8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

	February 2, 2011
Date of Report (Date of earliest event reported)
	Con-way Inc.
(Exact name of registrant as specified in its charter)
Delaware		1-5046	94-1444798
(State or other		(Commission	(IRS Employer
jurisdiction of		File Number)	Identification
incorporation)			Number)
2211 Old Earhart Road, Suite 100, Ann Arbor, Michigan 48105
(Address of principal executive offices)
	(zip code)
Registrant’s telephone number, including area code:
	(734) 994-6600
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 2, 2011 Con-way Inc. issued a press release announcing results of operations for the quarter ended December 31, 2010, which is being furnished to the U.S. Securities and Exchange Commission. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additional details of Con-way’s results of operations are being furnished to the U.S. Securities and Exchange Commission as Exhibit 99.2, which is incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit No.	Description
EX 99.1	Press release issued on February 2, 2011
EX 99.2	Quarterly segment results of operations

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Con-way Inc.
	(Registrant)
February 2, 2011	/s/ Stephen L. Bruffett
	Stephen L. Bruffett
	Executive Vice President and
	Chief Financial Officer

EX-99.1

Exhibit 99.1

Con-way

NEWS RELEASE

Contacts:

Investor:  Patrick Fossenier 1+650-378-5353

News Media:  Gary Frantz 1+ 650-378-5335

CON-WAY INC. REPORTS FOURTH-QUARTER AND FULL-YEAR RESULTS FOR 2010

ANN ARBOR, Mich.—Feb. 2, 2011—Con-way Inc. (NYSE:CNW) today reported net income for the fourth quarter of 2010 of $2.4 million, or 4 cents per diluted share. The results compare to a fourth-quarter 2009 net loss of $1.9 million, or 4 cents per diluted share.

On a non-GAAP basis, earnings per diluted share were 2 cents in the 2010 fourth quarter compared to 6 cents in 2009, excluding the following:

· 2010 – $1.1 million of costs associated with the consolidation of Con-way’s executive offices, and a $2.0 million positive tax adjustment resulting primarily from a recent change in tax legislation that reduced the annual effective tax rate.

· 2009 – $3.4 million of expenses for an administrative outsourcing initiative, and $2.6 million of increased tax expense due to the effect of adjustments for discrete and other tax items.

Revenue for the 2010 fourth quarter was $1.21 billion, an 8.7 percent increase from last year’s fourth quarter.  Operating income in the 2010 fourth quarter was $15.8 million compared to $17.3 million in the fourth quarter a year ago.

In the 2010 fourth quarter, the company recognized an income tax benefit of $1.7 million, including the earlier-mentioned $2.0 million adjustment, on $0.7 million of income before taxes.  In the 2009 fourth quarter, income tax expense of $3.1 million, including the earlier-mentioned $2.6 million adjustment, was reported on $1.1 million of income before taxes, primarily related to discrete tax adjustments and changes in other items that increased the annual effective tax rate.

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FULL-YEAR 2010 RESULTS

For the full-year 2010, Con-way reported net income of $4.0 million, or 7 cents per diluted share.  This compares to a full-year 2009 net loss to common shareholders of $110.9 million, or $2.33 per diluted share.

On a non-GAAP basis, full-year 2010 earnings per diluted share were 47 cents in 2010 compared to 61 cents per diluted share in 2009, excluding the following:

· 2010 – goodwill and intangible-asset impairment charges of $19.2 million related to the 2007 acquisition of Chic Logistics, $5.0 million of charges for administrative outsourcing and executive office consolidation, and $3.9 million for other employee-separation costs.

· 2009 – a $134.8 million goodwill-impairment charge at Con-way Truckload, a $5.4 million charge for a change in Con-way Freight’s accounting estimate for revenue adjustments, and $3.4 million of costs related to administrative outsourcing.

Both years also included discrete tax adjustments and changes to other items that affected the annual effective tax rate (as detailed in the attached GAAP reconciliation table).

Revenue for the full-year 2010 was $4.95 billion, a 16.0 percent increase from 2009.  Operating income of $78.2 million in 2010 was improved from the operating loss of $25.9 million in 2009, with both periods affected by the special items described above.

In 2010, the company recognized $12.6 million of income tax expense on $16.6 million of income before taxes and, in 2009, $17.5 million of income tax expense was reported on $90.3 million of loss before taxes.  Both periods primarily reflect the earlier mentioned tax adjustments, and no tax deduction on impairment charges.  Excluding the effect of these items, the annual effective tax rate was 39.0 percent in 2010 compared to 40.8 percent in 2009.

