Alan Graf Quotations

Market conditions have deteriorated more than we anticipated, as reflected by numerous news accounts of earnings warnings and layoffs, particularly in the auto and high-tech sectors. Volume growth, yield growth and weights for February dropped noticeably for all of our operating units.

We're 25 cents a gallon above the point where we raised our surcharge to 4 percent.

Volume growth accelerated at the end of (the second quarter) and has continued to accelerate in quarter three.

Profitability is improving, ... By operating each of the FDX subsidiaries independently to compete in distinct market segments, we bring the most appropriate services and cost structure to each customer segment.

Deteriorating economic conditions and the rapid decline in the high-tech and other durable goods industries have increasingly affected FedEx Express volumes,

We're proud of our fourth quarter, and we're back.

We believe our product offerings are complementary. We have virtually no presence in the lightweight preferred market, so we don't really compete with the postal service there,

We exceeded our original forecast for the second quarter due to outstanding operational performance and the deferral of certain advertising and promotional expenses to the second half of the fiscal year.

We have not seen the global economy improve and we're not expecting it to in the (fiscal) first quarter or maybe the 2Q as well,

We do not think there is a mode shift (from air to ground shipments, ... We believe that the express-intensive businesses are the ones that have been punished the most in the recession and the slow recovery.