FedEx Freight, FedEx National LTL Announce General Rate Increase

(BUSINESS WIRE)--FedEx Freight and FedEx National LTL will implement 5.7% general rate increases (GRI) effective January 5, 2009. Both less-than-truckload (LTL) companies are part of the FedEx Freight Corp. operating segment of FedEx Corp. (NYSE:FDX). Rates for other operating companies within FedEx Corp., specifically FedEx Express and FedEx Ground, are not affected.

Delivering approximately 80% of its shipments next-day and second-day, FedEx Freight provides regional LTL service designed for companies operating fast-cycle logistics. FedEx National LTL provides long-haul service, supporting businesses with planned distribution.

“At both FedEx LTL companies, we are committed to supporting our customers’ supply chains by investing in key elements of infrastructure—safe and reliable, EPA compliant equipment; new or expanded facilities in strategic locations; technology enhancements to provide customers with greater shipment visibility; and most importantly, our people,” said Dennie Carey, senior vice president of Marketing, FedEx Freight. “We have a fully engaged workforce in the industry to better serve our customers.”

Since January 2008, FedEx Freight has improved service standards in key markets throughout the U.S., and reduced transit times in more than 3,300 transportation network lanes. The company also streamlined Canadian cross-border processes, enabling next-business-day coverage between major Canadian gateway cities and several regions across the U.S.

Now fully re-branded, FedEx National LTL is operating in expanded facilities in San Bernardino, Calif., Phoenix, Ariz., Decatur, Ala., and Rock Island, Ill. The company is also transitioning from non-decking trailers to units with decking, which reduces the potential for damage to freight.

Customers of both FedEx Freight and FedEx National LTL will benefit from enhanced technology that provides greater shipment tracking information while freight is in transit.

The GRI will apply to interstate and intrastate traffic, as well as certain shipments between the U.S. and Canada and Mexico. Various additional adjustments will include minimum and accessorial charges, as well as adjustments in select lanes and service areas.

After January 5, the new base rate and rules tariffs for FedEx Freight will be available on the company’s Web site, www.fedex.com/us/freight/main/ and new base rates and rules tariffs for FedEx National LTL will be available at http://fedex.com/us/national/main/. Customers may access rate quotes via these sites.

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FedEx Ground to Increase 2009 Rates by 5.9 Percent

(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX) will increase the standard list rates for FedEx Ground and FedEx Home Delivery by an average of 5.9 percent. The new rates will be effective Jan. 5, 2009.

FedEx Corp. previously announced that it would increase shipping rates for FedEx Express by an average of 6.9 percent for U.S. and U.S. export services, also effective Jan. 5, 2009.

The FedEx Express rate increase will be partially offset by adjusting the fuel price at which the fuel surcharge begins, reducing the fuel surcharge by two percentage points. Currently, FedEx Express has a trigger price of $1.14 per gallon of U.S. Gulf Coast kerosene-type jet fuel. Beginning Jan. 5, 2009, the trigger price will be $1.30 per gallon.

Additional changes will be made to other FedEx Ground and FedEx Home Delivery surcharges and to some FedEx Express surcharges effective Jan. 5, 2009. The details of these surcharges and the new rates are available at http://www.fedex.com/us/2009rates.

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FedEx Express Launches Express Your Vote Initiative with Overseas Vote Foundation for the Upcoming 2008 Presidential Election

BUSINESS WIRE--FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, today announced its support of Express Your Vote, an initiative of the Overseas Vote Foundation (OVF), a nonprofit, nonpartisan organization dedicated to ensuring an estimated six million overseas Americans have the ability to effectively participate in the federal electoral process.

With FedEx supporting this initiative, Americans abroad in 89 countries will be able to access express delivery of their absentee ballots between September 15 – October 29 of the 2008 election year.

The innovative Express Your Vote program will provide American voters abroad the convenience of online shipping, track and trace capabilities, and proactive proof of delivery through the Overseas Vote Foundation Web site, which has been developed with the latest advanced automation solutions from FedEx.

Statistics from the U.S. Election Assistance Commission’s “2006 Uniformed and Overseas Citizens Absentee Voting Act Report” indicated that the third most common reason for ballots being rejected and not counted was because the ballots were returned to local election offices after the deadline.

“FedEx is committed to delivering innovative solutions to customers all over the world,” said Rajesh Subramaniam, senior vice president, International Marketing, FedEx Services. “Teaming up with the Overseas Vote Foundation to offer the Express Your Vote initiative is a natural extension of our ongoing commitment to making strategic use of our physical and digital networks to meet the needs of people worldwide.”

“Overseas Vote Foundation is delighted to work with FedEx Express to bring Express Your Vote to U.S. overseas and military absentee voters in 89 countries,” said Susan Dzieduszycka-Suinat, president and CEO of Overseas Vote Foundation. “This initiative will bring tremendous value to overseas and military voters who need access to the unrivaled network and services of FedEx Express.”

