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<TITLE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECURITIES AND EXCHANGE COMMISSION</TITLE>
<META NAME="author" CONTENT="Baker Botts L.L.P.">
<META NAME="date" CONTENT="05/05/2004">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>WASHINGTON, D.C. 20549</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Date of Report (Date of earliest event reported): &nbsp;&nbsp;May 6, 2004</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>EGL, Inc.</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Exact name of registrant as specified in its charter)</P>
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<TABLE cellspacing=0><TR><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Texas</B></P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>000-27288</B></P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>76-0094895</B></P>
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<TR><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(State or other jurisdiction</P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Commission</P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(IRS Employer</P>
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<TR><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>of incorporation)</P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>File Number)</P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Identification No.)</P>
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<TABLE cellspacing=0><TR><TD valign=top width=367.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>15350 Vickery Drive, Houston, Texas</B></P>
</TD><TD valign=top width=271.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>77032</B></P>
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<TR><TD valign=top width=367.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address of principal executive offices)</P>
</TD><TD valign=top width=271.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Zip Code)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Registrant's telephone number, including area code: &nbsp;<B>(281) 618-3100</B></P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>1</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 7. &nbsp;Financial Statements, Pro Forma Financial Information and Exhibits</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(c)</P>
<P style="margin:0pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Exhibits</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The following exhibit is furnished pursuant to Item 12:</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:90pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>99.1</P>
<P style="margin:0pt; padding-left:90pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Press Release, dated May 6, 2004, reporting financial results for the quarter ended March 31, 2004.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 9. Regulation FD Disclosure.</P>
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<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">On May 6, 2004, EGL sold its entire investment in Miami Air International, Inc. in exchange for $6.7 million in cash.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 12. &nbsp;Results of Operation and Financial Condition</P>
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<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The press release attached hereto as Exhibit 99.1 reports certain financial results for the first quarter of 2004.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>All of the information furnished in Item 12 and the accompanying exhibit will not be incorporated by reference into any registration statement filed by EGL under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. &nbsp;The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by EGL, that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of EGL or any of its affiliates.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>2</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>SIGNATURE</P>
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<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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. </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Date: May 6, 2004</P>
<P style="margin:0pt; text-indent:274.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>EGL, INC. </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>By:</P>
<P style="margin:0pt; text-indent:274.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>/s/ Elijio V. Serrano </P>
<P style="margin:0pt; text-indent:274.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>----------------------- </P>
<P style="margin:0pt; text-indent:274.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Elijio V. Serrano </P>
<P style="margin:0pt; text-indent:274.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Chief Financial Officer </P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>3</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Exhibit 99.1</P>
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<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>EGL, INC. Net Income Doubles from Q1 2003</B></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>on 21% Increase in Gross Revenues</B></P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>HOUSTON, May 6, 2004 &#150; EGL, Inc. (NASDAQ: EAGL) </B>announced that net income increased 114% to $6.0 million for the three months ended March 31, 2004, compared to $2.8 million in the first quarter of 2003. &nbsp;Diluted earnings per share for the quarter were $0.13 compared to $0.06 in Q1 2003. &nbsp;&nbsp;</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Q1 Financial Highlights</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>-</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Gross revenues increased 21% over Q1 2003 on strong international air, ocean and logistics activity </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>-</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Net revenue of $200.4 million is a record high for the Company</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>-</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Net revenue margins improved 230 basis points over Q4 2003</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>-</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Operating income improved by $6.8 million to $11.4 million </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>-</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Cash flow from operating activities was $35.9 million</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=116.4>&nbsp;</TD><TD valign=top width=159.6>&nbsp;</TD><TD valign=top width=276 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Three Months Ended</B></P>
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<TR><TD valign=top width=116.4>&nbsp;</TD><TD valign=top width=159.6>&nbsp;</TD><TD valign=top width=159.6 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B><U>03/31/04</U></B></P>
</TD><TD valign=top width=116.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B><U>03/31/03</U></B></P>
</TD></TR>
<TR><TD valign=top width=116.4>&nbsp;</TD><TD valign=top width=159.6>&nbsp;</TD><TD valign=top width=276 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ thousands (except EPS)</P>
</TD></TR>
<TR><TD valign=top width=116.4>&nbsp;</TD><TD valign=top width=159.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Gross revenues </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% change</P>
</TD><TD valign=top width=138><P style="margin-top:0pt; margin-bottom:-13pt; text-indent:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$</P>
<P style="margin:0pt; text-indent:39.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">585,959</P>
