Expeditors International Of Washington Inc 8-K, filed May 6, 2025
Expeditors International Of Washington Inc (EXPD)
About this 8-K
Expeditors International Of Washington Inc filed this 8-K on May 6, 2025.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2025, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing first quarter 2025 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following items are filed as exhibits to this report:
99.1 |
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Press release, dated May 6, 2025 issued by Expeditors International of Washington, Inc. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
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Date: |
May 6, 2025 |
By: |
/S/ Bradley S. Powell |
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Bradley S. Powell, Senior Vice President and Chief Financial Officer |
Exhibit 99.1
EARNINGS RELEASE
By: |
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Expeditors International of Washington, Inc. |
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Sterling Plaza 2, 3rd Floor Bellevue, Washington 98006 |
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CONTACTS: |
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Daniel R. Wall |
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Bradley S. Powell |
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Geoffrey Buscher |
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President and Chief Executive Officer |
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Senior Vice President and Chief Financial Officer |
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Director - Investor Relations |
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(206) 674-3455 |
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(206) 674-3412 |
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(206) 892-4510 |
FOR IMMEDIATE RELEASE
EXPEDITORS REPORTS FIRST QUARTER 2025 EPS OF $1.47
BELLEVUE, WASHINGTON - May 6, 2025, Expeditors International of Washington, Inc. (NYSE:EXPD) today announced first quarter 2025 financial results including the following comparisons to the same quarter of 2024:
"We continue to pull the right levers to grow all of our businesses with current customers as well as new ones," said Daniel R. Wall, President and Chief Executive Officer. "We grew air tonnage and ocean volumes year-over-year as all of our teams across our global network performed their best in a very difficult market. I especially want to thank our brokerage teams for maximizing their efforts and all of their additional work to address the frenzied landscape of tariffs, threats of tariffs, shifting geopolitics, and other disruptions that have had shippers around the world rapidly re-evaluating the risks to their supply chains. While we often have performed well when the marketplace is most unpredictable, I am not sure any of us have ever seen anything like the non-stop, rapidly shifting rules and regulations that have impacted our industry in recent days. We believe we are staffed with the right talent in the right locations to help our customers function and navigate this chaotic trade environment. Customers often turn to us for our cross-border expertise and we have held hundreds of near-daily industry update sessions with thousands of participants to keep current and potential customers abreast of the latest regulatory changes and solutions to get their freight where it needs to be.
“Compared to a year ago, airfreight increased on higher buy and sell rates and growth in tonnage from strong demand, primarily in technology, as importers front-loaded shipments in anticipation of higher trade tariffs. Air capacity remained tight due to e‑commerce export demand from North Asia and ongoing re-sourcing to South Asia and India. Our ocean business favorably compares to the first quarter a year ago and grew in strength on higher volumes and rates as importers also front-loaded shipments, as well as extended transit times because of the continuing conflict in the Red Sea. Our customs and other businesses increased on growth in customs clearances and additional ancillary services from increased shipments, as well as increased road freight volumes, and growth in new business in warehousing and distribution, principally in North America.
1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
“Looking back on Q1, we performed well across all of our businesses. However, the short- and longer-term future is as unpredictable to us as it is to everyone. While we currently expect air capacity and rates to remain volatile, it is too early to predict what impact an end to the de minimis exemption may have on air capacity and rates going forward, as there are other economic and geopolitical unknowns to consider. Subsequent to March 31, 2025, we are seeing early signs that China to U.S. ocean volumes are declining significantly. While some of those volumes are shifting to other lanes, as customers look to mitigate their exposure to China-specific tariffs, it is too early to know what the overall decline in volumes might be. Speculation regarding additional tariffs may cause more customers to pause or cancel shipments entirely. While carriers have shown a willingness to manage capacity, the current environment is so unsettled that they simply may not be able to do enough to keep rates from continuing to fall if consumer resilience fades and the capacity/demand imbalance becomes significant in certain lanes.
