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EXPEDITORS INTERNATIONAL ANNOUNCES CASH DIVIDEND PROGRAM

 SEATTLE, May 20 /PRNewswire/ -- Expeditors International of Washington Inc. (NASDAQ: EXPD) today announced that its board of directors declared the company's first ever regular semi-annual cash dividend of 10 cents per share, an annual rate of 20 cents per share of the company's common stock. The dividend will be payable on June 15 to shareholders of record as of June 1.
 "We have a strong cash position and our worldwide operations are expected to continue to generate favorable cash flows. Overall, it is a pleasure to report that Expeditors is in excellent financial condition and has sufficient liquidity to take advantage of any foreseeable expansion opportunities," said Peter J. Rose, chairman and chief executive officer of Expeditors International. "While we remain focused on continued growth in our worldwide network, we have taken the steps that were required to give us additional financial flexibility and to allow us to provide this cash dividend to our shareholders."
 Historically, Expeditors' policy had been to reinvest overseas cash in the company's overseas operations. As a result, any excess overseas cash could not be returned to the United States without reporting additional taxes. A change in the company's accounting policy effective Jan. 1, 1993, now provides the company with the flexibility to utilize cash on a global basis. This new ability to return cash to the United States allows the company to utilize worldwide cash flows for additional U.S. investment, and to provide a regular dividend to shareholders.
 Expeditors International is a leading full-service export, import, ocean and air forwarder, and custom broker headquartered in Seattle. For the three months ended March 31, 1993, total revenues and net earnings were $73,762,000 and $1,849,000, respectively. Expeditors' worldwide cash and short-term investments totaled $29 million on March 31, 1993. For the year ended Dec. 31, 1992, total revenues and net earnings were $333,166,000 and $11,279,000, respectively.
 -0- 5/20/93
 /CONTACT: Gary E. Fowler, vice president and chief financial officer, of Expeditors International of Washington, 206-246-3711, or fax, 206-246-3197/
 (EXPD)


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

SW -- SE010 -- 1021 05/20/93 19:10 EDT
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Publication:PR Newswire
Date:May 20, 1993
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