Echo Global Logistics Announces Third Quarter 2012 Results
(firmenpresse) - CHICAGO, IL -- (Marketwire) -- 10/25/12 -- Echo Global Logistics, Inc. (NASDAQ: ECHO), a leading provider of technology-enabled transportation and supply chain management services, reported today financial results for the quarter ended September 30, 2012.
Echo reported Non-GAAP net income of $3.8 million and Non-GAAP fully diluted EPS of $0.17 per share. Excluded from these results are the effects of changes in contingent consideration payable.
"Echo posted another strong quarter in terms of its revenue growth, achieving record revenue of over $192 million, which is an increase of more than 21% from the third quarter of 2011," said Doug Waggoner, Chief Executive Officer of Echo. Waggoner added, "This strong growth has been achieved in spite of a softer than anticipated overall freight environment, and was again driven by the investments we are making in our business."
was $192.7 million, an increase of 21.3% from the third quarter of 2011.
totaled $6.3 million, an increase of 18.8% from the third quarter of 2011.*
was 17.3%, down 11 bps from the third quarter of 2011.*
increased 15.7% from the third quarter of 2011 to $3.8 million.*
increased 14.1% from the third quarter of 2011 to 17 cents per share.*
* All non-GAAP measures exclude the effects of changes in contingent consideration payable. For a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP measure, see "Reconciliation to GAAP Operating Income, Operating Margin, Net Income and Fully Diluted EPS" included in this release.
Summarized financial results and select operating metrics follow:
"Our third quarter results were largely driven by the organic growth in our business, as our enterprise revenue increased by 19% and our revenue per transactional sales representative also increased by over 15%," said Dave Menzel, Chief Financial Officer of Echo. He added, "The commitment to our long term strategy, of investing in our people and technology, has flattened operating margins in the current quarter, but we anticipate further expansion in 2013 as our business continues to scale."
Waggoner stated, "Based on the current operating environment as well as the anticipated growth that will result in the fourth quarter from our recent acquisition of Sharp Freight Systems, we anticipate our fourth quarter revenue to be in the range of $200 to $215 million and fully diluted EPS, excluding the tax effected changes in contingent consideration payable, to be in the range of $0.16 to $0.18." This EPS estimate includes approximately $0.02 to $0.03 related to deal and integration costs associated with our acquisition of Sharp.
A conference call, with accompanying presentation slides, will be broadcast live on Thursday, October 25, 2012, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time). Doug Waggoner, Chief Executive Officer, and Dave Menzel, Chief Financial Officer, will host the call. To participate in the call, dial (877) 303-6235 (toll free) or (631) 291-4837 (toll) and provide conference ID "Echo Global Logistics." To listen to a live webcast of the call, visit the Echo website at . A replay of the webcast will be available for one year following the live webcast in the Investor Relations section of the Echo website.
This release includes the following financial measures defined as "non-GAAP financial measures" by the Securities and Exchange Commission: Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS. We refer to Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS to describe earnings and earnings per share excluding the effects of changes in contingent consideration payable. We believe that Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS provide useful information to investors because they provide information about the financial performance of the Company's ongoing business.
Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS are used by management in its financial and operational decision-making and evaluation of overall operating performance. Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS may be different from similar measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. For a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP measure, see "Reconciliation to GAAP Operating Income, Operating Margin, Net Income and Fully Diluted EPS" included in this release.
This release contains statements relating to future results. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any future results discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the "Risk Factors" section of the most recent Form 10-K we filed with the SEC.
Echo Global Logistics, based in Chicago, is a leading provider of technology-enabled transportation and supply chain management services. Echo maintains a proprietary web-based technology platform that compiles and analyzes data from its network of over 24,000 transportation providers to serve its clients' transportation and supply chain management needs. Echo services clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. For more information on Echo, visit: .
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Datum: 25.10.2012 - 14:00 Uhr
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