updated 5/12/2011 5:17:43 PM ET 2011-05-12T21:17:43

SAINT JOSEPH, Mich., May 12, 2011 (GLOBE NEWSWIRE) -- Express-1 Expedited Solutions, Inc. (XPO) today reported its earnings for the first quarter ended March 31, 2011.

XPO continued its solid financial performance as first quarter revenues increased by 31% to $41.5 million compared to $31.6 million in the first quarter of 2010. During the same period, net income improved 34% to $1,117,000 or $0.03 per fully diluted share compared to $834,000 or $0.03 per diluted share for the first quarter of 2010.

Michael R. Welch, the Company's CEO commented, "Once again each operating division showed impressive top line growth which continued to fuel the overall improved profitability of XPO. 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."

"Our consistent approach of focusing on sales growth and diversification while holding cost increases in line have paid off for XPO over the past couple of years. We look forward to another solid year from Mike and his team in 2011," stated Board Chairman, Jim Martell.

Updated final earnings announcement date

Management will conduct a conference call Friday, May 13, 2011 at 10:00 a.m. EDT to discuss the Company's first quarter financial results. Those interested in accessing an archived Webcast of the call should visit the Company's Website at www.xpocorporate.com . Those wishing to take part in the live teleconference call can dial 877-407-9205 with international participants dialing 201-689-8054. A playback will be available until midnight on May 20, 2011. To listen to the playback, please call 877-660-6853. Use account number 286 and conference ID number 372319.

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
     
   (Unaudited)  
   March 31, 2011 December 31, 2010
ASSETS    
Current assets:    
 Cash  $ 50,000  $ 561,000
 Accounts receivable, net of allowances of $153,000 and $136,000, respectively 24,643,000 24,272,000
 Prepaid expenses 610,000 257,000
 Deferred tax asset, current 80,000 314,000
 Income tax receivable 1,002,000 1,348,000
 Other current assets 547,000 813,000
 Total current assets 26,932,000 27,565,000
      
Property and equipment, net of $3,432,000 and $3,290,000 in accumulated depreciation, respectively 2,871,000 2,960,000
Goodwill 16,959,000 16,959,000
Identifiable intangible assets, net of $2,960,000 and $2,827,000 in accumulated amortization, respectively 8,413,000 8,546,000
Loans and advances 120,000 126,000
Other long-term assets 528,000 516,000
 Total long-term assets 28,891,000 29,107,000
 Total assets  $ 55,823,000  $ 56,672,000
      
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
 Accounts payable  $ 8,714,000  $ 8,756,000
 Accrued salaries and wages 723,000 1,165,000
 Accrued expenses, other 3,741,000 2,877,000
 Current maturities of notes payable and capital leases 1,667,000 1,680,000
 Other current liabilities 527,000 773,000
 Total current liabilities 15,372,000 15,251,000
      
      
 Line of credit 395,000 2,749,000
 Notes payable and capital leases, net of current maturities 1,667,000 2,083,000
 Deferred tax liability, long-term 2,220,000 2,032,000
 Other long-term liabilities 176,000 544,000
 Total long-term liabilities 4,458,000 7,408,000
      
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; 33,188,980 and 32,687,522 shares issued, respectively; and 33,008,980 and 32,507,522 shares outstanding, respectively 33,000 33,000
 Additional paid-in capital 28,071,000 27,208,000
 Treasury stock, at cost, 180,000 shares held (107,000) (107,000)
 Accumulated earnings 7,996,000 6,879,000
 Total stockholders' equity 35,993,000 34,013,000
 Total liabilities and stockholders' equity $ 55,823,000 $ 56,672,000
 
Express-1 Expedited Solutions, Inc.
Consolidated Statements of Operations
(Unaudited)
     
