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EXPEDITORS INTERNATIONAL REPORTS 20-PERCENT INCREASE IN THIRD QUARTER NET REVENUES, ANNOUNCES CASH DIVIDEND

 SEATTLE, Nov. 2 /PRNewswire/ -- Expeditors International of Washington Inc. (NASDAQ: EXPD), an international freight forwarder and customs broker, today announced a 20-percent increase in net revenues to $25,537,000 for the third quarter ended Sept. 30, 1993, compared to $21,347,000 for the same quarter of 1992. Net revenues are the company's total revenues less direct costs of freight consolidation. Net earnings were $2,910,000 on total revenues of $99,036,000 for the quarter ended Sept. 30, 1993, compound to net earnings of $3,172,000 on total revenues of $94,800,000 for the same quarter of 1992. Earnings per share were 24 cents in the current quarter compared to 26 cents in 1992.
 Peter J. Rose, chairman and chief executive officer, pointed out that, consistent with the first and second quarters, the company reported lower net earnings in the third quarter compared to the prior year as a result of the previously announced change in the accounting policy with regard to taxation of earnings for foreign subsidiaries. Rose observed that if income taxes on earnings for foreign subsidiaries had been provided at the effective U.S. tax rate in the prior year, net earnings and earnings per share would have increased 10 percent and 9 percent, respectively, in the three-month period ended Sept. 30, 1993, and 7 percent and 7 percent, respectively, in the nine-month period ended Sept. 30, 1993.
 For the nine-months periods ended Sept. 30, the company reported $254,702,000 of total revenues, $67,839,000 of net revenues, $7,248,000 of net earnings, and 60 cents per share in 1993 compared to $241,251,000 of total revenues, $56,897,000 of net revenues, $8,184,000 of net earnings and 68 cents per share in 1992.
 "We have continued to see strengthening in all key areas of our business," Rose pointed out. "Ocean freight is leading the way, with a 52-percent net revenue increase over the third quarter of 1992. We established Expeditors Cargo Management Systems to provide ocean consolidation services throughout the world. This is a complement to our existing NVOCC services, which serve smaller ocean shippers. Net airfreight revenues also showed strength in the quarter by increasing 15 percent, including a 22-percent increase in U.S. net export airfreight revenues during tha?rter," stated Rose.
 "Our emphasis on controlling costs combined with increasing our sales efforts have started to pay off, reflected in the 23-percent increase in operating income during the quarter compared to our 20-percent increase in net revenues. We are now starting to realize the financial benefits of the offices we opened throughout 1992," said Rose.
 Rose announced that the board of directors declared a semi-annual cash dividend of 5 cents per share payable on Dec. 15, 1993, to shareholders of record as of Dec. 1, 1993. "Given our cash position, the company is well positioned to take advantage of growth opportunities in the future as well as to provide a cash return to our shareholders. I'm pleased that, in light of our two-for-one stock split the company announced in October, we've maintained our current dividend rate," concluded Rose.
 Additional information is available upon request.
 EXPEDITORS INTERNATIONAL OF WASHINGTON INC.
 OPERATING HIGHLIGHTS
 Three months ended Nine months ended
 Sept. 30, 1993 1992 1993 1992
 Total revenues $99,036,000 $94,800,000 254,702,000 241,251,000
 Net revenues $25,537,000 $21,347,000 67,839,000 56,897,000
 Operating income $ 4,785,000 $ 3,906,000 11,618,000 10,448,000
 Net earnings $ 2,910,000 $ 3,172,000 7,248,000 8,184,000
 Earnings per
 common share $ 0.24 $ 0.26 $ 0.60 $ 0.68
 Weighted average
 common shares
 outstanding 11,981,166 12,067,256 12,005,570 12,065,222
 NOTE: All shares and per share information have been adjusted to give effect to a two-for-one stock split to be distributed Nov. 11, 1993, to shareholders of record on Oct. 27, 1993.
 -0- 11/2/93
 /CONTACT: Gary E. Fowler, vice president and chief financial officer, of Expeditors International, 206-246-3711/
 (EXPD)


CO: Expeditors International of Washington Inc. ST: Washington IN: TRN SU: ERN DIV

JH -- SE006 -- 9467 11/02/93 07:50 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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