Express-1 Expedited Solutions' net income for the second quarter was $288,000, a 63 percent drop from $774,000 for the same quarter of 2008.
The company saw its revenue drop 25 percent to $22.2 million, a reflection of the soft economy. Last year during the same quarter, revenue was $29.7 million.
The company attributes its income during the quarter to reductions in operating costs that were implemented in the first quarter.
"We are cautiously optimistic that both revenue and net income will increase for the remainder of the year as we are beginning to see increased freight volumes," said Michael Welch, CEO.
Express-1 Expedited Solutions, through its three operating companies (Express-1, Concert Group Logistics and Bounce Logistics), provides the following transportation services: same-day delivery, time-sensitive shipping and premium freight brokerage throughout North America, as well as domestic and international freight forwarding.
The company saw its revenue drop 25 percent to $22.2 million, a reflection of the soft economy. Last year during the same quarter, revenue was $29.7 million.
The company attributes its income during the quarter to reductions in operating costs that were implemented in the first quarter.
"We are cautiously optimistic that both revenue and net income will increase for the remainder of the year as we are beginning to see increased freight volumes," said Michael Welch, CEO.
Express-1 Expedited Solutions, through its three operating companies (Express-1, Concert Group Logistics and Bounce Logistics), provides the following transportation services: same-day delivery, time-sensitive shipping and premium freight brokerage throughout North America, as well as domestic and international freight forwarding.
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