   Three Months Ended
   March 31,

2011
March 31,

2010
Revenues    
 Operating revenue  $ 41,508,000  $ 31,642,000
Expenses    
 Direct expense 34,301,000 26,043,000
 Gross margin 7,207,000 5,599,000
 Sales general and administrative expense 5,207,000 4,075,000
Operating income 2,000,000 1,524,000
 Other expense 29,000 20,000
 Interest expense 49,000 20,000
Income before tax 1,922,000 1,484,000
 Income tax provision 805,000 650,000
Net income  $ 1,117,000  $ 834,000
      
      
      
Basic income per share    
 Net income $ 0.03 $ 0.03
Diluted income per share    
 Net income $ 0.03 $ 0.03
Weighted average common shares outstanding    
 Basic weighted average common shares outstanding 32,702,724 32,035,218
 Diluted weighted average common shares outstanding 34,086,066 32,577,352
 
Express-1 Expedited Solutions, Inc.
Summary Financial Table
For the Three Months Ended March 31,
(Unaudited)
             
              
   Quarter to Date Quarter to Quarter

Change
Percent of

Business Unit Revenue
   2011 2010 In Dollars In

Percentage
2011 2010
Revenues            
Express-1  $ 20,742,000  $ 16,212,000 $ 4,530,000 27.9% 50.0% 51.2%
Concert Group Logistics 15,739,000 12,938,000 2,801,000 21.6% 37.9% 40.9%
Bounce Logistics 5,983,000 3,123,000 2,860,000 91.6% 14.4% 9.9%
Intercompany eliminations (956,000) (631,000) (325,000) -51.5% -2.3% -2.0%
 Total revenues 41,508,000 31,642,000 9,866,000 31.2% 100.0% 100.0%
              
Direct expenses            
Express-1 16,189,000 12,542,000 3,647,000 29.1% 78.0% 77.4%
Concert Group Logistics 14,013,000 11,528,000 2,485,000 21.6% 89.0% 89.1%
Bounce Logistics 5,055,000 2,604,000 2,451,000 94.1% 84.5% 83.4%
Intercompany eliminations (956,000) (631,000) (325,000) -51.5% 100.0% 100.0%
 Total direct expenses 34,301,000 26,043,000 8,258,000 31.7% 82.6% 82.3%
              
Gross margin            
Express-1 4,553,000 3,670,000 883,000 24.1% 22.0% 22.6%
Concert Group Logistics 1,726,000 1,410,000 316,000 22.4% 11.0% 10.9%
Bounce Logistics 928,000 519,000 409,000 78.8% 15.5% 16.6%
 Total gross margin 7,207,000 5,599,000 1,608,000 28.7% 17.4% 17.7%
              
Selling, general & administrative            
Express-1 2,652,000 2,021,000 631,000 31.2% 12.8% 12.5%
Concert Group Logistics 1,254,000 1,154,000 100,000 8.7% 8.0% 8.9%
Bounce Logistics 790,000 422,000 368,000 87.2% 13.2% 13.5%
Corporate 511,000 478,000 33,000 6.9% 1.2% 1.5%
 Total selling, general & administrative 5,207,000 4,075,000 1,132,000 27.8% 12.5% 12.9%
              
Operating income            
Express-1 1,901,000 1,649,000 252,000 15.3% 9.2% 10.2%
Concert Group Logistics 472,000 256,000 216,000 84.4% 3.0% 2.0%
Bounce Logistics 138,000 97,000 41,000 42.3% 2.3% 3.1%
Corporate (511,000) (478,000) (33,000) -6.9% -1.2% -1.5%
 Operating income 2,000,000 1,524,000 476,000 31.2% 4.8% 4.8%
              
Interest expense 49,000 20,000 29,000 145.0% 0.1% 0.1%
Other expense 29,000 20,000 9,000 45.0% 0.1% 0.1%
 Income before tax 1,922,000 1,484,000 438,000 29.5% 4.6% 4.7%
              
Tax provision 805,000 650,000 155,000 23.8% 1.9% 2.1%
 Net income  $ 1,117,000  $ 834,000  $ 283,000 33.9% 2.7% 2.6%
CONTACT: Express-1 Expedited Solutions, Inc.
         Mike Welch
         269-429-9761
         Mike.Welch@xpocorporate.com

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