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Expeditors Reports Second Quarter 2009 EPS of $.25 Per Share1

Dépèche transmise le 4 août 2009 par Business Wire

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD), today announced net earnings attributable to shareholders of $54,070,000 for the second quarter of 2009, as compared with $71,249,000 for the same quarter of 2008, a decrease of 24%. Net revenues for the second quarter of 2009 decreased 17% to $330,047,000 as compared with $397,325,000 reported for the second quarter of 2008. Total revenues and operating income were $895,360,000 and $86,927,000 in 2009, as compared with $1,454,255,000 and $112,971,000 for the same quarter of 2008, decreases of 38% and 23%, respectively. Diluted net earnings attributable to shareholders per share for the second quarter were $.25, as compared with $.32 for the same quarter in 2008, a decrease of 22%. The Company also reported that same store net revenues and operating income decreased 17% and 23%, respectively, for the second quarter of 2009 when compared with 2008.

For the six months ended June 30, 2009, net earnings attributable to shareholders was $113,330,000, as compared with $137,721,000 in 2008, a decrease of 18%. Net revenues for the six months decreased to $666,562,000 from $771,653,000 for 2008, down 14%. Total revenues and operating income for the six months were $1,808,045,000 and $178,401,000 in 2009, as compared with $2,761,576,000 and $218,535,000 for the same period in 2008, decreases of 35% and 18%, respectively. Diluted net earnings attributable to shareholders per share for the first two quarters of 2009 were $.52, as compared with $.62 for the same period of 2008, a decrease of 16%. Same store net revenues and operating income decreased 14% and 18%, respectively, for the six months ended June 30, 2009, when compared with same period of 2008.

“While our pre-announcement took away the apprehension traditionally associated with a quarterly earnings release, once the final numbers were in, we still have a pretty good story to tell,” said Peter J. Rose, Chairman and Chief Executive Officer. “There aren’t many companies in today’s environment that can say they have record cash balances ($916 million), have recorded a 136% increase in cash flow provided by operations (compared with the second quarter of 2008), have had no layoffs and remain debt-free. We continue to be well positioned to maintain the value of our people, our culture and our customer relationships. These assets are critical differentiators for us,” Rose continued.

“We are aware of Wall Street’s expectations for the remainder of 2009. We would reiterate that Expeditors’ strategy has never been driven by Wall Street’s expectations. We will continue to invest in our people, in our systems and in our customer service capabilities. Continued focus on these factors is what grows market share and allows us to maintain our long-term positioning in today’s environment,” Rose went on to say. “You can’t go around some challenges; you just have to go through them, and we’re doing that. Expeditors didn’t progress from having 20 employees in 1981 to become a Fortune 500 company in 2007 through the efforts of employees living in constant fear of being laid off. It is our people who are responsible for those accomplishments. We need them all, and the leadership culture that permeates this company, at all levels, now more than ever. Despite published statistics showing record declines in year-over-year shipping volumes, we continue to attract new customers. As the economy improves, and we believe it will, shippers will ship more. When they do, we expect to reap the benefits of these new relationships,” Rose concluded.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 183 full-service offices, 66 satellite locations and 4 international service centers located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value-added international logistics services.

1 Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

 

Expeditors International of Washington, Inc.

2nd Quarter 2009 Earnings Release

August 4, 2009

 

Expeditors International of Washington, Inc.

Financial Highlights

Three months and Six months ended

June 30, 2009 and 2008

Unaudited

(in 000's except share data)

 
Three Months Ended June 30,     Six Months Ended June 30,  

2009

 

2008

  %

Decrease

2009

 

2008

  %

Decrease

Revenues $ 895,360 $ 1,454,255 (38 ) % $ 1,808,045 $ 2,761,576 (35 ) %
Net revenues $ 330,047 $ 397,325 (17 ) % $ 666,562 $ 771,653 (14 ) %
Operating income $ 86,927 $ 112,971 (23 ) % $ 178,401 $ 218,535 (18 ) %
Net earnings attributable to shareholders $ 54,070 $ 71,249 (24 ) % $ 113,330 $ 137,721 (18 ) %
Diluted earnings attributable to shareholders $ .25 $ .32 (22 ) % $ .52 $ .62 (16 ) %
Basic earnings attributable to shareholders $ .25 $ .33 (24 ) % $ .53 $ .65 (18 ) %
Diluted weighted average shares outstanding

 

216,653,968

 

220,515,987

 

 

216,519,551

 

220,490,452

 

Basic weighted average shares outstanding

 

212,116,679

 

213,275,229

 

212,108,636

 

213,168,730

 

 

During the second quarter of 2009, the Company opened two full-service offices: 1) in Muscat, Sultanate of Oman (formerly an agent location); and 2) Wuhan, People’s Republic of China (formerly a satellite of Chongqing, People’s Republic of China). The Company closed one satellite office in Graz, Austria.