“Con-way’s principal business units managed through an unsettled economy in 2010, concluding the year with solid operating discipline,” said Douglas W. Stotlar, Con-way president and CEO.

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In the fourth quarter, Con-way Freight, the company’s less-than-truckload unit, saw yield improve as a combination of pricing actions and proactive account management increased revenue per hundredweight, and helped maintain network volumes at more efficient levels.

“We were disappointed with Con-way Freight’s fourth quarter profits, which were affected by a spike in health care costs. That issue aside, we were encouraged with results of our operating cost reduction initiatives begun last August,” Stotlar noted.  “In less than 5 months, we’ve reversed the negative trajectory in primary operating cost and efficiency metrics, which are returning to historical norms.  As we move into 2011, our focus will be on vigilant cost control, network efficiency and yield management.”

Menlo Worldwide Logistics turned in a solid fourth quarter, successfully navigating a changing market for outsourced logistics services. “Menlo completed a commendable year, executing well against its plan, managing costs and exceeding customer goals,” Stotlar said.  He added that headed into 2011, “Menlo remains well positioned in its markets with a global footprint and service portfolio that is aligned with customer needs.”

In the fourth quarter, Con-way Truckload saw key operating and productivity measures improve compared to the third quarter.  “Our truckload unit operated well, reducing empty miles and increasing average loaded miles per load in the fourth quarter,” said Stotlar. “We have good balance in the network and are well positioned to increase asset utilization as we refine the business mix and expand opportunities for dedicated teams.  If the apparent firming of market demand continues, prospects for profitable growth should be encouraging,” he concluded.

Segment results in the 2010 fourth quarter for Con-way’s principal operations were as follows:

FREIGHT

For the 2010 fourth quarter, Con-way Freight, the company’s less-than-truckload operation, reported:

· Operating income of $1.8 million compared to $2.8 million earned in the year-ago period. The current period decline was primarily due to higher employee-related costs, which included approximately $18 million for the partial reinstatement of 2009’s employee wage and benefit reductions and a $10.7 million increase in costs for workers’ compensation and employee medical benefits.  The 2009 fourth quarter included $2.6 million (Con-way Freight’s share of the previously noted $3.4 million) of employee-separation costs and expense associated with the implementation of the administrative outsourcing initiative.

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· Revenue of $736.0 million, a 5.7 percent increase over last year’s fourth-quarter revenue of $696.4 million.

· Yield increased 7.1 percent from the previous-year fourth quarter.  Excluding the fuel surcharge, yield rose 4.9 percent.

· Tonnage per day was essentially flat compared to the previous-year fourth quarter.

· Operating ratio was 99.8 in the 2010 fourth quarter compared to 99.6 in the previous-year period.

LOGISTICS

For the fourth quarter of 2010, Menlo Worldwide Logistics, the company’s global logistics and supply chain management operations, reported:

· Operating income of $6.7 million, a 13.0 percent increase over last year’s fourth-quarter operating income of $5.9 million. Higher operating income in the 2010 period resulted from improved margins on warehouse management services, partially offset by lower margins on transportation management services.

· Revenue of $367.0 million, an increase of 7.5 percent from the prior year fourth-quarter revenue of $341.4 million, due to increased revenue from both transportation and warehouse management services.

· Net revenue of $143.8 million, a 5.5 percent increase from $136.3 million in the previous year fourth quarter.  The increase primarily reflects higher net revenue from warehouse management services, partially offset by a decline in net revenue from transportation management services.

TRUCKLOAD

For the fourth quarter of 2010, Con-way Truckload, the company’s full-truckload transportation operation, reported:

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· Operating income of $7.3 million compared to $8.2 million in the previous-year period.   The fourth quarter income decline was due in part to lower total miles, which led to a decline in tractor productivity and reflected changes in fleet composition that had fewer higher-mileage driver teams and proportionally more single driver trucks.

· Revenue of $143.0 million compared to prior-year fourth-quarter revenue of $139.7 million, reflecting the positive effect of higher fuel surcharges and improved revenue per loaded mile (excluding fuel surcharges).

· Operating ratio exclusive of fuel surcharges was 93.8, compared to 93.2 in the fourth quarter of 2009.

CON-WAY OTHER

Con-way Other includes the company’s Road Systems, Inc. trailer manufacturing unit as well as other corporate activities. These activities produced fourth-quarter operating income of $0.1 million and $0.3 million in 2010 and 2009, respectively.