<P style="margin:0pt; text-indent:55.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">+ 21%</P>
</TD><TD valign=top width=138 colspan=2><P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:35.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>483,650</P>
</TD></TR>
<TR><TD valign=top width=116.4>&nbsp;</TD><TD valign=top width=159.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Net revenues</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% change</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net revenue margin</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
</TD><TD valign=top width=138><P style="margin-top:0pt; margin-bottom:-13pt; text-indent:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:39.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>200,373</P>
<P style="margin:0pt; text-indent:55.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>+ 20%</P>
<P style="margin:0pt; text-indent:56.2pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>34.2%</P>
</TD><TD valign=top width=138 colspan=2><P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:35.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>167,566</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; text-indent:51.7pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>34.6%</P>
</TD></TR>
<TR><TD valign=top width=116.4>&nbsp;</TD><TD valign=top width=159.6><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Operating income</P>
</TD><TD valign=top width=138><P style="margin-top:0pt; margin-bottom:-13pt; text-indent:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:45.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>11,448</P>
</TD><TD valign=top width=138 colspan=2><P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:46.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4,638</P>
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<TR><TD valign=top width=116.4>&nbsp;</TD><TD valign=top width=159.6><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Net income</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Diluted EPS</P>
</TD><TD valign=top width=138><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:50.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5,981</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:56.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>0.13</P>
</TD><TD valign=top width=138 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:46.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2,795</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>$</P>
<P style="margin:0pt; text-indent:51.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>0.06</P>
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</TABLE>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>EGL Chief Executive Officer Jim Crane commented, &#147;We believe our first quarter performance validates our business model, as we experienced 21% growth in gross revenues and a 20% growth in net revenues despite the continued shift to deferred shipments in the North America forwarding market. &nbsp;As the economy continues to recover, our low cost domestic network is positioned to benefit from customers expediting product from overseas suppliers directly to US distribution and retail centers. &nbsp;We continue to see growth in our international business as we leverage our North America network and customer base. These results reflect the benefits of the merger in 2000 to expand our global network. The improvements in volumes and profitability are coming despite the weak North America priority market. &nbsp;As our domestic priority products show improvement, we expect our profitability to accelerate. &nbsp;In addition, we expect to capitalize on growth opportunities internationally, including in the Middle East and China.&#148; </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Gross revenues increased 21% from the first quarter of 2003 to $586 million, reflecting a 17% increase in airfreight revenues &#150; mainly international, a 26% increase in ocean revenues, and a 32% increase in customs brokerage and logistics. &nbsp;North America ground volumes continued to reflect the shift from priority to deferred shipments as the priority volumes declined 11%. &nbsp;Gross revenues outside North America increased 27%.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Q1 2004 net revenues of $200 million increased 20% over last year and surpassed net revenues for the fourth quarter of 2003, resulting in a record high for the Company. &nbsp;Net revenue margins of 34.2% </P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>4</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>declined by 40 basis points from the first quarter of 2003 reflecting a slight decline in ocean and import margins. &nbsp;However, the 230 basis point improvement in net revenue margins from fourth quarter of 2003 reflects yield improvements across all products and geographic regions, especially from Asia.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Operating income for the first quarter of 2004 was $11.4 million, an increase of $6.8 million from the first quarter of 2003. Operating income as a percent of net revenue was 5.7% in the first quarter of 2004 as compared to 2.8% in the same quarter last year. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company&#146;s income tax rate was 42.9% for Q1 2004 compared to 37.8% for the same quarter last year. &nbsp;The higher tax rate was due to adjustments to deferred taxes on foreign earnings. &nbsp;The Company expects the tax rate to approximate 36.5% for the remainder of the year.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Cash flow from operations during the quarter was $35.9 million, reflecting stronger earnings and better management of working capital. &nbsp;During the quarter, the Company purchased 2.4 million shares of its common stock at an average price of $16.09 per share pursuant to a publicly announced share repurchase program approved by the Company&#146;s Board of Directors. &nbsp;The repurchase program authorized up to $65 million in repurchases of the Company&#146;s common stock.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>EGL Chief Financial Officer Elijio Serrano added, &#147;Our organization continues to focus on operating efficiencies and the deployment of our global freight forwarding, accounting and human resources systems. The systems, re-branded as the EGL Vision suite of technologies have now been deployed in six countries. &nbsp;&#147;Global Vision&#148; is the freight forwarding system that allows a seamless flow of data across the globe, eliminating duplicate data entry on multiple systems. &nbsp;&#147;Financial Vision&#148; is the Oracle-based financial system that allows global visibility of financial results, streamlined financial reporting and the ability to automate intercompany accounting. &nbsp;&#147;People Vision&#148; is the Oracle-based human resources application that allows global visibility to employee tracking, training and development. &nbsp;&nbsp;The global deployment of EGL Vision will continue into early next year. &#148; </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>EGL expects second quarter 2004 diluted earnings per share in the range of $0.20 to $0.23, compared to $0.14 last year. &nbsp;For 2004, EGL maintains its projections of gross revenues in the range of $2.3 to $2.4 billion and diluted earnings per share in the range of $0.75 - $0.85. &nbsp;Capital expenditures for 2004 are estimated at $35 million.