Express-1 Expedited Solutions Inc. on Wednesday, May 12, reported its earnings for the first quarter ended March 31. Revenue from continuing operations increased by 58 percent to $31.6 million compared to $20.1 million in the first quarter of 2009; recently-acquired LRG International Inc. contributed $2.1 million in revenue. Operating income from continuing operations improved by $1.6 million to $1.5 million compared to a loss of $27,000.
“2009 was a year of focusing on a strategic plan that we hoped would prepare us for 2010,” said Michael R. Welch, chief executive officer of Express-1, based in St. Joseph, Mich. “The first-quarter results have validated last year’s efforts and have prepared us to thrive in an improved economy. We look forward to continued strong results for the remainder of 2010.”
“Mike and his team have stayed focused on the strategic plan, and I believe our results are proof of his commitment,” said James Martell, chairman of the board of directors. “I feel very positive that he and his team will continue this growth through 2010.”