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2009 Annual Report

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2009 Annual Report The true character of a team is revealed by how it responds to challenge, and in 2009 the Con-way team responded with remarkable focus, strength and resilience as we navigated through the most severe economic downturn in our company’s history. The year saw proactive and decisive steps taken to reduce costs and conserve cash. At the same time, our team kept an eye on the horizon: investments were made to prudently maintain our fleets, new service offerings were developed, advancements were made in technology tools, and our networks became more efficient — all to position ourselves for the future. The economic reset had far- reaching effects in the freight and logistics markets. Our principal operating companies — Con-way Freight, Con-way Truckload and Menlo Worldwide Logistics — each responded with strategies to address the challenges while maintaining reliable, consistent service. Con-way Freight: The principal challenge for our less-than-truckload (LTL) company in 2009 was managing through a rapid, severe decline in business volumes driven by the recession. Pricing, already weakened in prior years by increased competition and industry capacity that grew beyond market demand, declined at an accelerated pace, which pressured margins. Con-way Freight responded with diligent cost management and an emphasis on performance improvement for customers, implementing programs to increase network density, velocity, ease of doing business and service reliability. Our LTL company also turned in a superior safety performance in 2009, achieving its lowest accident frequency rate since 2003 and its best-ever showing at the National Truck Driving Championships, in which 88 Con-way Freight state champion drivers competed, with veteran driver Dale Duncan capturing the 2009 Grand Champion title. Going into 2010, Con-way Freight is continuing its aggressive focus on safety and has launched initiatives to optimize its customer mix and improve yield, productivity and margins. Con-way Truckload: Our full-truckload company battled the economy’s headwinds and the most aggressive bid cycle in memory in 2009, delivering a commendable operating profit. A strategic right-sizing of its fleet, coupled with solid operations management, improved fleet utilization and reduced empty miles as the year progressed. Initiatives to expand into regional markets and Canada were launched.Annual The company had its bestReport safety performance in 22 years in 2009, improving its accident frequency rate for the fifth consecutive year and reducing it 34 percent from 2004. With its strong presence in Mexico and premium service reputation, Con-way Truckload is positioned to improve profitable growth as industry overcapacity recedes and pricing continues to firm. MenloTO Worldwide SHAREHOLDER Logistics: Our supply chain and logistics company rode a Swave of increasing interest in outsourcing throughout 2009, as more businesses engaged third parties to pursue transportation and logistics cost reductions. Menlo delivered and, in the process, turned the economic downturn to its advantage to achieve a near-record profit year. The company made headway expanding its fourth-party logistics (4PL) services in 2009 and expects to enhance this industry- leading capability going forward, as well as its traditional third-party logistics (3PL) warehousing and transportation management services. Menlo’s expertise in Lean tools and practices for reducing waste and improving efficiency continues to provide competitive differentiation. The freight and logistics markets have recovered from the volatility of 2009 and have settled into what seems to be a stable and improving economy, albeit at a much lower level of economic output. The central issue we need to deal with in 2010 is freight industry pricing, which bottomed in 2009 to nearly 10-year lows. Given the stabilization in the operating environment, we will resume a more typical capital program in 2010. From a platform of financial strength, we are planning to invest more than $160 million for fleet replacement, technology upgrades and other assets that will improve operations. In addition, with the May repayment of $200 million of debt, we’ll reduce our interest expense and further strengthen our balance sheet. We’re realistic about the future; 2010 will present its own challenges considering that today’s freight and logistics markets are reliant on an economy that has not completely shaken off the worst recession in decades. Our strategies and our portfolio of businesses are on target with the services our customers tell us will be most in demand and most valuable to them today and into the future. We are a resilient and adaptable team, and as long as we keep blocking and tackling, keep costs in check, and focus on consistent, uncompromising service Con-way Inc. 2855 Campus Drive, Suite 300 • San Mateo, CA 94403 for the customer, our prospects for profitable growth will improve. (650) 378-5200 • www.con-way.com HQM-0626 (2/10) Printed in USA 2009 Letter to Shareholders SharehOLDER Information he true character of a Menlo