FRITZ NET INCOME DOWN 2.2 PERCENT ON U.S. BUSINESS DECLINE

FRITZ NET INCOME DOWN 2.2 PERCENT ON U.S. BUSINESS DECLINE    Fritz Cos. said Friday that net income declined 2.2 percent to $5.8 million during the company's fiscal first quarter, ending August 31.
   Net revenue, or revenue less direct transportation costs, rose 1.6 percent overall, to $153.1 million. However net revenue in the United States fell 3 percent, due to centralization of Fritz's customs brokerage operations, and the termination of six unprofitable, cash-negative accounts.
   The centralization of transaction processing work for the U.S. customs brokerage caused some lost business and pressure on margins,” the company said. “While operating trend lines continue to improve, the anticipated cost savings may not be achieved this fiscal year.”
   Fritz's net revenue increased in other regions. Asia improved 16.8 percent, aided by a constant exchange rate basis. Australia grew 14 percent, Europe improved 9.3 percent and Latin America net revenue grew 8.6 percent.
   Revenue for the fiscal first quarter improved 5.4 percent to $412.9 million. Operating income fell 2.7 percent to $10.4 million.