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Earnings Conference Call</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>EGL, Inc. plans to host a conference call for shareholders and the investing community on May 6, 2004 at 11 a.m. Eastern time (8 a.m. Pacific) to review results for the quarter ended March 31, 2004. &nbsp;The call can be accessed by dialing (719) 457-2680, access code 544965 and is expected to last approximately 60 minutes. Callers are requested to dial in at least 5 minutes before the start of the call. The call will also be available through live webcast on the Company's website, <FONT COLOR=#0000FF><U>www.eaglegl.com</U></FONT>, on the Investor Relations page. &nbsp;An audio replay will be available until Thursday, May 20, 2004 at (719) 457-0820, access code 544965.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>First quarter 2004 product and geographic data and air freight statistics are available on EGL&#146;s website, <FONT COLOR=#0000FF><U>www.eaglegl.com</U></FONT> on the Investor Relations page. &nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>___________________</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Houston-based EGL, Inc. operates under the name EGL Eagle Global Logistics. &nbsp;EGL is a leading global transportation, supply chain management and information services company dedicated to providing superior flexibility and fewer shipping restrictions on a price competitive basis. With 2003 revenues exceeding $2.1 billion, EGL&#146;s services include air and ocean freight forwarding, customs brokerage, </I></P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>5</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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<P style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>local pick up and delivery service, materials management, warehousing, trade facilitation and procurement, and integrated logistics and supply chain management services. The Company&#146;s shares are traded on the NASDAQ National Market under the symbol &#147;EAGL&#148;.</I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>___________________</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>CAUTIONARY STATEMENTS</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>The statements in this press release (and statements in the conference call referred to above) regarding improvements in priority product volumes, projected profitability, adding to growth, improvement on yields, increased efficiencies, the timing and scope of deployment of operating and financial systems, whether or not such deployment will be completed in a timely manner, &nbsp;second quarter and total year results and diluted earnings per share, projected results for 2004, projected tax rates for 2004, &nbsp;our ability to outperform the economy and other statements which are not historical facts, are forward looking statements. &nbsp;Such statements involve risks and uncertainties including, but not limited to, general economic conditions, risks associated with operating in international markets, the results of litigation, the timing and effects of any improvements in the regions and industry sectors in which the Company&#146;s customers operate, infrastructure improvements, ability to manage and continue growth, competition and other factors detailed in the Company's 2003 Form 10-K, proxy statement and other filings with the Securities and Exchange Commission. &nbsp;Should one or more of these risks or uncertainties materialize (or the consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. &nbsp;&nbsp;The Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.</I></P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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<TABLE cellspacing=0><TR><BR>
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<TD valign=bottom width=654.133 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>EGL, INC.</B></P>
</TD></TR>
<TR><TD valign=bottom width=654.133 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
</TD></TR>
<TR><TD valign=bottom width=654.133 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>(unaudited)</B></P>
</TD></TR>
<TR><TD valign=top width=654.133 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>(in thousands, except per share amounts)</B></P>
</TD></TR>
<TR><TD valign=bottom width=451.8>&nbsp;</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=195.6 colspan=3><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Three Months Ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=451.8>&nbsp;</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=195.6 colspan=3><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>March 31,</B></P>
</TD></TR>
<TR><TD valign=bottom width=451.8>&nbsp;</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.067><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>2004</B></P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>2003</B></P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Revenues</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:31.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>585,959</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:31.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>483,650</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cost of transportation</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.067><P style="margin:0pt; text-indent:31.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>385,586</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.933><P style="margin:0pt; text-indent:31.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>316,084</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Net revenues</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin:0pt; text-indent:31.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>200,373</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin:0pt; text-indent:31.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>167,566</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Operating expenses:</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067>&nbsp;</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933>&nbsp;</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; text-indent:8.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Personnel costs</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin:0pt; text-indent:31.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>114,122</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>98,111</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; text-indent:8.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Other selling, general and administrative expenses</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.067><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>74,803</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.933><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>64,817</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Operating income </P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>11,448</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin:0pt; text-indent:40.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>4,638</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Nonoperating expense, net</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.067><P style="margin:0pt; text-indent:46pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(972)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.933><P style="margin:0pt; text-indent:46pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(142)</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Income before provision for income taxes</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>10,476</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin:0pt; text-indent:40.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>4,496</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Provision for income taxes</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.067><P style="margin:0pt; text-indent:40.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>4,495</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.933><P style="margin:0pt; text-indent:40.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>1,701</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Net income</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=93.067><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:40.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>5,981</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=92.933><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:40.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>2,795</P>
