1. EARNINGS RELEASE
By: Expeditors International of Washington, Inc.
1015 Third Avenue, 12th Floor
Seattle, Washington 98104
CONTACT: R. Jordan Gates
Chief Financial Officer
(206) 674-3427 FOR IMMEDIATE RELEASE
EXPEDITORS REPORTS FOURTH QUARTER DILUTED EARNINGS PER SHARE OF $.53
SEATTLE, WASHINGTON – February 9, 1999, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today
announced quarterly net earnings of $13,943,000 for the fourth quarter of 1998, compared with $12,862,000 for the same
quarter of 1997, an increase of 8%. Net revenues for the fourth quarter of 1998 increased 21% to $102,422,000 as
compared with $84,457,000 reported for the fourth quarter of 1997. Total revenues and operating income were
$308,713,000 and $22,081,000 in 1998 compared with $270,149,000 and $19,560,000 for the same quarter of 1997,
increases of 14% and 13%, respectively. Diluted net earnings per share for the fourth quarter were $.53 as compared
with $.48 for the same quarter in 1997, an increase of 10%. The company also reported that same store net revenues and
operating income increased 19 % and 15 %, respectively, for the fourth quarter of 1998 when compared with 1997.
For the year ended December 31, 1998, net earnings rose to $47,274,000 from $38,411,000 in 1997, an increase of 23%.
Net revenues for the year ended December 31, 1998 increased to $353,450,000 from $290,524,000 in 1997, up 22%. Total
revenues and operating income for the year were $1,063,707,000 and $73,372,000 in 1998 compared with $954,002,000
and $59,915,000 for the same period in 1997, increases of 11% and 22%, respectively. Diluted net earnings per share for
the year ended December 31,1998 were $1.78 as compared with $1.46 for 1997, an increase of 22%. Same store net
revenues and operating income increased 18% and 21%, respectively, for year ended December 31, 1998, when compared
with same period of 1997.
“1998 was a challenging year. We faced a series of significant political, economic, supplier and infrastructure-related
events, any of which could have been debilitating.” commented Peter J. Rose, Chairman and Chief Executive Officer.
“Fortunately we came through with solid results, not excuses. By sticking with core values, our global network continued
to grow and prosper. Congratulations to our employees, every last one of them, and thanks to our customers and
vendors. Apologies to the momentum players for being a real company with real profits and for not having the foresight
to add “.com” to the end of our name. We’re looking forward to 1999.” concluded Rose.
Expeditors is a global logistics company. Headquartered in Seattle, Washington, the company employs trained
professionals in 140 offices and 10 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.
Additional information is available upon request or via the Internet at http://www.expd.com.

2. 09-Feb-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 2 of 4
Expeditors International of Washington, Inc.
4th Quarter 1998 Earnings Release
February 9, 1999
Page 2 of 2
Expeditors International of Washington, Inc.
Financial Highlights
Three months and year ended
December 31, 1998 and 1997
Unaudited
(in 000's except share data)
Three months ended Year ended
December 31 December 31
1998 1997 % 1998 1997 %
Increase Increase
270,149 14%
Revenues 308,713 1,063,707 954,002 11%
Net revenues 102,422 84,457 21% 353,450 290,524 22%
Operating income 22,081 19,560 13% 73,372 59,915 22%
Net earnings 13,943 12,862 8% 47,274 38,411 23%
Diluted earnings per
share .53 .48 10% 1.78 1.46 22%
Basic earnings per share .57 .52 10% 1.92 1.57 22%
Diluted weighted average
shares outstanding 26,469,182 26,563,429 26,529,192 26,323,522
Basic weighted average
shares outstanding 24,657,167 24,538,136 24,617,219 24,428,929
ADDITIONAL FINANCIAL INFORMATION AVAILABLE UPON REQUEST
New Offices Opened in the 4th Quarter of 1998
Latin America
Colombia
Bogota
Cali

3. 09-Feb-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 3 of 4
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
December 31, December 31,
1998 1997
Assets (Unaudited)
Current assets:
Cash and cash equivalents $49,422 $42,094
Short-term investments 394 214
Accounts receivable, net 222,598 206,501
Deferred Federal and state taxes 2,427 4,296
Other current assets 9,151 6,399
Total current assets 283,992 259,504
Property and equipment, net 103,030 66,550
Deferred Federal and state taxes 2,183 1,930
Other assets 17,384 16,122
$406,589 $344,106
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings 12,245 2,145
Accounts payable 143,523 143,980
Income taxes 8,304 7,181
Other current liabilities 25,326 18,946
Total current liabilities $189,398 $172,252
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 24,678,591 shares at
December 31, 1998 and 24,546,380 at
December 31,1997 247 245
Additional paid-in capital 17,514 15,534
Retained earnings 203,049 159,225
Equity adjustments from foreign currency
translation (3,619) (3,150)
Total shareholders' equity 217,191 171,854
$406,589 $344,106
Certain 1997 amounts have been reclassified to conform to the 1998 presentation

4. 09-Feb-1999 Expeditors International of Washington, Inc. Additional Financial Information Page 4 of 4
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
Three months ended Twelve months ended
December 31, December 31,
1998 1997 1998 199797
Revenues:
Airfreight $203,651 $189,421 $685,613 $659,481
Ocean freight and ocean services 66,338 46,549 236,848 180,555
Customs brokerage and import
services 38,724 34,179 141,246 113,966
Total revenues 308,713 270,149 1,063,707 954,002
Operating expenses:
Airfreight consolidation 158,252 152,592 539,706 534,699
Ocean freight consolidation 48,039 33,100 170,551 128,779
Salaries and related costs 52,772 42,194 190,288 153,196
Rent 4,295 3,157 15,459 10,806
Depreciation and amortization 4,680 3,237 15,547 11,159
Selling and promotion 4,276 3,855 15,018 13,469
Other 14,318 12,454 43,766 41,979
Total operating expenses 286,632 250,589 990,335 894,087
Operating income 22,081 19,560 73,372 59,915
Interest expense (306) (134) (487) (358)
Interest income 666 577 2,206 2,096
Other, net ** (80) 1,089 486 918
Other income, net ** 280 1,532 2,205 2,656
Earnings before income taxes 22,361 21,092 75,577 62,571
Income tax expense 8,418 8,230 28,303 24,160
Net earnings $13,943 $12,862 $47,274 $38,411
Diluted earnings per share $0.53 $0.48 $1.78 $1.46
Basic earnings per share $0.57 $0.52 $1.92 $1.57
Diluted weighted average shares
outstanding 26,469,182 26,563,429 26,529,192 26,323,522
Basic weighted average shares
outstanding 24,657,167 24,538,136 24,617,219 24,428,929
**Twelve months figure includes $928,000 gain on sale of facility recorded in April of 1998
Certain 1997 amounts have been reclassified to conform to the 1998 presentation