XPO Reports Fourth Quarter Revenue Growth of 27%
SAINT JOSEPH, Mich.--(BUSINESS WIRE)--Express-1 Expedited Solutions, Inc. (XPO) today reported its preliminary unaudited earnings for the fourth quarter ended December 31, 2009.
In the fourth quarter, preliminary revenue from continuing operations increased by 27% to $31.6 million compared to $25.0 million in the fourth quarter of 2008. The acquisition of LRG International, Inc. on October 1, 2009 contributed $1.9 million to revenue for the quarter.
During the same period, preliminary income from continuing operations improved 17% to $601,000 or $0.02 per fully diluted share compared to $514,000 or $0.02 per diluted share for the fourth quarter of 2008. The fourth quarter results of 2009 include a charge of $400,000 for claims expense that exceeded the Company’s insurance limit, a first time occurrence in the Company’s history.
“We continue to see the positive results of expanding our customer base and managing our cost structure. Our integration of LRG International in the fourth quarter has been smooth and positions us for continued international growth,” commented Michael R. Welch, the Company’s CEO.
SAINT JOSEPH, Mich.--(BUSINESS WIRE)--Express-1 Expedited Solutions, Inc. (XPO) today reported its preliminary unaudited earnings for the fourth quarter ended December 31, 2009.
In the fourth quarter, preliminary revenue from continuing operations increased by 27% to $31.6 million compared to $25.0 million in the fourth quarter of 2008. The acquisition of LRG International, Inc. on October 1, 2009 contributed $1.9 million to revenue for the quarter.
During the same period, preliminary income from continuing operations improved 17% to $601,000 or $0.02 per fully diluted share compared to $514,000 or $0.02 per diluted share for the fourth quarter of 2008. The fourth quarter results of 2009 include a charge of $400,000 for claims expense that exceeded the Company’s insurance limit, a first time occurrence in the Company’s history.
“We continue to see the positive results of expanding our customer base and managing our cost structure. Our integration of LRG International in the fourth quarter has been smooth and positions us for continued international growth,” commented Michael R. Welch, the Company’s CEO.