</TD></TR>
<TR><TD valign=bottom width=451.8>&nbsp;</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067>&nbsp;</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933>&nbsp;</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; padding-left:7.2pt; text-indent:-7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Basic earnings per share </P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:45.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>0.13</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:45.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>0.06</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; padding-left:7.2pt; text-indent:-7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Diluted earnings per share</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:45.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>0.13</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:45.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>0.06</P>
</TD></TR>
<TR><TD valign=bottom width=451.8>&nbsp;</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067>&nbsp;</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933>&nbsp;</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Basic weighted-average common shares outstanding</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>46,894</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>47,066</P>
</TD></TR>
<TR><TD valign=bottom width=451.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Diluted weighted-average common shares outstanding</P>
</TD><TD valign=bottom width=6.733>&nbsp;</TD><TD valign=bottom width=93.067><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>47,136</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=92.933><P style="margin:0pt; text-indent:36.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>47,277</P>
</TD></TR>
</TABLE>
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<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman" align=center>7</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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<TABLE cellspacing=0><TR><BR>
<BR>
<BR>
<TD valign=bottom width=663.6 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>EGL, INC.</B></P>
</TD></TR>
<TR><TD valign=bottom width=663.6 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>CONDENSED CONSOLIDATED BALANCE SHEETS</B></P>
</TD></TR>
<TR><TD valign=bottom width=663.6 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>(unaudited)</B></P>
</TD></TR>
<TR><TD valign=top width=663.6 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>(in thousands)</B></P>
</TD></TR>
<TR><TD valign=top width=429.933>&nbsp;</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.133><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>March 31,</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>2004</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>December 31,</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>2003</B></P>
</TD></TR>
<TR><TD valign=top width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>ASSETS</B></P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=99.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=100.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Current assets:</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=99.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=100.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:9.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cash, cash equivalents, restricted cash and short-term investments</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>105,030</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>110,026</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:9.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Trade accounts receivable, net of allowance </P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>442,364</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>447,353</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:9.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Other current assets</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.133><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>59,179</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>56,875</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:27.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Total current assets</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>606,573</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>614,254</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Property and equipment, net</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>165,867</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>164,038</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Investments in unconsolidated affiliates</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>39,677</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>38,957</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Goodwill, net</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>96,496</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>96,209</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Other assets, net</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.133><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>30,086</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>30,780</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:27.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Total assets</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=99.133><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>938,699</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=100.8><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>944,238</P>
</TD></TR>
<TR><TD width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=99.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=100.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Current liabilities:</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=99.133>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=100.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:9.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Current portion of long-term notes payable</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>19,755</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>13,017</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:9.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Trade payables and accrued transportation costs</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>282,420</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>268,354</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:9.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Accrued expenses and other liabilities</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>109,514</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>103,247</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:27.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Total current liabilities</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=99.133><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>411,689</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>384,618</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Long-term notes payable</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>112,975</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>114,407</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Other noncurrent liabilities</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>23,630</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:30.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>23,817</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Minority interest</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=bottom width=99.133><P style="margin:0pt; text-indent:35.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>6,892</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=100.8><P style="margin:0pt; text-indent:35.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>6,800</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Total stockholders&#146; equity</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.133><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>383,513</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>414,596</P>
