Expeditors International of Washington, Inc. (NASDAQ:EXPD) today
announced record quarterly net earnings of $55,769,000 for the
third quarter of 2005, compared with $43,107,000 for the same
quarter of 2004, an increase of 29%. Net revenues for the third
quarter of 2005 increased 17% to $281,925,000 as compared with
$240,358,000 reported for the third quarter of 2004. Total revenues
and operating income were $1,046,442,000 and $85,800,000 in 2005
compared with $897,188,000 and $67,420,000 for the same quarter of
2004, an increase of 17% and 27%, respectively. Diluted net
earnings per share for the third quarter were $.50 as compared with
$.39 for the same quarter in 2004, an increase of 28%. The company
also reported that same store net revenues and operating income
increased 17% and 27%, respectively for the third quarter of 2005
when compared with 2004. For the nine months ended September 30,
2005, net earnings rose to $138,157,000 from $112,563,000 in 2004,
an increase of 23%. Net revenues for the nine months increased to
$763,268,000 from $665,077,000 for 2004, up 15%. Total revenues and
operating income for the nine months were $2,799,605,000 and
$211,662,000 in 2005 compared with $2,382,704,000 and $174,474,000
for the same period in 2004, increases of 17% and 21%,
respectively. Diluted net earnings per share for the first three
quarters of 2005 were $1.24 as compared with $1.02 for the same
period of 2004, an increase of 22%. Same store net revenues and
operating income increased 14% and 21%, respectively, for the nine
months ended September 30, 2005, when compared with the same period
of 2004. "Execution and efficiency were the tale of this record
quarter," said Peter J. Rose, Chairman and Chief Executive Officer.
"While we continued to experience significant volume increases in
air and ocean freight during the third quarter of 2005, our real
profitability increases came from our ongoing efforts to increase
productivity in the delivery of our services," Rose continued.
"This has not been a one year story. If you go back to the third
quarter of 2001, you would see that Expeditors has basically
doubled in size in the last four years. That is a real
accomplishment, particularly when you look at the magnitude of the
numbers. And, we didn't really purchase this growth--we did it
ourselves, organically. A stable environment fosters consistent,
reliable and focused customer service by eliminating the
distractions that employees in merged companies feel. As always,
we'd like to formally acknowledge the contribution of each employee
to these third quarter results. Once again, you really made it
happen," Rose concluded. Expeditors is a global logistics company
headquartered in Seattle, Washington. The company employs trained
professionals in 164 full-service offices, 54 satellite locations
and 7 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. -0- *T Expeditors International of Washington,
Inc. Financial Highlights Three months and Nine months ended
September 30, 2005 and 2004 Unaudited (in 000's of US dollars
except share data) Three months ended Nine months ended September
30, September 30,
----------------------------------------------------------------------
% % 2005 2004 Inc. 2005 2004 Inc.
----------------------------------------------------------------------
Revenues $1,046,422 $897,188 17% $2,799,605 $2,382,704 17%
----------------------------------------------------------------------
Net revenues $281,925 $240,358 17% $763,268 $665,077 15%
----------------------------------------------------------------------
Operating income $85,800 $67,420 27% $211,662 $174,474 21%
----------------------------------------------------------------------
Net earnings $55,769 $43,107 29% $138,157 $112,563 23%
----------------------------------------------------------------------
Diluted earnings per share $.50 $.39 28% $1.24 $1.02 22%
----------------------------------------------------------------------
Basic earnings per share $.52 $.41 27% $1.29 $1.07 21%
----------------------------------------------------------------------
Diluted weighted average shares outstanding 111,390,617 111,206,168
111,595,346 110,480,254
----------------------------------------------------------------------
Basic weighted average shares outstanding 106,868,687 106,255,293
