Echo Global Logistics Announces First Quarter 2013 Results
(firmenpresse) - CHICAGO, IL -- (Marketwired) -- 04/25/13 -- 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 March 31, 2013.
Echo reported total revenue of $204 million, non-GAAP net income of $3.5 million and non-GAAP fully diluted EPS of $0.15 per share in the first quarter of 2013.
"Echo posted double digit year over year increases in revenue and non-GAAP net income for the quarter," commented Doug Waggoner, Chief Executive Officer of Echo. Waggoner added, "Our consistent growth indicates that the investments we are making are driving our success in the marketplace."
Total revenue increased 21.0% to $204 million from the first quarter of 2012.
Non-GAAP operating income increased 11.5% to $5.6 million from the first quarter of 2012.*
Non-GAAP operating margin was 14.6%, down 81 bps from the first quarter of 2012.*
Non-GAAP net income increased 11.2% to $3.5 million from the first quarter of 2012.*
Non-GAAP fully diluted EPS increased 9.0% to $0.15 from the first quarter of 2012.*
* All non-GAAP financial measures exclude the effects of changes in contingent consideration payable. For a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP financial 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 results are driven by a combination of our investments in people and technology, and by our acquisitions which have enabled us to rapidly expand our capabilities," said Dave Menzel, Chief Financial Officer of Echo. "We anticipate these investments will drive future revenue growth and improvements in operating leverage in the second half of 2013."
"Our revenue growth rate for the first three weeks of April 2013 was approximately 18% over the same period in the prior year," stated Waggoner. "Our growth through the first part of 2013 is lower than we had originally anticipated, due in large part to what we believe has been a sluggish overall economic climate, and as such we are reducing our annual revenue guidance to a range of $900 million to $940 million and our full year fully diluted non-GAAP EPS to a range of $0.78 to $0.84."
A conference call, with accompanying presentation slides, will be broadcast live on April 25, 2013 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 these Non-GAAP financial measures to describe earnings and earnings per share excluding the effects of changes in contingent consideration payable. We believe such measures 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. These measures 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 financial 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: 25.04.2013 - 14:00 Uhr
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