"We believe that uncertainty is likely to continue for some time, with possibly significant impacts to our industry. We also remain optimistic that trade will continue to flow, and we will work closely with our customers to find solutions to keep their cargo moving. We believe that wherever trade moves, we already have talented people and operational infrastructure on-site to handle that business.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “During the quarter, we carefully boosted headcount in certain areas to support growth in business activity, primarily in operations and sales, as well as our critical information systems. But we were again careful not to increase headcount ahead of our ability to grow tonnage and volumes and increase profitability, growing pre-tax operating income by 24% from a year ago. Our measure of operating efficiency (operating income as a percentage of revenue less directly related cost of transportation and other expenses) was in line with our 30% target.”
Mr. Powell noted that the Company generated $343 million in cash from operations and returned $177 million to shareholders through stock repurchases, while continuing to make significant investments in cybersecurity and other technology to protect, upgrade, and strengthen current systems, while also investing to deploy new and enhanced technology solutions.
Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
Disclaimer on Forward-Looking Statements:
Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding inflation; continued growth in air and ocean carrier capacity and the impact on rates; unpredictability in the ocean and air markets, including uncertainty due to conflicts in the Middle East and Red Sea; national policy changes on tariffs and other similar measures; port actions and other labor disruptions; new capacity in the marketplace; longer ocean transit times; e-commerce demand in the air market; changing de minimis laws; and volatile rates. Future financial performance could differ materially because of factors such as: our ability to secure higher air tonnage and ocean volumes; our ability to carefully add headcount and keep other costs in check while continuing to generate efficiency that meets our historical expectations; the alignment of our variable compensation structure with performance; our ability to enhance and bolster our network security; that management is able to grow the business and explore new areas for profitable growth; our ability to take market share; our ability to offer cross-border customs expertise; our ability to offer solutions to address the ever shifting tariff changes; our ability to find solutions to keep cargo moving for our customers during highly uncertain market conditions; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; and our ability to remain a strong, healthy, unified and resilient organization. Geopolitical risks, port actions, other labor disruptions, tariffs, the removal of the de minimis exemption for goods manufactured in China and Hong Kong, and the current uncertainty in the global economy could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform, and potential litigation and contingencies, including risks associated with tax audits, as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.
Expeditors International of Washington, Inc.
First Quarter 2025 Earnings Release, May 6, 2025
Financial Summary for three months ended March 31, 2025 and 2024 (Unaudited)
(in 000's of US dollars except share data)
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Three months ended March 31, |
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2025 |
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2024 |
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% Change |
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Revenues |
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$ |
2,666,419 |
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$ |
2,206,678 |
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21% |
Directly related cost of transportation and other expenses 1 |
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$ |
1,776,675 |
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$ |
1,433,280 |
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24% |
Salaries and other operating expenses 2 |
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$ |
623,886 |
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$ |
558,622 |
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12% |
Operating income |
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$ |
265,858 |
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$ |
214,776 |
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24% |
Net earnings attributable to shareholders |
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$ |
203,795 |
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$ |
169,152 |
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20% |
Diluted earnings attributable to shareholders per share |
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$ |
1.47 |
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$ |
1.17 |
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26% |
Basic earnings attributable to shareholders per share |
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$ |
1.48 |
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$ |
1.18 |
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25% |
Diluted weighted average shares outstanding |
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138,435 |
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144,125 |
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Basic weighted average shares outstanding |
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137,833 |
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143,194 |
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1Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.
During the three months ended March 31, 2025 we repurchased 1.5 million shares of common stock at an average price of $117.29 per share. During the three months ended March 31, 2024 we repurchased 3.0 million shares of common stock at an average price of $120.17 per share.
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Employee Full-time Equivalents as of March 31, |
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2025 |
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2024 |
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North America |
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7,098 |
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6,839 |
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Europe |
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3,935 |
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3,771 |
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North Asia |
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2,287 |
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2,246 |
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South Asia |
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1,833 |
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1,688 |
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Middle East, Africa and India |
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1,440 |
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1,406 |
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Latin America |
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829 |
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760 |
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Information Systems |
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1,358 |
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1,286 |
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Corporate |
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423 |
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407 |
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Total |
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19,203 |
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18,403 |
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First quarter year-over-year percentage increase in: |
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2025 |
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Airfreight |
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Ocean freight |
January |
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6% |
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10% |
February |
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6% |
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8% |
March |
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15% |
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5% |
Quarter |
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9% |
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8% |
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on May 9, 2025 will be considered in management's 8-K “Responses to Selected Questions.”