106,791,564 105,663,441
----------------------------------------------------------------------
Offices Opened during the 3rd Quarter of 2005
--------------------------------------------- FAR EAST EUROPE
-------- ------ Laem Chabang, Thailand(b) Aberdeen, Scotland(a)
Ningbo, China(a) Surabaya, Indonesia(a) Johor Bahru, Malaysia(a) Da
Nang, Vietnam(b) (a)Full-service offices. Surabaya and Johor Bahru
went from being satellites to full-service offices. (b)Satellite
offices. 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 November 2, 2005 will be
considered in management's 8-K "Responses to Selected Questions"
expected to be filed on our about November 14, 2005. *T -0- *T
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In thousands, except share
data) (Unaudited) September December 30, 31, Assets 2005 2004
------ ----------- ----------- Current assets: Cash and cash
equivalents $461,443 $408,983 Short-term investments 96 109
Accounts receivable, net 714,112 614,044 Other current assets
15,440 22,724 ----------- ----------- Total current assets
1,191,091 1,045,860 ----------- ----------- Property and equipment,
net 319,362 287,379 Goodwill, net 7,774 7,774 Other intangibles,
net 9,433 10,839 Other assets 14,213 12,201 ----------- -----------
$1,541,873 $1,364,053 =========== =========== Liabilities and
Shareholders' Equity ------------------------------------ Current
liabilities: Short-term debt - 2,250 Accounts payable 479,298
410,251 Accrued expenses, primarily salaries and related costs
106,197 84,778 Deferred Federal and state income taxes 3,889 6,369
Federal, state and foreign income taxes 25,868 20,668 -----------
----------- Total current liabilities $615,252 $524,316 -----------
----------- Deferred Federal and state income taxes $33,311 $24,861
Minority interest $11,570 $7,472 Shareholders' equity: Preferred
stock, par value $.01 per share. Authorized 2,000,000 shares; none
issued -- -- Common stock, par value $.01 per share. Authorized
320,000,000 shares; issued and outstanding 106,704,124 shares at
September 30, 2005 and 106,643,953 shares at December 31, 2004
1,067 1,066 Additional paid-in capital 12,121 44,678 Retained
earnings 868,502 749,974 Accumulated other comprehensive income 50
11,686 ----------- ----------- Total shareholders' equity 881,740
807,404 ----------- ----------- ----------- ----------- $1,541,873
$1,364,053 =========== =========== *T -0- *T EXPEDITORS
INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed
Consolidated Statements of Earnings (In thousands, except share
data) (Unaudited) Three months ended Nine months ended September
30, September 30, 2005 2004 2005 2004
--------------------------------------------------- Revenues:
Airfreight $478,294 $406,754 $1,272,392 $1,100,231 Ocean freight
and ocean services 383,975 335,908 1,018,053 859,063 Customs
brokerage and other services 184,173 154,526 509,160 423,410
--------------------------------------------------- Total revenues
1,046,442 897,188 2,799,605 2,382,704
--------------------------------------------------- Operating
expenses: Airfreight consolidation 377,758 315,694 992,465 844,075
Ocean freight consolidation 308,385 276,886 829,614 703,018 Customs
brokerage and other services 78,374 64,250 214,258 170,534 Salaries
and related costs 145,629 124,744 405,024 353,716 Rent and
occupancy costs 13,993 12,711 41,198 38,077 Depreciation and
amortization 7,840 6,806 22,782 19,558 Selling and promotion 7,059
6,769 21,725 20,388 Other 21,604 21,908 60,877 58,864
--------------------------------------------------- Total operating
expenses 960,642 829,768 2,587,943 2,208,230
--------------------------------------------------- Operating
income 85,800 67,420 211,662 174,474
--------------------------------------------------- Interest
expense (14) (6) (262) (34) Interest income 3,031 1,436 7,903 3,700
Other, net 1,355 524 3,425 2,325
--------------------------------------------------- Other income,
net 4,372 1,954 11,066 5,991
--------------------------------------------------- Earnings before
income taxes and minority interest 90,172 69,374 222,728 180,465
Income tax expense 32,343 24,688 80,129 64,220
--------------------------------------------------- Net earnings
before minority interest 57,829 44,686 142,599 116,245
