Dépêches
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.
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Expeditors International of Washington, Inc. 2nd Quarter 2009 Earnings Release August 4, 2009 |
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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) |
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| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
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2009 |
2008 |
%
Decrease |
2009 |
2008 |
%
Decrease |
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| 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 |
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216,653,968 |
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220,515,987 |
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216,519,551 |
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220,490,452 |
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| Basic weighted average shares outstanding |
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212,116,679 |
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213,275,229 |
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212,108,636 |
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213,168,730 |
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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: [email protected]
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, | |||||||
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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 | |||||
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Liabilities and Shareholders' Equity |
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| 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 | -- | -- | ||||||
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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 | ||||||||||||
