1. 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.

2. 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. 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. 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