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Business Description
Expeditors International of Washington, Inc. is engaged in the business of providing global logistics services. The Company offers its customers a seamless international network supporting the movement and strategic positioning of goods. Its services include the consolidation or forwarding of air and ocean freight. In each United States office and in many overseas offices, it acts as a customs broker. It also provides additional services, including distribution management, vendor consolidation, cargo insurance, purchase order management and customized logistics information. Shipments of computer components, other electronic equipment, housewares, sporting goods, machine parts and toys, comprise a significant percentage of the Company's business. The import customers include computer retailers and distributors of consumer electronics, department store chains, clothing and shoe wholesalers, manufacturers and catalogue stores.

Financial Information
For the nine months ended 9/30/04, revenues rose 26% to $2.38 billion. Net income rose 32% to $112.6 million. Revenues reflect an increase in airfreight tonnages handled and higher ocean freight volumes. Net income also reflects lower interest expenses and higher interest income.