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Echo Global Logistics Announces Fourth Quarter and Full Year 2012 Results

CHICAGO, IL -- (Marketwire) -- 02/07/13 -- Echo Global Logistics, Inc. (NASDAQ: ECHO), a leading provider of technology-enabled transportation and supply chain management services, reported today financial results for the quarter and year ended December 31, 2012.

Echo reported Non-GAAP net income of $3.5 million and Non-GAAP fully diluted EPS of $0.15 per share in the fourth quarter of 2012. Included in these results is the effect of a higher income tax rate in the fourth quarter of 2012 of $0.01 per share; excluded are the effects of changes in contingent consideration payable.

"Echo posted total revenue of over $211 million in the fourth quarter of 2012, an increase of almost 30% from the fourth quarter of 2011," said Doug Waggoner, Chief Executive Officer of Echo. Waggoner added, "This growth was achieved despite a soft freight environment, and was driven by the investments we are making in our business."

Fourth Quarter Highlights

  • Total revenue was $211.2 million, an increase of 29.7% from the fourth quarter of 2011.
  • Non-GAAP operating income totaled $6.1 million, an increase of 17.0% from the fourth quarter of 2011.*
  • Non-GAAP operating margin was 15.6%, down 79 bps from the fourth quarter of 2011.*
  • Non-GAAP net income was $3.5 million, a decrease of 0.8% from the fourth quarter of 2011.*
  • Non-GAAP fully diluted EPS was $0.15, a decrease of $0.01 from the fourth quarter of 2011.*

Full Year Highlights

  • Total revenue increased 25.7% in 2012 to $757.7 million compared with $602.8 million in 2011.
  • Non-GAAP operating income increased 26.5% in 2012 to $23.6 million compared with $18.7 million in 2011.*
  • Non-GAAP operating margin increased 57 basis points to 16.5% in 2012 from 15.9% in 2011.*
  • Non-GAAP net income increased 19.5% in 2012 to $14.2 million compared with $11.9 million in 2011.*
  • Non-GAAP fully diluted EPS was $0.62, increasing 17.9% from 2011.*

* All non-GAAP measures exclude the effects of changes in contingent consideration payable, non-recurring settlement costs and a charge for a loss related to the acquisition of Shipper Direct. For a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP measure, see "Reconciliation to GAAP Operating Income, Operating Margin, Net Income and Fully Diluted EPS" included in this release.

Summarized financial results and select operating metrics follow:



       ---------------------------      -------------------------------
       Three months ended                 Year ended December
          December 31,                            31,
                              %                                    %
         2012      2011     change         2012        2011      change
Amount
 s in
 000,0
 00s,
 excep
 t per
 share
 data      (unaudited)                        (unaudited)
       ---------------------------      -------------------------------
Revenu
 e:
 Trans
  acti
  onal $  149.9  $  110.5     35.7%     $    526.8  $    409.0     28.8%
 Enter
  pris
  e    $   61.3  $   52.4     16.9%     $    230.9  $    193.8     19.2%
       --------  --------  -------      ----------  ----------  -------
  Tota
   l
   Rev
   enu
   e      211.2     162.9     29.7%          757.7       602.8     25.7%

Net
 reven
 ue        39.1      31.8     22.9%          143.1       117.2     22.1%

Operat
 ing
 expen
 ses
 Commi
  ssio
  ns       10.6       9.9      6.7%           40.4        35.9     12.6%
 Selli
  ng,
  gene
  ral
  and
  admi
  nist
  rati
  ve       19.7      14.5     36.2%           70.0        54.3     28.8%
 Depre
  ciat
  ion
  and
  amor
  tiza
  tion      2.7       2.2     22.1%            9.1         8.3      9.7%
       --------  --------  -------      ----------  ----------  -------
  Tota
   l
   ope
   rat
   ing
   exp
   ens
   es
   (1)     33.0      26.6     24.1%          119.5        98.5     21.3%

       --------  --------  -------      ----------  ----------  -------
Non-
 GAAP
 Opera
 ting
 incom
 e (1)      6.1       5.2     17.0%           23.6        18.7     26.5%
       --------  --------  -------      ----------  ----------  -------

