EAR NINGS R E LEASE

By:    Expedit Int
                 ors   ernational W ash ingt Inc.
                                ...
2.      10-Feb-1998                    Expedit Int rnat
                                              ors e    ional W as ...
2.      10-Feb-1998                   Expedit Int rnat
                                             ors e    ional W as h ...
2.        10-Feb-1998                   Expedit Int rnat
                                                ors e    ional W ...
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Expeditors International of Washington, 4th97qer

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Expeditors International of Washington, 4th97qer

  1. 1. EAR NINGS R E LEASE By: Expedit Int ors ernational W ash ingt Inc. of on, 9 9 9 Th ird Avenue, Suit 2500 e Se at l, W ash ingt 9 8104 te on CO NTACT: R . Jordan Gates Ch ief Financial fficer O (206) 674-3427 FO R IM M EDIATE R E LEASE EXPEDITO R S ANNO UNCES R E CO R D QUAR TER L EAR NINGS INCREASE O F 73% Y SEATTL E, W A SH INGTON - February 10, 19 9 8, Expedit ors Int ernational of W ash ingt on, Inc. (NASDAQ:EXPD ) t oday announced record q uart y net earnings of $ erl 12,862,000 for t e fourt q uart of 19 9 7, h h er com pared w it $ h 7,423,000 for t e sam e q uart of 19 9 6, an increase of 73%. Net rev h er enues for t e fourt q uart h h er of 19 9 7 increased 45% t $o 84,457,000 as com pared w it $ h 58,240,000 report for t e fourt q uart of 19 9 6. ed h h er Tot re v nues and operat incom e w ere $ al e ing 270,149 ,000 and $ ,560,000 in 19 9 7 com pared w it $ 19 h 221,320,000 and $ 11,412,000 for t e sam e q uart of 19 9 6, increases of 22% and 71%, respect el Net earnings per sh are h er iv y. for t e fourt q uart w ere $ as com pared w it $ for t e sam e q uart in 19 9 6, an increase of 66%. Th e h h er .48 h .29 h er com pany alo report t at sam e st net rev s ed h ore enues and operat incom e increased 30% and 55%, respect el ing iv y for t e fourt q uart of 19 9 7 w h en com pared w it 19 9 6. h h er h For t e year ended Decem ber 31, 19 9 7, net earnings rose t $ h o 38,411,000 from $ 24,263,000 in 19 9 6, an increase of 58%. Ne t re v enues for t e year increased t $ 0,524,000 from $ h o 29 202,335,000 for 19 9 6, up 44%. Tot al re venues and operat incom e for t e year w ere $ 54,002,000 and $ ,9 15,000 in 19 9 7 com pared w it ing h 9 59 h $ 730,088,000 and $ 37,425,000 for t e sam e period in 19 9 6, increases of 31% and 60%, respect el Net h iv y. e arnings per sh are for 19 9 7 w ere $1.46 as com pared w it $ 5 for t e sam e period of 19 9 6, an increase of 54%. h .9 h “ e fourt q uart r t Th h e urned out bet er t an w e expect , st ed Pet J R ose, Ch airm an and Ch ief Execut e th ed” at er . iv O fficer. “ e obv W iousl w ere not significant y affect by Asian currency w oes nor ElNiñ o, for t at m at er. y l ed h t O ur peopl cam e t rough t e biggest peak season in q uit som e t e w it fl col e h h e im h ying ours, and our cust ers w ere om q uit underst e anding. W e t ank each of th em for t eir cont h h inued support and l t Th ere are no guarant oyaly. ees in t is s e rv bus iness. W e h av t “ h ice e o earn”our cust ers each and ev day. Th ese resul dem onst e t at om ery ts rat h w e l anced operat l-bal ions buil around a st t rong t nol ech ogical ink ed gl ly-l obalnet ork of h igh l rained and w y-t prope rl m ot at professional can ov y iv ed s ercom e large obst es.” acl “ ur s t O ock m ay h av t en a l ing, but w e k ept on t ing. W h at w il w e do w it t ese profit ? Th e sam e e ak ick ick l hh s t ing w e’e al ays done--w e w il be inv ing in our fut by cont h vw l est ure inuing t upgrade syst s, im prov facilies, o em e it enh ance training, and dev op our peopl R ose concl el e.” uded. Expedit is a gl l ics com pany. H eadquart ors obal ogist ered in Seat l W ash ingt t e com pany em pl t t e, on, h oys rained professional in 128 offices and 14 int s ernationalserv cent l ed on six cont ice ers ocat inent l ed int a seam l s ink o ess w orl ide net ork t rough an int dw w h egrat inform at m anagem ent syst . Serv ed ion em ices incl air and ocean freigh t ude forw arding, vendor consol ion, cust s cl idat om earance, m arine insurance, dist ribut and ot er v ue added ion h al int rnat e ional ogis t serv l ics ices. Additionalinform at is av abl upon re q uest or v t e Int ion ail e ia h ernet at h t p://w w w .expd.com . t