INVESTOR CONFERENCE CALL

Con-way will host a conference call for the investment community tomorrow, Thursday, February 3, beginning at 8:30 a.m. Eastern Standard Time (5:30 a.m. Pacific).

The call can be accessed by dialing (866) 264-3634 or (706) 643-3632 (for international callers) and is expected to last approximately one hour.  Callers are requested to dial in at least five minutes before the start of the call.  The call will also be available through a live internet webcast at www.con-way.com, in the investor relations section.

An audio replay will be available for two weeks following the call dialing (800) 642-1687 or (706) 645-9291 (for international callers) and using access code 33303721.  An Internet replay of the presentation will also be available at the Con-way website.

About Con-way -- Con-way Inc. (NYSE:CNW) is a $5.0 billion freight transportation and logistics services company headquartered in Ann Arbor, Mich. A diversified transportation company, Con-way delivers industry-leading services through three primary operating companies: Con-way Freight, Con-way Truckload and Menlo Worldwide Logistics. These operating units provide high-performance, day-definite less-than-truckload and full truckload freight transportation, as well as logistics, warehousing, multimodal and supply chain management services, and trailer manufacturing. Con-way Inc. and its subsidiaries operate from more than 500 locations across North America and in 20 countries. For more information about Con-way, visit us on the Web at www.con-way.com.

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FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute "forward-looking statements" and are subject to a number of risks and uncertainties and should not be relied upon as predictions of future events. All statements other than statements of historical fact are forward-looking statements, including: any projections of earnings, revenues, weight, yield, volumes, income or other financial or operating items, all statements of the plans, strategies, expectations or objectives of Con-way’s management for future operations or other future items, any statements concerning proposed new products or services, any statements regarding Con-way's estimated future contributions to pension plans, any statements as to the adequacy of reserves, any statements regarding the outcome of any legal and other claims and proceedings that may be brought again st Con-way, any statements regarding future economic conditions or performance, any statements regarding strategic acquisitions, any statements of estimates or belief, and any statements or assumptions underlying the foregoing. Specific factors that could cause actual results and other matters to differ materially from those discussed in such forward-looking statements  include: changes in general business and economic conditions, increasing competition and pricing pressure, the creditworthiness of Con-way's customers and their ability to pay for services rendered, changes in fuel prices or fuel surcharges, the possibility that Con-way may, from time to time, be required to record impairment charges for goodwill, intangible assets and other long-lived assets, the possibility of defaults under Con-way's $325 million credit agreement and other debt instruments (including without limitation defaults resulting from unusual charges), uncertainty in the credit markets, including the effect on Con-wayR 17;s ability to refinance indebtedness as and when it becomes due, labor matters, enforcement of and changes in governmental regulations or legislation which potentially could result in an adverse impact on the company, environmental and tax matters, and matters relating to  Con-way's defined benefit pension plans, including the effect on the plans of changes in discount rates and in the value of plan assets. The factors included herein and in Item 7 of Con-way's 2009 Annual Report on Form 10-K as well as other filings with the Securities and Exchange Commission could cause actual results and other matters to differ materially from those in such forward-looking statements. As a result, no assurance can be given as to future financial condition, cash flows, or results of operations.

