Express1 Expedited Solutions Inc (NYSE:XPO) filed Quarterly Report for the period ended 2010-06-30.
Express1 Expedited Solutions Inc has a market cap of $44.9 million; its shares were traded at around $1.4 with a P/E ratio of 15.6 and P/S ratio of 0.5.
Highlight of Business Operations:These outstanding quarterly results were accomplished through our recent strategic initiatives. Our 2009 commitment and investment in our sales organization have paid big dividends thus far in 2010. The sales team has produced an increasingly diverse customer base, and our successful 2009 acquisitions of First Class and LRG International have been integrated and continued to grow and prosper. Express-1 has experienced a solid overall revenue growth with its international department becoming a major factor in Express-1s service offerings. Additionally, CGL and Bounce are seeing strong organic growth as the freight environment continues to improve. Based on the above, gross revenues increased to $40.3 million in the second quarter as compared to $22.2 million in the same period in 2009, representing an 81% increase.
Net income for the quarter ended June 30, 2010 totaled $1.5 million compared to $288,000 for the same quarter in 2009 representing an increase of 422%. This positive trend reflects the overall improvement in the economy in addition to efficiencies garnered during the economic downturn. This positive trend also reflects positive impacts due to acquisition activity over the past two years.
For the quarter ended June 30, 2010, Express-1 generated income from operations before tax of $2,482,000 compared to $697,000 in the same quarter in 2009 representing an increase of 256%. Management remains optimistic about the remainder of the year as the overall economy improves and trucking capacity tightens.
CGLs second quarter revenues in 2010 reflected a healthy rebound from 2009. Revenues of $16.1 million compared favorably to revenues of $10.2 in 2009 representing an increase of 58%. The purchase of certain assets and liabilities of LRG International (CGL International) in October of 2009 contributed to the revenue increases during the second quarter as compared to the same period in 2009.
The above items have resulted in Bounce generating operating income of $141,000 in the second quarter of 2010 compared to $86,000 in the same period in 2009. Management continues to be optimistic regarding the future growth and profitability potential of Bounce moving forward in 2010.
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