Federal Express Corp. Net income for the...

Federal Express Corp. Net income for the Memphis, Tenn.-based express delivery service declined to $24.8 million from $36.5 million in the third quarter of fiscal 1988. The performance reflects a substantial increase in the effective tax rate to 60.8% from 38.2%. Revenue for the quarter increased 31% to $1.3 billion from a year ago. The company said the figure includes February results for Tiger International and related acquisition costs, which reduced pretax income by about $7.0 million.