EGL’s 3RD-QUARTER NET INCOME UP

EGLÆS 3RD-QUARTER NET INCOME UP    EGL Inc., a Dallas-based provider of supply chain management services which operates under the name of EGL Eagle Global Logistics, on Tuesday reported third-quarter net income of $5.7 million, compared to a loss of $8.8 million in the third quarter of 2001.
   Net revenues for the third quarter of 2002 were $171.3 million, down slightly from $171.4 million in the year-earlier period. Gross revenues rose 1 percent to $420.2 million.
   “The Circle integration is behind us, and we are now beginning to see the benefits of the combined organization,” said Jim Crane, EGL’s chief executive officer.
   “The mix change in North America — weaker air volumes, stronger ground activity — was more than offset by stronger international activity. Asia improved 17 percent, and Europe/Africa/Middle East was up by 15 percent,” EGL said in a statement.
   “Pricing pressures resulting from capacity constraints in Asia were more than offset by an improvement in domestic margins, higher yields from the ground network, and the first full quarter of a lower-cost domestic air charter network,” the statement said.
   Although overnight domestic shipments were down 8 percent from the third quarter of 2001, deferred ground shipments rose 9 percent and second-day shipments were up 20 percent over the third quarter of 2001.