XPO Logistics, Inc. (NYSE Amex: XPO), a leading provider of non-asset based, third-party logistics in the transportation industry, today announced financial results for the third quarter of 2011. Total revenue from continuing operations was $47.4 million, a 6.6% increase from the same period last year.
The company reported net income from continuing operations of $190,000 compared with net income from continuing operations of $1.7 million for the same period in 2010. Earnings per share for the third quarter of 2011 reflect a $44.6 million non-cash accounting charge related to the beneficial conversion features of the previously announced equity investment led by Jacobs Private Equity, LLC. This accounting charge resulted in a $5.38 loss per diluted share, compared with earnings of $0.21 per diluted share for the same period in 2010.
EBITDA was $775,000 for the third quarter, compared with $3.2 million for the same period in 2010. EBITDA was negatively impacted by $700,000 of indirect transaction costs related to the equity investment and $1.6 million of costs for executive recruitment and related fees. A reconciliation of EBITDA to net income is included below.
CEO CommentsBradley Jacobs, chairman and chief executive officer, said, “While our overall operating results in the quarter were mixed, we’re encouraged by the opportunities to enhance the earnings power of all three of our business units. We have an extensive plan in place to expand XPO through acquisitions, organic growth and the optimization of our operations. In addition, we’ve assembled a highly experienced management team with the specific expertise required for this strategy.” Jacobs continued, “We began taking action immediately after we closed the equity investment in early September. For example, we’re opening a new truck brokerage location in Phoenix this month to replicate the high-growth model of our Bounce Logistics operation. This is the first of what we intend to be an aggressive expansion of our truck brokerage footprint.”
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