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ACCOUNTING CHANGE LOWERS EXPEDITORS INTERNATIONAL'S NET EARNINGS IN FIRST QUARTER

 SEATTLE, May 4 /PRNewswire/ -- Expeditors International of Washington Inc. (NASDAQ: EXPD), an international freight forwarder and customs broker, today announced net earnings of $1,849,000 on total revenues of $73,762,000 for the quarter ended March 31, 1993. For the same quarter of 1992, the company recorded net earnings of $2,159,000 on $66,809,000 of total revenues. Earnings per share were 31 cents in the first quarter, compared to 36 cents per share in the first quarter of 1992. Net revenues (total revenues less direct costs of freight consolidation) increased 23 percent to $20,239,000 in the first quarter of 1993, compared to $16,492,000 in the same quarter of 1992, and operating income increased 7 percent to $2,945,000 in the first quarter of 1993, compared to $2,747,000 in the same quarter of 1992.
 Peter J. Rose, chairman and chief executive officer, noted that the primary reason for lower reported earnings in the quarter compared to the prior year was a result of a previously announced change in the company's accounting policy with regard to taxation for earnings of foreign subsidiaries. "Our change in tax policy with regard to foreign earnings will give us much greater flexibility in utilizing cash both in the United States and overseas," said Rose. Rose noted that net earnings and earnings per share for the quarter ended March 31, 1992, reported as if income taxes on earnings of foreign subsidiaries had been provided at the effective domestic tax rate, would have been $1,805,000 and 30 cents, respectively.
 "While we saw some signs of a pick-up in the economy at the end of 1992, we haven't seen that trend continue into the new year," said Rose. "It appears that consumers are quite nervous in light of all the newspaper articles and discussion about tax increases and job lay-offs, and their lower purchases at the check-out counters translate to lower shipping activity by our customers."
 Rose said that the company was continuing to focus its efforts on cost reduction in all offices as part of its effort to increase efficiencies through its quality initiative. "We're checking staff levels, analyzing costs and expenses, and implementing efficiencies through increased computerization throughout the company. We want to be positioned to take advantage of opportunities that may develop later in the year. Our offices worldwide are maintaining, and even increasing, our market share. As a result, we feel very good about our positioning when the economies turn upward."
 EXPEDITORS INTERNATIONAL
 OPERATING HIGHLIGHTS
 Three Months Ended March 31: 1993 1992
 Total revenues $73,762,000 $66,809,000
 Net revenues 20,239,000 16,492,000
 Operating income 2,945,000 2,747,000
 Earnings before income taxes 3,177,000 3,018,000
 Net earnings 1,849,000 2,159,000
 Earnings per common share $ 0.31 $ 0.36
 Weighted average common shares outstanding 6,040,173 6,045,981
 -0- 5/4/93
 /NOTE TO EDITORS: Additional information is available upon request./
 /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

SW -- SE005 -- 4125 05/04/93 07:50 EDT
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Date:May 4, 1993
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