</TD></TR>
<TR><TD valign=bottom width=429.933><P style="margin:0pt; text-indent:27.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Total liabilities and stockholders&#146; equity</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=99.133><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>938,699</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=100.8><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:26.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>944,238</P>
</TD></TR>
</TABLE>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman" align=center>8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<TABLE cellspacing=0><TR><BR>
<BR>
<BR>
<TD valign=bottom width=581 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>EGL, INC.</B></P>
</TD></TR>
<TR><TD valign=bottom width=581 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
</TD></TR>
<TR><TD valign=bottom width=581 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>(unaudited)</B></P>
</TD></TR>
<TR><TD valign=bottom width=581 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>(in thousands)</B></P>
</TD></TR>
<TR><TD valign=bottom width=394.467>&nbsp;</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=179.2 colspan=3><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Three Months Ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=394.467>&nbsp;</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=179.2 colspan=3><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>March 31,</B></P>
</TD></TR>
<TR><TD valign=bottom width=394.467>&nbsp;</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.533><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>2004</B></P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=85.067><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>2003</B></P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash flows from operating activities:</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533>&nbsp;</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net income </P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>5,981</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>2,795</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; padding-left:7.2pt; text-indent:-0.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Adjustments to reconcile net income to net cash provided by<BR>
operating activities:</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533>&nbsp;</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Depreciation and amortization</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>8,278</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>7,729</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Bad debt expense</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>2,212</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>1,753</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Transfers to restricted cash</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:35.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(639)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(7,182)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Other</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:38.35pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>315</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>1,588</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Net effect of changes in working capital, net of assets acquired</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.533><P style="margin:0pt; text-indent:27.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>19,743</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(1,484)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Net cash provided by operating activities</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.533><P style="margin:0pt; text-indent:27.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>35,890</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=85.067><P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>5,199</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cash flows from investing activities:</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533>&nbsp;</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Capital expenditures</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(8,489)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(4,313)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Purchase of short-term investment</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:39.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(55)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:48.85pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>-</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Proceeds from sales of other assets</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:38.35pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>206</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:38.35pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>324</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Acquisitions of businesses, net of cash acquired</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:48.85pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>-</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(1,733)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Net cash used in investing activities</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84.533><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(8,338)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(5,722)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cash flows from financing activities:</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533>&nbsp;</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Issuance of notes payable, net</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:31.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>6,818</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:38.35pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>321</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; padding-left:9.35pt; text-indent:-3.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Repayment of financed insurance premiums, net</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(1,386)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(2,399)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; padding-left:9.35pt; text-indent:-3.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Repayment of capital leases</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:35.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(123)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:48.85pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>-</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Repurchase of common stock</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:23.