Investors may submit written questions via e-mail to: investor@expeditors.com

Or by fax to: (206) 674-3459

Questions received by the end of business on August 7, 2009, will be considered in management’s 8-K “Responses to Selected Questions” expected to be filed on or about August 14, 2009.

Disclaimer on Forward-Looking Statements:

Certain portions of this release contain forward-looking statements which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including comments on future economic trends. Actual future results and trends may differ materially from historical results or those projected in any forward-looking statements depending on a variety of factors, including, but not limited to, our ability to maintain consistent and stable operating results, future success of our business model, ability to perpetuate profits, changes in customer demand for Expeditors’ services caused by a general economic slow-down, inventory build-up, decreased consumer confidence, volatility in equity markets, energy prices, political changes, or the unpredictable acts of competitors and other risks, risk factors and uncertainties detailed in our Annual and Quarterly Reports filed with the Securities and Exchange Commission.

 
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
   
June 30, December 31,

Assets

2009 2008
 
Current assets:
Cash and cash equivalents $ 915,982 $ 741,028
Short-term investments 636 658
Accounts receivable, net 577,302 788,176
Deferred Federal and state income taxes 8,506 7,986
Other current assets   32,482     35,511  
Total current assets   1,534,908     1,573,359  
 
Property and equipment, net 496,362 493,129
Goodwill, net 7,927 7,927
Other intangibles, net 5,607 6,503
Other assets   29,140     19,921  
$ 2,073,944   $ 2,100,839  

Liabilities and Shareholders' Equity

 
Current liabilities:
Accounts payable 397,735 491,823
Accrued expenses, primarily salaries and related costs 156,757 150,487
Federal, state and foreign income taxes   19,236     28,039  
Total current liabilities   573,728     670,349  
 
Deferred Federal and state income taxes 45,533 46,574
 
Shareholders' equity:
Preferred stock; none issued -- --

Common stock, par value $.01 per share; issued and outstanding 212,061,173 shares at June 30, 2009, and 211,973,377 shares at December 31, 2008

2,121 2,120
Additional paid-in capital 4,706 7,150
Retained earnings 1,445,409 1,372,356
Accumulated other comprehensive loss   (6,668 )   (15,208 )
Total shareholders' equity   1,445,568     1,366,418  
 
Noncontrolling interest   9,115     17,498  
Total equity   1,454,683     1,383,916  
   
$ 2,073,944   $ 2,100,839  
 
     
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
 
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
Revenues:
Airfreight services $ 371,359 $ 658,882 $ 745,815 $ 1,258,645
Ocean freight and ocean services 299,292 516,473 617,926 963,265
Customs brokerage and other services   224,709     278,900     444,304     539,666  
Total revenues   895,360     1,454,255     1,808,045     2,761,576  
 
Operating expenses:
Airfreight consolidation 257,016 517,683 507,385 978,782
Ocean freight consolidation 218,891 419,767 457,117 780,207
Customs brokerage and other services 89,406 119,480 176,981 230,934
Salaries and related costs 189,565 215,535 376,774 421,350
Rent and occupancy costs 17,954 19,374 36,678 38,809
Depreciation and amortization 10,244 10,056 20,202 19,828
Selling and promotion 5,547 9,744 11,769 19,248
Other   19,810     29,645     42,738     53,883  
Total operating expenses   808,433     1,341,284     1,629,644     2,543,041  
 
Operating income   86,927     112,971     178,401     218,535  
 
Interest income 2,433 4,915 6,039 9,879
Interest expense (64 ) (75 ) (79 ) (146 )
Other, net   2,081     (162 )   6,634     1,112  
Other income, net   4,450     4,678     12,594     10,845  
 
Earnings before income taxes 91,377 117,649 190,995 229,380
 
Income tax expense 37,563 46,043 77,812 91,253
       
Net earnings   53,814     71,606     113,183     138,127  
 
Net earnings attributable to noncontrolling interest 256 (357 ) 147 (406 )
       
Net earnings attributable to shareholders $ 54,070   $ 71,249   $ 113,330   $ 137,721  
 
Diluted earnings attributable to shareholders per share $ 0.25   $ 0.32   $ 0.52   $ 0.62  
 
Basic earnings attributable to shareholders per share $ 0.25   $ 0.33   $ 0.53   $ 0.65  
 
Dividends declared and paid per common share $ 0.19   $ 0.16   $ 0.19   $ 0.16  
 
Weighted average diluted shares outstanding   216,653,968     220,515,987     216,519,551     220,490,452  
 
Weighted average basic shares outstanding   212,116,679     213,275,229     212,108,636     213,168,730  
 
 
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousand

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