FDX 8-K and the 777F
05-06-2010, 09:24 PM
#1
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Joined APC: May 2006
Position: I'm On a Boat
Posts: 218
FDX 8-K and more 777F's
Show all filings for FEDEX CORP*|*Request a Trial to NEW EDGAR Online Pro
Form 8-K for FEDEX CORP
6-May-2010
Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On April 30, 2010, FedEx Corporation's wholly owned subsidiary Federal Express Corporation ("FedEx Express") and The Boeing Company ("Boeing") entered into Supplemental Agreement No. 8 (and related side letters) (the "Supplemental Agreement") to Purchase Agreement Number 3157 dated as of November 7, 2006 between Boeing and FedEx Express related to Boeing Model 777-Freighter (B777F) aircraft (the "Boeing Purchase Agreement").
In the Supplemental Agreement, FedEx Express agreed to purchase four additional B777F aircraft from Boeing: one of which is expected to be delivered in FedEx's fiscal year ending May 31, 2012, and three of which are expected to be delivered in fiscal 2013. A copy of the Supplemental Agreement will be filed as an exhibit to FedEx's annual report on Form 10-K for fiscal 2010.
Separate from the Boeing Purchase Agreement, FedEx Express has entered into a letter of intent to acquire two B777F aircraft from another party. The acquisition of these two aircraft is subject to the negotiation and execution of a definitive purchase agreement, as well as the satisfaction of certain conditions precedent.
Accordingly, FedEx Express has agreed (or entered into a letter of intent) to purchase a total of 38 B777F aircraft (34 from Boeing and four from other parties) and holds options to purchase up to 15 additional B777F aircraft from Boeing.
To date, a total of six B777F aircraft have been delivered to FedEx Express. The remaining 32 B777F aircraft are currently expected to be delivered as follows:
� Six in fiscal 2011;
� Five in fiscal 2012;
� Five in fiscal 2013;
� Three in fiscal 2014;
� Three in fiscal 2015; and
� Ten thereafter.
FedEx's capital expenditures for fiscal 2010 are still expected to be approximately $2.9 billion.
Certain statements in this report are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, the risks and uncertainties you can find in our press releases and other SEC filings, including the risk factors identified under the heading "Risk Factors" in "Management's Discussion and Analysis of Results of Operations and Financial Condition" in our most recent annual report on Form 10-K, as updated by our quarterly reports on Form 10-Q.
Form 8-K for FEDEX CORP
6-May-2010
Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On April 30, 2010, FedEx Corporation's wholly owned subsidiary Federal Express Corporation ("FedEx Express") and The Boeing Company ("Boeing") entered into Supplemental Agreement No. 8 (and related side letters) (the "Supplemental Agreement") to Purchase Agreement Number 3157 dated as of November 7, 2006 between Boeing and FedEx Express related to Boeing Model 777-Freighter (B777F) aircraft (the "Boeing Purchase Agreement").
In the Supplemental Agreement, FedEx Express agreed to purchase four additional B777F aircraft from Boeing: one of which is expected to be delivered in FedEx's fiscal year ending May 31, 2012, and three of which are expected to be delivered in fiscal 2013. A copy of the Supplemental Agreement will be filed as an exhibit to FedEx's annual report on Form 10-K for fiscal 2010.
Separate from the Boeing Purchase Agreement, FedEx Express has entered into a letter of intent to acquire two B777F aircraft from another party. The acquisition of these two aircraft is subject to the negotiation and execution of a definitive purchase agreement, as well as the satisfaction of certain conditions precedent.
Accordingly, FedEx Express has agreed (or entered into a letter of intent) to purchase a total of 38 B777F aircraft (34 from Boeing and four from other parties) and holds options to purchase up to 15 additional B777F aircraft from Boeing.
To date, a total of six B777F aircraft have been delivered to FedEx Express. The remaining 32 B777F aircraft are currently expected to be delivered as follows:
� Six in fiscal 2011;
� Five in fiscal 2012;
� Five in fiscal 2013;
� Three in fiscal 2014;
� Three in fiscal 2015; and
� Ten thereafter.
