Express-1 Expedited Solutions on Thursday, Aug. 9, reported higher revenues and operating income for the second quarter ended June 30.
The provider of ground expedited services for the automotive, manufacturing, logistics, service and other industries reported a 24.5 percent increase in revenue in the second quarter of 2007. Revenues increased to $13.8 million compared to $11.1 million in the second quarter of 2006. During the same period, income from operations (income before income tax provision) increased by 42.8 percent to $1.2 million versus $848,000 for the same period in 2006.
The company’s net income was $754,000 for the second quarter of 2007 compared to $848,000 for the second quarter of 2006. The company said the decline was related to the provision for current taxes during the 2007 period; the company did not record a current provision for taxes during the second quarter of 2006, and estimates its net operating loss carry-forwards (NOLs) have been reduced to about $6.3 million as of June 30. At the start of 2007, the company had NOLs of about $8.3 million, which are reduced by current taxable earnings. The company said it does not anticipate paying a significant amount of cash for income taxes until its net operating losses are exhausted.
“Express-1 continues to build on its success, and now has completed seven consecutive quarters with growth,” said Michael Welch, chief executive officer of Buchanan, Mich.-based Express-1. “We’re gaining market share, as reflected by our increases in revenue, and remain focused on our earnings, as shown by our income from operations. Our fleet of independent contractors, or value providers (“VP’s”) as we call them, has steadily increased, and we are focused on giving them more miles and enhancing their quality of life.”