Expeditors first quarter earnings per share increase 15 percent.SEATTLE--(BUSINESS WIRE)--May 8, 1996--Expeditors International of Washington Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EXPD), a global logistic lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation company, today announced first quarter net earnings of 30 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. -- a 15 percent increase from the 26 cents per share earned in the same quarter of 1995. Net revenues for the first quarter of 1996 increased 22 percent to $40,732,000 as compared with $33,286,000 for the first quarter of 1995. Total revenues and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. were $137,670,000 and $5,550,000 in the first quarter of 1996 compared with $122,878,000 and $4,842,000 for the same period of 1995, increases of 12 percent and 15 percent respectively. Net earnings for the period were $3,789,000, as compared with $3,218,000 for the first quarter of 1995 which is an increase of 18 percent. "We are pleased to be able to report these strong and well-balanced results," commented Peter J. Rose, chairman and chief executive officer. "Our air freight air freight n → flete m por avión air freight n → fret aérien air freight air n → Luftfracht f net revenues increased 21 percent despite a generally recognized weakness in global air cargo air cargo: see aviation. volumes. During the first quarter we continued to increase market share and profitability, most notably for air cargo from our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and Far East origins. "We are also satisfied with our ocean freight net revenues which increased 22 percent in an environment of severe pricing pressure on the eastbound east·bound adj. Going toward the east. eastbound Adjective going towards the east Adj. 1. trans-pacific routes. Here again we increased our profit contribution in an ocean market where total tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. was off significantly. Customs brokerage and import services remained strong as we posted a 24 percent increase in net revenues over the first quarter of 1995," Rose noted. Rose stated that "same store" net revenues and operating income increased 18 percent and 20 percent respectively, when the first quarter of 1996 is compared with the same quarter of 1995. "This is a concrete number that we disclose with pride as it demonstrates the power of our network to generate and sustain internal growth." Rose explained. "Our sincere thanks go to over 2,400 employees worldwide as they continue to demonstrate a level of commitment that makes these results possible." Expeditors is a global logistics company. Headquartered in Seattle, the company serves the increasingly sophisticated needs of international trade through a seamless network of responsive professionals and integrated information systems. Expeditors offers air and ocean freight forwarding, supplier consolidation, customs clearance, cargo insurance, distribution and value-added logistics services. Expeditors' mission is to set the standard for excellence in global logistics through total commitment to quality in people and services, with superior financial results. Additional information is available at Expeditors' Internet site: http://www.expd.com. -0-
EXPEDITORS INTERNATIONAL OF WASHINGTON INC.
Financial Highlights
First Quarter Ended
March 31, 1996
UNAUDITED
(in 000's except for share and per share data)
1996 1995 % Increase
Revenues 137,670 122,878 12% Net revenues 40,732 33,286 22% Operating income 5,550 4,842 15% Net earnings 3,789 3,218 18% Earnings per share 30 cents 26 cents 15% Weight ave. shares 12,715,566 12,448,626 Note: Additional financial information available upon request. CONTACT: Expeditors International Expeditors International of Washington, Inc. NASDAQ: EXPD is a global logistics and freight forwarding company based in Seattle, Washington, USA. Company History Expeditors was founded in Seattle, Washington in 1979. , Seattle R. Jordan Gates, 206/246-3711 On the Internet: http://www.expd.com |
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