First Quarter Highlights:
-- Operating income and net income both increase 29%
-- Domestic forwarding revenues increase 29%
-- Continued improvement in net operating margin
-- Same terminal revenue growth was 29%
-- Freight forwarding shipments increased 37%
Quarter Ended %
Financial & Operating Data 12/31/99 12/31/98 Change
Revenues (000's) $187,365 $144,876 29%
Operating Income (000's) $15,673 $12,170 29%
Net Income (000's) $9,960 $7,748 29%
Diluted Earnings Per Share $0.33 $0.27 22%
Operating Data
Freight Forwarding Shipments 438,503 319,364 37%
Average Weight (lbs.) Per Shipment 719 700 3%
Freight Forwarding Terminals 82 72 14%
Local Delivery Locations 68 66 3%
"Our 5th consecutive quarter of net income growth of 29 percent or more is
particularly gratifying in light of comparisons to a tremendous 1999 first
quarter. We experienced solid gains in our core domestic, international and
pickup and delivery businesses and, just as importantly, we remain on track
with operational initiatives designed to sustain future growth and streamline
key processes."
-- James R. Crane, Chairman and Chief Executive Officer.
HOUSTON, Jan. 25 /PRNewswire/ -- Eagle USA Airfreight, Inc. (Nasdaq: EUSA)
today announced record revenues and earnings for the first quarter ended
December 31, 1999. Revenues for the first quarter increased 29 percent to
$187.4 million from $144.9 million in the same period of fiscal 1999. Net
income for the quarter totaled $10.0 million, a 29 percent increase over
$7.7 million in the same period last year. Diluted earnings per share for
the first quarter increased 22 percent to $0.33 from $0.27 last year.
Operating income as a percentage of net revenues for the first quarter of
fiscal 2000 was 20.0 percent compared to 19.1 percent in the fourth quarter of
fiscal 1999 and 19.2 percent in the first quarter of fiscal 1999.
"Our fifth consecutive quarter of net income growth of 29 percent or more
is particularly gratifying in light of comparisons to a tremendous 1999 first
quarter," said James R. Crane, Chairman and Chief Executive Officer. "We
experienced solid gains in our core domestic, international and pickup and
delivery businesses and, just as importantly, we remain on track with
operational initiatives designed to sustain future growth and streamline key
processes."
Crane noted that key activities during the second quarter have added
significantly to the Company's capabilities. In January, the company
completed the acquisitions of Fastair Cargo Systems Ltd. and Commercial
Transport International (Canada) Ltd., two leading full service freight
forwarders based in Canada. The acquisitions are expected to add
approximately $44 to $48 million in revenues and $5.3 to $5.8 million in
operating income over the next four quarters.
Two key appointments during the first quarter and early part of the second
quarter underscore the growing global presence Eagle has cultivated. On
October 22, 1999 the company announced the appointment of Elijio V. Serrano to
the post of chief financial officer. On January 4, 2000, the company
appointed Kim E. Wertheimer to Executive Vice President for North America
International Business Development. Serrano brings over 17 years of
experience in the area of international finance with a strong multinational
corporation while Wertheimer adds key international transportation and
logistics acumen.
"The first quarter was also active on the domestic front as well,"
continued Crane. "Domestic revenues in the first quarter grew 29 percent
which was consistent with our fourth quarter of fiscal 1999 and we continue to
see strong business activities in the domestic freight forwarding market."
Eagle USA Airfreight, Inc. operates under the name EGL Eagle Global
Logistics. Eagle's dedication to providing superior flexibility and fewer
shipping restrictions on a price competitive basis has made it a leading
provider of airfreight forwarding and other transportation and logistics
services. The Company's network of 87 terminals in nine countries features
state-of-the-art information systems to maximize cargo management efficiency
and customer satisfaction. The Company's shares are traded on the Nasdaq
National Market under the symbol "EUSA."
The statements in this press release regarding future growth, effects of
Canadian acquisition and other second quarter events, results and expansion
plans, future growth, global growth plans, future business, operations or
results and any other statements which are not historical facts are forward
looking statements. Such statements involve risks and uncertainties,
including, but not limited to, competition, general economic conditions,
ability to manage and continue growth, risks of international operations and
other factors detailed in the Company's filings with the Securities and
Exchange Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual outcomes
may vary materially from those indicated.
For more information about Eagle: Visit Eagle on the Internet at
http://www.eagleusa.com . Contact Eagle Investor Relations via the Internet
at mslaught@eagleusa.com or by telephone at 281-618-3428, Michael Slaughter,
Vice President of Investor Relations.
EAGLE USA AIRFREIGHT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months
Ended December 31,
1999 1998
Revenues $187,365 $144,876
Cost of transportation 109,195 81,553
Net revenue 78,170 63,323
Personnel costs 40,121 31,229
Other selling, general and admin. costs 22,376 19,924
Operating income 15,673 12,170
Interest and other income 655 532
Income before provision for income taxes 16,328 12,702
Provision for income taxes 6,368 4,954
Net income $9,960 $7,748
Basic earnings per share $0.35 $0.28
Diluted earnings per share $0.33 $0.27
Basic weighted average common
shares outstanding 28,592 28,181
Diluted weighted average common shares
outstanding 29,953 28,755
EAGLE USA AIRFREIGHT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, September 30,
1999 1999
(unaudited) (audited)
ASSETS
Current assets:
Cash, cash equivalents and short-term
Investments $44,232 $52,388
Accounts receivable, net 129,517 109,003
Prepaid expenses and other 8,248 6,529
Total current assets 181,997 167,920
Property and equipment, net 30,443 28,184
Other assets 13,775 12,887
Total assets $226,215 $208,991
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued transportation $39,079 $34,552
Other current liabilities 26,302 30,629
Total current liabilities 65,381 65,181
Minority interest 354 183
Shareholders' equity 160,480 143,627
Total liabilities and shareholders' equity $226,215 $208,991
SOURCE Eagle USA Airfreight, Inc.
 back to top
Related links:
http://www.eagleusa.com
CONTACT:
Elijio V. Serrano, Chief Financial Officer,
281-618-3420, or Michael D. Slaughter, Vice President Investor
Relations, 281-618-3428, both of Eagle USA Airfreight, Inc.
|