--------------------------------------------------- Minority
interest (2,060) (1,579) (4,442) (3,682)
--------------------------------------------------- Net earnings
$55,769 $43,107 $138,157 $112,563
=================================================== Diluted
earnings per share $0.50 $0.39 $1.24 $1.02
=================================================== Basic earnings
per share $0.52 $0.41 $1.29 $1.07
=================================================== Weighted
average diluted shares outstanding 111,390,617 111,206,168
111,595,346 110,480,254
=================================================== Weighted
average basic shares outstanding 106,868,687 106,255,293
106,791,564 105,663,441
=================================================== *T -0- *T
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (In thousands)
(Unaudited) Three months ended Nine months ended September 30,
September 30, 2005 2004 2005 2004
------------------------------------- Operating Activities: Net
earnings $55,769 $43,107 $138,157 $112,563 Adjustments to reconcile
net earnings to net cash provided by operating activities:
Provision for losses on accounts receivable 782 2,063 424 2,307
Deferred income tax expense 4,258 8,155 12,245 18,035 Tax benefits
from employee stock plans 2,852 4,597 11,807 14,637 Depreciation
and amortization 7,840 6,806 22,782 19,558 Gain on sale of property
and equipment (811) (18) (856) (66) Impairment write down of other
assets - - - 2,000 Other 775 860 1,068 2,408 Changes in operating
assets and liabilities: Increase in accounts receivable (97,236)
(72,797) (98,884)(147,409) Decrease (increase) in other current
assets 9,015 (409) 7,269 (8,974) Increase in minority interest
2,087 931 3,757 2,750 Increase in accounts payable and other
current liabilities 67,580 40,041 97,805 124,690
------------------------------------- Net cash provided by
operating activities 52,911 33,336 195,574 142,499
------------------------------------- Investing Activities:
Decrease in short-term investments 25 7 13 8 Purchase of property
and equipment (22,967) (29,232) (66,159) (49,525) Proceeds from
sale of property and equipment 1,082 153 1,331 440 Other 77 (1)
(1,262) 227 ------------------------------------- Net cash used in
investing activities (21,783) (29,073) (66,077) (48,850)
------------------------------------- Financing Activities:
Borrowings (repayments) of short- term debt, net 37 3 (2,093) (210)
Proceeds from issuance of common stock 21,153 14,949 32,228 26,440
Repurchases of common stock (30,153) (14,984) (80,166) (26,768)
Dividends Paid - (16,055) (11,642)
------------------------------------- Net cash used in financing
activities (8,963) (32) (66,086) (12,180) Effect of exchange rate
changes on cash 405 931 (10,951) 320
------------------------------------- Increase in cash and cash
equivalents 22,570 5,162 52,460 81,789 Cash and cash equivalents at
beginning of period 438,873 372,459 408,983 295,832 Cash and cash
equivalents at end of period 461,443 377,621 461,443 377,621
===================================== Interest and taxes paid:
Interest 6 5 240 37 Income tax 10,297 7,459 38,857 34,206 *T -0- *T
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Business Segment Information (In thousands) (Unaudited) United
Other Far Australia/ States N. East Europe New America Zealand
--------------------------------------------- Three months ended
September 30, 2005 Revenues from unaffiliated customers $199,139
25,354 616,305 133,297 12,372 Transfers between geographic areas
$25,313 1,547 3,511 6,368 1,492
--------------------------------------------- Total revenues
$224,452 26,901 619,816 139,665 13,864
============================================= Net revenues $115,242
12,036 84,226 44,837 7,559 Operating income $27,769 1,759 43,513
7,911 2,075 Identifiable assets at quarter end $705,474 55,849
372,276 304,809 25,636 Capital expenditures $20,333 204 767 913 135
Depreciation and amortization $3,875 377 1,192 1,529 191 Equity
$947,826 21,590 279,783 90,077 16,783
--------------------------------------------- Three months ended
September 30, 2004 Revenues from unaffiliated customers $166,438
19,836 522,274 123,740 11,503 Transfers between geographic areas
$19,254 1,267 3,000 4,778 1,366
--------------------------------------------- Total revenues
