XPO Logistics, Inc. (NYSE Amex: XPO) today announced financial results for the first quarter of 2012. Total revenue was $44.6 million for the quarter, a 7.4% increase from the same period last year.
Net loss was $2.7 million for the quarter, compared with net income of $1.1 million for the same period last year. The company reported a first quarter net loss available to common shareholders of $3.4 million, or a loss of $0.36 per diluted share, compared with net income available to common shareholders of $1.1 million, or earnings of $0.13 per diluted share, for the same period in 2011. First quarter 2012 results include a loss of $0.08 per diluted share relating to $750,000 in cumulative preferred dividends.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, was a loss of $4.6 million for first quarter of 2012, compared with EBITDA of $2.3 million for the same period in 2011. EBITDA for the first quarter of 2012 includes a $540,000 expense ($345,000 after tax or $0.04 per diluted share) for compensation, severance and professional fees related to the composition of the company’s executive team; a $480,000 expense ($307,000 after tax or $0.03 per diluted share) for consulting fees in connection with securing an agreement with the state of North Carolina for up to $3.2 million in future tax incentives; and $1.0 million in 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, “Our strategy is to scale up our operations through acquisitions, cold-starts and organic growth. Our first acquisition is Continental Freight Services, a 32-year-old company based in South Carolina with a loyal customer base and excellent employees. Continental is a good strategic fit because we can scale it up quickly by adding salespeople and carrier capacity.”