XPO's Q4 net income rises 36% year-over-year to US$820,000, revenues increase 31% to US$41.6M in preliminary report; full-year earnings surge 187% to US$4.9M, revenues jump 58% to US$158M

SAINT JOSEPH, Michigan , February 11, 2011 (press release) – Express-1 Expedited Solutions, Inc. (XPO) today reported its preliminary unaudited earnings for the fourth quarter ended December 31, 2010.

For the year, preliminary revenues from continuing operations increased by 58% to approximately $158 million during fiscal 2010 compared to $100 million in fiscal 2009. During the same period, net income improved by 187% to $4,888,000 or $0.15 per fully diluted share compared to $1,705,000 or $0.05 per fully diluted share during 2009.

Additionally, in the fourth quarter, preliminary revenue from continuing operations increased by 31% to $41.6 million compared to $31.6 million in the fourth quarter of 2009. During the same period, net income improved 36% to $820,000 or $0.02 per fully diluted share compared to $601,000 or $0.02 per diluted share for the fourth quarter of 2009.

Michael R. Welch, the Company’s CEO commented, “2010 was a banner year for XPO in which we made solid gains in both growth and profitability. We continue to believe that our integrated asset-light platform is well positioned and we look forward to increased revenue and bottom line growth in 2011.”

“Our management team has continued to execute on its growth strategy in 2010 and we are excited about the possibilities in 2011,” stated Board Chairman, Jim Martell.

XPO to present at this week’s BB&T Conference

Express-1 Expedited Solutions is pleased to announce that they will be presenting at the BB&T Capital Markets Transportation Services Conference held at the Biltmore Hotel in Coral Cables, Florida on February 17, 2011. The preliminary unaudited earnings are being issued to facilitate communications with investors at this conference.

About Express-1 Expedited Solutions, Inc.

Express-1 Expedited Solutions, Inc. is a non-asset based services organization focused on premium transportation through its business units, Express-1, Inc. (Buchanan, Michigan), Concert Group Logistics, Inc. (CGL) (Downers Grove, Illinois), and Bounce Logistics, Inc. (South Bend, Indiana). These business units are focused on premium services that include same-day, time-sensitive transportation and domestic and international freight forwarding. Serving more than 4,000 customers, the Company’s premium transportation offerings are provided through one of six operations centers; Buchanan, Michigan; South Bend, Indiana; Downers Grove, Illinois; Rochester Hills, Michigan; Tampa, Florida, and Miami Florida. Express-1 Expedited Solutions, Inc. is publicly traded on the NYSE AMEX Equities Exchange under the symbol XPO. For more information about the Company, visit www.xpocorporate.com

                       
Express-1 Expedited Solutions, Inc.
Comparative Financial Table
For the Three Months Ended December 31,
                       
          Quarter to Quarter Change   Percent of Revenue
  2010   2009   In Dollars   In Percentage   2010   2009
  Unaudited       Unaudited   Unaudited   Unaudited  
Revenues                      
Express-1 $ 18,468,000     $ 16,960,000     $ 1,508,000     8.9 %   44.4 %   53.7 %
Concert Group Logistics   17,624,000       12,423,000       5,201,000     41.9 %   42.4 %   39.3 %
Bounce Logistics   6,500,000       3,336,000       3,164,000     94.8 %   15.6 %   10.6 %
Intercompany Eliminations   (1,035,000 )     (1,109,000 )     74,000     6.7 %   -2.4 %   -3.6 %
Total Revenues   41,557,000       31,610,000       9,947,000     31.5 %   100.0 %   100.0 %
                       
Direct Expenses                      
Express-1   14,868,000       13,775,000       1,093,000     7.9 %   80.5 %   81.2 %
Concert Group Logistics   15,896,000       11,027,000       4,869,000     44.2 %   90.2 %   88.8 %
Bounce Logistics   5,405,000       2,759,000       2,646,000     95.9 %   83.2 %   82.7 %
Intercompany Eliminations   (1,035,000 )     (1,109,000 )     74,000     6.7 %   100.0 %   100.0 %
Total Direct Expenses   35,134,000       26,452,000       8,682,000     32.8 %   84.5 %   83.7 %
Gross Margin                      
Express-1   3,600,000       3,185,000       415,000     13.0 %   19.5 %   18.8 %
Concert Group Logistics   1,728,000       1,396,000       332,000     23.8 %   9.8 %   11.2 %
Bounce Logistics   1,095,000       577,000       518,000     89.8 %   16.8 %   17.3 %
Total Gross Margin   6,423,000       5,158,000       1,265,000     24.5 %   15.5 %   16.3 %
Selling, General & Administrative                      
Express-1   2,657,000       2,003,000       654,000     32.7 %   14.4 %   11.8 %
Concert Group Logistics   1,209,000       1,113,000       96,000     8.6 %   6.9 %   9.0 %
Bounce Logistics   748,000       427,000       321,000     75.2 %   11.5 %   12.8 %
Corporate   448,000       493,000       (45,000 )   -9.1 %   1.1 %   1.6 %
Total Selling, General & Administrative   5,062,000       4,036,000       1,026,000     25.4 %   12.2 %   12.8 %
Operating Income from Continuing Operations                      
Express-1   943,000       1,182,000       (239,000 )   -20.2 %   5.1 %   7.0 %
Concert Group Logistics   519,000       283,000       236,000     83.4 %   2.9 %   2.3 %
Bounce Logistics   347,000       150,000       197,000     131.3 %   5.3 %   4.5 %
Corporate   (448,000 )     (493,000 )     45,000     9.7 %   -1.1 %   -1.6 %
Operating Income from Continuing Operations   1,361,000       1,122,000       239,000     21.3 %   3.3 %   3.5 %
Other Expense   37,000       23,000       14,000     60.9 %   0.1 %   0.1 %
Interest Expense   66,000       31,000       35,000     112.9 %   0.2 %   0.1 %
Income from Continuing Operations Before Tax   1,258,000       1,068,000       190,000     17.8 %   3.0 %   3.4 %
Tax Provision   438,000       467,000       (29,000 )   -6.2 %   1.1 %   1.5 %
Net Income $ 820,000     $ 601,000     $ 219,000     36.4 %   2.0 %   1.9 %

 

 

 

 

 

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