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Echo Global Logistics Reports Fourth Quarter 2010 Results

Stocks in this article: ECHO

CHICAGO, Feb. 23, 2011 (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 December 31, 2010. Summarized financial results for the fourth quarter of 2010 and for the year ended December 31, 2010, along with select operating metrics, are as follows:

Amounts in 000,000s, except per share data Three months ended December 31,   Years ended December 31,  
  2009 2010 % change   2009 2010 % change  
Revenue:                
Transactional  $ 44.3  $ 73.2 65.4%    $ 150.5  $ 260.9 73.4%  
Enterprise  35.7  40.6 13.6%    109.1  165.5 51.6%  
Total Revenue  80.0  113.8 42.2%    259.6  426.4 64.3%  
                 
Net Revenue (Total Revenue less transportation costs)  16.0  22.6 41.5%    55.7  81.2 45.8%  
                 
Operating Expenses                
Commissions  4.6  6.8 48.0%    15.8  24.9 57.3%  
General and administrative  8.7  10.6 23.3%    30.0  40.6 35.4%  
Contingent consideration  (1.0)  (0.8) -16.3%    (1.0)  (4.7) 378.1%  
Depreciation and amortization  1.6  1.9 16.6%    5.0  6.9 38.8%  
Total Operating Expenses  13.9  18.5 33.5%    49.8  67.7 35.9%  
                 
Operating Income  2.1  4.1 95.3%    5.9  13.5 129.7%  
                 
Net Income  3.2  2.6 -16.7%    5.2  8.4 61.8%  
Diluted EPS applicable to common stockholders $0.15 $0.12     $0.29 $0.38    
                 
Operating Metrics                
Gross margin 20.0% 19.9%  (10) bps 21.4% 19.0%  (241) bps
Operating margin (% of net revenue) 13.0% 17.9%  494 bps 10.5% 16.6%  606 bps
                 
Shipment volume 192,411 274,757 42.8%   642,649 1,034,690 61.0%  
Number of enterprise clients 116 148 27.6%   116 148 27.6%  
Total employees 835 908 8.7%   835 908 8.7%  
Salaried employees 299 327 9.4%   299 327 9.4%  
Commissioned sales employees 364 382 4.9%   364 382 4.9%  
Sales agents 172 199 15.7%   172 199 15.7%  
Less Than Truckload (LTL) Revenue % 42.2% 46.7%  443 bps 44.6% 45.1%  48 bps
Truckload (TL) Revenue % 37.6% 36.1%  (145) bps 34.6% 37.2%  258 bps

Commenting on the Company's performance, Chief Executive Officer Doug Waggoner said, "This was a strong quarter for Echo as we continued our track record of high growth and finished the year with impressive 64% top-line revenue growth. We achieved these results by executing on a diversified growth strategy, by investing in our sales organization and our technology, adding 32 new enterprise clients during the year, and successfully integrating strategic acquisitions that expanded our footprint and increased our market-share."

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