Other
 expen
 se         0.1       0.1     35.4%            0.4         0.3     58.3%
       --------  --------  -------      ----------  ----------  -------
Non-
 GAAP
 Incom
 e
 befor
 e
 taxes
 (1)        6.0       5.1     16.8%           23.2        18.4     26.0%
       --------  --------  -------      ----------  ----------  -------

Income
 taxes
 (1)        2.5       1.6     55.4%            9.0         6.5     37.8%

       --------  --------  -------      ----------  ----------  -------
Non
 GAAP
 net
 incom
 e (2)      3.5       3.5     -0.8%           14.2        11.9     19.5%
       ========  ========  =======      ==========  ==========  =======

       --------  --------  -------      ----------  ----------  -------
Non
 GAAP
 EPS
 (2)   $   0.15  $   0.16     -3.2%     $     0.62  $     0.53     17.9%
       ========  ========  =======      ==========  ==========  =======
Dilute
 d
 share
 s         23.2      22.6                     22.9        22.6

       --------  --------  -------      ----------  ----------  -------
Reconc
 iliat
 ion
 to
 GAAP
 Opera
 ting
 Incom
 e,
 Opera
 ting
 Margi
 n,
 Net
 incom
 e and
 EPS
       --------  --------  -------      ----------  ----------  -------
Non-
 GAAP
 Opera
 ting
 Incom
 e (1)      6.1       5.2     17.0%           23.6        18.7     26.5%
 Chang
  e in
  cont
  inge
  nt
  cons
  ider
  atio
  n
  paya
  ble      (0.3)     (0.0) 80473.5%            0.1         0.2    -47.5%
 Loss
  asso
  ciat
  ed
  with
  Ship
  per
  Dire
  ct
  acqu
  isit
  ion         -         -      n/a            (2.5)          -      n/a
 Non-
  recu
  rrin
  g
  sett
  leme
  nt
  cost
  s           -         -      n/a            (0.7)          -      n/a
       --------  --------  -------      ----------  ----------  -------
Operat
 ing
 Incom
 e          5.8       5.2     11.0%           20.5        18.9      8.4%
       --------  --------  -------      ----------  ----------  -------

Non-
 GAAP
 Opera
 ting
 Margi
 n (1)     15.6%     16.3%     (79) bps       16.5%       15.9%      57  bps
 Effec
  t of
  chan
  ge
  in
  cont
  inge
  nt
  cons
  ider
  atio
  n
  paya
  ble,
  loss
  asso
  ciat
  ed
  with
  Ship
  per
  Dire
  ct
  acqu
  isit
  ion,
  and
  non-
  recu
  rrin
  g
  sett
  leme
  nt
  cost
  s        -0.8%      0.0%     (80) bps       -2.2%        0.3%    (238) bps
       --------  --------  -------      ----------  ----------  -------
Operat
 ing
 Margi
 n (%
 of
 Net
 Reven
 ue)       14.8%     16.3%    (159) bps       14.3%       16.2%    (181) bps
       --------  --------  -------      ----------  ----------  -------

Non-
 GAAP
 Net
 Incom
 e (2)      3.5       3.5     -0.8%           14.2        11.9     19.5%
 Chang
  e in
  cont
  inge
  nt
  cons
  ider
  atio
  n
  paya
  ble,
  loss
  asso
  ciat
  ed
  with
  Ship
  per
  Dire
  ct
  acqu
  isit
  ion,
  and
  non-
  recu
  rrin
  g
  sett
  leme
  nt
  cost
  s,
  net
  of
  tax
  effe
  ct       (0.2)     (0.0) 74517.4%           (1.9)        0.1  -1318.8%
       --------  --------  -------      ----------  ----------  -------
Net
 Incom
 e          3.3       3.5     -6.0%           12.3        12.0      2.3%
       ========  ========  =======      ==========  ==========  =======

Non-
 GAAP
 Fully
 Dilut
 ed
 EPS
 (2)   $   0.15  $   0.16     -3.2%     $     0.62  $     0.53     17.9%
 Chang
  e in
  cont
  inge
  nt
  cons
  ider
  atio
  n
  paya
  ble,
  loss
  asso
  ciat
  ed
  with
  Ship
  per
  Dire
  ct
  acqu
  isit
  ion,
  and
  non-
  recu
  rrin
  g
  sett
  leme
  nt
  cost
  s,
  net
  of
  tax
  effe
  ct      (0.01)    (0.00) 72737.6%          (0.08)       0.00  -1301.6%
       --------  --------  -------      ----------  ----------  -------
Fully
 dilut
 ed
 EPS   $   0.14  $   0.16     -8.2%     $     0.54  $     0.53      0.8%
       ========  ========  =======      ==========  ==========  =======

