Expeditors International announced a 19% increase in quarterly net earnings to $13.2 million, up from $11.1 million in the same quarter the previous year. Total revenues grew 37% to $331.98 million for the quarter. For the first six months of the year, net earnings rose 19% to $22.75 million while total revenues increased 32% to $615.69 million, reflecting strong growth. The company's CEO commented that the results were due to hard work amid challenges of focusing on consistent customer service and real profits rather than revenue growth at the expense of losses.

1. 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 ANNOUNCES NET EARNINGS INCREASE OF 19%
SEATTLE, WASHINGTON – August 3, 1999, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today
announced quarterly net earnings of $13,229,000 for the second quarter of 1999, compared with $11,080,000 for the same
quarter of 1998, an increase of 19%. Net revenues for the second quarter of 1999 increased 27% to $104,230,000 as
compared with $82,374,000 reported for the second quarter of 1998. Total revenues and operating income were
$331,980,000 and $20,696,000 in 1999 compared with $241,970,000 and $16,319,000 for the same quarter of 1998,
increases of 37% and 27%, respectively. Diluted net earnings per share for the second quarter were $.25 as compared with
$.21 for the same quarter in 1998, an increase of 19%. The 1998 results included a pre-tax gain on the sale of a building of
$928,000 or $.01 per share after tax, which was included in other income. The company also reported that same store net
revenues and operating income increased 23% and 24%, respectively, for the second quarter of 1999 when compared with
1998.
For the six months ended June 30, 1999, net earnings rose to $22,750,000 from $19,114,000 in 1998, an increase of 19%.
Net revenues for the six months increased to $198,643,000 from $158,138,000 for 1998, up 26%. Total revenues and
operating income for the six months were $615,693,000 and $35,415,000 in 1999 compared with $465,319,000 and
$29,018,000 for the same period in 1998, increases of 32% and 22%, respectively. Diluted net earnings per share for the first
two quarters of 1999 were $.42 as compared with $.36 for the same period of 1998, an increase of 17%. Same store net
revenues and operating income increased 22 % and 20%, respectively, for the six months ended June 30, 1999, when
compared with the same period of 1998.
“We’re certainly satisfied with these results. They were hard earned.” commented Peter J. Rose, Chairman, Chief Executive
Officer and President. “In an era when sound business management principles such as consistency, customer service and real
profits don’t turn heads, it is a challenge to remain steadfast and ignore the whispers of outsiders. Without wanting to seem
arrogant, our employees do not provide a commodity service and we do not actively seek out money-losing transactions for the
sake of expanding our revenues. That market segment is being adequately serviced by the desperate few.” concluded Rose.
Expeditors is a global logistics company. Headquartered in Seattle, Washington, the company employs trained professionals
in 147 offices and 11 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.expeditors.com.

2. Expeditors International of Washington, Inc.
2nd Quarter 1999 Earnings Release
August 3, 1999
Page 2 of 2
Expeditors International of Washington, Inc.
Financial Highlights
Three months and Six months ended
June 30, 1999 and 1998
Unaudited
(in 000's except share data)
Three months ended Six months ended
June 30 June 30
1999 1998 % 1999 1998 %
Increase Increase
Revenues 331,980 241,970 37% 615,693 465,319 32%
Net revenues 104,230 82,374 27% 198,643 158,138 26%
Operating income 20,696 16,319 27% 35,415 29,018 22%
Net earnings 13,229 11,080 19% 22,750 19,114 19%
Diluted earnings per share .25 .21 19% .42 .36 17%
Basic earnings per share .26 .23 13% .46 .39 18%
Diluted weighted average
shares outstanding 53,796,404 53,237,476 53,609,273 53,176,210
Basic weighted average
shares outstanding 50,047,632 49,184,450 49,965,265 49,153,516
Note: All 1998 share and per share amounts have been adjusted to reflect a 2-for-1 stock split that was
effective June 1, 1999.
ADDITIONAL FINANCIAL INFORMATION AVAILABLE UPON REQUEST
New Offices Opened in the 2nd Quarter of 1999
North America
Pittsburgh, PA-USA
Montreal, Quebec-Canada

