updated 2/23/2011 5:16:47 PM ET 2011-02-23T22:16:47

SAINT JOSEPH, Mich., Feb. 23, 2011 (GLOBE NEWSWIRE) -- Express-1 Expedited Solutions, Inc. (NYSE Amex:XPO) today reported its earnings for the fourth quarter ended December 31, 2010.

For the year, revenues from continuing operations increased by 58% to approximately $158 million during fiscal 2010 compared to $100 million in fiscal 2009. During the same period, net income improved by 187% to $4,888,000 or $0.15 per fully diluted share compared to $1,705,000 or $0.05 per fully diluted share during 2009.

Additionally, in the fourth quarter, revenue from continuing operations increased by 31% to $41.6 million compared to $31.6 million in the fourth quarter of 2009. During the same period, net income improved 36% to $820,000 or $0.02 per fully diluted share compared to $601,000 or $0.02 per diluted share for the fourth quarter of 2009.

Michael R. Welch, the Company's CEO commented, "2010 was a banner year for XPO in which we made solid gains in both growth and profitability. We continue to believe that our integrated asset-light platform is well positioned for anything the economy can throw at us in 2011. We look forward to increased revenue and bottom line growth in 2011."

"Our management team has continued to execute on its growth strategy in 2010 and we are excited about the possibilities in 2011," stated Board Chairman, Jim Martell.

Updated final earnings announcement date

Management will conduct a conference call Thursday, February 24, 2011 at 10:00 a.m. EST to discuss the Company's fourth quarter financial results. Those interested in accessing a live or archived Webcast of the call should visit the Company's Website at www.express-1.com . Those wishing to take part in the live teleconference call can dial 877-407-0782 with international participants dialing 201-689-8567. A playback will be available until midnight on March 3, 2011. To listen to the playback, please call 877-660-6853. Use account number 286 and conference ID number 367218.

About Express-1 Expedited Solutions, Inc.

Express-1 Expedited Solutions, Inc. is a non-asset based services organization focused on premium transportation through its business units, Express-1, Inc. (Buchanan, Michigan), Concert Group Logistics, Inc. (CGL) (Downers Grove, Illinois), and Bounce Logistics, Inc. (South Bend, Indiana). These business units are focused on premium services that include same-day, time-sensitive transportation and domestic and international freight forwarding. Serving more than 4,000 customers, the Company's premium transportation offerings are provided through one of six operations centers; Buchanan, Michigan; South Bend, Indiana; Downers Grove, Illinois; Rochester Hills, Michigan; Tampa, Florida, and Miami, Florida. Express-1 Expedited Solutions, Inc. is publicly traded on the NYSE AMEX Equities Exchange under the symbol XPO. For more information about the Company, visit www.xpocorporate.com

Forward-Looking Statements

This press release contains forward-looking statements that may be subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs, as well as assumptions made by and information currently available to management. These forward-looking statements, which may include statements regarding our future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses, future operating margins and other future or expected performance are subject to risks. These risks include: the acquisition of businesses or the launch of new lines of business could increase operating expenses and dilute operating margins; increased competition could lead to negative pressure on our pricing and the need for increased marketing; the inability to maintain, establish or renew relationships with customers, whether due to competition or other factors; the inability to comply with regulatory requirements governing our business operations; and to the general risks associated with our businesses.

In addition to the risks and uncertainties discussed above, you can find additional information concerning risks and uncertainties that would cause actual results to differ materially from those projected or suggested in the forward-looking statements in the reports that we have filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent our judgment as of the date of this release and you should not unduly rely on such statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in the filing may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.

Express-1 Expedited Solutions, Inc.
Consolidated Balance Sheets
  December 31, December 31,
  2010 2009
Assets    
Current assets:    
Cash   $ 561,000  $ 495,000
Accounts receivable, net of allowances of $136,000 and $225,000, respectively  24,272,000 17,569,000
Prepaid expenses  257,000 158,000
Deferred tax asset, current  314,000 353,000
Income Tax Receivable  1,348,000  -- 
Other current assets 813,000 459,000
Total current assets 27,565,000 19,034,000
     
Property and equipment, net of $3,290,000 and $2,651,000 in accumulated depreciation, respectively  2,960,000 2,797,000
Goodwill  16,959,000 16,959,000
Identified intangible assets, net of $2,827,000 and $2,198,000 in accumulated amortization, respectively  8,546,000 9,175,000
Loans and advances  126,000 30,000
Other long-term assets  516,000 1,044,000
Total long-term assets 29,107,000 30,005,000
Total assets  $ 56,672,000  $ 49,039,000
     
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable   $ 8,756,000  $ 6,769,000
Accrued salaries and wages  1,165,000 310,000
Accrued expenses, other 2,877,000 2,272,000
Line of credit   --  6,530,000
Current maturities of long-term debt  1,680,000 1,215,000
Other current liabilities  773,000 968,000
Total current liabilities 15,251,000 18,064,000
     
