clarinews@clarinet.com (02/01/90)
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.