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Con-way Inc.
Consolidated Statements of Operating Results
(Dollars in thousands except per share amounts)
				Three Months Ended						Twelve Months Ended
				December 31,						December 31,
				2010			2009			2010			2009
Revenue
Freight				$	736,018		$	696,366		$	3,075,064		$	2,623,989
Logistics [a]					366,981			341,443			1,477,988			1,331,894
Truckload					143,016			139,739			569,741			564,071
Other					16,616			6,058			52,890			20,442
Inter-segment Revenue Eliminations					(48,988	)		(67,073	)		(223,683	)		(271,157	)
				$	1,213,643		$	1,116,533		$	4,952,000		$	4,269,239
Operating Income (Loss) [b]
Freight [c]				$	1,773		$	2,835		$	28,908		$	51,258
Logistics [d] [e]					6,693			5,923			26,275			28,228
Truckload [f]					7,262			8,208			20,844			(106,971	)
Other					109			318			2,143			1,557
					15,837			17,284			78,170			(25,928	)
Other Expense, net					15,144			16,137			61,613			64,341
Income (Loss) before Income Tax Provision (Benefit)					693			1,147			16,557			(90,269	)
Income Tax Provision (Benefit)					(1,694	)		3,076			12,572			17,478
Net Income (Loss)					2,387			(1,929	)		3,985			(107,747	)
Preferred Stock Dividends					-			-			-			3,189
Net Income (Loss) Applicable to Common Shareholders				$	2,387		$	(1,929	)	$	3,985		$	(110,936	)
Weighted-Average Common Shares Outstanding
Basic					54,663,750			49,057,690			52,507,320			47,525,862
Diluted					55,354,809			49,057,690			53,169,299			47,525,862
Income (Loss) Per Common Share
Basic				$	0.04		$	(0.04	)	$	0.08		$	(2.33	)
Diluted				$	0.04		$	(0.04	)	$	0.07		$	(2.33	)
	[a	]	Logistics' net revenue
			Revenue	$	366,981		$	341,443		$	1,477,988		$	1,331,894
			Purchased transportation expense		(223,157	)		(205,168	)		(906,389	)		(811,712	)
			Net revenue	$	143,824		$	136,275		$	571,599		$	520,182
	[b	]	Includes costs related to administrative outsourcing, the planned consolidation of Con-way’s executive offices, and other employee-separation costs. For full-year 2010 and 2009, these costs totaled $8.9 million and $3.4 million, respectively,
			with the predominant amount of the expense allocated to the Freight segment in the third quarter of 2010 and the fourth quarter of 2009.
	[c	]	Includes a prior-year third-quarter change in accounting estimate, which increased the allowance for revenue adjustments and decreased both revenue and operating income by $5.4 million.
	[d	]	Includes a $16.4 million current-year third-quarter goodwill-impairment charge.
	[e	]	Includes a $2.8 million current-year first-quarter charge for the write-off of a customer-relationship intangible asset.
	[f	]	Includes a $134.8 million prior-year first-quarter goodwill-impairment charge.

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Con-way Inc.
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
(Dollars in thousands except per share amounts)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2010			2009			2010			2009
Net Income (Loss) Applicable to Common Shareholders	$	2,387		$	(1,929	)	$	3,985		$	(110,936	)
Before-Tax Reconciling Items
Impairment of goodwill and other intangible assets		-			-			(19,181	)		(134,813	)
Administrative outsourcing and executive office consolidation		(1,147	)		(3,360	)		(4,990	)		(3,360	)
Other employee-separation costs		-			-			(3,938	)		-
Change in accounting estimate		-			-			-			(5,359	)
	$	(1,147	)	$	(3,360	)	$	(28,109	)	$	(143,532	)
Tax-Related Reconciling Items
Tax effect of items above		447			1,310			4,174			3,400
Changes in annual effective tax rate		1,287			(1,481	)		1,322			(787	)
Discrete tax adjustments		692			(1,148	)		1,355			681
	$	2,426		$	(1,319	)	$	6,851		$	3,294
Adjusted Non-GAAP Financial Measures:
Net Income Available to Common Shareholders	$	1,108		$	2,750		$	25,243		$	29,302
Net Income Per Diluted Common Share	$	0.02		$	0.06		$	0.47		$	0.61
Diluted Common Shares Outstanding		55,354,809			49,605,588			53,169,299			48,072,326
Information About Non-GAAP Financial Measures:
Con-way provides adjusted net income and earnings per share as additional information to investors. These measures are not in accordance with generally accepted accounting principles in the United States ("GAAP"). Con-way's non-GAAP financial
measures are intended to supplement, but not substitute for, the most directly comparable GAAP measures. Con-way believes that the non-GAAP financial measures provide meaningful information to assist investors and analysts in understanding
Con-way's financial results because they exclude items that may not be indicative or are unrelated to Con-way's core operating results. However, because non-GAAP financial measures are not standardized, it may not be possible to compare these
financial measures across companies. Investors are strongly encouraged to review Con-way's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

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Con-way Inc.
Consolidated Condensed Balance Sheets
(Dollars in thousands)
	December 31,		December 31,
	2010		2009
ASSETS
Current assets	$	1,120,077	$	1,076,894
Property, plant and equipment, net		1,404,585		1,375,273
Other assets		419,070		444,050
Total Assets	$	2,943,732	$	2,896,217
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	$	651,890	$	791,484
Long-term debt and capital leases		793,950		760,789
Other long-term liabilities and deferred credits		678,360		657,215
Shareholders' equity		819,532		686,729
Total Liabilities and Shareholders' Equity	$	2,943,732	$	2,896,217

