nued their cargo-dedicated aircraft and now use the freight compartments of their passenger planes to move freight from forwarders.
The Flying Tigers acquisition proved to be a costly one for Federal Express as its European operations did not prove profitable. The resulting losses put the company in a loss position for the first time in its history, and it recently discontinued its intra-European operations. The company lost more than 125 million dollars during the third quarter of 1991, with the European operations contributing much of that. As a result, the company's financial performance and expectations by analysts were severely curtailed.
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