Express-1 reports 4Q, full-year net income both up

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Express-1 Expedited Solutions Inc. on Thursday, Feb. 10, said preliminary revenues from continuing operations ended Dec. 31 increased by 58 percent to about $158 million during fiscal 2010 compared to $100 million in fiscal 2009. Net income improved by 187 percent to $4.89 million compared to $1.71 million.

“2010 was a banner year for XPO in which we made solid gains in both growth and profitability,” said Michael R. Welch, chief executive officer of the St. Joseph, Mich.-based company. “We continue to believe that our integrated asset-light platform is well positioned, and we look forward to increased revenue and bottom line growth in 2011.”

For the fourth quarter, preliminary revenue from continuing operations increased by 31 percent to $41.6 million compared to $31.6 million during the same period in 2009. Net income improved 36 percent to $820,000 compared to $601,000.

“Our management team has continued to execute on its growth strategy in 2010, and we are excited about the possibilities in 2011,” said Jim Martell, board chairman.