0000746515-12-000031.txt : 20120807 0000746515-12-000031.hdr.sgml : 20120807 20120807150808 ACCESSION NUMBER: 0000746515-12-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120807 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120807 DATE AS OF CHANGE: 20120807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXPEDITORS INTERNATIONAL OF WASHINGTON INC CENTRAL INDEX KEY: 0000746515 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 911069248 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13468 FILM NUMBER: 121012978 BUSINESS ADDRESS: STREET 1: 1015 THIRD AVENUE 12TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98104 BUSINESS PHONE: 2066743400 MAIL ADDRESS: STREET 1: 1015 THIRD AVENUE 12TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98104 8-K 1 a20122qer8-k.htm 2012 2Q ER 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
                                            
                                    
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: August 7, 2012
(Date of earliest event reported)


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
Washington
 
000-13468
 
91-1069248
(State or other jurisdiction of
 
(Commission File No.)
(IRS Employer Identification Number)
incorporation or organization)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1015 Third Avenue, 12th Floor, Seattle, Washington
98104
 
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
(206) 674-3400
 
 
 
(Registrant's telephone number, including area code)
 
 
 
 
 
 
 
 
N/A
 
 
 
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
o
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 
o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
o
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 





Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”

On August 7, 2012, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing second quarter 2012 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.

(d)     The following items are filed as exhibits to this report:
         
99.1     Press release, dated August 7, 2012 issued by Expeditors International of Washington, Inc.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.




August 7, 2012            /s/ BRADLEY S. POWELL________
Bradley S. Powell, Senior Vice President and Chief Financial Officer




 EX-99.1 2 a20122qerexhibit991.htm 2012 2Q EXHIBIT 99.1 2012 2Q ER Exhibit 99.1

Exhibit 99.1
EARNINGS RELEASE
By:    Expeditors International of Washington, Inc.
1015 Third Avenue, Suite 1200
Seattle, Washington 98104
CONTACTS:
R. Jordan Gates                Bradley S. Powell
President and Chief Operating Officer    Senior Vice President and Chief Financial Officer
(206) 674-3427     (206) 674-3412
FOR IMMEDIATE RELEASE
__________________________________________________________________________________________________________________________________________________________________________
EXPEDITORS REPORTS SECOND QUARTER 2012 EPS OF $.39 PER SHARE 1 
SEATTLE, WASHINGTON - August 7, 2012, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $83,955,000 for the second quarter of 2012, as compared with $95,000,000 for the same quarter of 2011, a decrease of (12)%. Net revenues for the second quarter of 2012 decreased (4)% to $453,651,000 as compared with $472,561,000 reported for the second quarter of 2011. Total revenues and operating income were $1,504,952,000 and $132,403,000 in the second quarter of 2012, as compared with $1,581,368,000 and $152,275,000 for the same quarter of 2011, decreases of (5)% and (13)%, respectively. Diluted net earnings attributable to shareholders per share for the second quarter were $.39, as compared with $.44 for the same quarter in 2011, a decrease of (11)%.
For the six months ended June 30, 2012, net earnings attributable to shareholders was $160,662,000, as compared with $186,232,000 in 2011, a decrease of (14)%. Net revenues for the six months decreased to $900,222,000 from $926,476,000 for 2011, down (3)%. Total revenues and operating income for the six months were $2,916,322,000 and $257,674,000 in 2012, as compared with $3,042,216,000 and $299,505,000 for the same period in 2011, decreases of (4)% and (14)%, respectively. Diluted net earnings attributable to shareholders per share for the first two quarters of 2012 were $0.75, as compared with $0.86 for the same period of 2011, a decrease of (13)%.
“The same market trends we experienced during our 2012 first quarter, as we suggested at the time, continued into the second quarter. That said, we saw volume growth in all areas of our business with the exception of airfreight, despite navigating in what people are finally acknowledging is a very challenging and uncertain global economy,” said Peter J. Rose, Chairman and Chief Executive Officer. “Ocean freight yields dipped, sequentially, as is typical of the second quarter, due to the time lag between when carrier rate increases during annual May contract negotiations are commercially implemented and on a year-over-year basis, reflecting the magnitude of this years' buy rate increases, as carriers moved aggressively to stabilize their precarious financial situation. This was mitigated somewhat by 7% net revenue growth in our direct ocean forwarding product. In spite of flat shipment counts, we continued to experience similar year-over-year trends with respect to airfreight tonnage (smaller shipments, diminished global airfreight demand, lower levels of customer specific infrastructure and projects) that we highlighted in our 2012 first quarter release. Customs brokerage and other services, posted positive growth in net revenue, primarily due to the contributions from our continued international roll out of our domestic time definite product, Transcon services,” Rose continued.
“We remain focused on controlling the parts of our business which have the greatest immediate impact to our stakeholders: our customers; our shareholders; and ultimately our people. That includes focusing on customer retention and profitable market share expansion. While our operating margin (29.2% based on net revenue) hovers below the mark we've enjoyed the last two years (average of 32%), it still remains very healthy from both a competitive and a historical perspective,” Rose went on to say. “Very importantly, our cash position and strong operating cash flow have allowed us to continue to pursue our strategic investments, particularly in customer service proficiency and in productivity enhancements via both information system and process engineering solutions. We also bought back just over 2 million shares of stock during the quarter. Expeditors was founded in tough times and we've been through plenty of them since our founding. Being able to get through tough times without letting tough times get through us is deeply embedded in our DNA. Until there is more certainty in the global economy, these trends could continue for the short to medium term. Regardless of what happens, it won't change who we are and what we do for our stakeholders. We continue to be grateful for the resilience of our people, their dedication to our customers and our culture which recognizes, reinforces and rewards the key to our long-term success being tied to servicing our customers. These tough times too will pass and it should go without saying, at the end of the day, we'd rather be us, than anyone else inside or outside this industry,” Rose concluded.
Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 185 full-service offices and 65 satellite locations 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, domestic time definite services and other value added international logistics services.

