Express-1 Expedited Solutions today, Nov. 6, reported its earnings for the third quarter ended Sept. 30. Express-1 Expedited Solutions, through its four operating companies – Express-1, Bounce Logistics, Express-1 Dedicated and Concert Group Logistics – provides same-day delivery, time-sensitive shipping, freight brokerage and dedicated transportation throughout North America, as well as domestic and international freight forwarding.
The company reported a 143 percent increase in revenue during the third quarter of 2008 to $32.4 million compared to $13.4 million for the same period in the prior year. The acquisition of Concert Group Logistics, which had a transaction date of Jan. 1, 2008, contributed $14.3 million to revenues for the period. For the third quarter, the company’s Express-1 operations expanded revenues by $2.1 million or 18 percent. Bounce Logistics — a startup truckload brokerage operation that began operations in March 2008 — gained traction and contributed $3.0 million to the overall increase in revenues. The company’s other business unit, Express-1 Dedicated, increased revenues slightly during the period.
During the same period, income from operations increased by 160 percent to $2.0 million versus $778,000. Net income improved 131 percent to $1.2 million compared to $499,000.
“Throughout 2008, our company has significantly changed its geographical and operating footprints,” said Michael Welch, chief executive officer of St. Joseph, Mich.-based Express-1 Expedited Solutions. “The acquisition of Concert Group Logistics and the startup of Bounce Logistics has begun to dramatically improve our results. We’re pleased with our growth and profitability for the third quarter, and happy to share the success of our business units. Given we’re in such a difficult freight environment, these results are a strong testament to our business model and the team we have in place throughout our company.”
Welch said market expansion and attention to customer service are critical to expanding the company’s revenue. “Our nonasset-based business model has proven itself over many years and in all types of economic climates,” he said. “We remain optimistic that we’ll be able to deliver the results we committed to at the start of 2008. By remaining focused on our model and our goals, we should be able to continue growing our company and our profits in future periods.”