XPO Revenues Increase By 70% In Third Quarter
Express-1 Expedited Solutions, Inc. (XPO) today reported its earnings for the third quarter ended September 30, 2010.
For the quarter, revenue from continuing operations increased by 70% to $44.4 million compared to $26.2 million in the third quarter of 2009. Additionally, year over year revenues also increased by 70% to $116.4 million compared to $68.5 million in the initial nine months of 2009.
For the quarter, net income improved by $919,000 to $1.7 million, or $.05 per fully diluted share compared to income of $811,000 in the third quarter of 2009. Year to date net income improved by $3.0 million to $4.1 million or $.12 per fully diluted share compared to net income of $1.1 million in the comparable period in 2009.
“2010 continues to be a breakout year for Express-1 Expedited Solutions and I couldn’t be happier about our strong financial results in what we consider very unsure economic times. We continue to believe that we are well positioned as we look to the immediate future. Again, I would like to thank our employees for their leadership and hard work as we continue to proactively meet and respond to the challenges in our industry,” commented Mike Welch, the Company’s CEO.“Express-1’s numbers continue to speak for themselves in 2010. Mike and his team have much to be excited about as we continue to emerge from the recession,” stated James Martell, Chairman of XPO. Investor Conference Call Management will conduct a conference call on Monday, November 15, 2010 at 10:00 a.m. EST to discuss the Company’s third quarter financial results. 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 November 19, 2010. To listen to the playback, please call 877-660-6853. Use account number 286 and conference ID number 360349. Those interested in accessing a live or archived Webcast of the call should visit http://www.investorcalendar.com under Express-1 Expedited Solutions, Inc. 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.
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