logo
  Join        Login             Stock Quote

XPO Reports Solid Fourth Quarter Revenue Growth of 31%

Thursday, February 10, 2011 5:53 PM


Feb. 10, 2011 (Business Wire) -- 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.

Updated final earnings announcement date

Management will conduct a conference call Thursday, February 24, 2011 at 10:00 a.m. EST to discuss the Company's fourth quarter financial results. Those interested in accessing a live or archived Webcast of the call should visit the Company's Website at www.express-1.com. Those wishing to take part in the live teleconference call can dial 877-407-0782 with international participants dialing 201-689-8567. A playback will be available until midnight on March 3, 2011. To listen to the playback, please call 877-660-6853. Use account number 286 and conference ID number 367218.

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

Forward-Looking Statements

This press release contains forward-looking statements that may be subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs, as well as assumptions made by and information currently available to management. These forward-looking statements, which may include statements regarding our future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses, future operating margins and other future or expected performance are subject to risks. These risks include: the acquisition of businesses or the launch of new lines of business could increase operating expenses and dilute operating margins; increased competition could lead to negative pressure on our pricing and the need for increased marketing; the inability to maintain, establish or renew relationships with customers, whether due to competition or other factors; the inability to comply with regulatory requirements governing our business operations; and to the general risks associated with our businesses.

In addition to the risks and uncertainties discussed above, you can find additional information concerning risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements in the reports that we have filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent our judgment as of the date of this release and you should not unduly rely on such statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in the filing may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.

   
Express-1 Expedited Solutions, Inc.
Consolidated Balance Sheets
 
December 31,December 31,
20102009
AssetsUnaudited  
Current assets:
Cash $ 561,000 $ 495,000
Accounts receivable, net of allowances of $136,000 and $225,000, respectively 24,272,000 17,569,000
Prepaid expenses 257,000 158,000
Deferred tax asset, current 314,000 353,000
Other current assets   813,000     459,000  
Total current assets   26,217,000     19,034,000  
 
Property and equipment, net of $3,290,000 and $2,651,000 in accumulated depreciation, respectively 2,960,000 2,797,000
Goodwill 16,959,000 16,959,000
Identified intangible assets, net of $2,902,000 and $2,273,000 in accumulated amortization, respectively 8,546,000 9,175,000
Loans and advances 126,000 30,000
Other long-term assets   516,000     1,044,000  
Total long-term assets   29,107,000     30,005,000  
Total assets $ 55,324,000   $ 49,039,000  
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 8,756,000 $ 6,769,000
Accrued salaries and wages 1,165,000 310,000
Accrued expenses, other 1,529,000 2,272,000
Line of credit - 6,530,000
Current maturities of long-term debt 1,680,000 1,215,000
Other current liabilities   773,000     968,000  

Total current liabilities

  13,903,000     18,064,000  
 
Line of credit 2,749,000 -
Notes payable and capital leases, net of current maturities 2,083,000 213,000
Deferred tax liability, long-term 2,032,000 1,156,000
Other long-term liabilities   544,000     1,202,000  
Total long-term liabilities   7,408,000     2,571,000  
 
Stockholders' equity:
Preferred stock, $.001 par value; 10,000,000 shares, no shares issued or outstanding - -
Common stock, $.001 par value; 100,000,000 shares authorized; 32,687,522 and 32,215,218 shares issued, respectively; and 32,507,522 and 32,035,218 shares outstanding, respectively 33,000 32,000
Additional paid-in capital 27,208,000 26,488,000
Treasury stock, at cost, 180,000 shares held (107,000 ) (107,000 )
Accumulated earnings   6,879,000     1,991,000  
Total stockholders' equity   34,013,000     28,404,000  
Total liabilities and stockholders' equity $ 55,324,000   $ 49,039,000  
       
Express-1 Expedited Solutions, Inc.
Consolidated Statements of Operations
 
Three Months EndedTwelve Months Ended
December 31,December 31,December 31,December 31,
2010200920102009
Unaudited   Unaudited  
Revenues
Operating revenue $ 41,557,000 $ 31,610,000 $ 157,987,000 $ 100,136,000
Expenses
Direct expense   35,134,000   26,452,000   130,587,000   83,396,000
Gross margin 6,423,000 5,158,000 27,400,000 16,740,000
Sales, general and administrative expense   5,062,000   4,036,000   18,954,000   13,569,000
Operating income from continuing operations 1,361,000 1,122,000 8,446,000 3,171,000
Other expense 37,000 23,000 140,000 51,000
Interest expense   66,000   31,000   205,000   105,000
Income from continuing operations before income tax 1,258,000 1,068,000 8,101,000 3,015,000
Income tax provision   438,000   467,000   3,213,000   1,325,000
Income from continuing operations 820,000 601,000 4,888,000 1,690,000
Income from discontinued operations, net of tax   -   -   -   15,000
Net income $ 820,000 $ 601,000 $ 4,888,000 $ 1,705,000
 