_______________________
1 Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.
Second Quarter 2012 Earnings Release, August 7, 2012

Financial Highlights for the Three and Six months ended June 30, 2012 and 2011 (Unaudited)
(in 000's of US dollars except share data)
 
Three months ended June 30,
 
 
 
Six months ended June 30,
 
 
 
2012
 
2011
 
% Decrease
 
2012
 
2011
 
% Increase
Revenues
$
1,504,952

 
$
1,581,368

 
(5)%
 
$
2,916,322

 
$
3,042,216

 
(4)%
Net revenues
$
453,651

 
$
472,561

 
(4)%
 
$
900,222

 
$
926,476

 
(3)%
Operating income
$
132,403

 
$
152,275

 
(13)%
 
$
257,674

 
$
299,505

 
(14)%
Net earnings attributable to shareholders
$
83,955

 
$
95,000

 
(12)%
 
$
160,662

 
$
186,232

 
(14)%
Diluted earnings attributable to shareholders
$
.39

 
$
.44

 
(11)%
 
$
.75

 
$
.86

 
(13)%
Basic earnings attributable to shareholders
$
.40

 
$
.45

 
(11)%
 
$
.76

 
$
.88

 
(14)%
Diluted weighted average shares outstanding
213,212,912

 
215,659,043

 
 
 
213,683,587

 
215,780,230

 
 
Basic weighted average shares outstanding
211,724,082

 
212,136,164

 
 
 
211,910,872

 
212,112,643

 
 
   
 
Employee headcount as of June 30,
 
2012
 
2011
North America
4,764

 
4,528

Asia Pacific
3,979

 
4,053

Europe and Africa
2,308
 
2,168

Middle East
1,249

 
1,222

South America
660

 
625

Information Systems
577

 
551

Corporate
243

 
212

Total
13,780

 
13,359

  
 
 
Year-over-year percentage increase (decrease) in:
 
 
Airfreight kilos
 
Ocean freight FEU
2012
 
 
 
 
April
 
(17
)%
 
(1
)%
May
 
(7
)%
 
1
 %
June
 
(6
)%
 
3
 %
Quarter
 
(10
)%
 
1
 %

During the second quarter of 2012, the Company opened one full service office in Montevideo, Uruguay, opened one satellite office in Xuzhou, China and closed one full service office in Colombo, Sri Lanka. The Company also transitioned its Tampa, Florida office from a full service office to a satellite office of its full-service office in Orlando, Florida and merged its satellite office in Adana, Turkey with its nearby full-service office in Mersin, Turkey.

