Express-1 Expedited Solutions has announced its financial results for the third quarter ended Sept. 30. Revenues increased to $10.9 million from $9.5 million in the third quarter of 2005. The company’s GAAP net income was $905,000, compared with a GAAP net loss of $551,000 for the third quarter last year, which includes $490,000 in restructuring charges.
“Express-1 continued to outperform the expedite industry this quarter on the top line and in other key areas, including growth in fleet size and loaded miles,” said Michael Welch, president and chief executive officer of Buchanan, Mich-based Express-1. “We continued to execute successfully on our strategy during the quarter, increasing our capacity by further expanding the size of our fleet, and growing our market share through new accounts and additional business from existing accounts. As a result, our Express-1 fleet size increased 30 percent from the third quarter of 2005, utilization remained strong, and our core Express-1 business generated a 19 percent increase in revenue.”