1. EARNINGS RELEASE
By: Expeditors International of Washington, Inc.
1015 Third Avenue, Suite 1200
Seattle, Washington 98104
CONTACT: R. Jordan Gates
Chief Financial Officer
(206) 674-3427 FOR IMMEDIATE RELEASE
EXPEDITORS DILUTED NET EARNINGS PER SHARE INCREASE 20%
SEATTLE, WASHINGTON – May 5, 1999, Expeditors International of Washington, Inc.
(NASDAQ:EXPD) today announced net earnings of $9,521,000 for the first quarter of 1999,
compared with $8,034,000 for the same quarter of 1998, an increase of 19%. Net revenues for the
first quarter increased 25% to $94,413,000 as compared with $75,764,000 reported for the first
quarter of 1998. Total revenues and operating income were $283,712,000 and $14,719,000 in 1999
compared with $223,349,000 and $12,699,000 for the same quarter of 1998, increases of 27% and
16%, respectively. Diluted net earnings per share for the first quarter was $.36 as compared with
$.30 for the same quarter in 1998, an increase of 20%. The company also reported that same store
net revenues and operating income increased 21% and 14%, respectively for the first quarter of 1999
when compared with 1998.
“This quarter saw balanced contributions as all of our geographic regions reported profits and year
over year operating profit increases.” said Peter J. Rose, Chairman and Chief Executive Officer. “We
opened seven new offices and that is a more significant effort than we have historically attempted in
the first quarter,” Rose commented.
“As we reflect on these results, we can’ help but mention the pride we feel for the talented team of
t
employees we have working throughout our global network. As we grow and attract new business
and customers, our employees are right there providing the training and management required to keep
us consistent and stable .” Rose concluded.
Expeditors is a global logistics company headquartered in Seattle, Washington. The company
employs trained professionals in 145 offices and 12 international service centers located on six
continents linked into a seamless worldwide network through an integrated information management
system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance,
marine insurance, distribution and other value added international logistics services.
Additional information is available upon request or via the Internet at www.expeditors.com.

2. May 5, 1999 Expeditors International of Washington, Inc. Page 2 of 4
Expeditors International of Washington, Inc.
Financial Highlights
Three months ended
March 31, 1999 and 1998
Unaudited
(in 000's of US dollars except share data)
Three Months Three Months
Ended Ended % Increase
March 31, 1999 March 31, 1998
Revenues $283,712 $223,349 27%
Net Revenues $94,413 $75,764 25%
Operating Income $14,719 $12,699 16%
Net Earnings $9,521 $8,034 19%
Basic Earnings per share $.38 $.33 15%
Diluted Earnings per share $.36 $.30 20%
Basic weighted average
shares outstanding 24,803,196 24,561,119
Diluted weighted average
shares outstanding 26,664,552 26,557,418
New offices opened during the 1st Quarter of 1999:
Middle East North American European and African
Region Region Region
Ankara, Turkey Nogales, Mexico East Midlands, U.K.
Istanbul, Turkey
Izmir, Turkey
Mersin, Turkey
Athens, Greece

3. May 5, 1999 Expeditors International of Washington, Inc. Page 3 of 4
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
March 31, December 31,
1999 1998
Assets
(Unaudited)
Current assets:
Cash and cash equivalents $67,545 $49,429
Short-term investments 205 394
Accounts receivable, net 220,935 222,598
Deferred Federal and state taxes 1,277 2,427
Other current assets 13,588 9,151
Total current assets 303,550 283,999
Property and equipment, net 103,180 103,030
Deferred Federal and state taxes 2,651 2,183
Other assets 18,805 17,384
$428,186 $406,596
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings 16,259 12,245
Accounts payable 146,167 143,523
Income taxes 9,649 8,304
Other current liabilities 25,519 25,326
Total current liabilities $197,594 $189,398
Shareholders' equity:
Preferred stock, par value $.01 per share.
Authorized 2,000,000 shares; none issued -- --
Common stock, par value $.01 per share.
Authorized 80,000,000 shares; issued
and outstanding 24,977,558 shares at
March 31, 1999 and 24,681,841 at
December 31, 1998 250 247
Additional paid-in capital 22,261 17,520
Retained earnings 212,570 203,050
Accumulated other comprehensive income (4,489) (3,619)
Total shareholders' equity 230,592 217,198
$428,186 $406,596

4. May 5, 1999 Expeditors International of Washington, Inc. Page 4 of 4
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
Three months ended
March 31,
1999 1998
Revenues:
Airfreight $182,117 $147,147
Ocean freight and ocean services 65,073 45,329
Customs brokerage and import services 36,522 30,873
Total revenues 283,712 223,349
Operating expenses:
Airfreight consolidation 142,027 115,642
Ocean freight consolidation 47,272 31,943
Salaries and related costs 54,499 42,703
Rent 4,289 3,479
Depreciation and amortization 4,771 3,264
Selling and promotion 3,661 3,418
Other 12,474 10,201
Total operating expenses 268,993 210,650
Operating income 14,719 12,699
Interest expense (188) (48)
Interest income 533 439
Other, net 52 (66)
Other income, net 397 325
Earnings before income taxes 15,116 13,024
Income tax expense 5,595 4,990
Net earnings $ 9,521 $ 8,034
Diluted earnings per share $ 0.36 $ 0.30
Basic earnings per share $ 0.38 $ 0.33
Diluted weighted average shares outstanding 26,664,552 26,557,418
Basic weighted average shares outstanding 24,803,196 24,561,119
Certain 1998 amounts have been reclassified to conform to the 1999 presentation