       --------  --------  -------      ----------  ----------  -------
Operat
 ing
 Metri
 cs
       --------  --------  -------      ----------  ----------  -------
 Net
  reve
  nue
  marg
  in       18.5%     19.5%    (102) bps       18.9%       19.4%     (56) bps
 Opera
  ting
  marg
  in
  (%
  of
  net
  reve
  nue)
  (1)      15.6%     16.3%     (79) bps       16.5%       15.9%      57  bps

 Shipm
  ent
  volu
  me    426,095   354,595     20.2%      1,649,338   1,376,006     19.9%
 Numbe
  r of
  ente
  rpri
  se
  clie
  nts       203       177     14.7%            203         177     14.7%
 Total
  empl
  oyee
  s       1,364     1,157     17.9%          1,364       1,157     17.9%
 Sales
  empl
  oyee
  s
  and
  agen
  ts        873       757     15.3%            873         757     15.3%
 Less
  Than
  Truc
  kloa
  d
  (LTL
  )
  Reve
  nue
  %        40.8%     45.7%    (481) bps       44.5%       47.5%    (297) bps
 Truck
  load
  (TL)
  Reve
  nue
  %        43.1%     44.3%    (119) bps       43.6%       43.6%      (5) bps
 Inter
  moda
  l
  Reve
  nue
  %         8.6%      2.7%     592  bps        4.9%        1.9%     299  bps

(1) Amounts shown exclude the effects of changes in contingent consideration
 payable, non-recurring settlement costs, and the loss associated with the
 Shipper Direct acquisition
(2) Amounts shown exclude the tax effected changes in contingent
 consideration payable, non-recurring settlement costs, and the loss
 associated with the Shipper Direct acquisition



Included in our full year results is a $0.07 charge for an acquisition related loss on the acquisition of Shipper Direct. We have filed a Form 8-K reflecting the impact on our third quarter results. We intend to file a Form 10QA as soon as practically possible.

"Our fourth quarter results reflect the resiliency of our market strategy in all phases of the economic cycle," said Dave Menzel, Chief Financial Officer of Echo. He added, "Our Sharp acquisition supplemented our organic growth strategy with $18.5 million of revenue during the quarter, while our Enterprise business complemented our transactional client base in the fourth quarter, growing by 16.9% compared to the fourth quarter of 2011. As we made investments in our sales force and technology to support our long term growth objectives, our diversified sales strategy continued to deliver double digit total revenue growth."

Business Outlook
Waggoner stated, "Our investments in our people and our service capabilities during 2012 position us well for continued growth and improving profitability in 2013. We are focused on generating returns from these investments while continuing to execute our long term strategy."

"In 2013, we anticipate delivering total revenue in the range of $940 million to $980 million and earnings per share in the range of $0.82 to $0.90," Mr. Waggoner continued. "We anticipate operating margin increases in the second half of the year."

Conference Call
A conference call, with accompanying presentation slides, will be broadcast live on February 7, 2013 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time). Doug Waggoner, Chief Executive Officer, and Dave Menzel, Chief Financial Officer, will host the call. To participate in the call, dial (877) 303-6235 (toll free) or (631) 291-4837 (toll) and provide conference ID "Echo Global Logistics." To listen to a live webcast of the call, visit the Echo website at http://ir.echo.com. A replay of the webcast will be available for one year following the live webcast in the Investor Relations section of the Echo website.

Non-GAAP Financial Measures
This release includes the following financial measures defined as "non-GAAP financial measures" by the Securities and Exchange Commission: Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS. We refer to Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS to describe earnings and earnings per share excluding the effects of changes in contingent consideration payable, non-recurring settlement costs and the charge for a loss related to the acquisition of Shipper Direct. We believe that Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS provide useful information to investors because they provide information about the financial performance of the Company's ongoing business.

Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS are used by management in its financial and operational decision-making and evaluation of overall operating performance. Non-GAAP Operating Income, Non-GAAP Operating Margin, Non-GAAP Net Income and Non-GAAP Fully Diluted EPS may be different from similar measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. For a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP measure, see "Reconciliation to GAAP Operating Income, Operating Margin, Net Income and Fully Diluted EPS" included in this release.

Forward-Looking Statements
This release contains statements relating to future results. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any future results discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the "Risk Factors" section of the most recent Form 10-K we filed with the SEC.

                        Echo Global Logistics, Inc.
              Condensed Consolidated Statements of Operations


                         Three Months Ended          Twelve Months Ended
                            December 31,                December 31,
                         2012          2011          2012          2011
                             (Unaudited)          (Unaudited)
                     --------------------------  --------------------------
REVENUE              $211,150,018  $162,857,428  $757,687,585  $602,763,471

COSTS AND EXPENSES
 Transportation
  costs               172,087,274   131,072,715   614,562,437   485,546,842
 Selling, general,
  and administrative
  expenses             30,639,074    24,412,069   113,454,258    89,952,126
 Depreciation and
  amortization          2,658,971     2,177,074     9,139,232     8,329,836
                     ------------  ------------  ------------  ------------
INCOME FROM
 OPERATIONS             5,764,699     5,195,570    20,531,658    18,934,667
OTHER EXPENSE             (73,570)      (53,885)     (433,401)     (273,176)
                     ------------  ------------  ------------  ------------
INCOME BEFORE
 PROVISION FOR
 INCOME TAXES           5,691,129     5,141,685    20,098,257    18,661,491
INCOME TAX EXPENSE     (2,370,645)   (1,609,727)   (7,776,843)   (6,613,319)
                     ------------  ------------  ------------  ------------
NET INCOME           $  3,320,484  $  3,531,958  $ 12,321,414  $ 12,048,172
                     ============  ============  ============  ============

Basic net income per
 share               $       0.15  $       0.16  $       0.55  $       0.54
Diluted net income
 per share           $       0.14  $       0.16  $       0.54  $       0.53



                         Echo Global Logistics, Inc.
                    Condensed Consolidated Balance Sheets

                                               December 31,    December 31,
                                                   2012            2011
                                               (Unaudited)
                                             --------------- ---------------
  Cash and cash equivalents                  $    41,780,984 $    47,007,309
  Accounts receivable, net of allowance for
   doubtful accounts                              96,623,553      89,191,456
  Prepaid expenses                                 2,491,955       4,634,612
  Other current assets                               843,009         800,648
  Total long term assets                          77,743,563      58,864,061
                                             --------------- ---------------
Total assets                                 $   219,483,064 $   200,498,086
                                             =============== ===============

  Accounts payable - trade                   $    58,889,437 $    59,949,927
  Current maturities of capital lease
   obligations                                        24,086         175,166
  Other liabilites                                12,074,645      10,474,434
  Deferred income taxes                            1,915,847       2,979,483
  Long term liabilities                            5,593,639       7,597,478
  Stockholders' equity                           140,985,410     119,321,598
                                             --------------- ---------------
Total liabilities and stockholders' equity   $   219,483,064 $   200,498,086
                                             =============== ===============

                                                           -               -


                        Echo Global Logistics, Inc.
              Condensed Consolidated Statements of Cash Flows

                                          Twelve Months Ended December 31,
                                               2012              2011
                                            (Unaudited)
                                         ----------------  ----------------
Net cash provided by operating
 activities                              $     22,787,967  $     15,749,580

Net cash used in investing activities         (25,285,290)      (11,344,927)

Net cash provided by (used in) financing
 activities                                    (2,729,002)         (615,508)
                                         ----------------  ----------------

Increase/(decrease) in cash and cash
 equivalents                                   (5,226,325)        3,789,145
Cash and cash equivalents, beginning of
 period                                        47,007,309        43,218,164
                                         ----------------  ----------------
Cash and cash equivalents, end of period $     41,780,984  $     47,007,309
                                         ================  ================


About Echo Global Logistics
Echo Global Logistics, based in Chicago, is a leading provider of technology-enabled transportation and supply chain management services. Echo maintains a proprietary web-based technology platform that compiles and analyzes data from its network of over 24,000 transportation providers to serve its clients' transportation and supply chain management needs. Echo services clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. For more information on Echo, visit: www.echo.com.

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Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.