Express-1 says 1Q net income up 34%

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Express-1 Expedited Solutions Inc. on Thursday, May 12, announced revenues for the first quarter ended March 31 increased by 31 percent to $41.5 million compared to $31.6 million in the first quarter of 2010. Net income improved 34 percent to $1.117 million compared to $834,000.

“Once again, each operating division showed impressive top-line growth, which continued to fuel the overall improved profitability of XPO,” said Michael Welch, chief executive officer of the St. Joseph, Mich.-based company. “At this point, we believe that 2011 has the potential to be a year of strong growth and profitability as tightening freight capacity should improve the overall freight environment.”

Board Chairman Jim Martell said the company’s consistent approach of focusing on sales growth and diversification while holding cost increases in line have paid off over the past couple of years. “We look forward to another solid year from Mike and his team in 2011,” Martell said.