FedEx's capital expenditures for fiscal 2010 are still expected to be approximately $2.9 billion.
Certain statements in this report are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, the risks and uncertainties you can find in our press releases and other SEC filings, including the risk factors identified under the heading "Risk Factors" in "Management's Discussion and Analysis of Results of Operations and Financial Condition" in our most recent annual report on Form 10-K, as updated by our quarterly reports on Form 10-Q.
Last edited by Timeoff2fish; 05-07-2010 at 02:11 AM.
05-07-2010, 07:11 AM
#2
Gets Weekends Off
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Joined APC: May 2006
Position: I'm On a Boat
Posts: 218
The Reader's Digest version, from The Wall St Journal:
FedEx Corp. (FDX) said Thursday that it would acquire another six Boeing 777 Freighter aircraft, lifting its total order for the type to 38.
The package shipper said in a regulatory filing that it would acquire another four of the long-range cargo planes from Boeing Co. (BA), and has a letter of intent to take two more from another party.
FedEx has already taken six 777Fs, whose range cuts trip times on flights between Asia and the U.S., with six more arriving by the end of May next year. It has options to buy another 15 planes.
The contract for 30 firm orders from Boeing includes a provision allowing FedEx to cancel half of them if proposed changes to U.S. labor law mean employees are no longer covered by the Railway Labor Act. The company has campaigned against any such move, which it said will increase costs and force it to rein in investment.
FedEx Corp. (FDX) said Thursday that it would acquire another six Boeing 777 Freighter aircraft, lifting its total order for the type to 38.
The package shipper said in a regulatory filing that it would acquire another four of the long-range cargo planes from Boeing Co. (BA), and has a letter of intent to take two more from another party.
FedEx has already taken six 777Fs, whose range cuts trip times on flights between Asia and the U.S., with six more arriving by the end of May next year. It has options to buy another 15 planes.
The contract for 30 firm orders from Boeing includes a provision allowing FedEx to cancel half of them if proposed changes to U.S. labor law mean employees are no longer covered by the Railway Labor Act. The company has campaigned against any such move, which it said will increase costs and force it to rein in investment.
05-07-2010, 11:10 AM
#6
Line Holder
Joined APC: Dec 2008
Position: B757
Posts: 79
The fleet plan looks like this in 2020:
125+ 757's
125+ 777's
That is, if the 787 comes without much more delay and the carriers start dumping 777's for it.
Who knows about the other airframes on the property. I'm sure they 727 will be flying the last Airbus & MD-11 crews from the desert. It's not that far fetched. LOL
125+ 757's
125+ 777's
That is, if the 787 comes without much more delay and the carriers start dumping 777's for it.
Who knows about the other airframes on the property. I'm sure they 727 will be flying the last Airbus & MD-11 crews from the desert. It's not that far fetched. LOL
05-07-2010, 12:04 PM
#7
Gets Weekends Off
Joined APC: Jul 2007
Position: Gear Monkey
Posts: 3,199
The fleet plan looks like this in 2020:
125+ 757's
125+ 777's
That is, if the 787 comes without much more delay and the carriers start dumping 777's for it.
Who knows about the other airframes on the property. I'm sure they 727 will be flying the last Airbus & MD-11 crews from the desert. It's not that far fetched. LOL
125+ 757's
125+ 777's
That is, if the 787 comes without much more delay and the carriers start dumping 777's for it.
Who knows about the other airframes on the property. I'm sure they 727 will be flying the last Airbus & MD-11 crews from the desert. It's not that far fetched. LOL
Given that, which pay rate should be raised...???
05-07-2010, 01:30 PM
#9
Gets Weekends Off
Joined APC: Aug 2006
Position: leaning to the left
Posts: 4,184
I think there's more emphasis on the "+" somewhere in the "big" plan.
05-07-2010, 05:00 PM
#10
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Joined APC: Apr 2006
Position: MD-11 Captain
Posts: 4,304
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