Express-1’s First-Quarter Profit Plunges

Express-1 Expedited Solutions said its first-quarter profit plunged to $5,000, from $643,000 a year ago.

Its per-share profit was zero cents per share, compared with 2 cents a year ago, the ground expedited carrier and logistics firm said late Wednesday.

Revenue slipped 15% to $20.1 million from $23.7 million a year ago, the company said.

“Falling demand and excess capacity made for a very challenging transportation market,” said Mike Welch, the company’s chief executive officer.

“Although the economic recession has had a negative impact on the entire transportation market, our asset light model and its ability to quickly adapt to changing market conditions will enable us to weather these uncertain economic times,” he said in a statement.

The automotive industry decline has also hurt the company’s bottom line, Welch said.

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.