Tiger International Cuts Loss 33% in 1st Quarter

Tiger International, facing a proxy fight with financier Saul P. Steinberg over control of the company’s board, said it narrowed its first-quarter loss by nearly 33%.

For the three months ended March 31, the transportation company posted a net loss of $4.7 million, compared to a year earlier, when it had a deficit of $7 million.

The first-quarter 1984 results included a loss from discontinued operations of $3.9 million. There was no such write-off this year.

Revenue from continuing operations declined to $270 million in the most recent quarter from $276.3 million a year earlier.

The company’s continuing operations are Flying Tiger Line and Warren Transport, a nationwide trucking concern.

In 1984, Tiger lost $88.9 million on revenue of $1.2 billion. That included a fourth-quarter loss caused by the company’s write-off of its entire $132-million investment in its North American Car unit, a rail-car leasing operation.

Steinberg, through his Reliance Financial Services, owns 3.9 million shares, or about 17.8%, of Tiger. Last week, Steinberg disclosed that he was seeking four seats on Tiger’s nine-member board, but the company’s board took no action on his request.

Steinberg has said he will put up his own slate of nominees to be voted on at Tiger’s annual meeting May 23 in Los Angeles.