FRITZ COS. REPORTS SECOND-QUARTER PROFIT
Fritz Cos. Inc. said its net income for the quarter ending Nov. 30. was
$9.1 million, up 6.7 percent from the $8.6 million reported in the year earlier quarter.
Net revenues (revenue less direct transportation costs) improved 4.6 percent
to $160.7 million, while revenues jumped 11.7 percent to $426.5 million. Operating
expenses rose 4.8 percent to $145.3 million, due to a 6.9-percent increase in labor
expenses and a general and administrative expense increase of 1.4 percent.
Net revenue growth was strongest in North America, at 9.7 percent, followed
by Latin America and Asia with 6.7 percent and 6.6 percent, respectively. The company’s
European net revenues fell 1.4 percent.
For the six months, net income was $15.1 million, down slightly from last
year. Revenues rose 13.0 percent to $818.2 million. Net revenues rose 4.2 percent to
$311.4 million and operating expenses rose 4.1 percent to $285.3 million.