Express-1 Expedited Solutions Improves Income From 2Q
While Express-1 Expedited Solutions saw its net income almost triple from the second quarter, its third quarter net income was down from the year-ago quarte
While Express-1 Expedited Solutions saw its net income almost triple from the second quarter, its third quarter net income was down from the year-ago quarter
. Net income was $811,000 in the third quarter, compared to $1.15 million in the 2008 quarter and $288,000 in the second quarter.
"The continued economic recession and related slowdown in demand for transportation services contributed to the reduction in overall profitability compared to 2008, however, we do anticipate continued profitability for the remainder of the year due to the company's expense reductions and our belief that transportation volumes will continue to make a modest recovery for the remainder of the year," the company said in an SEC filing.
The company's revenue for the quarter was $26.2 million, versus $31.1 million in the year-ago period.
The non-asset based services organization, out of Michigan, is optimistic about the fourth quarter.
"We anticipate continued profitability for the remainder of the year due to our expense reductions and our belief that the transportation volume will continue to grow for the remainder of the year," said Mike Welch, CEO.
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