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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 15, 2000
(Date of earliest event reported)
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
WASHINGTON 000-13468 91-1069248
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(State or other jurisdiction of (Commission File No.) (IRS Employer
incorporation or organization) Identification Number)
1015 THIRD AVENUE, 12TH FLOOR, SEATTLE, WASHINGTON 98104
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(Address of principal executive offices) (Zip Code)
(206) 674-3400
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
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ITEM 9. REGULATION FD DISCLOSURE.
The following information is included in this document as a result of
Expeditors' policy regarding public disclosure of corporate information. Answers
to additional inquiries, if any, that comply with this policy are scheduled to
become available before the market opens on December 18, 2000.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS UNDER SECURITIES LITIGATION REFORM
ACT OF 1995; CERTAIN CAUTIONARY STATEMENTS
Certain portions of this document including the answers to questions 1, 2, 3,
and 5 contain forward-looking statements which must be considered in connection
with the discussion of the important factors that could cause actual results to
differ materially from the forward-looking statements. Attention should be given
to the risk factors identified and discussed in the Company's report on Form
10-K filed on or about March 29, 2000 and the most current report on Form 10-Q.
SELECTED INQUIRIES RECEIVED THROUGH NOVEMBER 15, 2000
1. When will Expeditors announce 4th Quarter 2000 earnings results?
WE EXPECT TO ANNOUNCE OUR 4TH QUARTER 2000 RESULTS BEFORE THE MARKET OPENS ON
FEBRUARY 13TH, 2001.
2. Will Expeditors ever have a conference call?
NO, WE DO NOT CURRENTLY PLAN TO HOST A CONFERENCE CALL. WHILE WE RECOGNIZE THAT
CONFERENCE CALLS ARE COMMON, WE HAVE ALWAYS TRIED TO COMMUNICATE WITH OUR
CUSTOMERS, EMPLOYEES, AND INVESTORS IN A MEANINGFUL WAY. WE HAVE LISTENED TO
ENOUGH INDUSTRY CONFERENCE CALLS TO DECIDE THAT WE CAN FOREGO THE EMPTY
COMPLIMENTS ("NICE QUARTER GUYS"). WE ALSO BELIEVE THAT INVESTORS WILL BENEFIT
FROM REAL WRITTEN ANSWERS TO THOUGHTFUL QUESTIONS. IT'S A LITTLE MORE WORK FOR
ALL OF US, BUT WE FEEL THAT THE QUALITY OF THE INFORMATION DISCLOSED WILL BE
BETTER WITH A MORE FORMAL PROCESS.
3. Have you received any feedback regarding your new Reg F-D policy? Can we
expect faster turnaround with the questions following an earnings release?
WITH TIME, WE THINK THAT WE CAN IMPROVE OUR RESPONSE TIME TO POINT WHERE ANSWERS
CAN BE AVAILABLE BEFORE THE OPENING OF THE MARKET ON THE DAY AFTER THE EARNINGS
RELEASE. THIS WOULD BE WITHIN 24 HOURS OF THE EARNINGS RELEASE. IT MAY TAKE A
FEW QUARTERS TO GET THIS IRONED OUT, BUT WE ARE COMMITTED TO MAKING THESE
DISCLOSURES AS TIMELY AND AS RELEVANT AS POSSIBLE.
4. Please provide a breakdown by region of the ratio of export to import net
revenue.
BASED ON A REVIEW OF OUR MOST RECENT FIGURES, THE FOLLOWING TABLE PRESENTS AN
APPROXIMATE PERCENTAGE BREAKDOWN BETWEEN EXPORT AND IMPORT NET REVENUES BY MAJOR
GEOGRAPHIC REGION:
<TABLE>
<CAPTION>
EXPORTS IMPORTS
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<S> <C> <C>
NORTH AMERICA 35% 65%
FAR EAST 85% 15%
EUROPE AND AFRICA 40% 60%
MIDDLE EAST & INDIAN
SUBCONTINENT 55% 45%
AUSTRALASIA 15% 85%
LATIN AMERICA 20% 80%
</TABLE>
5. Can you comment on the tone of business during the month of October?
FROM A QUALITATIVE STANDPOINT, OCTOBER 2000 WAS A VERY GOOD MONTH (NOTE THAT
THIS IS THE SAME QUALITATIVE DESCRIPTION WE USED FOR SEPTEMBER 2000).
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FOLLOWING THE ISSUANCE OF OUR NEW CORPORATE DISCLOSURE POLICY, WE HAVE HAD SOME
INTERNAL DISCUSSION ABOUT THE DESIRABILITY OF USING THIS FORUM TO DISCLOSE
SUMMARY UNAUDITED MONTHLY FINANCIAL INFORMATION FOR THE FIRST TWO MONTHS OF EACH
QUARTER. THIS DISCLOSURE WOULD LIKELY INCLUDE YEAR OVER YEAR NET REVENUE AND
OPERATING INCOME IN TOTAL AND BY GEOGRAPHIC REGION. WE WOULD RELEASE THESE
NUMBERS WITH THE REGULAR MONTHLY DISCLOSURE IN THE FOLLOWING MONTH. THIS WOULD
MEAN THAT SUMMARY NUMBERS FOR THE FIRST MONTH WOULD BECOME PUBLIC BY THE FIRST
BUSINESS DAY AFTER THE 15TH OF THE SECOND MONTH. NUMBERS FOR THE SECOND MONTH OF
A QUARTER WOULD BECOME AVAILABLE TO THE PUBLIC BY THE FIRST BUSINESS DAY AFTER
THE 15TH OF THE THIRD MONTH.
FOLLOWING OUR POLICY, ANY QUESTIONS ON THE SUMMARY UNAUDITED MONTHLY DATA WOULD
HAVE TO BE SUBMITTED IN WRITING AND COULD BE ANSWERED ONLY WITH THE NEXT MONTHLY
DISCLOSURE. ALONG THOSE LINES, WE HAVE A SERIOUS CONCERN THAT THIS DELAY MIGHT
CAUSE MORE FRUSTRATION THAN THE OBVIOUS BENEFITS IT WOULD PROVIDE. IN ANY EVENT,
WE DON'T ANTICIPATE MAKING MONTHLY QUANTITATIVE DISCLOSURES PRIOR TO JANUARY
2001.
WE HAVE NO IDEA HOW MANY PEOPLE ACTUALLY READ THIS DOCUMENT, BUT WE ARE
INTERESTED IN RECEIVING FEEDBACK REGARDING THIS PROPOSAL. WE THANK YOU FOR YOUR
INTEREST IN EXPEDITORS AND LOOK FORWARD TO ANY COMMENTS THAT WILL INCREASE THE
VALUE OF OUR DISCLOSURES FOR THE INVESTING PUBLIC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
November 15, 2000 /s/ PETER J. ROSE
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Peter J. Rose, Chairman and
Chief Executive Officer
November 15, 2000 /s/ R. JORDAN GATES
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R. Jordan Gates, Executive Vice President-
Chief Financial Officer and Treasurer
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