Line of credit 2,749,000  -- 
Notes payable and capital leases, net of current maturities  2,083,000 213,000
Deferred tax liability, long-term 2,032,000 1,156,000
Other long-term liabilities  544,000 1,202,000
Total long-term liabilities 7,408,000 2,571,000
     
Stockholders' equity:    
Preferred stock, $.001 par value; 10,000,000 shares, no shares issued or outstanding   --   -- 
Common stock, $.001 par value; 100,000,000 shares authorized; 32,687,522 and 32,215,218 shares issued, respectively; and 32,507,522 and 32,035,218 shares outstanding, respectively 33,000 32,000
Additional paid-in capital  27,208,000 26,488,000
Treasury stock, at cost, 180,000 shares held   (107,000) (107,000)
Accumulated earnings 6,879,000 1,991,000
Total stockholders' equity 34,013,000 28,404,000
Total liabilities and stockholders' equity  $ 56,672,000  $ 49,039,000
 
Express-1 Expedited Solutions, Inc.
Consolidated Statements of Operations
         
  Three Months Ended Twelve Months Ended
  December 31, December 31, December 31, December 31,
  2010 2009 2010 2009
Revenues        
Operating revenue   $ 41,557,000  $ 31,610,000  $ 157,987,000  $ 100,136,000
Expenses        
Direct expense  35,134,000  26,452,000  130,587,000  83,396,000
Gross margin   6,423,000  5,158,000  27,400,000  16,740,000
Sales, general and administrative expense   5,062,000  4,036,000  18,954,000  13,569,000
Operating income from continuing operations  1,361,000  1,122,000  8,446,000  3,171,000
Other expense   38,000  23,000  140,000  51,000
Interest expense   65,000  31,000  205,000  105,000
Income from continuing operations before income tax  1,258,000  1,068,000  8,101,000  3,015,000
Income tax provision   438,000  467,000  3,213,000  1,325,000
Income from continuing operations  820,000  601,000  4,888,000  1,690,000
Income from discontinued operations, net of tax   --   --   --   15,000
Net income  $ 820,000  $ 601,000  $ 4,888,000  $ 1,705,000
         
Basic income per share        
Income from continuing operations  $ 0.03  $ 0.02  $ 0.15  $ 0.05
Income from discontinued operations  --   --   --   -- 
Net income  0.03  0.02  0.15  0.05
         
Diluted income per share        
Income from continuing operations  0.02  0.02  0.15  0.05
Income from discontinued operations  --   --   --   -- 
Net income  $ 0.02  $ 0.02  $ 0.15  $ 0.05
         
Weighted average common shares outstanding        
Basic weighted average common shares outstanding   32,498,040  32,035,218  32,241,383  32,035,218
Diluted weighted average common shares outstanding   34,025,726  32,270,463  33,115,981  32,167,447
 
Express-1 Expedited Solutions, Inc.
Comparative Financial Table
For the Twelve Months Ended December 31,
 
    Year to Year Change Percent of Revenue
  2010 2009  In Dollars  In Percentage 2010 2009
Revenues            
Express-1  $ 76,644,000  $ 50,642,000  $ 26,002,000 51.3% 48.5% 50.6%
Concert Group Logistics  65,222,000  41,162,000  24,060,000 58.5% 41.3% 41.1%
Bounce Logistics  19,994,000  10,425,000  9,569,000 91.8% 12.7% 10.4%
Intercompany Eliminations  (3,873,000)  (2,093,000)  (1,780,000) -85.0% -2.5% -2.1%
Total Revenues  157,987,000  100,136,000  57,851,000 57.8% 100.0% 100.0%
             
Direct Expenses            
Express-1  59,226,000  39,874,000  19,352,000 48.5% 77.3% 78.7%
Concert Group Logistics  58,549,000  36,979,000  21,570,000 58.3% 89.8% 89.8%
Bounce Logistics  16,685,000  8,636,000  8,049,000 93.2% 83.5% 82.8%
Intercompany Eliminations  (3,873,000)  (2,093,000)  (1,780,000) -85.0% 100.0% 100.0%
Total Direct Expenses  130,587,000  83,396,000  47,191,000 56.6% 82.7% 83.3%
             
Gross Margin            
Express-1  17,418,000  10,768,000  6,650,000 61.8% 22.7% 21.3%
Concert Group Logistics  6,673,000  4,183,000  2,490,000 59.5% 10.2% 10.2%
Bounce Logistics  3,309,000  1,789,000  1,520,000 85.0% 16.5% 17.2%
Total Gross Margin  27,400,000  16,740,000  10,660,000 63.7% 17.3% 16.7%
             
Selling, General & Administrative             
Express-1  9,812,000  7,322,000  2,490,000 34.0% 12.8% 14.5%
Concert Group Logistics  4,791,000  3,062,000  1,729,000 56.5% 7.3% 7.4%
Bounce Logistics  2,444,000  1,331,000  1,113,000 83.6% 12.2% 12.8%
Corporate  1,907,000  1,854,000  53,000 2.9% 1.2% 1.9%
Total Selling, General & Administrative  18,954,000  13,569,000  5,385,000 39.7% 12.0% 13.6%
             
