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EXHIBIT 99
[Eagle USA Letterhead]
FOR IMMEDIATE RELEASE COMPANY CONTACT: DOUGLAS SECKEL
CHIEF FINANCIAL OFFICER
(281) 442-1188
EAGLE USA AIRFREIGHT FIRST QUARTER REVENUES UP 66%
FIRST QUARTER NET INCOME UP 78%
HOUSTON, TX., Jan. 27, 1997 --- Eagle USA Airfreight, Inc. (NASDAQ/NMS:EUSA)
announced revenue and earnings for the first quarter ended December 31, 1996.
Eagle USA Airfreight, Inc. today reported first quarter fiscal 1997 net income
of $4.5 million or a 78% increase over first quarter fiscal 1996. Earnings per
share for the first quarter fiscal 1997 were $.24, a 50% increase over first
quarter fiscal 1996 even with the 14% increase in average shares outstanding as
a result of the initial public offering during fiscal year 1996.
Revenues for the first quarter of fiscal 1997 increased 66% to $67.6 million
compared with $40.7 million for the corresponding period in fiscal 1996.
Operating income for the first quarter of fiscal 1997 increased 69% to $7.2
million compared to $4.3 million for the corresponding period in fiscal 1996.
James R. Crane, Chairman and Chief Executive Officer, said, "We continue to see
significant business opportunities within the domestic freight forwarding
business as we provide high quality customized transportation services through
our growing network of company terminals."
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EAGLE USA AIRFREIGHT, INC.
CONSOLIDATED STATEMENT OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED
DECEMBER 31,
1996 1995
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Revenues $67,586 $40,698
Cost of Transportation 38,071 23,129
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29,515 17,569
Operating Expenses
Personnel Costs 14,288 8,627
Other Selling, General & Admin. Costs 8,029 4,683
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Total Operating Expenses 22,317 13,310
Operating Income 7,198 4,259
Other Income (Expense), Net 273 32
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Income before Income Taxes 7,471 4,291
Provision for Income Taxes (a) 2,957 1,748
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Net Income $ 4,514 $ 2,543
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Weighted Avg. Common
Shares Outstanding (b) 18,468 16,148
Earnings per share (b) $ 0.24 $ 0.15
(a) Eagle USA Airfreight was an S Corporation for federal tax purposes prior
to the closing of the initial public offering on December 6, 1995. The
provision for income taxes for the period ended December 31, 1995
includes a pro forma charge of $945 which represents the estimated
federal taxes that would have been reported had Eagle USA been a C
Corporation prior to December 6, 1995.
(b) On July 8, 1996, the Board of Directors authorized a two-for-one stock
split, effected in the form of a stock dividend, payable August 1, 1996
to shareholders of record on July 24, 1996. All references to number of
shares outstanding and related per share amounts have been restated to
reflect the stock split. The stock split resulted in the issuance of
8,673 new shares of common stock.
Eagle USA is a leading provider of airfreight forwarding and other
transportation and logistics services. Eagle USA's Internet address is
www.eagleusa.com.
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