Disclaimer on Forward-Looking Statements:
Certain portions of this release contain forward-looking statements which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including comments on trends in the global economy and duration of these trends, future air and ocean volume levels; ability to retain customers, expand profitable market share, maintain operating margins and cash flows, achieve productivity enhancements in information systems and process engineering and expansion of domestic time definite product Transcon services. Actual future results and trends may differ materially from historical results or those projected in any forward-looking statements depending on a variety of factors including, but not limited to, our ability to maintain consistent and stable operating results, future success of our business model, ability to perpetuate profits, changes in customer demand for Expeditors’ services caused by a general economic slow-down, customers’ inventory build-up, decreased consumer confidence, volatility in equity markets, energy prices, political changes, regulatory actions or changes or the unpredictable acts of competitors and other risks, risk factors and uncertainties detailed in our Annual Report as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
 
 
June 30,
2012
 
December 31, 2011
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
1,364,247

 
$
1,294,356

Short-term investments
376

 
472

Accounts receivable, net
983,131

 
934,752

Deferred Federal and state income taxes
10,234

 
10,415

Other current assets
47,409

 
46,888

Total current assets
2,405,397

 
2,286,883

Property and equipment, net
546,754

 
538,806

Goodwill and other intangibles, net
10,003

 
10,557

Other assets, net
30,218

 
30,581

 
$
2,992,372

 
$
2,866,827

Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
Accounts payable
672,836

 
606,628

Accrued expenses, primarily salaries and related costs
184,114

 
169,445

Federal, state and foreign income taxes
25,948

 
20,072

Total current liabilities
882,898

 
796,145

Deferred Federal and state income taxes
59,417

 
60,613

 
 
 
 
Commitments and contingencies

 

 
 
 
 
Shareholders’ Equity:
 
 
 
Preferred stock; none issued
—

 
—

Common stock, par value $.01 per share; issued and outstanding 210,503,675 shares at June 30, 2012 and 212,003,662 shares at December 31, 2011
2,105

 
2,120

Additional paid-in capital
1,013

 
13,260

Retained earnings
2,044,682

 
1,991,222

Accumulated other comprehensive loss
(4,345
)
 
(2,964
)
Total shareholders’ equity
2,043,455

 
2,003,638

Noncontrolling interest
6,602

 
6,431

Total equity
2,050,057

 
2,010,069

 
$
2,992,372

 
$
2,866,827



07-August-2012                Expeditors International of Washington, Inc.                    Page 3 of 6


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
 
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Revenues:
 
 
 
 
 
 
 
Airfreight services
$
638,541

 
$
749,861

 
$
1,277,453

 
$
1,450,784

Ocean freight and ocean services
518,998

 
486,831

 
953,334

 
926,972

Customs brokerage and other services
347,413

 
344,676

 
685,535

 
664,460

Total revenues
1,504,952

 
1,581,368

 
2,916,322

 
3,042,216

Operating Expenses:
 
 
 
 
 
 
 
Airfreight consolidation
484,311

 
576,280

 
965,354

 
1,100,916

Ocean freight consolidation
413,447

 
377,805

 
745,401

 
717,354

Customs brokerage and other services
153,543

 
154,722

 
305,345

 
297,470

Salaries and related costs
249,925

 
249,114

 
496,057

 
486,929

Rent and occupancy costs
20,853

 
21,354

 
42,029

 
42,735

Depreciation and amortization
9,670

 
9,257

 
19,215

 
18,431

Selling and promotion
8,860

 
10,022

 
17,523

 
19,185

Other
31,940

 
30,539

 
67,724

 
59,691

Total operating expenses
1,372,549

 
1,429,093

 
2,658,648

 
2,742,711

Operating income
132,403

 
152,275

 
257,674

 
299,505

 
 
 
 
 
 
 
 
Interest income
3,050

 
2,312

 
6,410

 
4,632

Interest expense
(222
)
 
(229
)
 
(842
)
 
(443
)
Other, net
3,682

 
857

 
4,779

 
1,974

Other income, net
6,510

 
2,940

 
10,347

 
6,163

Earnings before income taxes
138,913

 
155,215

 
268,021

 
305,668

Income tax expense
54,892

 
60,195

 
107,278

 
119,441

Net earnings
84,021

 
95,020

 
160,743

 
186,227

Less net earnings (losses) attributable to the noncontrolling interest
66

 
20

 
81

 
(5
)
Net earnings attributable to shareholders
$
83,955

 
$
95,000

 
$
160,662

 
$
186,232

Diluted earnings attributable to shareholders per share
$
.39

 
$
.44

 
$
.75

 
$
.86

Basic earnings attributable to shareholders per share
$
.40

 
$
.45

 
$
.76

 
$
.88

Dividends declared and paid per common share
$
.28

 
$
.25

 
$
.28

 
$
.25

Weighted average diluted shares outstanding
213,212,912

 
215,659,043

 
213,683,587

 
215,780,230

Weighted average basic shares outstanding
211,724,082

 
212,136,164

 
211,910,872

 
212,112,643



07-August-2012                Expeditors International of Washington, Inc.                    Page 4 of 6