  2. 2. 2. 10-Feb-1998 Expedit Int rnat ors e ional W as h ingt Inc. Addit of on, ionalFinancialInform ation Page 2 of 4 Expedit Int rnat ors e ional4t Quart 19 9 7 Earnings R e l h er ease February 10, 19 9 8 Page 2 of 2 Expedit Int ors ernat ional W ash ingt Inc. of on, Financial igh l t H igh s Th ree m ont s and year ended h Decem ber 31, 19 9 7 and 19 9 6 Unaudit ed (in 000's e xce pt sh are data) Th re e m ont s e nded h Year e nded D e ce m ber 31 D e ce m ber 31 19 9 7 19 9 6 % Increase 19 9 7 19 9 6 % Increase R e v nue s e 270,149 221,320 22% 9 54,002 730,088 31% Ne t re v nue s e 84,457 58,240 45% 29 0,524 202,335 44% O pe rat incom e ing 19 ,560 11,412 71% 59 ,9 15 37,425 60% Ne t e arnings 12,862 7,423 73% 38,411 24,263 58% D il ed earnings pe r ut com m on sh are .48 .29 66% 1.46 .9 5 54% W e igh t av . sh are s ed e 26,563,429 25,862,840 26,323,522 25,644,29 6 A D D ITIONALFINANCIALINFO R M A TION AV ABL UPON REQUEST AIL E No New O ffices O pened in t e 4t Quart of 19 9 7 h h er
  3. 3. 2. 10-Feb-1998 Expedit Int rnat ors e ional W as h ingt Inc. Addit of on, ionalFinancialInform ation Page 3 of 4 EXPEDITO R S INTERNATIONALO F W ASH INGTON, INC. AND SUBSID IA R IES Condensed Cons ol ed Bal idat ance Sh eets (In t ous ands , except s h are dat h a) D e cem ber 31, D e cem ber 31, Assets 19 9 7 19 9 6 (Unaudit ed) Current as s e t : s Cas h and cas h e q uiv ent al s $42,09 4 $ 66 36,9 Sh ort erm inv s t ent -t em s 214 357 Account receiv e, net s abl 220,341 168,763 D e ferred Federal s t e t s and at axe 4,29 6 4,854 O t er current as s e t h s 6,39 9 4,503 Tot current as s e t al s 273,344 215,443 Propert and e q uipm ent net y , 66,550 46,246 O t er as s e t h s 16,122 10,29 7 $356,016 $271,9 86 L it s and Sh areh ol iabilie ders' Equity Current l it s : iabilie Sh ort erm borrow ings -t 2,145 3,452 Account payabl s e 157,820 101,670 Incom e t saxe 7,181 5,659 O t er current l it s h iabilie 18,9 46 21,19 4 Tot current l it s al iabilie 186,09 2 131,9 75 Sh areh olders' equit y: Preferred st , par v ue $ per s h are. ock al .01 Aut orized 2,000,000 s h are s ; h none is s ued -- -- Com m on s t , par v ue $ per s h are. ock al .01 Aut orized 80,000,000 s h are s ; s ued h is and out t s anding 24,546,380 s h are s at D e cem ber 31, 19 9 7 and 24,212,9 46 at D e cem ber 31, 19 9 6 245 242 Addit ional paid-in capital 15,534 13,179 Retained earnings 159 ,225 123,258 Equit adj t ent from foreign currency y us m s t l ion rans at (5,080) 3,332 Tot s h areh ol al ders' equity 169 ,9 24 140,011 $356,016 $ 271,9 86
  4. 4. 2. 10-Feb-1998 Expedit Int rnat ors e ional W as h ingt Inc. Addit of on, ionalFinancialInform ation Page 4 of 4 EXPEDITO R S INTERNATIONALO F W ASH INGTON, INC. AND SUBSID IA R IES Condensed Cons ol ed St em ent of Earnings idat at s (In t ous ands , except s h are dat h a) (Unaudited) Th ree m ont s e nded h Year ended D e cem ber 31 D e cem ber 31 19 9 7 19 9 6 19 9 7 19 9 6 Revenue s : Airfreigh t $189 ,421 161,452 659 ,481 512,104 O cean freigh t and ocean s e rv s ice 46,549 39 ,9 43 180,555 148,9 07 Cus t s brok erage and im port s e rv s om ice 34,179 19 ,9 25 113,9 66 69 ,077 Tot rev al enue s 270,149 221,320 9 54,002 730,088 O perat expens e s : ing Airfreigh t cons ol ion idat 152,59 2 134,251 534,69 9 417,150 O cean freigh t cons ol ion idat 33,100 28,829 128,779 110,603 Sal s and rel ed cos t arie at s 42,19 4 30,845 153,19 6 108,79 7 R e nt 3,157 2,121 10,806 8,279 D e preciat and am ort ion ion izat 3,237 2,248 11,159 8,147 Sel and prom ot ling ion 3,855 3,271 13,469 10,409 O t er h 12,454 8,343 41,9 79 29 ,278 Tot operat expens e s al ing 250,589 209 ,9 08 89 4,087 69 2,663 O perat incom e ing 19 ,560 11,412 59 ,9 15 37,425 Int s t expens e ere < 134> - < 358> < 163 > Int s t incom e ere 577 568 2,09 6 2,264 O t er, net h 1,089 < 20> 9 18 58 O t er incom e, net h 1,532 548 2,656 2,159 Earnings before incom e t s axe 21,09 2 11,9 60 62,571 39 ,584 Incom e t expens e ax 8,230 4,537 24,160 15,321 Net earnings $ 12,862 $7,423 $ 38,411 $ 24,263 D il ed earnings per com m on s h are ut $ .48 $ .29 $ 1.46 $ .9 5 W eigh t av ed erage num ber of com m on s h are s 26,563,429 25,862,840 26,323,522 25,644,29 6 Ce rt 19 9 6 am ount h av been re cl ain s e assified t conform t t e 19 9 7 pre s e nt ion o oh at

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