AEI REPORTS FLAT 3RD-QUARTER EARNINGS

   U.S. forwarder Air Express International said net income fell 1.7
percent to $12.8 million in the third quarter compared to last year’s
period.
   In a sign of recovery, however, air freight sales grew year-over-year
for the first time in five quarters. Third quarter air freight revenue
increased 6 percent to $299.0 million. Revenue from ocean freight and
customs brokerage grew 25 percent and 13 percent, respectively, in the
quarter. Gross revenue improved 9 percent to $407.5 million.
   AEI also recorded increases in net revenue, or revenue minus the cost of transportation, from all business activities. Total net revenue grew 7.3
percent to $133.0 million.
   Year-to-date, AEI’s net income, including a one-time gain of $4.9
million, is up 7.5 percent at $39.1 million. Gross revenue in the first
nine months improved 9.4 percent to $1.135 billion, while net revenue
increased 4.2 percent to $380.0 million.
   Guenter Rohrmann, AEI president and chief executive officer, said the
forwarder saw higher air freight sales in all regions and that he
anticipates "ongoing improvement in our business for the remainder of the year."