Path: utzoo!utgpu!watserv1!maytag!looking!clarinews From: clarinews@clarinet.com Newsgroups: clari.biz.finance.earnings Subject: Carolina Frieght fourth-quarter earnings down Keywords: trucking, transportation, corporate earnings, corporate finance Message-ID: Date: 1 Feb 90 02:35:50 GMT Lines: 14 Approved: clarinews@clarinet.com ACategory: financial Slugword: earn-carolina Priority: regular Format: regular ANPA: Wc: 155; Id: f2392; Sel: nf--f; Adate: 1-31-720pes Codes: ybttrxx., yfccrxx. CHERRYVILLE, N.C. (UPI) -- Carolina Freight Corp. said Wednesday it lost $3.5 million in the fourth quarter, compared with earnings of $5.1 million in the same period a year ago. Revenues rose to $211.3 million from $207.3 million in 1988. For the year ended Dec. 31, earnings were $1.1 million, compared with $10 million in 1988. Revenues rose to $670.4 million from $650.2 million in 1988. Kenneth E. Mayhew Jr., president and chief executive officer of Carolina Freight, said an after-tax adjustment to self-insurance reserves of $3 million contributed to the fourth-quarter loss. Mayhew also cited a 4 percent drop in freight prices in three of the company's three carriers and higher pay rates, employee benefits costs and fuel prices.