USFreightways Provides First Quarter 2002 Guidance

    CHICAGO--April 2, 2002--USFreightways Corporation (NASDAQ USFC) announced today that it expects to report first quarter earnings before special charges in the range of $0.16 to $0.20 per share for the first quarter of 2002. This range is based upon figures currently available and may vary due to operations during the last week of the quarter that included the Good Friday holiday. The special charges relate to those previously announced of approximately $13 million for USF Worldwide relinquishing its interest in USF Asia Group, Ltd., and a non-cash goodwill impairment loss of $70 million at USF Worldwide under Statement of Financial Accounting Standard ("SFAS") No. 142.
    "This range is in line with the majority of the analysts who follow us," said Samuel K. Skinner, USFreightways' Chairman, President and Chief Executive Officer.
    The Company expects to release actual earnings for the first quarter on April 22nd before the market opens. A conference call will be held on that day to discuss the results with analysts.
    This release is an effort to enhance communication and provide guidance on the ongoing quarter within the guidelines of Regulation FD. It contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission including forms 8K, 10Q and 10K.

    USFreightways provides comprehensive supply chain management services, including high-value next-day, regional and national less-than-truckload (LTL) transportation, logistics, domestic and international freight forwarding and premium regional and national truckload transportation. For more information, contact the Company at www.usfreightways.com.