Tiger International, a Los Angeles transportation company, reported a first-quarter net loss of $34.2 million, compared to a loss of $4.7 million a year earlier. Revenue was off 3% to $263.2 million.
The quarter included a non-cash charge of $13.2 million resulting from the effects of changes in exchange rates between the Japanese yen and the dollar on long-term yen-denominated obligations of the company’s principal subsidiary, Flying Tiger Line, a worldwide air cargo carrier.
Revenue from Tiger’s other major subsidiary, Warren Transport, a domestic trucking company, declined 5% in the quarter, the company reported. Pretax profit decreased due to the continued decline in farm machinery sales and sharp increases in insurance costs, it said.