Express-1 Expedited Solutions today, May 8, reported an 118 percent increase in revenue in the first quarter of 2008. Revenues increased to $25.0 million during the quarter compared to $11.5 million in the same period in the prior year, according to the company; the acquisition of Concert Group Logistics, which had a transaction date of Jan. 1, contributed $10.5 million of this increase.
The company said its Express-1 operations expanded revenues during the quarter by 28 percent over the same period in 2007. The company said its other business units, Express-1 Dedicated and Bounce Logistics, also contributed to the year-over-year increase in revenues. Express-1 Expedited Solutions Inc. continues to grow at a healthy pace, even in the face of the current soft transportation market, according to the company.
During the same period, income from operations (income before income tax provision) increased by 44 percent to $1,063,000 versus $739,000 for the same period in 2007, the company said, while net income also improved 40 percent for the first quarter of 2008 compared to $461,000 for the same period in 2007.
“During 2008, our company has significantly changed its geographical and operating footprints within the marketplace for premium transportation services,” said Michael Welch, chief executive officer of St. Joseph, Mich.-based Express-1. “The acquisition of Concert Group Logistics allowed us to expand our services into the freight forwarding sector. The startup of Bounce Logistics is a strategic entry into the time-sensitive truckload brokerage arena.”
Welch said he was pleased with the addition of those two complimentary operations to Express-1 and Express-1 Dedicated. “We are now able to offer an expanded array of premium services to our broad base of customers,” he said. “We’ve just begun to capitalize on the expansive cross-selling opportunities and anticipate this will rapidly increase in coming quarters. During 2007, we made some significant organizational changes that helped us to leverage the breadth of our management team. This allowed us to focus on the Concert Group Logistics acquisition and Bounce Logistics startup. We believe each of our operating companies has been entrusted into the very capable hands of our presidents.”