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(38,109)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:48.85pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>-</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Proceeds from exercise of stock options</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:38.35pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>202</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:38.35pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>598</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; text-indent:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Dividends paid to minority interest partners</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.533><P style="margin:0pt; text-indent:39.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(16)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=85.067><P style="margin:0pt; text-indent:48.85pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>-</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Net cash used in financing activities</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.533><P style="margin:0pt; text-indent:23.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(32,614)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(1,480)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Effect of exchange rate changes on cash</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.533><P style="margin:0pt; text-indent:35.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(634)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(1,227)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Decrease in cash and cash equivalents</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(5,696)</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067><P style="margin:0pt; text-indent:28.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(3,230)</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cash and cash equivalents, beginning of the period</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.533><P style="margin:0pt; text-indent:27.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>95,916</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=85.067><P style="margin:0pt; text-indent:22.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>111,477</P>
</TD></TR>
<TR><TD valign=bottom width=394.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cash and cash equivalents, end of the period</P>
</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=84.533><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:27.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>90,220</P>
</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=85.067><P style="margin-top:0pt; margin-bottom:-11pt; text-indent:5.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>$</P>
<P style="margin:0pt; text-indent:22.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>108,247</P>
</TD></TR>
<TR><TD valign=bottom width=394.467>&nbsp;</TD><TD valign=bottom width=7.333>&nbsp;</TD><TD valign=bottom width=84.533>&nbsp;</TD><TD valign=bottom width=9.6>&nbsp;</TD><TD valign=bottom width=85.067>&nbsp;</TD></TR>
<TR><TD valign=bottom width=581 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>First quarter 2004 product and geographic data and air freight statistics are available on EGL&#146;s website, </B><FONT COLOR=#0000FF><B><U>www.eaglegl.com</U></B></FONT><B> on the Investor Relations page.</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Arial Unicode MS; font-size:12pt" align=justify><BR></P>
<BR>
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<P style="margin:0pt; font-family:Times New Roman" align=center>9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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[{"type": "8-K", "sequence": "1", "filename": "q12004earningsrelease8k.htm", "description": "PRESS RELEASE FOR FIRST QUARTER 2004", "secsgml_size_bytes": 80965}]
{"company-data": {"conformed-name": "EGL INC", "cik": "0001001718", "assigned-sic": "4731", "irs-number": "760094895", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27288", "film-number": "04783594"}, "business-address": {"street1": "15340 VICKERY DR", "city": "HOUSTON", "state": "TX", "zip": "77032", "phone": "2816183100"}, "mail-address": {"street1": "15350 VICKERY DR", "street2": "SUITE 510", "city": "HOUSTON", "state": "TX", "zip": "77032"}, "former-company": {"former-conformed-name": "EAGLE USA AIRFREIGHT INC", "date-changed": "19951002"}}
SECURITIES AND EXCHANGE COMMISSION
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):   May 6, 2004
EGL, Inc.
(Exact name of registrant as specified in its charter)
Texas
000-27288
76-0094895
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
15350 Vickery Drive, Houston, Texas
77032
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(281) 618-3100
1
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits
(c)
Exhibits
The following exhibit is furnished pursuant to Item 12:
99.1
Press Release, dated May 6, 2004, reporting financial results for the quarter ended March 31, 2004.
Item 9. Regulation FD Disclosure.
On May 6, 2004, EGL sold its entire investment in Miami Air International, Inc. in exchange for $6.7 million in cash.
Item 12.  Results of Operation and Financial Condition
The press release attached hereto as Exhibit 99.1 reports certain financial results for the first quarter of 2004.
All of the information furnished in Item 12 and the accompanying exhibit will not be incorporated by reference into any registration statement filed by EGL under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by EGL, that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of EGL or any of its affiliates.
2
SIGNATURE
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.
Date: May 6, 2004
EGL, INC.
By:
/s/ Elijio V. Serrano
-----------------------
Elijio V. Serrano
Chief Financial Officer
3
Exhibit 99.1
EGL, INC. Net Income Doubles from Q1 2003
on 21% Increase in Gross Revenues
HOUSTON, May 6, 2004 – EGL, Inc. (NASDAQ: EAGL)
announced that net income increased 114% to $6.0 million for the three months ended March 31, 2004, compared to $2.8 million in the first quarter of 2003.  Diluted earnings per share for the quarter were $0.13 compared to $0.06 in Q1 2003.
Q1 Financial Highlights
-
Gross revenues increased 21% over Q1 2003 on strong international air, ocean and logistics activity
-
Net revenue of $200.4 million is a record high for the Company
-
Net revenue margins improved 230 basis points over Q4 2003
-
Operating income improved by $6.8 million to $11.4 million
-
Cash flow from operating activities was $35.9 million
Three Months Ended
03/31/04
03/31/03
$ thousands (except EPS)
Gross revenues
% change
$
585,959
+ 21%
$
483,650
Net revenues
% change
Net revenue margin
$
200,373
+ 20%
34.2%
$
167,566
34.6%
Operating income
$
11,448
$
4,638
Net income
Diluted EPS
$
5,981
$
0.13
$
2,795
$
0.06
EGL Chief Executive Officer Jim Crane commented, "We believe our first quarter performance validates our business model, as we experienced 21% growth in gross revenues and a 20% growth in net revenues despite the continued shift to deferred shipments in the North America forwarding market.  As the economy continues to recover, our low cost domestic network is positioned to benefit from customers expediting product from overseas suppliers directly to US distribution and retail centers.  We continue to see growth in our international business as we leverage our North America network and customer base. These results reflect the benefits of the merger in 2000 to expand our global network. The improvements in volumes and profitability are coming despite the weak North America priority market.  As our domestic priority products show improvement, we expect our profitability to accelerate.  In addition, we expect to capitalize on growth opportunities internationally, including in the Middle East and China."