For more information on the FedEx Express-Overseas Vote Foundation Express Your Vote initiative and details about access to FedEx services, visit: http://www.overseasvotefoundation.org/ExpressYourVote.

FedEx Changes Name of FedEx Kinko’s to FedEx Office, Will Record $891 Million Fourth Quarter Charge

BUSINESS WIRE--FedEx Corporation (NYSE: FDX) today (June 2, 2008) announced it will change the name of FedEx Kinko’s, the world's leading provider of document solutions and business services, to FedEx Office.

Along with the strategic decision to minimize the use of the Kinko’s trade name, FedEx said it will record a charge of approximately $891 million ($696 million, net of tax, or $2.22 per diluted share) in its fiscal fourth quarter, which ended May 31. This charge relates predominately to one-time, non-cash impairment charges associated with the decision about the use of the Kinko’s trade name and goodwill resulting from the Kinko’s acquisition.

The components of the charge are as follows (in millions):
Trade name		$515
Goodwill		367
Other		9
Total		$891

The charge was not included in the latest earnings guidance, issued on May 9. FedEx will announce earnings results on June 18 for the fourth quarter and fiscal year 2008.

The FedEx Office name better describes the wide range of services available at its retail centers and takes full advantage of the FedEx brand — long recognized for excellent customer service, quality and reliability. The centers will be rebranded during the next several years. The goodwill impairment charge reflects a decline in the current fair value of the FedEx Office unit in light of current economic conditions, the unit’s recent and forecasted performance and the decision to reduce the rate of store expansion.

“Kinko's was primarily a copy and print-service provider when it was acquired in 2004," said Brian D. Philips, president and chief executive officer of FedEx Office. "The name FedEx Office more accurately represents our broader role of providing superior information and services through our company-owned, digitally connected locations around the world. We are a back office for small businesses and a branch office for medium to large businesses and mobile professionals."

In May, Philips was named president and chief executive officer of FedEx Office. The unit’s senior management team was reduced and restructured to better support execution of the company’s strategy and to control costs. Earlier this year, the company reduced future capital commitments by slowing the rate of expansion from about 300 locations in fiscal year 2008 to about 70 in fiscal 2009.

These changes at FedEx Office are the latest in a series of moves designed to more sharply focus the division on profitable core revenue growth and incremental shipping volume, which contributes about $1 billion of revenues annually to FedEx Express and FedEx Ground.

In another action today, the FedEx Board of Directors declared a quarterly cash dividend of $0.11 per share on FedEx Corporation common stock, an increase of $0.01, or 10 percent, per share over the previous dividend payment. The dividend is payable July 1, 2008 to stockholders of record at the close of business on June 13, 2008.

FedEx Freight, FedEx National LTL Announce General Rate Increase

MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Freight, a leading U.S. provider of regional next-day and second-day less-than-truckload (LTL) service, and a subsidiary of FedEx Corp. (NYSE: FDX), will implement a 5.48 percent general rate increase (GRI) effective January 14, 2008. Additionally, FedEx National LTL, the long-haul LTL company, will implement a commensurate increase for its general rates.

Rates for other operating companies within FedEx Corp., specifically FedEx Express and FedEx Ground, are not affected.

“FedEx Freight and FedEx National LTL are committed to providing superior service for regional and long-haul shippers throughout North America,” said Dennie Carey, senior vice president, marketing, FedEx Freight. “Sustained investments in our employees, technology, equipment and facilities will enable us to continue offering what customers expect from FedEx – safe and reliable transportation of their shipments by dedicated professionals.”

In 2007, FedEx Freight improved service standards in key markets throughout the U.S., and reduced transit times in more than 1,000 transportation network lanes. Additionally, FedEx National LTL re-engineered its network to provide long-haul shippers with higher levels of reliability and certainty. FedEx National LTL was created in September 2006 when FedEx acquired the business assets of the former Watkins Motor Lines.

Carey also noted that FedEx Freight and FedEx National LTL have taken a leadership role in the purchase of safe and more environmentally sensitive equipment. “It’s our goal to take necessary steps to benefit our employees, customers and the communities in which we live and work.”

The GRI increase will apply to interstate and intrastate traffic, and certain shipments between the United States and Mexico and Canada. Various additional adjustments will include minimum and accessorial charges, as well as adjustments in fuel surcharges and select lanes and service areas.

After January 14, the new base rate and rules tariffs for FedEx Freight will be available on the company’s Web site, www.fedex.com/us/freight/main/ and new base rates and rules tariffs for FedEx National LTL will be available at http://fedex.com/us/national/main/. Customers may access rate quotes via these sites.