995. However,
gross margins on international business improved 13.0%6.3% over the first halfnine
months of 1995.
Assuming the economy remains strong, the factors that contributed to the
Company's growth and improved operating results during the second quarter,
should have a positive effect through the balance of 1996. However, the
overall growth in business during the last couple weeks of the second
quarter and the first few weeks of the third quarter has not been as strong
as expected. While this lower growth may not be indicative of a definitive
trend, a continuing softness could negatively impact operating results in
the last half of the year.
Operating expenses as a percentage of revenues were 97.0%97.3% for the first
sixnine months of 1996 compared to 98.0%96.4% in the first sixnine months of 1995 and
96.9% for all of 1995. Operating cost per shipment handled decreased 3.8%2.7%
to $9.23$9.25 for the first sixnine months of 1996 compared to the first sixnine
months of 1995. The operating cost per shipment for the secondthird quarter of
1996 decreased 3.9% to $9.24,$9.27, compared to $9.35 in the secondthird quarter of 1995.
TheWith the slower shipment growth rate, the Company experiencedwas not as effective at
lowering the operating cost per shipment compared to last year's third
quarter, achieving only a 5.4%1% improvement. Productivity improvement in productivity for the
second
quarterfirst nine months of 1996, compared to the second quarteryear was approximately 3.2% over the corresponding
period of 1995 as measured by shipments handled per paid employee hour whilehour.
The Company experienced only a 1.0% improvement in productivity improvement for the
first half of the year was approximately 4.2% over the corresponding
period of 1995. Operating expenses were negatively impacted during the
firstthird quarter of 1996, by severe winter weather conditions which diminished
productivity improvements, added significantlycompared to operating costs, and
resulted in lost business.the third quarter of 1995. Comparisons
of certain operating expense components are discussed below.
Transportation purchased decreased as a percentage of revenues to 33.6%33.4% in
the first sixnine months of 1996 compared to 35.8%35.6% in 1995. This decrease was
primarily due to two factors. Commercial airline costs were lower as a
percentage of total revenues due to the lower growth in international
freight shipments discussed above.shipments. Also, the suspension of the Federal Aviation Excise Tax
on January 1, 1996 resulted in the avoidance of costs in the first halfeight
months of 1996 of $11.0$14.7 million compared to the first halfcorresponding period of
1995 when approximately $10.4$13.6 million of costs related to this tax were
incurred. The Aviation Excise Tax became effective again on August 27,
1996.
Station and ground expense as a percentage of revenues was 31.6%31.7% in the
first sixnine months of 1996 compared to 31.2%31.0% in the first sixnine months of
1995. This category of expense was negatively impacted by the weather
during the first quarter of 1996.
Flight operations and maintenance expense as a percentage of revenues
during the first sixnine months of 1996 was 15.4%15.6%, compared to 14.6% in the
first sixnine months of 1995. This category of cost was negatively impacted
during the first halfnine months of 1996 by severe weather in the first quarter
and higher jet fuel costs. The average aviation fuel price for the first
halfthree quarters of 1996 was $0.71$0.72 per gallon (including the $0.043 per
gallon Federal Excise Tax implemented October 1, 1995) compared to $0.59
per gallon in the first halfcorresponding period of 1995. Aviation fuel consumption
increased to 79.3118.9 million gallons in the first sixnine months of 1996, a
16.8%15.4% increase compared to the first sixnine months of 1995. The increase in
fuel consumption is a result of additional Company operated aircraft placed
in service since the first half inthird quarter of 1995 and the impact of the severe
weather in the first quarter of 1996.
The increased number of aircraft in service also accounted for a large
portion of the increase in depreciation and amortization expense in the
first half of 1996.
General and administrative and sales and marketing expenses on a combined
basis as a percentage of revenues in the first halfnine months of 1996 was 10.0%9.9%
compared to 9.9%9.8% in the comparable period of 1995. Any inflationary
pressure on costs has effectively been offset as the result of continuing
productivity gains and a strong focus on all discretionary spending.
Interest expense in the first halfnine months of 1996 was higher than the same
period in 1995 due to higher average outstanding borrowings and to the
lower level of capitalized interest in the 1996 period.
The Company's effective tax rate was 40.0%40.5% in the first sixnine months of 1996
compared to 43.4%41.3% in the first sixnine months of 1995 and 39.9% for all of
1995. The higher effective tax rate for the first half of 1995 compared to
1996 was a result of certain taxes that are not directly related to the
level of earnings, resulting in a higher rate in periods of lower earnings.
LIQUIDITY AND CAPITAL RESOURCES:
Capital expenditures and associated financing continuedcontinue to be the primary
factors affecting the financial condition of the Company. The Company has
decreased planned capital expenditures for 1996 to reflect slower shipment
growth, and anticipates total capital expenditures will approximate $190 to
approximate $210 - $220$200 million in 1996, of which a significant portion is related to the acquisition and
modification of aircraft.1996. During the first halfnine months of 1996, total capital
expenditures net of dispositions were $86$135 million. The principal sources
of liquidity for financing capital expenditures during the first halfnine
months of 1996 were cash provided by operations and financing under the
Company's bank lines of credit.
The Company's $250 million unsecured revolving bank credit agreement has
traditionally been used as a major source of liquidity for periods between
other financing transactions. The Company also has available $65 million
under unsecured uncommitted money market lines of credit with several
banks, used in conjunction with the revolving credit agreement to
facilitate settlement and accommodate short-term borrowing fluctuations.
At JuneSeptember 30, 1996, a total of $157.5$165.0 million was outstanding under the
revolving bank credit and money market credit lines.
The Company amended its revolving bank credit agreement effective
May 1, 1996, resulting in the agreement being effective for a five-year
term through May 31, 2001.
In management's opinion, the available capacity under the bank credit
agreements coupled with internally generated cash flow from remaining 1996
operations and other sources of borrowing should provide adequate
flexibility to finance anticipated capital expenditures for the balance of
1996.
PART II. OTHER INFORMATION
--------------------------
Item 5. Other Information.
Mary Agnes Wilderotter, currently Executive Vice President, National
Operations of AT&T Wireless Services (AWS) and Chief Executive Officer of
AWS's Aviation Communications Division, was appointed to the Company's
Board of Directors at the April 23, 1996 board meeting. Ms. Wilderotter
will join the board on August 7, 1996.
Item 6. Exhibits and Reports or Form 8-K.
(a) Exhibits
-
EXHIBIT NO. 10 - Material Contracts
10(a) Airborne Freight Corporation Director Stock Bonus Plan dated
April 23, 1996.
10(b) Second Amendment to Credit Agreement dated May 1, 1996
among the Company, as borrower, and Wachovia Bank of Georgia, N.A., as
Agent, and Wachovia Bank of Georgia, N.A., ABN AMRO Bank N.V., United
States National Bank of Oregon, Bank of America NW, N.A., CIBC, Inc.,
National City Bank, Columbus, as assignee of Continental Bank N.A., Bank of
America National Trust and Savings Association, The Bank of New York and
NBD Bank, N.A., as banks.
EXHIBIT NO.Exhibit No. 27 - Financial Data Schedule
SIGNATURES
----------
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized:
AIRBORNE FREIGHT CORPORATION
----------------------------
(Registrant)
Date: 8/12/11/13/96 /s/Roy C. Liljebeck
------------------------- --------------------------------- -------------------
Roy C. Liljebeck
Executive Vice President,
Chief Financial Officer
Date: 8/12/11/13/96 /s/Lanny H. Michael
------------------------- --------------------------------- -------------------
Lanny H. Michael
Senior Vice President,
Treasurer and Controller