BURLINGTON Air Express posted US$13.4 million in operating profit in the fourth quarter of last year, a 79 per cent increase compared with $7.5 million for the same period in 1992. For the entire year, Burlington's operating profit totalled $38 million compared with $15.1 for last year. ''These results speak highly of the Burlington team worldwide,'' said chairman David Marshall. ''Despite softness in pricing for most of the year and competitive pressures in all our markets, Burlington produced growth in revenue and showed record profits,'' he said. Despite the absence of price improvement last year, Burlington more than doubled its earnings based on volume growth and productivity gains worldwide, according to Mr Marshall. ''The tone of the market improved importantly in the fourth quarter as load factors reached record levels at Burlington and throughout the industry.'' Total weight shipped worldwide for the fourth quarter amounted to 286 million pounds, up 15 per cent from the same quarter of 1992. For the year, weight topped one billion pounds, an increase of 14 per cent over 1992. Total revenues last year equalled $998 million, an increase of $98 million (11 per cent) over 1992. Revenues from international transactions reached $144 million in the fourth quarter, an increase of 8.5 per cent over the previous year. Though lower average pricing prevailed, revenues increased due to higher shipment volume. In the US, domestic revenues increased 13 per cent to $128 million for the fourth quarter, which was a result of higher than expected volume growth reflecting the improving US economy. ''While volumes through the domestic overnight system consistently broke records, Burlington had the highest service performance record in its 21-year history because of quality improvements implemented during 1993,'' Mr Marshall said. During the year, Burlington modernised its fleet with DC8-71 Stage III cargo jets to replace all B707s and two Stage II DC8 aircraft. The company's Toledo, Ohio, hub was expanded by 30 per cent which contributed to a 15 per cent increase in container density. Implementation of image processing throughout the US improved customer information response time and reduced billing corrections by 33 per cent. A re-engineering of Burlington's shipment information and financial systems was launched, including the enhancement of its EDI (electronic data interchange) capabilities. ''The significant commitment Burlington made to quality and productivity improvements last year contributed at least $25 million to global margin improvements,'' Mr Marshall said.