Worldwide Logistics: Our supply chain and logistics team is revealed by how company rode a wave of increasing interest in outsourcing BOARD OF DIRECTORS CON-WAY INC. EXECUTIVE Con-way Inc. it responds to challenge, throughout 2009, as more businesses engaged third parties OFFICERS 2855 Campus Drive, Suite 300 W. Keith Kennedy Jr. (13) andT in 2009 the Con-way team to pursue transportation and logistics cost reductions. Menlo San Mateo, CA 94403 Chairman of the Board Douglas W. Stotlar responded with remarkable delivered and, in the process, turned the economic downturn to Tel: (650) 378-5200 Con-way Inc. President and Chief Executive focus, strength and resilience as its advantage to achieve a near-record profit year. The company con-way.com Officer we navigated through the most made headway expanding its fourth-party logistics (4PL) John J. Anton (5) severe economic downturn in our services in 2009 and expects to enhance this industry-leading Con-way is an equal opportunity employer. Operating Director Robert L. Bianco Jr. company’s history. The year saw capability going forward, as well as its traditional third-party Paine & Partners LLC Executive Vice President News Media: Send inquiries to Corporate proactive and decisive steps taken logistics (3PL) warehousing and transportation management Communications at (650) 378-5200 or e-mail Douglas W. Stotlar, President to reduce costs and conserve cash. services. Menlo’s expertise in Lean tools and practices for William R. Corbin (5) John G. Labrie and Chief Executive Officer [email protected]. At the same time, our team kept an reducing waste and improving efficiency continues to provide Retired Executive Executive Vice President eye on the horizon: investments were made to prudently maintain competitive differentiation. Vice President Shareholders and Investors: Address inquiries to the our fleets, new service offerings were developed, advancements Herbert J. Schmidt Outlook Weyerhaeuser Company Vice President of Investor Relations. Call toll-free were made in technology tools, and our networks became more Executive Vice President (800) 340-6641 or e-mail [email protected]. efficient — all to position ourselves for the future. The freight and logistics markets have recovered from the Robert Jaunich II (18) Jennifer W. Pileggi volatility of 2009 and have settled into what seems to be a stable Founder and Managing Partner Transfer Agent and Registrar: BNY Mellon Shareholder Year in Review Executive Vice President, and improving economy, albeit at a much lower level of economic Calera Capital Services. For shareholder information, call (866) 517-4584 General Counsel and Corporate The economic reset had far-reaching effects in the freight and output. The central issue we need to deal with in 2010 is freight or visit www.bnymellon.com/shareowner/isd. logistics markets. Our principal operating companies — Con-way industry pricing, which bottomed in 2009 to nearly 10-year lows. Michael J. Murray (13) Secretary Freight, Con-way Truckload and Menlo Worldwide Logistics — Retired President, Global Annual Shareholders’ Meeting: The 2010 Annual Given the stabilization in the operating environment, we will Stephen L. Bruffett each responded with strategies to address the challenges while Corporate and Investment Banking Meeting will be held at 8:30 a.m., Tuesday, May 18, 2010, resume a more typical capital program in 2010. From a platform Executive Vice President and maintaining reliable, consistent service. Bank of America Corporation at the Hotel Sofitel in Redwood City, California. of financial strength, we are planning to invest more than $160 Chief Financial Officer Con-way Freight: The principal challenge for our less-than- million for fleet replacement, technology upgrades and other John C. Pope (7) Stock Exchange: New York Stock Exchange truckload (LTL) company in 2009 was managing through a assets that will improve operations. In addition, with the May Chairman rapid, severe decline in business volumes driven by the recession. repayment of $200 million of debt, we’ll reduce our interest Ticker Symbol: CNW PFI Group, LLC PRINCIPAL OPERATING Pricing, already weakened in prior years by increased competition expense and further strengthen our balance sheet. MANAGEMENT and industry capacity that grew beyond market demand, declined Auditors: KPMG LLP We’re realistic about the future; 2010 will present its own William J. Schroeder (13) at an accelerated pace, which pressured margins. Con-way Freight challenges considering that today’s freight and logistics markets Retired Silicon Valley Entrepreneur John G. Labrie Con-way Freight responded with diligent cost management and an emphasis are reliant on an economy that has not completely shaken off the President 2211 Old Earhart Road on performance improvement for customers, implementing Douglas W. Stotlar (5) worst recession in decades. Our strategies and our portfolio of Con-way Freight Ann Arbor, MI 48105 programs to increase network density, velocity, ease of doing President and Chief Executive businesses are on target with the services our customers tell us Tel: (734) 994-6600 business and service reliability.
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