Operating Income from Continuing Operations            
Express-1  7,606,000  3,446,000  4,160,000 120.7% 9.9% 6.8%
Concert Group Logistics  1,882,000  1,121,000  761,000 67.9% 2.9% 2.7%
Bounce Logistics  865,000  458,000  407,000 88.9% 4.3% 4.4%
Corporate  (1,907,000)  (1,854,000)  (53,000) -2.9% -1.2% -1.9%
Operating Income from Continuing Operations  8,446,000  3,171,000  5,275,000 166.4% 5.3% 3.2%
             
Interest Expense  205,000  105,000  100,000 95.2% 0.1% 0.1%
Other Expense  140,000  51,000  89,000 174.5% 0.1% 0.1%
Income from Continuing Operations Before Tax  8,101,000  3,015,000  5,086,000 168.7% 5.1% 3.0%
Tax Provision  3,213,000  1,325,000  1,888,000 142.5% 2.0% 1.3%
Income from Continuing Operations  4,888,000  1,690,000  3,198,000 189.2% 3.1% 1.7%
Income from Discontinued Operations, Net of Tax  --   15,000  (15,000) -100.0% 0.0% 0.0%
Net Income  $ 4,888,000  $ 1,705,000  $ 3,183,000 186.7% 3.1% 1.7%
 
Express-1 Expedited Solutions, Inc.
Comparative Financial Table
For the Three Months Ended December 31,
             
    Quarter to Quarter Change Percent of Revenue
  2010 2009  In Dollars  In Percentage 2010 2009
Revenues            
Express-1  $ 18,468,000  $ 16,960,000  $ 1,508,000 8.9% 44.4% 53.7%
Concert Group Logistics  17,624,000  12,423,000  5,201,000 41.9% 42.4% 39.3%
Bounce Logistics  6,500,000  3,336,000  3,164,000 94.8% 15.6% 10.6%
Intercompany Eliminations  (1,035,000)  (1,109,000)  74,000 6.7% -2.4% -3.6%
Total Revenues  41,557,000  31,610,000  9,947,000 31.5% 100.0% 100.0%
             
Direct Expenses            
Express-1  14,868,000  13,775,000  1,093,000 7.9% 80.5% 81.2%
Concert Group Logistics  15,896,000  11,027,000  4,869,000 44.2% 90.2% 88.8%
Bounce Logistics  5,405,000  2,759,000  2,646,000 95.9% 83.2% 82.7%
Intercompany Eliminations  (1,035,000)  (1,109,000)  74,000 6.7% 100.0% 100.0%
Total Direct Expenses  35,134,000  26,452,000  8,682,000 32.8% 84.5% 83.7%
             
Gross Margin            
Express-1  3,600,000  3,185,000  415,000 13.0% 19.5% 18.8%
Concert Group Logistics  1,728,000  1,396,000  332,000 23.8% 9.8% 11.2%
Bounce Logistics  1,095,000  577,000  518,000 89.8% 16.8% 17.3%
Total Gross Margin  6,423,000  5,158,000  1,265,000 24.5% 15.5% 16.3%
             
Selling, General & Administrative             
Express-1  2,657,000  2,003,000  654,000 32.7% 14.4% 11.8%
Concert Group Logistics  1,209,000  1,113,000  96,000 8.6% 6.9% 9.0%
Bounce Logistics  748,000  427,000  321,000 75.2% 11.5% 12.8%
Corporate  448,000  493,000  (45,000) -9.1% 1.1% 1.6%
Total Selling, General & Administrative  5,062,000  4,036,000  1,026,000 25.4% 12.2% 12.8%
             
Operating Income from Continuing Operations            
Express-1  943,000  1,182,000  (239,000) -20.2% 5.1% 7.0%
Concert Group Logistics  519,000  283,000  236,000 83.4% 2.9% 2.3%
Bounce Logistics  347,000  150,000  197,000 131.3% 5.3% 4.5%
Corporate  (448,000)  (493,000)  45,000 9.7% -1.1% -1.6%
Operating Income from Continuing Operations  1,361,000  1,122,000  239,000 21.3% 3.3% 3.5%
             
Other Expense  38,000  23,000  15,000 65.2% 0.1% 0.1%
Interest Expense  65,000  31,000  34,000 109.7% 0.2% 0.1%
Income from Continuing Operations Before Tax  1,258,000  1,068,000  190,000 17.8% 3.0% 3.4%
Tax Provision  438,000  467,000  (29,000) -6.2% 1.1% 1.5%
Net Income  $ 820,000  $ 601,000  $ 219,000 36.4% 2.0% 1.9%
CONTACT: Express-1 Expedited Solutions, Inc.
         Mike Welch
         269-429-9761
         Mike.Welch@xpocorporate.com

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