HOUSTON, Jan. 22 /PRNewswire/ -- Eagle USA Airfreight, Inc. (EUSA) today
announced record revenues and earnings for the first quarter ended December
31, 1997, primarily driven by the expansion of its core freight forwarding
business and increases in the number of shipments and the total weight of
cargo shipped.
Revenues for the first quarter increased 44 percent to $97.6 million from
$67.6 million in the same period of fiscal 1997. Net income for the quarter
totaled $5.9 million, a 30 percent increase over $4.5 million in the first
quarter of fiscal 1997. Diluted earnings per share of $0.31 for the first
quarter of fiscal 1998 increased 29 percent from $0.24 in the same period of
fiscal 1997. During the first quarter of fiscal 1998 the Company implemented
FAS 128 "Earnings Per Share" and has, accordingly, restated fiscal 1997 EPS
amounts.
First quarter fiscal 1998 gross profit margin was 45.1 percent of revenues
versus 43.7 percent in the first quarter of fiscal 1997. The primary reasons
for the margin improvement were increased airfreight shipping volumes, as the
number of shipments increased 28 percent over the first quarter of fiscal 1997
and the total weight of cargo shipped increased 41 percent over first quarter
of fiscal 1997, and the continued expansion of the Company's local pick-up and
delivery operations, which enabled the Company to capture margins previously
paid to third parties.
During the first quarter of fiscal 1998, operating income margin was 9.6
percent of revenues, as the Company continued to make investments in personnel
to deepen the staff of its domestic, international, and local delivery
operating units. Operating income margin for the first quarter of fiscal 1997
was 10.7 percent of revenues.
"We recognized excellent results for the first quarter of fiscal 1998,
especially in light of very challenging comparisons to fiscal 1997 first
quarter results, in which we recorded a 66 percent increase in revenues over
the fiscal 1996 first quarter," said James R. Crane, Chairman and Chief
Executive Officer.
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. Its network of 60 terminals 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."
For more information about EUSA:
Via fax dial 800-PRO-INFO and enter the ticker symbol -- EUSA. Visit EUSA
on the Internet at http://www.eagleusa.com. Contact EUSA Investor Relations
via the Internet at mslaught@eagleusa.com or by telephone at 281-442-1188,
Michael Slaughter, Director of Investor Relations.
EAGLE USA AIRFREIGHT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended December 31,
1997 1996
Revenues $97,645 $67,586
Cost of transportation 53,607 38,071
Total 44,038 29,515
Personnel costs 23,255 14,288
Other selling, general and
admin. costs 11,434 8,029
Operating income 9,349 7,198
Interest income 305 273
Income before provision for
income taxes 9,654 7,471
Provision for income taxes 3,764 2,957
Net income $5,890 $4,514
Basic earnings per share $0.32 $0.26
Diluted earnings per share $0.31 $0.24
Basic weighted average
common shares outstanding 18,259 17,527
Diluted weighted average common and
common equivalent
shares outstanding 19,049 18,468
EAGLE USA AIRFREIGHT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
December 31, September 30,
1997 1997
ASSETS
Current assets :
Cash, cash equivalents
and short-term investments $28,853 $27,786
Accounts receivable, net 51,598 54,662
Prepaid expenses and other 3,320 4,557
Total current assets 83,771 87,005
Property and equipment, net 14,628 14,090
Other assets 5,527 5,776
Total assets $103,926 $106,871
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
transportation $6,057 $13,819
Other current liabilities 10,570 12,548
Total current liabilities 16,627 26,367
Long-term indebtedness -- --
Shareholders' equity 87,299 80,504
Total liabilities and
shareholders' equity $103,926 $106,871
SOURCE Eagle USA Airfreight, Inc.
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Related links:
http://www.eagleusa.com
CONTACT:
Douglas A. Seckel, Chief Financial Officer,
or Michael D. Slaughter, Director SEC Reporting-Investor
Relations, both of Eagle USA Airfreight, 281-442-1188
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