consolidated statements of earnings

In thousands except share data
Years ended December 31,

1996

1995

1994

Revenues

Airfreight

$ 512,104

405,923

315,283

Ocean freight

148,907

124,105

90,950

Customs brokerage and import services

69,077

54,663

44,374

Total revenues

730,088

584,691

450,607

Operating Expenses

Airfreight consolidation

417,150

334,281

257,994

Ocean freight consolidation

110,603

96,337

73,473

Salaries and related costs

108,797

84,272

64,177

Selling and promotion

10,409

7,545

5,293

Rent

8,279

6,651

5,563

Depreciation and amortization

8,147

6,629

4,919

Other

29,278

22,125

17,834

Total operating expenses

692,663

557,840

429,253

Operating income

37,425

26,851

21,354

Other Income (Expense)

Interest income

2,264

1,741

1,273

Interest expense

(163

)

(312

)

(199

)

Other, net

58

119

(40)

Other income, net

2,159

1,548

1,034

Earnings before income taxes

39,584

28,399

22,388

Income tax expense

15,321

11,004

9,171

Net earnings

$   24,263

17,395

13,217

Net earnings per common share

$         .95

$       .69

$       .54

Weighted average shares outstanding

25,644,296

25,166,156

24,550,234