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Operating Activities:
 
 
 
 
 
 
 
Net earnings
$
84,021

 
$
95,020

 
$
160,743

 
$
186,227

Adjustments to reconcile net earnings to net cash from operating activities:
 
 
 
 
 
 
 
Provision for losses on accounts receivable
(388
)
 
(63
)
 
(855
)
 
1,790

Deferred income tax (benefit) expense
(5,739
)
 
1,601

 
(258
)
 
(335
)
Excess tax benefits from stock plans
(806
)
 
(2,285
)
 
(4,232
)
 
(4,531
)
Stock compensation expense
10,926

 
10,236

 
21,526

 
20,708

Depreciation and amortization
9,670

 
9,257

 
19,215

 
18,431

Gain on sale of assets
(65
)
 
(21
)
 
(130
)
 
(51
)
Other
271

 
311

 
553

 
618

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Increase in accounts receivable
(63,260
)
 
(14,173
)
 
(50,292
)
 
(7,490
)
Decrease in other current assets
1,642

 
3,896

 
3,566

 
2,481

Increase in accounts payable and accrued expenses
70,674

 
7,943

 
84,233

 
38,130

(Decrease) increase in income taxes payable, net
(14,132
)
 
(33,665
)
 
6,142

 
(88
)
Net cash from operating activities
92,814

 
78,057

 
240,211

 
255,890

Investing Activities:
 
 
 
 
 
 
 
Decrease (increase) in short-term investments, net
15,878

 
(449
)
 
98

 
(538
)
Purchase of property and equipment
(9,814
)
 
(17,110
)
 
(26,902
)
 
(38,235
)
Proceeds from sale of property and equipment
141

 
42

 
253

 
85

Other
(232
)
 
(64
)
 
126

 
(1,506
)
Net cash from investing activities
5,973

 
(17,581
)
 
(26,425
)
 
(40,194
)
Financing Activities:
 
 
 
 
 
 
 
Proceeds from issuance of common stock
7,482

 
15,821

 
20,402

 
23,625

Repurchases of common stock
(84,401
)
 
(45,690
)
 
(106,266
)
 
(65,274
)
Excess tax benefits from stock plans
806

 
2,285

 
4,232

 
4,531

Dividends paid
(59,358
)
 
(53,014
)
 
(59,358
)
 
(53,014
)
Net cash from financing activities
(135,471
)
 
(80,598
)
 
(140,990
)
 
(90,132
)
Effect of exchange rate changes on cash and cash equivalents
(11,984
)
 
7,481

 
(2,905
)
 
15,801

(Decrease) increase in cash and cash equivalents
(48,668
)
 
(12,641
)
 
69,891

 
141,365

Cash and cash equivalents at beginning of period
1,412,915

 
1,238,471

 
1,294,356

 
1,084,465

Cash and cash equivalents at end of period
$
1,364,247

 
$
1,225,830

 
$
1,364,247

 
$
1,225,830

Interest and taxes paid:
 
 
 
 
 
 
 
Interest
$
233

 
$
13

 
$
420

 
$
17

Income taxes
77,583

 
91,035

 
104,095

 
117,311



07-August-2012                Expeditors International of Washington, Inc.                    Page 5 of 6

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands) (Unaudited)
 
UNITED
STATES
 
OTHER
NORTH
AMERICA
 
LATIN
AMERICA
 
ASIA
PACIFIC
 
EUROPE and
AFRICA
 
MIDDLE
EAST and
INDIA
 
ELIMI-
NATIONS
 
CONSOLI-
DATED
Three months ended June 30, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
379,126

 
49,802

 
21,366

 
780,858

 
202,301

 
71,499

 
—

 
1,504,952

Transfers between geographic areas
22,504

 
2,466

 
4,791

 
11,038

 
9,603

 
4,670

 
(55,072
)
 
—

Total revenues
$
401,630

 
52,268

 
26,157

 
791,896

 
211,904

 
76,169

 
(55,072
)
 
