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Expeditors International of Washington, 4th98qer
 

Expeditors International of Washington, 4th98qer

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    Expeditors International of Washington, 4th98qer Expeditors International of Washington, 4th98qer Document Transcript

    • EARNINGS RELEASE By: Expeditors International of Washington, Inc. 1015 Third Avenue, 12th Floor Seattle, Washington 98104 CONTACT: R. Jordan Gates Chief Financial Officer (206) 674-3427 FOR IMMEDIATE RELEASE EXPEDITORS REPORTS FOURTH QUARTER DILUTED EARNINGS PER SHARE OF $.53 SEATTLE, WASHINGTON – February 9, 1999, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced quarterly net earnings of $13,943,000 for the fourth quarter of 1998, compared with $12,862,000 for the same quarter of 1997, an increase of 8%. Net revenues for the fourth quarter of 1998 increased 21% to $102,422,000 as compared with $84,457,000 reported for the fourth quarter of 1997. Total revenues and operating income were $308,713,000 and $22,081,000 in 1998 compared with $270,149,000 and $19,560,000 for the same quarter of 1997, increases of 14% and 13%, respectively. Diluted net earnings per share for the fourth quarter were $.53 as compared with $.48 for the same quarter in 1997, an increase of 10%. The company also reported that same store net revenues and operating income increased 19 % and 15 %, respectively, for the fourth quarter of 1998 when compared with 1997. For the year ended December 31, 1998, net earnings rose to $47,274,000 from $38,411,000 in 1997, an increase of 23%. Net revenues for the year ended December 31, 1998 increased to $353,450,000 from $290,524,000 in 1997, up 22%. Total revenues and operating income for the year were $1,063,707,000 and $73,372,000 in 1998 compared with $954,002,000 and $59,915,000 for the same period in 1997, increases of 11% and 22%, respectively. Diluted net earnings per share for the year ended December 31,1998 were $1.78 as compared with $1.46 for 1997, an increase of 22%. Same store net revenues and operating income increased 18% and 21%, respectively, for year ended December 31, 1998, when compared with same period of 1997. “1998 was a challenging year. We faced a series of significant political, economic, supplier and infrastructure-related events, any of which could have been debilitating.” commented Peter J. Rose, Chairman and Chief Executive Officer. “Fortunately we came through with solid results, not excuses. By sticking with core values, our global network continued to grow and prosper. Congratulations to our employees, every last one of them, and thanks to our customers and vendors. Apologies to the momentum players for being a real company with real profits and for not having the foresight to add “.com” to the end of our name. We’re looking forward to 1999.” concluded Rose. Expeditors is a global logistics company. Headquartered in Seattle, Washington, the company employs trained professionals in 140 offices and 10 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 http://www.expd.com.
    • 09-Feb-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 2 of 4 Expeditors International of Washington, Inc. 4th Quarter 1998 Earnings Release February 9, 1999 Page 2 of 2 Expeditors International of Washington, Inc. Financial Highlights Three months and year ended December 31, 1998 and 1997 Unaudited (in 000's except share data) Three months ended Year ended December 31 December 31 1998 1997 % 1998 1997 % Increase Increase 270,149 14% Revenues 308,713 1,063,707 954,002 11% Net revenues 102,422 84,457 21% 353,450 290,524 22% Operating income 22,081 19,560 13% 73,372 59,915 22% Net earnings 13,943 12,862 8% 47,274 38,411 23% Diluted earnings per share .53 .48 10% 1.78 1.46 22% Basic earnings per share .57 .52 10% 1.92 1.57 22% Diluted weighted average shares outstanding 26,469,182 26,563,429 26,529,192 26,323,522 Basic weighted average shares outstanding 24,657,167 24,538,136 24,617,219 24,428,929 ADDITIONAL FINANCIAL INFORMATION AVAILABLE UPON REQUEST New Offices Opened in the 4th Quarter of 1998 Latin America Colombia Bogota Cali
    • 09-Feb-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 3 of 4 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share data) December 31, December 31, 1998 1997 Assets (Unaudited) Current assets: Cash and cash equivalents $49,422 $42,094 Short-term investments 394 214 Accounts receivable, net 222,598 206,501 Deferred Federal and state taxes 2,427 4,296 Other current assets 9,151 6,399 Total current assets 283,992 259,504 Property and equipment, net 103,030 66,550 Deferred Federal and state taxes 2,183 1,930 Other assets 17,384 16,122 $406,589 $344,106 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings 12,245 2,145 Accounts payable 143,523 143,980 Income taxes 8,304 7,181 Other current liabilities 25,326 18,946 Total current liabilities $189,398 $172,252 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 24,678,591 shares at December 31, 1998 and 24,546,380 at December 31,1997 247 245 Additional paid-in capital 17,514 15,534 Retained earnings 203,049 159,225 Equity adjustments from foreign currency translation (3,619) (3,150) Total shareholders' equity 217,191 171,854 $406,589 $344,106 Certain 1997 amounts have been reclassified to conform to the 1998 presentation
    • 09-Feb-1999 Expeditors International of Washington, Inc. Additional Financial Information 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 Twelve months ended December 31, December 31, 1998 1997 1998 199797 Revenues: Airfreight $203,651 $189,421 $685,613 $659,481 Ocean freight and ocean services 66,338 46,549 236,848 180,555 Customs brokerage and import services 38,724 34,179 141,246 113,966 Total revenues 308,713 270,149 1,063,707 954,002 Operating expenses: Airfreight consolidation 158,252 152,592 539,706 534,699 Ocean freight consolidation 48,039 33,100 170,551 128,779 Salaries and related costs 52,772 42,194 190,288 153,196 Rent 4,295 3,157 15,459 10,806 Depreciation and amortization 4,680 3,237 15,547 11,159 Selling and promotion 4,276 3,855 15,018 13,469 Other 14,318 12,454 43,766 41,979 Total operating expenses 286,632 250,589 990,335 894,087 Operating income 22,081 19,560 73,372 59,915 Interest expense (306) (134) (487) (358) Interest income 666 577 2,206 2,096 Other, net ** (80) 1,089 486 918 Other income, net ** 280 1,532 2,205 2,656 Earnings before income taxes 22,361 21,092 75,577 62,571 Income tax expense 8,418 8,230 28,303 24,160 Net earnings $13,943 $12,862 $47,274 $38,411 Diluted earnings per share $0.53 $0.48 $1.78 $1.46 Basic earnings per share $0.57 $0.52 $1.92 $1.57 Diluted weighted average shares outstanding 26,469,182 26,563,429 26,529,192 26,323,522 Basic weighted average shares outstanding 24,657,167 24,538,136 24,617,219 24,428,929 **Twelve months figure includes $928,000 gain on sale of facility recorded in April of 1998 Certain 1997 amounts have been reclassified to conform to the 1998 presentation