Gross revenues increased 21% from the first quarter of 2003 to $586 million, reflecting a 17% increase in airfreight revenues – mainly international, a 26% increase in ocean revenues, and a 32% increase in customs brokerage and logistics.  North America ground volumes continued to reflect the shift from priority to deferred shipments as the priority volumes declined 11%.  Gross revenues outside North America increased 27%.
Q1 2004 net revenues of $200 million increased 20% over last year and surpassed net revenues for the fourth quarter of 2003, resulting in a record high for the Company.  Net revenue margins of 34.2%
4
declined by 40 basis points from the first quarter of 2003 reflecting a slight decline in ocean and import margins.  However, the 230 basis point improvement in net revenue margins from fourth quarter of 2003 reflects yield improvements across all products and geographic regions, especially from Asia.
Operating income for the first quarter of 2004 was $11.4 million, an increase of $6.8 million from the first quarter of 2003. Operating income as a percent of net revenue was 5.7% in the first quarter of 2004 as compared to 2.8% in the same quarter last year.
The Company's income tax rate was 42.9% for Q1 2004 compared to 37.8% for the same quarter last year.  The higher tax rate was due to adjustments to deferred taxes on foreign earnings.  The Company expects the tax rate to approximate 36.5% for the remainder of the year.
Cash flow from operations during the quarter was $35.9 million, reflecting stronger earnings and better management of working capital.  During the quarter, the Company purchased 2.4 million shares of its common stock at an average price of $16.09 per share pursuant to a publicly announced share repurchase program approved by the Company's Board of Directors.  The repurchase program authorized up to $65 million in repurchases of the Company's common stock.
EGL Chief Financial Officer Elijio Serrano added, "Our organization continues to focus on operating efficiencies and the deployment of our global freight forwarding, accounting and human resources systems. The systems, re-branded as the EGL Vision suite of technologies have now been deployed in six countries.  "Global Vision" is the freight forwarding system that allows a seamless flow of data across the globe, eliminating duplicate data entry on multiple systems.  "Financial Vision" is the Oracle-based financial system that allows global visibility of financial results, streamlined financial reporting and the ability to automate intercompany accounting.  "People Vision" is the Oracle-based human resources application that allows global visibility to employee tracking, training and development.   The global deployment of EGL Vision will continue into early next year. "
EGL expects second quarter 2004 diluted earnings per share in the range of $0.20 to $0.23, compared to $0.14 last year.  For 2004, EGL maintains its projections of gross revenues in the range of $2.3 to $2.4 billion and diluted earnings per share in the range of $0.75 - $0.85.  Capital expenditures for 2004 are estimated at $35 million.
Earnings Conference Call
EGL, Inc. plans to host a conference call for shareholders and the investing community on May 6, 2004 at 11 a.m. Eastern time (8 a.m. Pacific) to review results for the quarter ended March 31, 2004.  The call can be accessed by dialing (719) 457-2680, access code 544965 and is expected to last approximately 60 minutes. Callers are requested to dial in at least 5 minutes before the start of the call. The call will also be available through live webcast on the Company's website,
www.eaglegl.com
, on the Investor Relations page.  An audio replay will be available until Thursday, May 20, 2004 at (719) 457-0820, access code 544965.
First quarter 2004 product and geographic data and air freight statistics are available on EGL's website,
www.eaglegl.com
on the Investor Relations page.
___________________
Houston-based EGL, Inc. operates under the name EGL Eagle Global Logistics.  EGL is a leading global transportation, supply chain management and information services company dedicated to providing superior flexibility and fewer shipping restrictions on a price competitive basis. With 2003 revenues exceeding $2.1 billion, EGL's services include air and ocean freight forwarding, customs brokerage,
5
local pick up and delivery service, materials management, warehousing, trade facilitation and procurement, and integrated logistics and supply chain management services. The Company's shares are traded on the NASDAQ National Market under the symbol "EAGL".
