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XPO Logistics, Inc. (NYSE Amex: XPO) today announced financial results for the fourth quarter and full year 2011. Total revenue was $44.1 million and gross margin was $7.2 million for the fourth quarter 2011, increases of 6.1% and 11.6%, respectively, year-over-year.
For the fourth quarter 2011, the company reported a net loss of $1.5 million, compared with net income of $820,000 for the fourth quarter 2010. The company reported a net loss available to common shareholders of $2.2 million for the fourth quarter 2011, or a loss of $0.27 per diluted share, compared with net income available to common shareholders of $820,000, or earnings of $0.10 per diluted share, for the same period in 2010. The net loss available to common shareholders in fourth quarter 2011 reflects $750,000 in cumulative preferred dividends relating to the quarter.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, was a loss of $2.1 million for the fourth quarter 2011, compared with EBITDA of $1.7 million for the same period in 2010. Fourth quarter 2011 EBITDA includes $1.2 million in compensation and professional fees related to the hiring of the company’s new executive team, and $882,000 of non-cash share-based compensation. A reconciliation of EBITDA to net income is provided in the attached financial tables.
Bradley Jacobs, chairman and chief executive officer, said, “Operationally, we had a strong fourth quarter, with a 6% revenue increase and a gross margin improvement of almost 12% year-over-year. Our freight brokerage and expedited teams improved on some key metrics. At the same time, the costs of putting an executive team and infrastructure in place had the anticipated impact on the bottom line. These are strategic investments that should return significant benefits as we further execute our plan.”
Jacobs continued, “We have solid progress to report. XPO opened a new truck brokerage operation in Phoenix in December, the first of 20 coldstarts planned over the next few years. A second location is scheduled to open in Michigan in April. We also added new freight forwarding locations in Newark, Charlotte and Atlanta. We’re on track to reach our goal of 10 new freight forwarding locations by the end of 2013.