Severely affected by weak economic conditions, FedEx reported a 44% drop in net income for its full fiscal year ended May 31 to $1.13 billion from $2.02 billion the previous year. The result included a rare quarterly net loss in the fiscal fourth quarter of $241 million, reversed from net income of $610 million in the year-ago period. "Record high fuel prices and the weak US economy dampened volume growth and substantially affected our bottom line," Chairman, President and CEO Frederick ...

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