Second Quarter Highlights:
-- Growth momentum continued as revenues increased 48%
-- Same terminal revenue growth was 41%
-- Operating income and net income increased 38% and 39%, respectively
Quarter Ended %
Financial & Operating Data 3/31/99 3/31/98 Change
Revenues (000's) $133,722 $90,544 48%
Operating Income (000's) $8,361 $6,064 38%
Net Income (000's) $5,533 $3,989 39%
Diluted Earnings Per Share $0.29 $0.21 38%
Operating Data
Freight Forwarding Shipments 324,399 240,361 35%
Average Weight (lbs.) Per Shipment 634 555 14%
Freight Forwarding Terminals 74 60 23%
Local Delivery Locations 67 54 24%
"During the second quarter, our domestic forwarding business, which
accounts for 75 percent of our total revenue, continued its strong momentum as
revenues increased 32 percent over the prior year. We continue to see
abundant revenue opportunities within our existing customer base, as well as
new customer opportunities. Additionally, we continue to focus on controlling
and reducing our operating expenses through streamlining our operations, the
use of technology and other initiatives. Our second quarter fiscal 1999 total
personnel, selling, general and administrative expenses decreased 3 percent
from the first quarter of fiscal 1999," said James R. Crane, Chairman and
Chief Executive Officer.
HOUSTON, Texas, April 27 /PRNewswire/ -- Eagle USA Airfreight, Inc.
(Nasdaq: EUSA) today announced revenues and earnings for the second quarter
ended March 31, 1999. Driven by continued strength of the Company's operating
model, revenues for the second quarter increased 48 percent to $133.7 million
from $90.5 million in the same period of fiscal 1998. Net income for the
quarter totaled $5.5 million, a 39 percent increase over $4.0 million in the
second quarter of fiscal 1998. Diluted earnings per share for the second
quarter increased 38 percent to $0.29 from $0.21 in the same period of fiscal
1998.
"During the second quarter, our domestic forwarding business, which
accounts for 75 percent of our total revenue, continued its strong momentum as
revenues increased 32 percent over the prior year," said James R. Crane,
Chairman and Chief Executive Officer. "We continue to see abundant revenue
opportunities within our existing customer base, as well as new customer
opportunities. Additionally, we continue to focus on controlling and reducing
our operating expenses through streamlining our operations, the use of
technology and other initiatives. Our second quarter fiscal 1999 total
personnel, selling, general and administrative expenses decreased 3 percent
from the first quarter of fiscal 1999. "
Revenues for the six months ended March 31, 1999 increased 48 percent to
$278.6 million from $188.2 million in the same period of fiscal 1998. Net
income totaled $13.3 million, a 34 percent increase over $9.9 million in the
first six months of fiscal 1998. Diluted earnings per share of $0.69
increased 33 percent from $0.52 in the same period of fiscal 1998. Same
terminal revenue growth for the six months ended March 31, 1999 was 39
percent.
International revenues, which accounted for 15 percent of total revenues
for the quarter, increased 197 percent in the second quarter of fiscal 1999
over the same period in fiscal 1998. The April 1998 acquisitions of S.
Boardman and Eagle Companies along with the commencement of airfreight
operations in Hong Kong during October 1998 added approximately $6.6 million
in international revenue during the second quarter of fiscal 1999. These
three operations added approximately $14.9 million in international revenues
during the first six months of fiscal 1999.
During the first six months of fiscal 1999, the Company repurchased
563,200 shares of its outstanding common stock. The total cost of the share
repurchases was approximately $9.2 million. At March 31, 1999, the Company
had cash and short-term investment balances of $49.1 million and no long-term
debt.
Eagle USA Airfreight'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 74 terminals in five countries features
state-of-the-art information systems designed 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 the plans for new
terminals, results and expansion plans, future growth, global growth plans,
effect of cost control measures, 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.
EAGLE USA AIRFREIGHT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Three Months Six Months Ended
Ended March 31, March 31,
1999 1998 1999 1998
Revenues $133,722 $90,544 $278,598 $188,189
Cost of transportation 75,769 50,575 157,322 104,182
Total 57,953 39,969 121,276 84,007
Personnel costs 30,714 21,681 61,943 44,936
Other selling, general
and admin. costs 18,878 12,224 38,802 23,658
Operating income 8,361 6,064 20,531 15,413
Interest and other income 651 468 1,183 773
Income before provision
for income taxes 9,012 6,532 21,714 16,186
Provision for income
taxes 3,479 2,543 8,433 6,307
Net income $5,533 $3,989 $13,281 $9,879
Basic earnings per share $0.30 $0.21 $0.71 $0.54
Diluted earnings per share $0.29 $0.21 $0.69 $0.52
Basic weighted average
common shares outstanding 18,716 18,580 18,752 18,418
Diluted weighted average
common shares outstanding 19,193 19,261 19,186 19,156
EAGLE USA AIRFREIGHT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, September 30,
1999 1998
(unaudited) (audited)
ASSETS
Current assets:
Cash, cash equivalents
and short-term Investments $49,054 $49,678
Accounts receivable, net 76,516 69,576
Prepaid expenses and other 7,226 3,905
Total current assets 132,796 123,159
Property and equipment, net 25,087 21,963
Other assets 10,932 11,214
Total assets $168,815 $156,336
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
transportation $21,694 $18,556
Other current liabilities 21,639 18,734
Total current liabilities 43,333 37,290
Long-term liabilities -- --
Shareholders' equity 125,482 119,046
Total liabilities and
shareholders' equity $168,815 $156,336
SOURCE Eagle USA Airfreight, Inc.
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Related links:
http://www.eagleusa.com
CONTACT:
Douglas A. Seckel, Chief Financial Officer,
281-618-3420, or Michael D. Slaughter, Director SEC Reporting,
Investor Relations, 281-618- 3428, both of Eagle USA Airfreight,
Inc.
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