8-K/AEarnings & Results

EXPEDITORS INTERNATIONAL OF WASHINGTON INC 8-K/A Report, Financial Results (Feb 28, 2007)

Filed February 28, 2007For Securities:EXPD

Summary

This Form 8-K/A filing from Expeditors International of Washington, Inc. (EXPD) serves as an amendment to a previous report filed on February 13, 2007. The primary purpose of this amendment is to correct a previously reported diluted Earnings Per Share (EPS) figure for the full year 2006. The company identified an error in the calculation of diluted weighted average shares outstanding, leading to a revised year-to-date diluted EPS of $1.06, down from the previously stated $1.07. While the EPS correction is minor ($0.01), it's important for investors to note the accuracy of reported financial metrics. The company attributes the error to a default setting in their calculation program and has since updated its procedures to enhance review and verification processes. No other financial figures from the original press release were impacted by this correction.

Key Highlights

  • 1Expeditors International of Washington, Inc. (EXPD) filed an 8-K/A to amend a prior filing.
  • 2The amendment corrects the reported diluted EPS for the year 2006.
  • 3The previously reported diluted EPS of $1.07 has been revised to $1.06.
  • 4The correction stems from an error in the calculation of diluted weighted average shares outstanding.
  • 5The company attributes the error to an incorrect default setting in its calculation program.
  • 6Expeditors has updated its review and verification procedures to prevent similar errors.
  • 7No other financial amounts from the February 13, 2007 release were affected by this correction.

Frequently Asked Questions

The main reason for this filing is to correct an error in the previously reported diluted Earnings Per Share (EPS) for the full year 2006. The correct diluted EPS is now stated as $1.06, down from the previously reported $1.07.

The error was due to an incorrect calculation of diluted weighted average shares outstanding. A default setting in the program used for this calculation was found to be incorrectly configured.

No, according to the filing, only the year-to-date diluted EPS and the diluted weighted average shares outstanding for the three months and year ended December 31, 2006, were affected. All other financial amounts reported previously remain accurate.

Expeditors has modified its procedures for reviewing and verifying parameter settings and program output to ensure greater accuracy in future financial calculations.