 |
| YEARS ENDED DECEMBER 31, |
|
2001 |
|
2000 |
|
1999 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| REVENUES: |
|
|
|
|
|
|
|
| |
Airfreight |
$ |
930,998 |
|
1,014,375 |
|
916,832 |
|
| |
Ocean freight and ocean services |
|
508,482 |
|
472,853 |
|
356,205 |
|
| |
Customs brokerage and import services |
|
213,153 |
|
207,953 |
|
171,538 |
|
| |
|
|
|
|
|
|
|
| |
|
Total revenues |
|
1,652,633 |
|
1,695,181 |
|
1,444,575 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
| |
Airfreight consolidation |
|
676,496 |
|
788,947 |
|
733,065 |
|
| |
Ocean freight consolidation |
|
369,601 |
|
357,879 |
|
269,024 |
|
| |
Salaries and related costs |
|
325,545 |
|
290,581 |
|
240,740 |
|
| |
Rent and occupancy costs |
|
36,294 |
|
29,253 |
|
26,389 |
|
| |
Depreciation and amortization |
|
23,544 |
|
22,481 |
|
20,819 |
|
| |
Selling and promotion |
|
20,163 |
|
20,231 |
|
16,896 |
|
| |
Other |
|
54,973 |
|
58,285 |
|
44,319 |
|
| |
|
|
|
|
|
|
|
| |
|
|
Total operating expenses |
|
1,506,616 |
|
1,567,657 |
|
1,351,252 |
|
| |
|
|
|
|
|
|
|
| Operating income |
|
146,017 |
|
127,524 |
|
93,323 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
| |
Interest income |
|
9,201 |
|
6,327 |
|
2,253 |
|
| |
Interest expense |
|
(521 |
) |
(432 |
) |
(1,070 |
) |
| |
Other, net |
|
(403 |
) |
(71 |
) |
139 |
|
| |
|
|
|
|
|
|
|
| |
|
Other income, net |
|
8,277 |
|
5,824 |
|
1,322 |
|
| |
|
|
|
|
|
|
|
| |
Earnings before income taxes |
|
154,294 |
|
133,348 |
|
94,645 |
|
| |
Income tax expense |
|
57,051 |
|
50,313 |
|
35,470 |
|
| |
|
|
|
|
|
|
|
| |
|
Net earnings |
$ |
97,243 |
|
83,035 |
|
59,175 |
|
| |
|
|
|
|
|
|
|
| Basic earnings per share |
$ |
1.87 |
|
1.62 |
|
1.18 |
|
| |
|
|
|
|
|
|
|
| Diluted earnings per share |
$ |
1.77 |
|
1.52 |
|
1.10 |
|
| |
|
|
|
|
|
|
|
| Weighted average basic shares outstanding |
|
52,079,752 |
|
51,152,620 |
|
50,137,045 |
|
| |
|
|
|
|
|
|
|
| Weighted average diluted shares outstanding |
|
54,870,670 |
|
54,679,018 |
|
53,827,817 |
|
| |
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
|
