said for the first time in 12 years it won't advertise on TV during the Super Bowl on Feb. 1, according to a blog written by the company's director of advertising on the company's Web site.

"As a country, we are in unprecedented economic waters. And as a responsible employer of more than 290,000 employees and contractors worldwide, there is a time to justify such an ad spend and a time to step back," wrote Steve Pacheco, FedEx's director of advertising in a blog post on on Monday.

Pacheco added that a Super Bowl ad buy "isn't where we should put dollars at this time although, in the past, the value of doing so for FedEx has been indisputable."

FedEx has advertised in 18 Super Bowls since 1989.

Last week, the package-shipping giant said second-quarter net income rose 3% but offered an exceedingly glum near-term outlook.

"We frankly expect the difficult economic environment will worsen in the second half of 2009," said CFO Alan Graf last week on a conference call. "Weaker economic conditions in the U.S. have spread to Europe and Asia, (and) we don't believe we have reached the bottom of industrial production or consumer spending at this point."

FedEx said it plans to implement more cost-cutting measures, including pay cuts for senior executives and a one-year 401(k) contribution freeze.

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