However, during the fourth quarter of 2008 Express-1 operations saw revenues fall, and the company discontinued its dedicated operations.
Express-1 Expedited Solutions reported fourth-quarter 2008 revenue of $25 million, compared to $12.8 million for the same period in the prior year.
During the same period, operating income from continuing operations increased by 84 percent from the same period of 2007. Income from continuing operations improved 39 percent per fully diluted share for the fourth quarter of 2008 compared to the same period in 2007.
The company's management does not anticipate the incurrence of material charges related to the shutdown activity for Concert Group Logistics. Income from discontinued operations was $73,000, net of tax during the fourth quarter of 2008, versus income of $88,000, net of tax on these same operations during the fourth quarter of 2007.
According to Michael Welch, chief executive officer of Express-1, the company is focused on growth and business development initiatives. He believes that the financial strength of the company will allow them to expand in the weakened economy.
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.