3. 03-Aug-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 3 of 6
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
June 30, December 31,
1999 1998
Assets
(Unaudited)
Current assets:
Cash and cash equivalents $ 66,896 $ 49,429
Short-term investments 175 394
Accounts receivable, net 252,601 222,598
Deferred Federal and state taxes 2,815 2,427
Other current assets 20,475 9,151
Total current assets 342,962 283,999
Property and equipment, net 104,444 103,030
Deferred Federal and state taxes 2,916 2,183
Other assets 20,455 17,384
$ 470,777 $ 406,596
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings 32,220 12,245
Accounts payable 154,949 143,523
Income taxes 10,125 8,304
Other current liabilities 30,085 25,326
Total current liabilities $ 227,379 $ 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 160,000,000 shares; issued
and outstanding 50,151,383 shares at
June 30, 1999 and 49,363,682 at
December 31,1998 502 493
Additional paid-in capital 24,580 17,274
Retained earnings 223,297 203,050
Accumulated other comprehensive income (4,981) (3,619)
Total shareholders' equity 243,398 217,198
$ 470,777 $ 406,596
Note: All 1998 share and per share amounts have been adjusted for the 2-for-1 stock split effective June 1, 1999.

4. 03-Aug-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 4 of 6
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998
Revenues:
Airfreight $ 207,190 $ 152,017 $ 389,306 $ 299,164
Ocean freight and ocean services 84,233 54,586 149,307 99,915
Customs brokerage and import services 40,557 35,367 77,080 66,240
Total revenues 331,980 241,970 615,693 465,319
Operating expenses:
Airfreight consolidation 164,407 120,433 306,434 236,075
Ocean freight consolidation 63,343 39,163 110,616 71,106
Salaries and related costs 57,508 45,339 112,006 88,043
Rent 4,388 3,527 8,678 7,006
Depreciation and amortization 5,101 3,610 9,873 6,874
Selling and promotion 4,184 3,562 7,845 6,980
Other 12,353 10,017 24,826 20,217
Total operating expenses 311,284 225,651 580,278 436,301
Operating income 20,696 16,319 35,415 29,018
Interest expense (218) (54) (406) (102)
Interest income 602 620 1,135 1,059
Other, net 204 723 256 657
Other income, net 588 1,289 985 1,614
Earnings before income taxes 21,284 17,608 36,400 30,632
Income tax expense 8,055 6,528 13,650 11,518
Net earnings $ 13,229 $ 11,080 $ 22,750 $ 19,114
Diluted earnings per share $ 0.25 $ 0.21 $ 0.42 $ 0.36
Basic earnings per share $ 0.26 $ 0.23 $ 0.46 $ 0.39
Diluted weighted average shares outstanding 53,796,404 53,237,476 53,609,273 53,176,210
Basic weighted average shares outstanding 50,047,632 49,184,450 49,965,265 49,153,516
Certain 1998 amounts have been reclassified to conform to the 1999 presentation
Note: All 1998 share and per share amounts have been adjusted for the 2-for-1 stock split effective June 1, 1999.

5. 03-Aug-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 5 of 6
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998
Operating Activities:
Net earnings $ 13,229 $ 11,080 $ 22,750 $ 19,114
Adjustments to reconcile net
earnings to net cash provided
by operating activities:
Provision for losses on accounts receivable 168 (26) 1,139 489
Deferred income tax expense 1,044 1,832 7,071 1,762
Depreciation and amortization 5,101 3,610 9,873 6,873
Other 288 (863) 394 (652)
Changes in operating assets and liabilities:
Decrease (Increase) in accounts
receivable (30,782) (18,462) (30,053) 8,938
Increase in other current assets (6,928) (5,443) (11,485) (4,643)
Increase (decrease) in accounts
payable and other current liabilities 12,956 10,191 18,057 (643)
Net cash (used) provided by operating
activities (4,924) 1,919 17,746 31,238
Investing Activities:
Decrease (Increase) in short-term
investments 34 (109) 217 (197)
Purchase of property and equipment (7,307) (16,725) (12,673) (30,933)
Acquisitions, net of cash acquired - - - -
Other (1,601) 1,332 (3,290) 1,524
Net cash used in investing activities (8,874) (15,502) (15,746) (29,606)
Financing Activities:
Short-term borrowings, net 16,000 7 20,088 (998)
Proceeds from issuance of common stock 852 336 3,134 607
Repurchases of common stock (974) (255) (3,279) (526)
Dividends paid (2,503) (1,722) (2,503) (1,722)
Net cash (used) provided by financing
activities 13,375 (1,634) 17,440 (2,639)
Effect of exchange rate changes on cash (226) (1,069) (1,973) (1,436)
Increase (decrease) in cash and cash
equivalents (649) (16,286) 17,467 (2,443)
Cash and cash equivalents at
beginning of period 67,545 55,937 49,429 42,094
Cash and cash equivalents at end
of period $ 66,896 $ 39,651 $ 66,896 $ 39,651
Certain 1998 amounts have been reclassified to conform to the 1999 presentation.

