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EXPD is engaged in the business of global logistics management, including international freight forwarding and consolidation,
for both air and ocean freight. For the six months ended 6/30/97, revenues rose 39% to $421.5 million. Net income rose 50%
to $13.8 million. Results benefitted from greater airfreight tonnage handled, customs brokerage and import services and
increased ocean freight revenues. Earnings reflect higher operating income due to favorable economies of scale.
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