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EARNINGS RELEASE

By:   Expeditors International of Washington, Inc.

      999 Third Avenue, Suite 2500
      Seattle, Washington 98104

      CONTACT:    R. Jordan Gates
                  Chief Financial Officer
                  (206) 674-3427
                  On the Internet: http://www.expd.com                      FOR IMMEDIATE RELEASE

                       EXPEDITORS FIRST QUARTER NET EARNINGS INCREASE 48%

SEATTLE, WASHINGTON, May 7, 1997, Expeditors International of Washington, Inc. (NASDAQ:EXPD), the
international logistics company today announced 1997 first quarter net earnings of $5,598,000,
up from the $3,789,000 in net earnings for the same quarter in 1996 and an increase of 48%.
 Net revenues in the first quarter increased 42% to $57,718,000 as compared with $40,732,000 for
the first quarter of 1996. Total revenues and operating income for the first quarter of 1997 were
$195,969,000 and $8,581,000 compared with $137,670,000 and $5,550,000 for the same period of 1996,
increases of 42% and 55% respectively. Net earnings per share for the first quarter were $.22,
as compared with $.15 for the same quarter in 1996, an increase of 47%.

“This was another good quarter. Our net revenues increased 42% and we were able to report an even
more impressive 55% increase in our operating income.” stated Peter Rose, Chairman and Chief
Executive Officer. “This is the result of holding growth in operating expenses to a lower rate
than growth in net revenues. This sort of favorable operating leverage is something that we
usually do not experience in the first quarter. We were pleased to see improvement in almost all
of our operations. And we can state that in places where we did not see progress, we’ve made
modifications and we will look for improvement in the near future.”

Expeditors same store net revenues and operating income increased 30% and 50%, respectively for
the first quarter of 1997 as compared with 1996 noted Rose. We take a great deal of satisfaction
in these same store numbers. We believe that these numbers are crucial to any evaluation of the
quality and extent of growth in this industry.       Same store growth isolates the financial
contributions from offices that have been included in our operating results for at least one full
year. Strong same store growth clearly demonstrates the strength of the global network we have
built. stated Rose.

Rose concluded by noting that Expeditors had opened 15 offices so far in 1997: five in North
America, five in Europe, one in Africa, and one on the Indian Subcontinent. Further geographic
expansion in 1997 is expected on the Indian Subcontinent, the Middle East and in North America.

Expeditors is a global logistics company.     Headquartered in Seattle, Washington, the company
employs trained professionals in 133 offices and international service centers located on six
continents linked into a seamless worldwide network through an integrated information management
system.   Services include air and ocean freight forwarding, vendor consolidation, customs
clearance, marine insurance, distribution and other value added international logistics services.
Expeditors International of Washington, Inc.
Financial Highlights
First Quarter ended
March 31, 1997
Unaudited

(in 000's except for per share data, per share data adjusted for 2:1 stock split effective
11/25/96)


                       First Quarter
                    1997        1996            %
                                             Increase

Revenues            195,969     137,670        42%

Net revenues         57,718      40,732        42%

Operating             8,581       5,550        55%
income

Net earnings          5,598       3,789        48%

Earnings per            .22            .15     47%
share

Weight ave.      25,996,372   25,431,132
shares

                   ADDITIONAL FINANCIAL INFORMATION AVAILABLE UPON REQUEST
3   7-May 1997   Expeditors International of Washington, Inc. Additional Financial Information

                            EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
                                          AND SUBSIDIARIES
                               Condensed Consolidated Balance Sheets
                                 (In thousands, except share data)

                                                                            March 31,                December 31,
  Assets                                                                      1997                       1996
                                                                          (Unaudited)
Current assets:
  Cash and cash equivalents                                                        $43,677                $36,966
  Short-term investments                                                               347                    357
  Accounts receivable, net                                                         165,713                168,763
  Deferred Federal and state taxes                                                   5,367                  4,854
  Other current assets                                                               4,735                  4,503
        Total current assets                                                       219,839                215,443

Property and equipment, net                                                         49,206                  46,246
Other assets                                                                         9,527                  10,297
                                                                                  $278,572               $ 271,986