6. 03-Aug-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 6 of 6
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited)
United Other Far Australia/ Latin Middle Elimi- Consoli-
States N. America East Europe New Zealand America East nations dated
Three months ended
June 30, 1999
Revenues from unaffiliated
customers $ 85,602 6,015 185,075 40,271 3,131 1,247 10,639 331,980
Transfers between
geographic areas $ 4,200 206 830 1,702 783 427 321 (8,469) -
Total revenues $ 89,802 6,221 185,905 41,973 3,914 1,674 10,960 (8,469) 331,980
Net revenues $ 49,355 4,220 22,984 20,382 2,708 1,097 3,484 104,230
Operating income $ 7,033 683 8,022 3,890 543 76 449 20,696
Identifiable assets
at quarter end $ 256,030 13,411 87,809 87,478 8,116 4,547 13,386 470,777
Capital expenditures $ 4,383 389 1,087 917 118 40 373 7,307
Depreciation and amortization $ 2,811 162 843 798 159 55 273 5,101
Equity $ 243,398 2,021 71,138 19,049 5,864 (501) 2,190 (99,761) 243,398
Three months ended
June 30, 1998
Revenues from unaffiliated
customers $ 74,024 3,380 121,449 35,229 2,476 705 4,707 241,970
Transfers between
geographic areas $ 2,878 154 858 909 543 315 208 (5,865) -
Total revenues $ 76,902 3,534 122,307 36,138 3,019 1,020 4,915 (5,865) 241,970
Net revenues $ 39,008 2,580 19,283 17,344 2,066 821 1,272 82,374
Operating income $ 5,589 232 7,090 2,881 334 (39) 232 16,319
Identifiable assets
at quarter end $ 193,982 10,985 64,715 70,837 6,905 3,217 6,875 357,516
Capital expenditures $ 13,246 140 2,203 913 98 70 55 16,725
Depreciation and amortization $ 1,899 126 519 751 116 63 136 3,610
Equity $ 187,852 890 64,978 12,680 4,397 (1,067) 1,211 (83,089) 187,852
Six months ended
June 30, 1999
Revenues from unaffiliated
customers $ 164,789 10,837 333,582 78,039 5,708 2,937 19,801 615,693
Transfers between
geographic areas $ 7,681 416 1,590 3,283 1,456 833 678 (15,937) -
Total revenues $ 172,470 11,253 335,172 81,322 7,164 3,770 20,479 (15,937) 615,693
Net revenues $ 92,626 7,745 44,176 40,484 4,974 2,146 6,492 198,643
Operating income $ 10,165 1,074 14,848 7,554 881 107 786 35,415
Identifiable assets
at quarter end $ 256,030 13,411 87,809 87,478 8,116 4,547 13,386 470,777
Capital expenditures $ 7,082 663 1,507 1,905 263 162 1,091 12,673
Depreciation and amortization $ 5,507 288 1,582 1,586 299 116 495 9,873
Equity $ 243,398 2,021 71,138 19,049 5,864 (501) 2,190 (99,761) 243,398
Six months ended
June 30, 1998
Revenues from unaffiliated
customers $ 145,675 6,430 230,213 68,605 4,791 1,345 8,260 465,319
Transfers between
geographic areas $ 5,646 311 1,778 1,866 981 619 418 (11,619) -
Total revenues $ 151,321 6,741 231,991 70,471 5,772 1,964 8,678 (11,619) 465,319
Net revenues $ 75,116 4,781 36,428 34,022 3,939 1,526 2,326 158,138
Operating income $ 9,634 301 12,527 5,827 579 (200) 350 29,018
Identifiable assets
at quarter end $ 193,982 10,985 64,715 70,837 6,905 3,217 6,875 357,516
Capital expenditures $ 25,501 223 2,504 2,073 210 287 135 30,933
Depreciation and amortization $ 3,653 249 949 1,410 235 116 262 6,874
Equity $ 187,852 890 64,978 12,680 4,397 (1,067) 1,211 (83,089) 187,852