EAGLE USA SEES RECORD THIRD-QUARTER EARNINGS
Eagle USA Airfreight Inc. announced record third-quarter revenue and
earnings. The air freight forwarder said it also plans to publicly offer
1.2 million shares of common stock owned by its chief executive officer.
Houston-based Eagle said its net income rose 29 percent to $7.3 million
while revenue jumped 40 percent to $149.8 million. The company credited its
international shipments for its revenue growth. International revenues
accounted for 19.4 percent of total revenue for the quarter compared with
13.7 percent for the year earlier period.
"We experienced excellent results across all of our business," said
James R. Crane, chairman and CEO. "Domestic freight forwarding revenues
increased 28 percent, international freight forwarding revenues increased
98 percent and local pickup and delivery revenues increased 55 percent over
the prior year. We also continue to focus on controlling and reducing our
Revenues for the nine months increased 45 percent to $428.4 million and
net income rose 33 percent to $20.6 million.
The public offering of Crane’s stock will reduce the CEO’s share of
stock held from 43 percent to 36 percent or 6.88 million shares.