Liabilities and Shareholders' Equity

Current liabilities:
  Short-term borrowings                                                              2,881                  9,152
  Accounts payable                                                                 107,155                101,670
  Income taxes                                                                       7,049                  5,659
  Other current liabilities                                                         15,435                 15,494
        Total current liabilities                                                  132,520                131,975

Shareholders' equity:
  Preferred stock, par value $.01 per share.
        Authorized 2,000,000 shares; none issued           --            --
  Common stock, par value $.01 per share.
        Authorized 80,000,000 shares
         issued and outstanding 24,293,439 shares at March 31, 1997
         and 24,212,946 at December 31, 1996              242           242
  Additional paid-in capital                           14,170        13,179
  Retained earnings                                   128,856       123,258
  Equity adjustments from foreign currency
        translation                                     2,784         3,332
        Total shareholders' equity                    146,052       140,011

                                                                                $ 278,572                $ 271,986




Certain 1996 amounts have been reclassified to conform to the 1997 presentation
4   7-May 1997   Expeditors International of Washington, Inc. Additional Financial Information

                         EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
                                       AND SUBSIDIARIES

                         Condensed Consolidated Statements of Earnings
                               (In thousands, except share data)

                                                       (Unaudited)

                                                             Three months ended
                                                                   March 31,
                                                                  1997      1996
Revenues:
     Airfreight                        $  134,928                                      93,266
     Ocean freight and ocean services      39,810                                      29,384
     Customs brokerage and import services 21,231                                      15,020

        Total revenues                                         195,969             137,670

Operating expenses:
     Airfreight consolidation                                  109,304              74,454
     Ocean freight consolidation                                28,947              22,484
     Salaries and related costs                                 32,730              23,075
     Rent                                                        2,411               1,783
     Depreciation and amortization                               2,382               1,887
     Selling and promotion                                       2,880               2,214
     Other                                                       8,734               6,223
       Total operating expenses                                187,388             132,120

        Operating income                                           8,581                5,550

     Interest expense                                                < 45>         <       50>
     Interest income                                                  481                 625
     Other, net                                                        25                  28
Other income, net                                                     461                 603

        Earnings before income taxes                               9,042               6,153

Income tax expense                                                 3,444                2,364

    Net earnings                                         $         5,598           $ 3,789

Net earnings per share                                   $             .22        $        .15

Weighted average number of
     common shares                                        25,996,372 25,431,132


Certain 1996 amounts have been reclassified to conform to the 1997 presentation

Weighted average share and per share calculations have been adjusted for 2:1 stock split
effective 25 Nov 1996

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Expeditors International of Washington, 1st97qer

