Expeditors - Consolidated Statements of Earnings

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Consolidated Statements of Earnings In thousands, except share data Years ended December 31,

			1995			1994			1993

Revenues:
Airfreight		$	407,188			315,546			259,172
Ocean freight			126,638			92,945			74,859
Customs brokerage and import services			50,865			42,116			27,456

	Total revenues		584,691			450,607			361,487

Operating Expenses:
Airfreight consolidation			334,281			257,994			208,665
Ocean freight consolidation			96,337			73,473			59,398
Salaries and related costs			84,272			64,177			50,104
Selling and promotion			7,545			5,293			4,021
Rent			6,651			5,563			3,881
Depreciation and amortization			6,629			4,919			3,692
Other			22,125			17,834			15,409

	Total operating expenses		557,840			429,253			345,170

	Operating income		26,851			21,354			16,317

Other Income (Expense):
Interest expense			(312	)		(199	)		(249	)
Interest income			1,741			1,273			1,061
Other, net			119			(40	)		(60	)

	Other income, net		1,548			1,034			752

Earnings before income taxes			28,399			22,388			17,069
Income tax expense			11,004			9,171			6,902

	Net earnings	$	17,395			13,217			10,167

Net earnings per common share		$	1.38		$	1.08		$	.85

Weighted average shares outstanding		12,583,078			12,275,117			12,025,690


See accompanying notes to consolidated financial statements.