Basic income per share
Income from continuing operations $ 0.03 $ 0.02 $ 0.15 $ 0.05
Income from discontinued operations - - - -
Net income 0.03 0.02 0.15 0.05
 
Diluted income per share
Income from continuing operations 0.02 0.02 0.15 0.05
Income from discontinued operations - - - -
Net income $ 0.02 $ 0.02 $ 0.15 $ 0.05
 
Weighted average common shares outstanding
Basic weighted average common shares outstanding 32,498,040 32,035,218 32,241,383 32,035,218
Diluted weighted average common shares outstanding 34,025,726 32,270,463 33,115,981 32,167,447
           
Express-1 Expedited Solutions, Inc.
Comparative Financial Table
For the Twelve Months Ended December 31,
 
Year to Year ChangePercent of Revenue
20102009In DollarsIn Percentage20102009
Unaudited         Unaudited   Unaudited   Unaudited  
Revenues
Express-1 $ 76,644,000 $ 50,642,000 $ 26,002,000 51.3 % 48.5 % 50.6 %
Concert Group Logistics 65,222,000 41,162,000 24,060,000 58.5 % 41.3 % 41.1 %
Bounce Logistics 19,994,000 10,425,000 9,569,000 91.8 % 12.7 % 10.4 %
Intercompany Eliminations   (3,873,000 )     (2,093,000 )       (1,780,000 )   -85.0 % -2.5 %   -2.1 %
Total Revenues   157,987,000       100,136,000         57,851,000     57.8 % 100.0 %   100.0 %
 
Direct Expenses
Express-1 59,226,000 39,874,000 19,352,000 48.5 % 77.3 % 78.7 %
Concert Group Logistics 58,549,000 36,979,000 21,570,000 58.3 % 89.8 % 89.8 %
Bounce Logistics 16,685,000 8,636,000 8,049,000 93.2 % 83.5 % 82.8 %
Intercompany Eliminations   (3,873,000 )     (2,093,000 )       (1,780,000 )   -85.0 % 100.0 %   100.0 %
Total Direct Expenses   130,587,000       83,396,000         47,191,000     56.6 % 82.7 %   83.3 %
Gross Margin
Express-1 17,418,000 10,768,000 6,650,000 61.8 % 22.7 % 21.3 %
Concert Group Logistics 6,673,000 4,183,000 2,490,000 59.5 % 10.2 % 10.2 %
Bounce Logistics   3,309,000       1,789,000         1,520,000     85.0 % 16.5 %   17.2 %
Total Gross Margin   27,400,000       16,740,000         10,660,000     63.7 % 17.3 %   16.7 %
Selling, General & Administrative
Express-1 9,812,000 7,322,000 2,490,000 34.0 % 12.8 % 14.5 %
Concert Group Logistics 4,791,000 3,062,000 1,729,000 56.5 % 7.3 % 7.4 %
Bounce Logistics 2,444,000 1,331,000 1,113,000 83.6 % 12.2 % 12.8 %
Corporate   1,907,000       1,854,000         53,000     2.9 % 1.2 %   1.9 %
Total Selling, General & Administrative   18,954,000       13,569,000         5,385,000     39.7 % 12.0 %   13.6 %
Operating Income from Continuing Operations
Express-1 7,606,000 3,446,000 4,160,000 120.7 % 9.9 % 6.8 %
Concert Group Logistics 1,882,000 1,121,000 761,000 67.9 % 2.9 % 2.7 %
Bounce Logistics 865,000 458,000 407,000 88.9 % 4.3 % 4.4 %
Corporate   (1,907,000 )     (1,854,000 )       (53,000 )   -2.9 % -1.2 %   -1.9 %
Operating Income from Continuing Operations   8,446,000       3,171,000         5,275,000     166.4 % 5.3 %   3.2 %
Other Expense 140,000 51,000 89,000 174.5 % 0.1 % 0.1 %
Interest Expense   205,000       105,000         100,000     95.2 % 0.1 %   0.1 %

Income from Continuing Operations Before Tax

8,101,000 3,015,000 5,086,000 168.7 % 5.1 % 3.0 %
Tax Provision   3,213,000       1,325,000         1,888,000     142.5 % 2.0 %   1.3 %
Income from Continuing Operations 4,888,000 1,690,000 3,198,000 189.2 % 3.1 % 1.7 %
Income from Discontinued Operations, Net of Tax   -       15,000         (15,000 )   -100.0 % 0.0 %   0.0 %
Net Income $ 4,888,000     $ 1,705,000       $ 3,183,000     186.7 % 3.1 %   1.7 %
         
Express-1 Expedited Solutions, Inc.
Comparative Financial Table
For the Three Months Ended December 31,
 
Quarter to Quarter Change   Percent of Revenue
20102009In DollarsIn Percentage20102009
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 %

Express-1 Expedited Solutions, Inc.
Mike Welch
269-429-9761
Mike.Welch@xpocorporate.com


(Source: Business Wire )
(Source: Quotemedia)

Advertisement
Advertisement



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.