Express-1 Reports Lower 3Q Income

Express-1 Expedited Solutions earned $811,000, or 3 cents per share, in the third quarter, down from $1.2 million, or 4 cents, a year ago.

Revenue fell 16% to $26.2 million, on soft demand, the company said.

Revenue grew 4% in the Express-1 segment and 2% Bounce Logistics, the company said, but dropped 38% in Concert Group Logistics.

“We anticipate continued profitability for the remainder of the year due to our expense reductions and our belief that the transportation volume will continue to grow for the remainder of the year.,” Michael Welch, the company’s chief executive officer, said in a statement.

Express-1 Expedited Solutions is a non-asset based transportation company that operates through business segments Express-1 Inc., Concert Group Logistics, Express-1 Dedicated and Bounce Logistics.