Express-1 Expedited Solutions, Inc. (AMEX:XPO) today reported its earnings for the fourth quarter, ended December 31, 2008.

Express-1 Expedited Solutions, through its three operating companies (Express-1, Concert Group Logistics and Bounce Logistics), provides the following premium transportation services: same-day delivery, time-sensitive shipping and premium freight brokerage throughout North America, as well as domestic and international freight forwarding.

Express-1 Expedited Solutions reported a 95% increase in revenue from continuing operations during the fourth quarter of 2008 to $25.0 million, compared to $12.8 million for the same period in the prior year. The acquisition of Concert Group Logistics, which had a transaction date of January 1, 2008, contributed $11.8 million to revenues for the period. For the fourth quarter, the Company''s Express-1 operations experienced a decline in revenues of $2.1 million or 16.7% over the same three-month period during 2007. Bounce Logistics continued to show traction and contributed $2.8 million to the overall increase in revenues.

During the same period, operating income from continuing operations increased by 84% to $1,044,000 versus $569,000 during the same period of 2007. Income from continuing operations improved 39% to $514,000 or $0.02 per fully diluted share for the fourth quarter of 2008 compared to $369,000 or $0.01 per diluted share for the same period in 2007.

During the fourth quarter of 2008, the Company discontinued its Express-1 Dedicated Operations, in anticipation of a cessation of this business activity during the first quarter of 2009. The Company''s management does not anticipate the incurrence of material charges related to this shutdown activity. Income from discontinued operations was $73,000, net of tax during the fourth quarter of 2008, versus income of $88,000, net of tax on these same operations during the fourth quarter of 2007.

"Throughout 2008, we have shared with our investors the significant impact the Company has experienced from our Concert Group Logistics and Bounce Logistics operations. Each of these businesses is profitable and has contributed to the overall business mix within our platform. In periods of weakness within the various freight economies, it is important to have this diversity within our Company. With the widely publicized downturn in the domestic and international economies, the strength of our non-asset based operating model came through. While we''re never totally pleased with our results, we are proud that we can maintain growth and profitability in the face of such an extremely weak freight market," stated Michael Welch, the Company''s Chief Executive Officer.

Welch added, "I am pleased with the results we achieved from our two newer business units, Concert Group Logistics and Bounce Logistics. Each of these operations performed well in our weak economy. We''re cautiously optimistic that each of these units will continue to grow throughout 2009, as our team develops new business and business relationships. Considering the overall weaknesses within the domestic expedite market, we are also pleased with the operating results from our Express-1 business unit during the quarter. We''re focused on growth and business development initiatives. We completed some of the groundwork during the fourth quarter for what we anticipate will be an increase in business consolidation activities throughout 2009. During just the first few weeks of 2009, we have already completed one small acquisition of an important piece of expedite business volume. Our non-asset based business model is sound and we believe the financial strength of our Company can allow us to expand, even in this weakened economy."