  • 1. EARNINGS RELEASE By: Expeditors International of Washington, Inc. 999 Third Avenue, Suite 2500 Seattle, Washington 98104 CONTACT: R. Jordan Gates Chief Financial Officer (206) 674-3427 On the Internet: http://www.expd.com FOR IMMEDIATE RELEASE EXPEDITORS FIRST QUARTER NET EARNINGS INCREASE 48% SEATTLE, WASHINGTON, May 7, 1997, Expeditors International of Washington, Inc. (NASDAQ:EXPD), the international logistics company today announced 1997 first quarter net earnings of $5,598,000, up from the $3,789,000 in net earnings for the same quarter in 1996 and an increase of 48%. Net revenues in the first quarter increased 42% to $57,718,000 as compared with $40,732,000 for the first quarter of 1996. Total revenues and operating income for the first quarter of 1997 were $195,969,000 and $8,581,000 compared with $137,670,000 and $5,550,000 for the same period of 1996, increases of 42% and 55% respectively. Net earnings per share for the first quarter were $.22, as compared with $.15 for the same quarter in 1996, an increase of 47%. “This was another good quarter. Our net revenues increased 42% and we were able to report an even more impressive 55% increase in our operating income.” stated Peter Rose, Chairman and Chief Executive Officer. “This is the result of holding growth in operating expenses to a lower rate than growth in net revenues. This sort of favorable operating leverage is something that we usually do not experience in the first quarter. We were pleased to see improvement in almost all of our operations. And we can state that in places where we did not see progress, we’ve made modifications and we will look for improvement in the near future.” Expeditors same store net revenues and operating income increased 30% and 50%, respectively for the first quarter of 1997 as compared with 1996 noted Rose. We take a great deal of satisfaction in these same store numbers. We believe that these numbers are crucial to any evaluation of the quality and extent of growth in this industry. Same store growth isolates the financial contributions from offices that have been included in our operating results for at least one full year. Strong same store growth clearly demonstrates the strength of the global network we have built. stated Rose. Rose concluded by noting that Expeditors had opened 15 offices so far in 1997: five in North America, five in Europe, one in Africa, and one on the Indian Subcontinent. Further geographic expansion in 1997 is expected on the Indian Subcontinent, the Middle East and in North America. Expeditors is a global logistics company. Headquartered in Seattle, Washington, the company employs trained professionals in 133 offices and international service centers located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.
  • 2. Expeditors International of Washington, Inc. Financial Highlights First Quarter ended March 31, 1997 Unaudited (in 000's except for per share data, per share data adjusted for 2:1 stock split effective 11/25/96) First Quarter 1997 1996 % Increase Revenues 195,969 137,670 42% Net revenues 57,718 40,732 42% Operating 8,581 5,550 55% income Net earnings 5,598 3,789 48% Earnings per .22 .15 47% share Weight ave. 25,996,372 25,431,132 shares ADDITIONAL FINANCIAL INFORMATION AVAILABLE UPON REQUEST
  • 3. 3 7-May 1997 Expeditors International of Washington, Inc. Additional Financial Information EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share data) March 31, December 31, Assets 1997 1996 (Unaudited) Current assets: Cash and cash equivalents $43,677 $36,966 Short-term investments 347 357 Accounts receivable, net 165,713 168,763 Deferred Federal and state taxes 5,367 4,854 Other current assets 4,735 4,503 Total current assets 219,839 215,443 Property and equipment, net 49,206 46,246 Other assets 9,527 10,297 $278,572 $ 271,986 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings 2,881 9,152 Accounts payable 107,155 101,670 Income taxes 7,049 5,659 Other current liabilities 15,435 15,494 Total current liabilities 132,520 131,975 Shareholders' equity: Preferred stock, par value $.01 per share. Authorized 2,000,000 shares; none issued -- -- Common stock, par value $.01 per share. Authorized 80,000,000 shares issued and outstanding 24,293,439 shares at March 31, 1997 and 24,212,946 at December 31, 1996 242 242 Additional paid-in capital 14,170 13,179 Retained earnings 128,856 123,258 Equity adjustments from foreign currency translation 2,784 3,332 Total shareholders' equity 146,052 140,011 $ 278,572 $ 271,986 Certain 1996 amounts have been reclassified to conform to the 1997 presentation
  • 4. 4 7-May 1997 Expeditors International of Washington, Inc. Additional Financial Information EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (In thousands, except share data) (Unaudited) Three months ended March 31, 1997 1996 Revenues: Airfreight $ 134,928 93,266 Ocean freight and ocean services 39,810 29,384 Customs brokerage and import services 21,231 15,020 Total revenues 195,969 137,670 Operating expenses: Airfreight consolidation 109,304 74,454 Ocean freight consolidation 28,947 22,484 Salaries and related costs 32,730 23,075 Rent 2,411 1,783 Depreciation and amortization 2,382 1,887 Selling and promotion 2,880 2,214 Other 8,734 6,223 Total operating expenses 187,388 132,120 Operating income 8,581 5,550 Interest expense < 45> < 50> Interest income 481 625 Other, net 25 28 Other income, net 461 603 Earnings before income taxes 9,042 6,153 Income tax expense 3,444 2,364 Net earnings $ 5,598 $ 3,789 Net earnings per share $ .22 $ .15 Weighted average number of common shares 25,996,372 25,431,132 Certain 1996 amounts have been reclassified to conform to the 1997 presentation Weighted average share and per share calculations have been adjusted for 2:1 stock split effective 25 Nov 1996