___________________
CAUTIONARY STATEMENTS
The statements in this press release (and statements in the conference call referred to above) regarding improvements in priority product volumes, projected profitability, adding to growth, improvement on yields, increased efficiencies, the timing and scope of deployment of operating and financial systems, whether or not such deployment will be completed in a timely manner,  second quarter and total year results and diluted earnings per share, projected results for 2004, projected tax rates for 2004,  our ability to outperform the economy and other statements which are not historical facts, are forward looking statements.  Such statements involve risks and uncertainties including, but not limited to, general economic conditions, risks associated with operating in international markets, the results of litigation, the timing and effects of any improvements in the regions and industry sectors in which the Company's customers operate, infrastructure improvements, ability to manage and continue growth, competition and other factors detailed in the Company's 2003 Form 10-K, proxy statement and other filings with the Securities and Exchange Commission.  Should one or more of these risks or uncertainties materialize (or the consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected.   The Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
6
EGL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
Three Months Ended
March 31,
2004
2003
Revenues
$
585,959
$
483,650
Cost of transportation
385,586
316,084
Net revenues
200,373
167,566
Operating expenses:
Personnel costs
114,122
98,111
Other selling, general and administrative expenses
74,803
64,817
Operating income
11,448
4,638
Nonoperating expense, net
(972)
(142)
Income before provision for income taxes
10,476
4,496
Provision for income taxes
4,495
1,701
Net income
$
5,981
$
2,795
Basic earnings per share
$
0.13
$
0.06
Diluted earnings per share
$
0.13
$
0.06
Basic weighted-average common shares outstanding
46,894
47,066
Diluted weighted-average common shares outstanding
47,136
47,277
7
EGL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
March 31,
2004
December 31,
2003
ASSETS
Current assets:
Cash, cash equivalents, restricted cash and short-term investments
$
105,030
$
110,026
Trade accounts receivable, net of allowance
442,364
447,353
Other current assets
59,179
56,875
Total current assets
606,573
614,254
Property and equipment, net
165,867
164,038
Investments in unconsolidated affiliates
39,677
38,957
Goodwill, net
96,496
96,209
Other assets, net
30,086
30,780
Total assets
$
938,699
$
944,238
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term notes payable
$
19,755
$
13,017
Trade payables and accrued transportation costs
282,420
268,354
Accrued expenses and other liabilities
109,514
103,247
Total current liabilities
411,689
384,618
Long-term notes payable
112,975
114,407
Other noncurrent liabilities
23,630
23,817
Minority interest
6,892
6,800
Total stockholders' equity
383,513
414,596
Total liabilities and stockholders' equity
$
938,699
$
944,238
8
EGL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Three Months Ended
March 31,
2004
2003
Cash flows from operating activities:
Net income
$
5,981
$
2,795
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
8,278
7,729
Bad debt expense
2,212
1,753
Transfers to restricted cash
(639)
(7,182)
Other
315
1,588
Net effect of changes in working capital, net of assets acquired
19,743
(1,484)
Net cash provided by operating activities
35,890
5,199
Cash flows from investing activities:
Capital expenditures
(8,489)
(4,313)
Purchase of short-term investment
(55)
-
Proceeds from sales of other assets
206
324
Acquisitions of businesses, net of cash acquired
-
(1,733)
Net cash used in investing activities
(8,338)
(5,722)
Cash flows from financing activities:
Issuance of notes payable, net
6,818
321
Repayment of financed insurance premiums, net
(1,386)
(2,399)
Repayment of capital leases
(123)
-
Repurchase of common stock
(38,109)
-
Proceeds from exercise of stock options
202
598
Dividends paid to minority interest partners
(16)
-
Net cash used in financing activities
(32,614)
(1,480)
Effect of exchange rate changes on cash
(634)
(1,227)
Decrease in cash and cash equivalents
(5,696)
(3,230)
Cash and cash equivalents, beginning of the period
95,916
111,477
Cash and cash equivalents, end of the period
$
90,220
$
108,247
First quarter 2004 product and geographic data and air freight statistics are available on EGL's website,
www.eaglegl.com
on the Investor Relations page.
.
9