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Expeditors International of Washington, 1st97qer
 

Expeditors International of Washington, 1st97qer

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    Expeditors International of Washington, 1st97qer Expeditors International of Washington, 1st97qer Document Transcript

    • EARNINGS RELEASE By: Expeditors International of Washington, Inc. 999 Third Avenue, Suite 2500 Seattle, Washington 98104 CONTACT: R. Jordan Gates Chief Financial Officer (206) 674-3427 On the Internet: http://www.expd.com FOR IMMEDIATE RELEASE EXPEDITORS FIRST QUARTER NET EARNINGS INCREASE 48% SEATTLE, WASHINGTON, May 7, 1997, Expeditors International of Washington, Inc. (NASDAQ:EXPD), the international logistics company today announced 1997 first quarter net earnings of $5,598,000, up from the $3,789,000 in net earnings for the same quarter in 1996 and an increase of 48%. Net revenues in the first quarter increased 42% to $57,718,000 as compared with $40,732,000 for the first quarter of 1996. Total revenues and operating income for the first quarter of 1997 were $195,969,000 and $8,581,000 compared with $137,670,000 and $5,550,000 for the same period of 1996, increases of 42% and 55% respectively. Net earnings per share for the first quarter were $.22, as compared with $.15 for the same quarter in 1996, an increase of 47%. “This was another good quarter. Our net revenues increased 42% and we were able to report an even more impressive 55% increase in our operating income.” stated Peter Rose, Chairman and Chief Executive Officer. “This is the result of holding growth in operating expenses to a lower rate than growth in net revenues. This sort of favorable operating leverage is something that we usually do not experience in the first quarter. We were pleased to see improvement in almost all of our operations. And we can state that in places where we did not see progress, we’ve made modifications and we will look for improvement in the near future.” Expeditors same store net revenues and operating income increased 30% and 50%, respectively for the first quarter of 1997 as compared with 1996 noted Rose. We take a great deal of satisfaction in these same store numbers. We believe that these numbers are crucial to any evaluation of the quality and extent of growth in this industry. Same store growth isolates the financial contributions from offices that have been included in our operating results for at least one full year. Strong same store growth clearly demonstrates the strength of the global network we have built. stated Rose. Rose concluded by noting that Expeditors had opened 15 offices so far in 1997: five in North America, five in Europe, one in Africa, and one on the Indian Subcontinent. Further geographic expansion in 1997 is expected on the Indian Subcontinent, the Middle East and in North America. Expeditors is a global logistics company. Headquartered in Seattle, Washington, the company employs trained professionals in 133 offices and international service centers located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.
    • Expeditors International of Washington, Inc. Financial Highlights First Quarter ended March 31, 1997 Unaudited (in 000's except for per share data, per share data adjusted for 2:1 stock split effective 11/25/96) First Quarter 1997 1996 % Increase Revenues 195,969 137,670 42% Net revenues 57,718 40,732 42% Operating 8,581 5,550 55% income Net earnings 5,598 3,789 48% Earnings per .22 .15 47% share Weight ave. 25,996,372 25,431,132 shares ADDITIONAL FINANCIAL INFORMATION AVAILABLE UPON REQUEST
    • 3 7-May 1997 Expeditors International of Washington, Inc. Additional Financial Information EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share data) March 31, December 31, Assets 1997 1996 (Unaudited) Current assets: Cash and cash equivalents $43,677 $36,966 Short-term investments 347 357 Accounts receivable, net 165,713 168,763 Deferred Federal and state taxes 5,367 4,854 Other current assets 4,735 4,503 Total current assets 219,839 215,443 Property and equipment, net 49,206 46,246 Other assets 9,527 10,297 $278,572 $ 271,986 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings 2,881 9,152 Accounts payable 107,155 101,670 Income taxes 7,049 5,659 Other current liabilities 15,435 15,494 Total current liabilities 132,520 131,975 Shareholders' equity: Preferred stock, par value $.01 per share. Authorized 2,000,000 shares; none issued -- -- Common stock, par value $.01 per share. Authorized 80,000,000 shares issued and outstanding 24,293,439 shares at March 31, 1997 and 24,212,946 at December 31, 1996 242 242 Additional paid-in capital 14,170 13,179 Retained earnings 128,856 123,258 Equity adjustments from foreign currency translation 2,784 3,332 Total shareholders' equity 146,052 140,011 $ 278,572 $ 271,986 Certain 1996 amounts have been reclassified to conform to the 1997 presentation
    • 4 7-May 1997 Expeditors International of Washington, Inc. Additional Financial Information EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (In thousands, except share data) (Unaudited) Three months ended March 31, 1997 1996 Revenues: Airfreight $ 134,928 93,266 Ocean freight and ocean services 39,810 29,384 Customs brokerage and import services 21,231 15,020 Total revenues 195,969 137,670 Operating expenses: Airfreight consolidation 109,304 74,454 Ocean freight consolidation 28,947 22,484 Salaries and related costs 32,730 23,075 Rent 2,411 1,783 Depreciation and amortization 2,382 1,887 Selling and promotion 2,880 2,214 Other 8,734 6,223 Total operating expenses 187,388 132,120 Operating income 8,581 5,550 Interest expense < 45> < 50> Interest income 481 625 Other, net 25 28 Other income, net 461 603 Earnings before income taxes 9,042 6,153 Income tax expense 3,444 2,364 Net earnings $ 5,598 $ 3,789 Net earnings per share $ .22 $ .15 Weighted average number of common shares 25,996,372 25,431,132 Certain 1996 amounts have been reclassified to conform to the 1997 presentation Weighted average share and per share calculations have been adjusted for 2:1 stock split effective 25 Nov 1996