HOUSTON, June 21 /PRNewswire-FirstCall/ -- EGL, Inc. (Nasdaq: EAGL)
announced that it expects diluted earnings per share of $0.24 to $0.26 for the
second quarter ending June 30, 2005 excluding a $0.02 per share impact
(approximately $2.0 million of pre-tax charges) related to work force
reductions mainly in certain European and USA locations. Including the
restructuring charge, diluted earnings per share is expected to be $0.22 to
$0.24 for the second quarter ending June 30, 2005. Gross revenue is expected
to be 17%-20% above the second quarter of last year.
"EGL continues to see positive growth across the North America and
international business units. We are taking steps to improve the financial
performance of our European and certain US locations by making work force
reductions of approximately 350 staff at business units which are not meeting
our expectations. Business units that continue to experience growth will add
staff to appropriately support our customers," said James R. Crane, Chairman
and chief executive officer.
Houston-based EGL, Inc. operates under the name EGL Eagle Global
Logistics. EGL is a leading global transportation, supply chain management
and information services company dedicated to providing superior flexibility
and fewer shipping restrictions on a price competitive basis. With 2004
revenues exceeding $2.7 billion, EGL's services include air and ocean freight
forwarding, customs brokerage, local pickup and delivery service, materials
management, warehousing, trade facilitation and procurement, and integrated
logistics and supply chain management services. The Company's shares are
traded on the NASDAQ National Market under the symbol "EAGL"
CAUTIONARY STATEMENTS
The statements in this press release may be considered forward-looking
statements, such as statements relating to managements views with respect to
earnings per share, gross revenue, future events, future financial
performance, changes in staff, cost reduction initiatives and related
restructuring charges. Such statements involve risks and uncertainties
including, but not limited to, results for the later part of the quarter,
general economic conditions, risks associated with operating in international
markets, the results of litigation, the timing and effects of any improvements
in the regions and industry sectors in which the Company's customers operate,
construction of new facilities and other infrastructure improvements, ability
to manage and continue growth, competition, ability to renegotiate customer
contracts and other factors detailed in the Company's 2004 Form 10-K, proxy
statement/prospectus and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties materialize
(or the consequences of such a development worsen), or should underlying
assumptions prove incorrect, actual outcomes may vary materially from those
forecasted or expected. The Company disclaims any intention or obligation to
update publicly or revise such statements, whether as a result of new
information, future events or otherwise.
SOURCE EGL, Inc.
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Related links:
http://www.eaglegl.com
CONTACT:
Elijio Serrano, Chief Financial Officer of
EGL, Inc., +1-281-618-3665
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