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.
CEO CommentsBradley 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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV