Expeditors International of Washington, 1st99qer
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  • 1. EARNINGS RELEASE By: Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 CONTACT: R. Jordan Gates Chief Financial Officer (206) 674-3427 FOR IMMEDIATE RELEASE EXPEDITORS DILUTED NET EARNINGS PER SHARE INCREASE 20% SEATTLE, WASHINGTON – May 5, 1999, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings of $9,521,000 for the first quarter of 1999, compared with $8,034,000 for the same quarter of 1998, an increase of 19%. Net revenues for the first quarter increased 25% to $94,413,000 as compared with $75,764,000 reported for the first quarter of 1998. Total revenues and operating income were $283,712,000 and $14,719,000 in 1999 compared with $223,349,000 and $12,699,000 for the same quarter of 1998, increases of 27% and 16%, respectively. Diluted net earnings per share for the first quarter was $.36 as compared with $.30 for the same quarter in 1998, an increase of 20%. The company also reported that same store net revenues and operating income increased 21% and 14%, respectively for the first quarter of 1999 when compared with 1998. “This quarter saw balanced contributions as all of our geographic regions reported profits and year over year operating profit increases.” said Peter J. Rose, Chairman and Chief Executive Officer. “We opened seven new offices and that is a more significant effort than we have historically attempted in the first quarter,” Rose commented. “As we reflect on these results, we can’ help but mention the pride we feel for the talented team of t employees we have working throughout our global network. As we grow and attract new business and customers, our employees are right there providing the training and management required to keep us consistent and stable .” Rose concluded. Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 145 offices and 12 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. Additional information is available upon request or via the Internet at www.expeditors.com.
  • 2. May 5, 1999 Expeditors International of Washington, Inc. Page 2 of 4 Expeditors International of Washington, Inc. Financial Highlights Three months ended March 31, 1999 and 1998 Unaudited (in 000's of US dollars except share data) Three Months Three Months Ended Ended % Increase March 31, 1999 March 31, 1998 Revenues $283,712 $223,349 27% Net Revenues $94,413 $75,764 25% Operating Income $14,719 $12,699 16% Net Earnings $9,521 $8,034 19% Basic Earnings per share $.38 $.33 15% Diluted Earnings per share $.36 $.30 20% Basic weighted average shares outstanding 24,803,196 24,561,119 Diluted weighted average shares outstanding 26,664,552 26,557,418 New offices opened during the 1st Quarter of 1999: Middle East North American European and African Region Region Region Ankara, Turkey Nogales, Mexico East Midlands, U.K. Istanbul, Turkey Izmir, Turkey Mersin, Turkey Athens, Greece
  • 3. May 5, 1999 Expeditors International of Washington, Inc. Page 3 of 4 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share data) March 31, December 31, 1999 1998 Assets (Unaudited) Current assets: Cash and cash equivalents $67,545 $49,429 Short-term investments 205 394 Accounts receivable, net 220,935 222,598 Deferred Federal and state taxes 1,277 2,427 Other current assets 13,588 9,151 Total current assets 303,550 283,999 Property and equipment, net 103,180 103,030 Deferred Federal and state taxes 2,651 2,183 Other assets 18,805 17,384 $428,186 $406,596 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings 16,259 12,245 Accounts payable 146,167 143,523 Income taxes 9,649 8,304 Other current liabilities 25,519 25,326 Total current liabilities $197,594 $189,398 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 24,977,558 shares at March 31, 1999 and 24,681,841 at December 31, 1998 250 247 Additional paid-in capital 22,261 17,520 Retained earnings 212,570 203,050 Accumulated other comprehensive income (4,489) (3,619) Total shareholders' equity 230,592 217,198 $428,186 $406,596
  • 4. May 5, 1999 Expeditors International of Washington, Inc. Page 4 of 4 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (In thousands, except share data) (Unaudited) Three months ended March 31, 1999 1998 Revenues: Airfreight $182,117 $147,147 Ocean freight and ocean services 65,073 45,329 Customs brokerage and import services 36,522 30,873 Total revenues 283,712 223,349 Operating expenses: Airfreight consolidation 142,027 115,642 Ocean freight consolidation 47,272 31,943 Salaries and related costs 54,499 42,703 Rent 4,289 3,479 Depreciation and amortization 4,771 3,264 Selling and promotion 3,661 3,418 Other 12,474 10,201 Total operating expenses 268,993 210,650 Operating income 14,719 12,699 Interest expense (188) (48) Interest income 533 439 Other, net 52 (66) Other income, net 397 325 Earnings before income taxes 15,116 13,024 Income tax expense 5,595 4,990 Net earnings $ 9,521 $ 8,034 Diluted earnings per share $ 0.36 $ 0.30 Basic earnings per share $ 0.38 $ 0.33 Diluted weighted average shares outstanding 26,664,552 26,557,418 Basic weighted average shares outstanding 24,803,196 24,561,119 Certain 1998 amounts have been reclassified to conform to the 1999 presentation