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NOTE: See Disclaimer on Forward-Looking Statements in this release.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
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March 31, 2025 |
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December 31, 2024 |
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Assets: |
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Current Assets: |
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Cash and cash equivalents |
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$ |
1,318,520 |
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$ |
1,148,320 |
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Accounts receivable, less allowance for credit loss of |
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1,904,171 |
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1,997,840 |
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Deferred contract costs |
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279,843 |
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349,343 |
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Other |
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138,070 |
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164,272 |
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Total current assets |
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3,640,604 |
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3,659,775 |
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Property and equipment, less accumulated depreciation and |
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453,696 |
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449,404 |
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Operating lease right-of-use assets |
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568,790 |
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551,652 |
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Goodwill |
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7,927 |
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7,927 |
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Deferred federal and state income taxes, net |
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70,126 |
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70,671 |
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Other assets, net |
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15,507 |
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15,029 |
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Total assets |
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$ |
4,756,650 |
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$ |
4,754,458 |
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Liabilities: |
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Current Liabilities: |
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Accounts payable |
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$ |
1,047,374 |
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$ |
1,036,749 |
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Accrued liabilities, primarily salaries and related costs |
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440,646 |
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451,921 |
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Contract liabilities |
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359,508 |
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441,927 |
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Current portion of operating lease liabilities |
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109,455 |
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106,736 |
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Federal, state and foreign income taxes |
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33,261 |
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29,140 |
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Total current liabilities |
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1,990,244 |
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2,066,473 |
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Noncurrent portion of operating lease liabilities |
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478,903 |
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462,201 |
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Shareholders’ Equity: |
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Preferred stock, none issued |
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— |
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— |
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Common stock, par value $0.01 per share. Issued and outstanding: |
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1,368 |
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1,380 |
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Additional paid-in capital |
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— |
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— |
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Retained earnings |
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2,504,222 |
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2,455,132 |
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Accumulated other comprehensive loss |
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(219,799 |
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(233,500 |
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Total shareholders’ equity |
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2,285,791 |
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2,223,012 |
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Noncontrolling interest |
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1,712 |
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2,772 |
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Total equity |
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2,287,503 |
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2,225,784 |
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Total liabilities and equity |
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$ |
4,756,650 |
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$ |
4,754,458 |
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6-May-2025 |
Expeditors International of Washington, Inc. |
Page 4 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
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Three months ended March 31, |
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2025 |
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2024 |
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Revenues: |
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Airfreight services |
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$ |
901,760 |
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$ |
759,374 |
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Ocean freight and ocean services |
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781,665 |
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570,786 |
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Customs brokerage and other services |
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982,994 |
