Express-1 Expedited Solutions Reports Strong Q3 Results: Revenue Increases 143%, Operating Income Rises 160%
11/06/2008 13:30:02
SAINT JOSEPH, Mich., Nov 06, 2008 (BUSINESS WIRE) -- Express-1 Expedited Solutions, Inc. (AMEX:XPO) today reported its
earnings for the third quarter, ended September 30, 2008.
Express-1 Expedited Solutions, through its four operating companies
(Express-1, Bounce Logistics, Express-1 Dedicated and Concert Group
Logistics), provides the following premium transportation services:
same-day delivery, time--sensitive shipping,
premium freight brokerage and dedicated transportation throughout North
America, as well as domestic and international freight forwarding.
Express-1 Expedited Solutions reported a 143% increase in revenue during
the third quarter of 2008 to $32.4 million, compared to $13.4 million
for the same period in the prior year. The acquisition of Concert Group
Logistics, which had a transaction date of January 1, 2008, contributed
$14.3 million to revenues for the period. For the third quarter, the
Company's Express-1 operations expanded
revenues by $2.1 million or 18% over the same three-months in 2007.
Bounce Logistics gained traction and contributed $3.0 million to the
overall increase in revenues. Bounce Logistics is a start-up premium
truckload brokerage operation that began operations in March 2008. The
Company's other business unit, Express-1
Dedicated, increased revenues slightly during the period. When combined,
the Express-1 Expedited Solutions' business
units delivered record revenue and operating profit during the period
and the Company continued to grow at a healthy pace in the current weak
economy.
During the same period, income from operations substantially increased
by 160% to $2.0 million versus $778,000 during the same period of 2007.
Net income improved 131% to $1.2 million or $0.04 per diluted share for
the third quarter of 2008 compared to $499,000 or $0.02 per diluted
share for the same period in 2007.
"Throughout 2008, our Company has
significantly changed its geographical and operating footprints. The
acquisition of Concert Group Logistics and the start-up of Bounce
Logistics has begun to dramatically improve our results. We're
pleased with our growth and profitability for the third quarter, and
happy to share the success of our business units. Given we're
in such a difficult freight environment, these results are a strong
testament to our business model and the team we have in place throughout
our Company," stated Michael Welch, the
Company's Chief Executive Officer.
11/06/2008 13:30:02
SAINT JOSEPH, Mich., Nov 06, 2008 (BUSINESS WIRE) -- Express-1 Expedited Solutions, Inc. (AMEX:XPO) today reported its
earnings for the third quarter, ended September 30, 2008.
Express-1 Expedited Solutions, through its four operating companies
(Express-1, Bounce Logistics, Express-1 Dedicated and Concert Group
Logistics), provides the following premium transportation services:
same-day delivery, time--sensitive shipping,
premium freight brokerage and dedicated transportation throughout North
America, as well as domestic and international freight forwarding.
Express-1 Expedited Solutions reported a 143% increase in revenue during
the third quarter of 2008 to $32.4 million, compared to $13.4 million
for the same period in the prior year. The acquisition of Concert Group
Logistics, which had a transaction date of January 1, 2008, contributed
$14.3 million to revenues for the period. For the third quarter, the
Company's Express-1 operations expanded
revenues by $2.1 million or 18% over the same three-months in 2007.
Bounce Logistics gained traction and contributed $3.0 million to the
overall increase in revenues. Bounce Logistics is a start-up premium
truckload brokerage operation that began operations in March 2008. The
Company's other business unit, Express-1
Dedicated, increased revenues slightly during the period. When combined,
the Express-1 Expedited Solutions' business
units delivered record revenue and operating profit during the period
and the Company continued to grow at a healthy pace in the current weak
economy.
During the same period, income from operations substantially increased
by 160% to $2.0 million versus $778,000 during the same period of 2007.
Net income improved 131% to $1.2 million or $0.04 per diluted share for
the third quarter of 2008 compared to $499,000 or $0.02 per diluted
share for the same period in 2007.
"Throughout 2008, our Company has
significantly changed its geographical and operating footprints. The
acquisition of Concert Group Logistics and the start-up of Bounce
Logistics has begun to dramatically improve our results. We're
pleased with our growth and profitability for the third quarter, and
happy to share the success of our business units. Given we're
in such a difficult freight environment, these results are a strong
testament to our business model and the team we have in place throughout
our Company," stated Michael Welch, the
Company's Chief Executive Officer.