He was asked about the USPS contract and told Maria that the decision to give the airlift to FDX was based simply on price. It was clear that we wanted at least some of the volume but the bid we made was the lowest we were comfortable with. It remains to be seen if FDX will make a decent margin by providing the service. Secondly, he mentioned that we are doing well in Europe with mid-single digit revenue growth in a zero growth economy. Clearly, B to C is a dominant catalyst everywhere with healthcare logistics strong a well.
I found the fact that we covered the cost of our extraction from the TNT debacle through currency exchange action via the Euro quite impressive. Maybe we learned a valuable lesson to be applied in the future.