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876,518 |
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Total revenues |
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2,666,419 |
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2,206,678 |
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Operating Expenses: |
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Airfreight services |
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648,494 |
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537,591 |
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Ocean freight and ocean services |
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573,901 |
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413,983 |
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Customs brokerage and other services |
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554,280 |
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481,706 |
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Salaries and related |
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457,937 |
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413,162 |
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Rent and occupancy |
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64,343 |
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61,252 |
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Depreciation and amortization |
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14,604 |
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15,161 |
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Selling and promotion |
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8,574 |
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6,779 |
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Other |
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78,428 |
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62,268 |
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Total operating expenses |
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2,400,561 |
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1,991,902 |
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Operating income |
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265,858 |
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214,776 |
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Other Income (Expense): |
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Interest income |
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9,184 |
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14,878 |
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Other, net |
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839 |
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3,528 |
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Other income, net |
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10,023 |
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18,406 |
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Earnings before income taxes |
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275,881 |
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233,182 |
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Income tax expense |
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71,782 |
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62,782 |
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Net earnings |
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204,099 |
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170,400 |
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Less net earnings (losses) attributable to the noncontrolling |
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304 |
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1,248 |
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Net earnings attributable to shareholders |
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$ |
203,795 |
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$ |
169,152 |
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Diluted earnings attributable to shareholders per share |
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$ |
1.47 |
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$ |
1.17 |
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Basic earnings attributable to shareholders per share |
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$ |
1.48 |
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$ |
1.18 |
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Weighted average diluted shares outstanding |
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138,435 |
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144,125 |
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Weighted average basic shares outstanding |
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137,833 |
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143,194 |
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6-May-2025 |
Expeditors International of Washington, Inc. |
Page 5 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Three months ended March 31, |
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2025 |
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2024 |
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Operating Activities: |
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Net earnings |
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$ |
204,099 |
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$ |
170,400 |
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Adjustments to reconcile net earnings to net cash from operating activities: |
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Provisions for losses on accounts receivable |
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761 |
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394 |
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Deferred income tax benefit |
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76 |
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2,294 |
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Stock compensation expense |
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11,549 |
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12,372 |
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Depreciation and amortization |
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14,604 |
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15,161 |
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Other, net |
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2,291 |
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1,985 |
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Changes in operating assets and liabilities: |
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Decrease (increase) in accounts receivable |
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108,149 |
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(60,542 |
) |
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(Decrease) increase in accounts payable and accrued liabilities |
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(18,419 |
) |
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83,591 |
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Decrease (increase) in deferred contract costs |
