Current Report

     
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

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 17, 2001

FEDEX CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

COMMISSION FILE NUMBER 1-15829 

             DELAWARE                                            62-1721435
(STATE OR OTHER JURISDICTION OF                               (I.R.S. EMPLOYER
 INCORPORATION OR ORGANIZATION)                              IDENTIFICATION NO.)

942 SOUTH SHADY GROVE ROAD, MEMPHIS, TENNESSEE                     38120
   (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                     (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (901) 818-7500

FEDERAL EXPRESS CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

COMMISSION FILE NUMBER 1-7806 

             DELAWARE                                            71-0427007
(STATE OR OTHER JURISDICTION OF                               (I.R.S. EMPLOYER
 INCORPORATION OR ORGANIZATION)                              IDENTIFICATION NO.)

3610 HACKS CROSS ROAD, MEMPHIS, TENNESSEE                          38125
 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                       (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (901) 369-3600

 
ITEM 5. OTHER EVENTS.

On October 17, 2001, FedEx Corporation announced that its subsidiary Federal Express Corporation would implement an indexed fuel surcharge beginning November 5, 2001. See the press release attached to this report as Exhibit 99.1.

 
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(c) Exhibits. 

EXHIBIT
NUMBER           DESCRIPTION
-------          -----------

 99.1            Press Release of FedEx Corporation dated October 17, 2001.

2
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

FEDEX CORPORATION 


Date: October 18, 2001                     By:  /s/ James S. Hudson
                                                --------------------------------
                                                James S. Hudson
                                                Corporate Vice President -
                                                Strategic Financial Planning
                                                and Control

FEDERAL EXPRESS CORPORATION 


Date: October 18, 2001                     By: /s/ Michael W. Hillard
                                               ---------------------------------
                                               Michael W. Hillard
                                               Vice President and Controller

3
EXHIBIT INDEX 

EXHIBIT      DESCRIPTION
-------      -----------

 99.1        Press Release of FedEx Corporation dated October 17, 2001.

E-1

 

 
EXHIBIT 99.1

Contact: Carla Boyd Richards Jim Clippard FedEx Media Relations FedEx Investor Relations 949-248-2406 901-818-7468 CBRICHARDS@FEDEX.COM IR@FEDEX.COM

FOR IMMEDIATE RELEASE

FEDEX EXPRESS MOVES TO A DYNAMIC FUEL SURCHARGE -- IMPLEMENTATION MOVES FUEL SURCHARGE TO THREE PERCENT --

MEMPHIS, Tenn. (October 17, 2001) - FedEx Corp. (NYSE: FDX) today announced that its subsidiary Federal Express Corp. ("FedEx Express") will lower its current four percent fuel surcharge to three percent beginning Nov. 5, 2001 based on a new index for calculating fuel surcharges on U.S. domestic and U.S. outbound shipments.
The surcharge will be subject to adjustment monthly using a rounded average of the U.S. Gulf Coast (USGC) spot price for a gallon of kerosene-type jet fuel, as published monthly by the U.S. Department of Energy. This method more closely links the surcharge to market prices for jet fuel. For example, the surcharge for November 2001 will be based on USGC spot price for jet fuel published for September 2001.
Changes to the FedEx Express fuel surcharge, when calculated according to the USGC index and FedEx trigger points, will be applied effective from the first Monday of the month. These trigger points may change from time to time, but information on the fuel surcharge for each month will be available at fedex.com two weeks before the surcharge is applicable.
"This approach will provide FedEx Express customers a convenient way to adjust to fluctuations in fuel prices," said T. Michael Glenn, President and CEO of FedEx Services. "FedEx is the first company in the express shipping industry to implement an indexed fuel surcharge which should allow FedEx Express and its customers to respond more quickly to changes in fuel prices in the marketplace." With annual revenues of $20 billion, FedEx Corp. is the premier global provider of transportation, e-commerce and supply chain management services. The company offers integrated business solutions through a network of subsidiaries operating independently, including: FedEx Express, the world's largest express transportation company; FedEx Ground,

North America's second largest provider of small-package ground delivery service; FedEx Freight, a leading provider of regional less-than-truckload freight services; FedEx Custom Critical, the world's largest provider of expedited time-critical shipments; and FedEx Trade Networks, a provider of customs brokerage, consulting, information technology and trade facilitation solutions.

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NOTE TO EDITORS: FedEx press releases are available on the World Wide Web at
HTTP://WWW.FEDEX.COM.