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EX-99.2

Exhibit 99.2

Con-way Inc.
Freight Segment Statements of Operating Results
(Dollars in thousands)
										Twelve
	Three Months Ended									Months Ended
	March 31,			June 30,		September 30,		December 31,		December 31,
	2010			2010		2010		2010		2010
Revenue before intersegment eliminations	$	725,003		$	816,965	$	797,078	$	736,018	$	3,075,064
Salaries, wages and employee benefits		356,834			389,091		380,441		366,146		1,492,512
Purchased transportation		120,007			138,317		134,599		117,483		510,406
Other operating expenses		113,837			117,515		119,213		108,038		458,603
Fuel and fuel-related taxes		77,181			84,629		76,995		77,822		316,627
Depreciation and amortization		22,916			25,343		27,082		26,050		101,391
Maintenance		21,676			22,195		22,602		21,552		88,025
Rents and leases		11,408			13,686		13,078		11,046		49,218
Purchased labor		4,297			8,963		10,006		6,108		29,374
Total operating expenses		728,156			799,739		784,016		734,245		3,046,156
Operating income (loss)	$	(3,153	)	$	17,226	$	13,062	$	1,773	$	28,908
										Twelve
	Three Months Ended									Months Ended
	March 31,			June 30,		September 30,		December 31,		December 31,
	2009			2009		2009		2009		2009
Revenue before intersegment eliminations	$	573,815		$	649,349	$	704,459	$	696,366	$	2,623,989
Salaries, wages and employee benefits		322,555			310,364		341,886		342,940		1,317,745
Purchased transportation		79,948			91,706		114,783		116,026		402,463
Other operating expenses		98,548			96,744		106,211		103,089		404,592
Fuel and fuel-related taxes		44,817			50,871		61,200		70,767		227,655
Depreciation and amortization		26,793			27,133		27,133		25,674		106,733
Maintenance		17,503			17,177		20,959		20,681		76,320
Rents and leases		6,753			6,115		8,174		10,845		31,887
Purchased labor		285			245		1,297		3,509		5,336
Total operating expenses		597,202			600,355		681,643		693,531		2,572,731
Operating income (loss)	$	(23,387	)	$	48,994	$	22,816	$	2,835	$	51,258

Con-way Inc.
Logistics Segment Statements of Operating Results
(Dollars in thousands)
													Twelve
	Three Months Ended												Months Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2010			2010			2010			2010			2010
Revenue before intersegment eliminations	$	355,183		$	385,775		$	370,049		$	366,981		$	1,477,988
Purchased transportation		(210,934	)		(242,978	)		(229,320	)		(223,157	)		(906,389	)
Net revenue		144,249			142,797			140,729			143,824			571,599
Salaries, wages and employee benefits		52,232			54,285			54,770			56,839			218,126
Other operating expenses		37,197			36,016			35,624			39,337			148,174
Fuel and fuel-related taxes		213			216			187			230			846
Depreciation and amortization		3,063			3,201			3,168			2,794			12,226
Maintenance		574			591			642			810			2,617
Rents and leases		16,245			15,506			15,391			16,550			63,692
Purchased labor		19,102			19,974			20,815			20,571			80,462
Loss from impairment of goodwill and intangible assets		2,767			-			16,414			-			19,181
Total operating expenses excluding purchased transportation		131,393			129,789			147,011			137,131			545,324
Operating income (loss)	$	12,856		$	13,008		$	(6,282	)	$	6,693		$	26,275
													Twelve
	Three Months Ended												Months Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2009			2009			2009			2009			2009
Revenue before intersegment eliminations	$	316,477		$	327,622		$	346,352		$	341,443		$	1,331,894
Purchased transportation		(191,244	)		(200,252	)		(215,048	)		(205,168	)		(811,712	)
Net revenue		125,233			127,370			131,304			136,275			520,182
Salaries, wages and employee benefits		47,294			50,007			50,942			52,190			200,433
Other operating expenses		38,113			36,915			36,749			39,670			151,447
Fuel and fuel-related taxes		388			357			363			303			1,411
Depreciation and amortization		3,253			2,891			2,989			3,269			12,402
Maintenance		771			647			685			649			2,752
Rents and leases		15,883			15,468			15,492			16,246			63,089
Purchased labor		14,557			13,286			14,552			18,025			60,420
Total operating expenses excluding purchased transportation		120,259			119,571			121,772			130,352			491,954
Operating income	$	4,974		$	7,799		$	9,532		$	5,923		$	28,228

