Echo Global Logistics Reports Third Quarter 2010 Results
CHICAGO, Nov. 3, 2010 (GLOBE NEWSWIRE) -- Echo Global Logistics, Inc. (Nasdaq:ECHO), a leading provider of technology-enabled transportation and supply chain management services, today reported financial results for the three months ended September 30, 2010. Summarized financial results for the third quarter of 2010, along with select operating metrics, are as follows:
|Amounts in 000,000s, except per share data||Three months ended September 30,|
|Transactional||$ 41.9||$ 70.1||67.2%|
|Net revenue (Total Revenue less transportation costs)||15.4||21.5||39.0%|
|General and administrative||7.5||9.0||18.7%|
|Depreciation and amortization||1.3||1.7||33.2%|
|Total Operating Expenses||13.1||17.2||31.3%|
|Income Before Taxes||1.8||4.2||134.2%|
|Provision for Income Taxes||0.5||1.6||228.0%|
|Net income applicable to common stockholders||$ 1.0||$ 2.6||151.1%|
|Diluted shares (000)||13.0||22.2|
|Diluted EPS applicable to common stockholders||$0.08||$0.12|
|Operating margin (% of net revenue)||15.1%||19.8%||471||bps|
|Number of enterprise clients||114||143||25.4%|
|Total employees and agents||747||869||16.3%|
|Commissioned sales employees||303||395||30.4%|
|Less Than Truckload (LTL) Revenue %||43.9%||46.0%||202||bps|
|Truckload (TL) Revenue %||36.4%||37.0%||62||bps|
Commenting on the Company's performance, Chief Executive Officer Doug Waggoner said, "Our strong third quarter financial results reflect the execution of our growth strategy, as we delivered our third consecutive quarter of year-over-year revenue growth and doubled our net income. Our focus remains on building our market share position, as we further expanded our enterprise client base by 29 new clients and our shipment volume increased by 56% in the third quarter. On a year-over-year comparison, our net revenue margins were down 310 basis points due to tight capacity, particularly in the truckload market. However, we did see an improvement of 67 basis points sequentially, indicating an easing of the margin pressure experienced throughout the first half of the year."
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