1,504,952

Net revenues
$
182,291

 
25,115

 
14,724

 
135,908

 
71,497

 
24,116

 
—

 
453,651

Operating income
$
49,193

 
8,085

 
4,118

 
51,768

 
12,951

 
6,288

 
—

 
132,403

Identifiable assets
$
1,597,543

 
93,374

 
52,019

 
687,586

 
412,752

 
152,754

 
(3,656
)
 
2,992,372

Capital expenditures
$
5,236

 
153

 
400

 
2,602

 
1,111

 
312

 
—

 
9,814

Depreciation and amortization
$
5,756

 
181

 
207

 
1,645

 
1,430

 
451

 
—

 
9,670

Equity
$
1,295,963

 
51,248

 
31,903

 
462,123

 
144,659

 
94,892

 
(30,731
)
 
2,050,057

Three months ended June 30, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
390,806

 
47,816

 
21,136

 
816,350

 
229,724

 
75,536

 
—

 
1,581,368

Transfers between geographic areas
25,973

 
2,783

 
5,220

 
10,170

 
11,355

 
4,500

 
(60,001
)
 
—

Total revenues
$
416,779

 
50,599

 
26,356

 
826,520


241,079

 
80,036

 
(60,001
)
 
1,581,368

Net revenues
$
181,603

 
21,581

 
15,157

 
150,616

 
78,828

 
24,776

 
—

 
472,561

Operating income
$
57,752

 
5,761

 
4,486

 
61,542

 
16,877

 
5,857

 
—

 
152,275

Identifiable assets
$
1,411,881

 
91,678

 
58,396

 
678,668

 
479,852

 
155,503

 
2,026

 
2,878,004

Capital expenditures
$
3,350

 
448

 
144

 
4,622

 
7,881

 
665

 
—

 
17,110

Depreciation and amortization
$
4,926

 
277

 
264

 
1,847

 
1,416

 
527

 
—

 
9,257

Equity
$
1,123,482

 
52,814

 
33,784

 
420,962

 
184,252

 
94,447

 
(30,591
)
 
1,879,150

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
756,428

 
99,756

 
40,635

 
1,468,928

 
408,572

 
142,003

 
—

 
2,916,322

Transfers between geographic areas
44,712

 
4,931

 
9,870

 
22,010

 
19,070

 
9,321

 
(109,914
)
 
—

Total revenues
$
801,140

 
104,687

 
50,505

 
1,490,938

 
427,642

 
151,324

 
(109,914
)
 
2,916,322

Net revenues
$
363,766

 
47,357

 
29,559

 
267,722

 
143,030

 
48,788

 
—

 
900,222

Operating income
$
94,718

 
14,454

 
8,880

 
99,006

 
27,198

 
13,418

 
—

 
257,674

Identifiable assets
$
1,597,543

 
93,374

 
52,019

 
687,586

 
412,752

 
152,754

 
(3,656
)
 
2,992,372

Capital expenditures
$
14,995

 
329

 
655

 
7,889

 
2,053

 
981

 
—

 
26,902

Depreciation and amortization
$
11,378

 
368

 
424

 
3,269

 
2,834

 
942

 
—

 
19,215

Equity
$
1,295,963

 
51,248

 
31,903

 
462,123

 
144,659

 
94,892

 
(30,731
)
 
2,050,057

Six months ended June 30, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
767,911

 
91,663

 
41,469

 
1,544,480

 
443,335

 
153,358

 
—

 
3,042,216

Transfers between geographic areas
49,938

 
5,465

 
10,841

 
19,353

 
22,062

 
8,709

 
(116,368
)
 
—

Total revenues
$
817,849

 
97,128

 
52,310

 
1,563,833

 
465,397

 
162,067

 
(116,368
)
 
3,042,216

Net revenues
$
359,537

 
42,282

 
30,260

 
292,104

 
152,753

 
49,540

 
—

 
926,476

Operating income
$
111,486

 
11,550

 
9,249

 
120,980

 
34,584

 
11,656

 
—

 
299,505

Identifiable assets
$
1,411,881

 
91,678

 
58,396

 
678,668

 
479,852

 
155,503

 
2,026

 
2,878,004

Capital expenditures
$
7,380

 
608

 
300

 
9,334

 
19,587

 
1,026

 
—

 
38,235

Depreciation and amortization
$
9,911

 
580

 
533

 
3,816

 
2,526

 
1,065

 
—

 
18,431

Equity
$
1,123,482

 
52,814

 
33,784

 
420,962

 
184,252

 
94,447

 
(30,591
)
 
1,879,150



07-August-2012                Expeditors International of Washington, Inc.                    Page 6 of 6
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