$185,692 21,103 525,274 128,518 12,869
============================================= Net revenues $96,495
11,215 68,925 41,288 6,636 Operating income $20,892 1,953 32,324
6,969 1,804 Identifiable assets at quarter end $660,037 43,787
251,407 265,921 21,517 Capital expenditures $23,516 354 3,570 854
165 Depreciation and amortization $3,383 307 1,084 1,290 173 Equity
$827,659 16,548 180,835 75,683 13,769
--------------------------------------------- Nine months ended
September 30, 2005 Revenues from unaffiliated customers $549,915
68,968 1,578,092 394,040 35,857 Transfers between geographic areas
$60,939 3,894 9,359 17,366 4,139
--------------------------------------------- Total revenues
$610,854 72,862 1,587,451 411,406 39,996
============================================= Net revenues $311,261
36,231 211,777 131,731 21,328 Operating income $68,805 7,050
101,341 20,689 5,365 Identifiable assets at quarter end $705,474
55,849 372,276 304,809 25,636 Capital expenditures $56,770 716
2,917 3,432 672 Depreciation and amortization $11,097 1,106 3,578
4,541 517 Equity $947,826 21,590 279,783 90,077 16,783
--------------------------------------------- Nine months ended
September 30, 2004 Revenues from unaffiliated customers $455,227
55,923 1,343,241 354,655 31,992 Transfers between geographic areas
$50,536 3,014 8,187 13,098 3,799
--------------------------------------------- Total revenues
$505,763 58,937 1,351,428 367,753 35,791
============================================= Net revenues $266,206
31,180 188,474 118,332 18,275 Operating income $49,001 6,256 87,341
19,567 4,428 Identifiable assets at quarter end $660,037 43,787
251,407 265,921 21,517 Capital expenditures $31,013 1,405 8,211
5,175 741 Depreciation and amortization $10,054 876 2,877 3,737 474
Equity $827,659 16,548 180,835 75,683 13,769
--------------------------------------------- Latin Middle Elimi-
Consoli- America East nations dated
------------------------------------- Three months ended September
30, 2005 Revenues from unaffiliated customers 14,500 45,475
1,046,442 Transfers between geographic areas 1,999 2,173 (42,403) -
------------------------------------- Total revenues 16,499 47,648
(42,403) 1,046,442 ===================================== Net
revenues 7,095 10,930 281,925 Operating income 1,546 1,227 85,800
Identifiable assets at quarter end 26,573 43,848 7,408 1,541,873
Capital expenditures 330 285 22,967 Depreciation and amortization
312 364 7,840 Equity 9,798 20,635 (504,752) 881,740
------------------------------------- Three months ended September
30, 2004 Revenues from unaffiliated customers 15,086 38,311 897,188
Transfers between geographic areas 1,569 1,753 (32,987) -
------------------------------------- Total revenues 16,655 40,064
(32,987) 897,188 ===================================== Net revenues
5,673 10,126 240,358 Operating income 1,165 2,313 67,420
Identifiable assets at quarter end 19,004 35,973 9,716 1,307,362
Capital expenditures 480 293 29,232 Depreciation and amortization
195 374 6,806 Equity 5,010 16,112 (373,946) 761,670
------------------------------------- Nine months ended September
30, 2005 Revenues from unaffiliated customers 43,165 129,568
2,799,605 Transfers between geographic areas 5,437 5,956 (107,090)
- ------------------------------------- Total revenues 48,602
135,524 (107,090) 2,799,605 =====================================
Net revenues 19,638 31,302 763,268 Operating income 3,987 4,425
211,662 Identifiable assets at quarter end 26,573 43,848 7,408
1,541,873 Capital expenditures 882 770 66,159 Depreciation and
amortization 859 1,084 22,782 Equity 9,798 20,635 (504,752) 881,740
------------------------------------- Nine months ended September
30, 2004 Revenues from unaffiliated customers 39,025 102,641
2,382,704 Transfers between geographic areas 4,668 4,595 (87,897) -
------------------------------------- Total revenues 43,693 107,236
(87,897) 2,382,704 ===================================== Net
revenues 15,569 27,041 665,077 Operating income 2,433 5,448 174,474
Identifiable assets at quarter end 19,004 35,973 9,716 1,307,362
Capital expenditures 1,205 1,775 49,525 Depreciation and
amortization 530 1,010 19,558 Equity 5,010 16,112 (373,946) 761,670
------------------------------------- *T
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