Con-way Inc.
Truckload Segment Statements of Operating Results
(Dollars in thousands)
										Twelve
	Three Months Ended									Months Ended
	March 31,			June 30,		September 30,		December 31,		December 31,
	2010			2010		2010		2010		2010
Revenue before intersegment eliminations	$	140,616		$	145,454	$	140,655	$	143,016	$	569,741
Salaries, wages and employee benefits		52,918			52,710		53,199		53,484		212,311
Purchased transportation		6,188			6,437		6,073		5,686		24,384
Other operating expenses		16,618			18,697		15,731		14,650		65,696
Fuel and fuel-related taxes		36,900			37,431		35,640		37,254		147,225
Depreciation and amortization		15,349			15,323		16,608		16,829		64,109
Maintenance		9,162			9,139		7,334		7,275		32,910
Rents and leases		219			261		257		259		996
Purchased labor		287			324		338		317		1,266
Total operating expenses		137,641			140,322		135,180		135,754		548,897
Operating income	$	2,975		$	5,132	$	5,475	$	7,262	$	20,844
										Twelve
	Three Months Ended									Months Ended
	March 31,			June 30,		September 30,		December 31,		December 31,
	2009			2009		2009		2009		2009
Revenue before intersegment eliminations	$	134,783		$	143,298	$	146,251	$	139,739	$	564,071
Salaries, wages and employee benefits		55,383			59,361		56,789		54,401		225,934
Purchased transportation		5,060			6,074		6,182		6,026		23,342
Other operating expenses		19,711			16,545		17,083		15,236		68,575
Fuel and fuel-related taxes		28,568			31,958		34,188		35,110		129,824
Depreciation and amortization		16,346			14,932		13,837		13,776		58,891
Maintenance		6,857			6,863		7,012		6,440		27,172
Rents and leases		206			213		195		212		826
Purchased labor		517			473		345		330		1,665
Loss from impairment of goodwill and intangible assets		134,813			-		-		-		134,813
Total operating expenses		267,461			136,419		135,631		131,531		671,042
Operating income (loss)	$	(132,678	)	$	6,879	$	10,620	$	8,208	$	(106,971	)

Con-way Inc.
Consolidated Statements of Operating Results
(Dollars in thousands)
										Twelve
	Three Months Ended									Months Ended
	March 31,			June 30,		September 30,		December 31,		December 31,
	2010			2010		2010		2010		2010
Revenue	$	1,161,911		$	1,306,263	$	1,270,183	$	1,213,643	$	4,952,000
Salaries, wages and employee benefits		489,459			523,950		517,221		498,203		2,028,833
Purchased transportation		277,641			344,039		331,137		313,031		1,265,848
Other operating expenses		133,751			140,191		137,563		136,353		547,858
Fuel and fuel-related taxes		114,349			122,335		112,863		115,450		464,997
Depreciation and amortization		45,026			47,938		50,568		48,970		192,502
Maintenance		31,485			32,016		30,640		29,723		123,864
Rents and leases		28,732			30,319		29,622		28,639		117,312
Purchased labor		24,301			30,043		31,654		27,437		113,435
Loss from impairment of goodwill and intangible assets		2,767			-		16,414		-		19,181
Total operating expenses		1,147,511			1,270,831		1,257,682		1,197,806		4,873,830
Operating income	$	14,400		$	35,432	$	12,501	$	15,837	$	78,170
										Twelve
	Three Months Ended									Months Ended
	March 31,			June 30,		September 30,		December 31,		December 31,
	2009			2009		2009		2009		2009
Revenue	$	962,932		$	1,056,333	$	1,133,441	$	1,116,533	$	4,269,239
Salaries, wages and employee benefits		458,416			445,698		476,454		477,816		1,858,384
Purchased transportation		213,541			232,509		271,842		265,540		983,432
Other operating expenses		118,531			118,891		131,408		125,673		494,503
Fuel and fuel-related taxes		73,812			83,223		95,786		106,216		359,037
Depreciation and amortization		50,104			48,858		47,390		46,059		192,411
Maintenance		25,159			24,712		28,690		27,824		106,385
Rents and leases		23,496			22,458		24,497		27,931		98,382
Purchased labor		15,372			14,018		16,240		22,190		67,820
Loss from impairment of goodwill and intangible assets		134,813			-		-		-		134,813
Total operating expenses		1,113,244			990,367		1,092,307		1,099,249		4,295,167
Operating income (loss)	$	(150,312	)	$	65,966	$	41,134	$	17,284	$	(25,928	)