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75,973 |
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(64,062 |
) |
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(Decrease) increase in contract liabilities |
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(89,288 |
) |
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69,308 |
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Increase in income taxes payable, net |
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30,340 |
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22,686 |
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Decrease in other, net |
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2,487 |
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3,317 |
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Net cash from operating activities |
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342,622 |
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256,904 |
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Investing Activities: |
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Purchase of property and equipment |
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(13,152 |
) |
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(10,181 |
) |
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Other, net |
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156 |
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97 |
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Net cash from investing activities |
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(12,996 |
) |
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(10,084 |
) |
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Financing Activities: |
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Proceeds on borrowings on lines of credit, net |
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195 |
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(17,242 |
) |
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Proceeds from issuance of common stock |
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13,043 |
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8,029 |
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Repurchases of common stock |
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(177,354 |
) |
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(360,524 |
) |
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Payments for taxes related to net share settlement of equity awards |
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(509 |
) |
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(5,185 |
) |
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Distribution to noncontrolling interest |
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(1,346 |
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— |
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Net cash from financing activities |
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(165,971 |
) |
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(374,922 |
) |
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Effect of exchange rate changes on cash and cash equivalents |
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6,545 |
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(14,325 |
) |
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Change in cash and cash equivalents |
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170,200 |
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(142,427 |
) |
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Cash and cash equivalents at beginning of period |
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1,148,320 |
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|
|
1,512,883 |
|
|
Cash and cash equivalents at end of period |
|
$ |
1,318,520 |
|
|
$ |
1,370,456 |
|
|
Taxes Paid: |
|
|
|
|
|
|
|
||
Income taxes |
|
$ |
40,624 |
|
|
$ |
36,864 |
|
|
6-May-2025 |
Expeditors International of Washington, Inc. |
Page 6 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited
|
|
UNITED |
|
OTHER |
|
|
LATIN |
|
|
NORTH |
|
|
SOUTH |
|
|
EUROPE |
|
|
MIDDLE |
|
|
ELIMI- |
|
|
CONSOLI- |
|
|||||||||
For the three months ended March 31, 2025: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
854,449 |
|
|
116,485 |
|
|
|
62,389 |
|
|
|
695,008 |
|
|
|
364,577 |
|
|
|
422,795 |
|
|
|
152,872 |
|
|
|
(2,156 |
) |
|
|
2,666,419 |
|
Directly related cost of transportation |
|
$ |
451,917 |
|
|
73,193 |
|
|
|
36,435 |
|
|
|
554,494 |
|
|
|
281,495 |
|
|
|
271,716 |
|
|
|
108,848 |
|
|
|
(1,423 |
) |
|
|
1,776,675 |
|
Salaries and related costs |
|
$ |
258,089 |
|
|
19,592 |
|
|
|
10,438 |
|
|
|
40,361 |
|
|
|
28,072 |
|
|
|
81,549 |
|
|
|
19,836 |
|
|
|
— |
|
|
|
457,937 |
|
Other operating expenses2 |
|
$ |
22,548 |
|
|
14,828 |
|
|
|
9,914 |
|
|
|
37,746 |
|
|
|
23,285 |
|
|
|
43,359 |
|
|
|
15,028 |
|
|
|
(759 |
) |
|
|
165,949 |
|
Operating income |
|
$ |
121,895 |
|
|
8,872 |
|
|
|
5,602 |
|
|
|
62,407 |
|
|
|
31,725 |
|
|
|
26,171 |
|
|
|
9,160 |
|
|
|
26 |
|
|
|
265,858 |
|
Identifiable assets at period end |
|
$ |
2,588,265 |
|
|
177,996 |
|
|
|
107,290 |
|
|
|
503,899 |
|
|
|
348,424 |
|
|
|
772,342 |
|
|
|
277,677 |
|
|
|
(19,243 |
) |
|
|
4,756,650 |
|
Capital expenditures |
|
$ |
8,407 |
|
|
226 |
|
|
|
225 |
|
|
|
505 |
|
|
|
874 |
|
|
|
1,156 |
|
|
|
1,759 |
|
|
|
— |
|
|
|
13,152 |
|
Depreciation and amortization |
|
$ |
8,938 |
|
|
497 |
|
|
|
251 |
|
|
|
1,056 |
|
|
|
570 |
|
|
|
2,646 |
|
|
|
646 |
|
|
|
— |
|
|
|
14,604 |
|
Equity |
|
$ |
1,481,145 |
|
|
50,613 |
|
|
|
46,120 |
|
|
|
273,084 |
|
|
|
145,611 |
|
|
|
169,589 |
|
|
|
164,036 |
|
|
|
(42,695 |
) |
|
|
2,287,503 |
|
For the three months ended March 31, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
751,543 |
|
|
106,850 |
|
|
|
44,492 |
|
|
|
544,941 |
|
|
|
227,719 |
|
|
|
398,317 |
|
|
|
134,106 |
|
|
|
(1,290 |
) |
|
|
2,206,678 |
|
Directly related cost of transportation |
|
$ |
403,949 |
|
|
66,710 |
|
|
|
24,464 |
|
|
|
426,474 |
|
|
|
164,024 |
|
|
|
254,519 |
|
|
|
93,792 |
|
|
|
(652 |
) |
|
|
1,433,280 |
|
Salaries and related costs |
|
$ |
233,313 |
|
|
18,906 |
|
|
|
8,847 |
|
|
|
34,942 |
|
|
|
22,917 |
|
|
|
77,572 |
|
|
|
16,665 |
|
|
|
— |
|
|
|
413,162 |
|
Other operating expenses2 |
|
$ |
22,395 |
|
|
14,178 |
|
|
|
7,917 |
|
|
|
32,318 |
|
|
|
17,995 |
|
|
|
39,516 |
|
|
|
11,799 |
|
|
|
(658 |
) |
|
|
145,460 |
|
Operating income |
|
$ |
91,886 |
|
|
7,056 |
|
|
|
3,264 |
|
|
|
51,207 |
|
|
|
22,783 |
|
|
|
26,710 |
|
|
|
11,850 |
|
|
|
20 |
|
|
|
214,776 |
|
Identifiable assets at period end |
|
$ |
2,424,540 |
|
|
177,571 |
|
|
|
105,151 |
|
|
|
504,704 |
|
|
|
265,621 |
|
|
|
755,569 |
|
|
|
284,325 |
|
|
|
(29,213 |
) |
|
|
4,488,268 |
|
Capital expenditures |
|
$ |
5,528 |
|
|
1,399 |
|
|
|
153 |
|
|
|
282 |
|
|
|
144 |
|
|
|
2,218 |
|
|
|
457 |
|
|
|
— |
|
|
|
10,181 |
|
Depreciation and amortization |
|
$ |
9,020 |
|
|
497 |
|
|
|
289 |
|
|
|
1,093 |
|
|
|
548 |
|
|
|
2,970 |
|
|
|
744 |
|
|
|
— |
|
|
|
15,161 |
|
Equity |
|
$ |
1,531,497 |
|
|
26,143 |
|
|
|
55,173 |
|
|
|
185,824 |
|
|
|
118,194 |
|
|
|
162,346 |
|
|
|
160,237 |
|
|
|
(41,749 |
) |
|
|
2,197,665 |
|
1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the consolidated statements of earnings.
6-May-2025 |
Expeditors International of Washington, Inc. |
Page 7 of 7 |