CD&L Announces Third Quarter Results
SOUTH HACKENSACK, N.J., Nov. 16 /PRNewswire-FirstCall/ -- CD&L, Inc. (AMEX:CDV), one of the nation's leading providers of customized, time-critical
delivery services announced today its Third Quarter 2004 results along with the
filing of the Company's Quarterly Report on Form 10-Q.
Revenue for the three months ended September 30, 2004 increased by $8.9
million, or 21.7%, to $49.7 million from $40.8 million for the three months
ended September 30, 2003. Net income for the three months ended September 30,
2004 increased by $50,000 to $492,000, or $.06 per basic share, from $442,000
for the three months ended September 30, 2003. The increase in net income was
primarily due to increased revenues and lower interest expense, partially
offset by higher driver costs and operating inefficiencies related to the
hurricanes in the southeast and the two presidential conventions. The prior
year period benefited from other income before tax of $220,000 from a World
Trade Center Recovery Grant.
CD&L, Inc., based in South Hackensack, NJ operates 64 facilities in 22 states,
with annual revenues of approximately $200 million. The Company has over 1,400
employees and utilizes approximately 2,700 independent contractors to provide
time-sensitive delivery services to thousands of customers across the country.
Certain statements in this release may be "forward-looking statements" within
the meaning of Section 27A of the Securities and Exchange Act of 1933. Statements regarding future developments are based on current expectations and
involve certain risks and uncertainties that could cause actual results and
developments to differ materially from the forward-looking statements.
CD&L, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share information) September 30, December 31,
2004 2003
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $1,217 $1,697
Accounts receivable, net 20,610 18,786
Prepaid expenses and other current assets 2,873 4,068
Total current assets 24,700 24,551 EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 1,278 1,446
GOODWILL 11,531 11,531
OTHER INTANGIBLE ASSETS AND DEFERRED
FINANCING COSTS, net 1,810 437
OTHER ASSETS 1,148 2,387
Total assets $40,467 $40,352 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:
Short-term borrowings $6,863 $5,767
Current maturities of long-term debt 479 2,585
Accounts payable and accrued liabilities 12,878 14,392
Total current liabilities 20,220 22,744 LONG-TERM DEBT, net of current maturities 9,937 11,785
OTHER LONG-TERM LIABILITIES 211 240
Total liabilities 30,368 34,769 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value;
2,000,000 shares authorized;
393,701 shares issued and outstanding
at September 30, 2004 4,000 -
Common stock, $.001 par value;
30,000,000 shares authorized;
7,688,027 shares issued 8 8
Additional paid-in capital 12,729 12,883
Treasury stock, 29,367 shares at cost (162) (162)
Accumulated deficit (6,476) (7,146)
Total stockholders' equity 10,099 5,583
Total liabilities and stockholders' equity $40,467 $40,352
CD&L, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited) For the Three Months For the Nine Months
Ended Ended
September 30, September 30,
2004 2003 2004 2003 Revenue $49,705 $40,846 $145,444 $122,040
Cost of revenue 40,338 32,549 118,116 98,741
Gross profit 9,367 8,297 27,328 23,299
Costs and Expenses:
Selling, general and
administrative expenses 7,863 7,042 23,397 20,177
Depreciation and amortization 272 171 767 577
Other (income) expense, net (11) (285) 601 (1,451)
Interest expense 423 633 1,447 1,880 Total Costs and Expenses 8,547 7,561 26,212 21,183 Income before provision
for income taxes 820 736 1,116 2,116 Provision for income taxes 328 294 446 846 Net income $492 $442 $670 $1,270 Net income per share:
Basic $.06 $.06 $.09 $.17
Diluted $.03 $.05 $.05 $.16 Basic weighted average
common shares outstanding 7,659 7,659 7,659 7,659 Diluted weighted average
common shares outstanding 18,336 8,175 13,048 8,169
DATASOURCE: CD&L, Inc.
CONTACT: Russell Reardon, CFO of CD&L, Inc., +1-201-487-7740 web site: http://www.cdl.net/
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