Express-1 Expedited Solutions Inc. on Tuesday, Feb. 9, reported its preliminary unaudited earnings for the fourth quarter ended Dec. 31, 2009. Preliminary revenue from continuing operations increased by 27 percent to $31.6 million compared to $25.0 million in the fourth quarter of 2008. The acquisition of LRG International Inc. on Oct. 1, 2009, contributed $1.9 million to revenue for the quarter.
Preliminary income from continuing operations improved 17 percent to $601,000 compared to $514,000. The fourth quarter results of 2009 include a charge of $400,000 for claims expense that exceeded the company’s insurance limit.
“We continue to see the positive results of expanding our customer base and managing our cost structure,” says Michael R. Welch, chief executive officer of the St. Joseph, Mich.-based company. “Our integration of LRG International in the fourth quarter has been smooth and positions us for continued international growth.”
