* Full Year Revenue Up by 12.2%/Net Income Up 58% *
SOUTH HACKENSACK, N.J., April 7 /PRNewswire-FirstCall/ -- CD&L, Inc. (AMEX:CDV), the leading U.S. provider of same day customized time critical delivery and logistics services announced its 2005 full year results.
The Company reported full year 2005 revenue of $221.9 million, an increase of $24.2 million, or a 12.2% increase over the twelve months ended December 31, 2004. At the same time, the Company's gross profit for full year 2005 improved to 19.6% versus 18.9% in 2004.
The Company's net income for the twelve months ended December 31, 2005 was $2.5 million, or $.26 per basic share versus full year 2004 of $1.6 million, or $.20 per basic share. On a fully diluted basis, the net income per diluted share for the full year 2005 was $.15 compared to $.13 per fully diluted share in 2004.
Bill Brannan, the Company's COO and Michael Brooks, the Company's Group President, jointly stated that, "Our CD&L team continues to be pleased with our strong market share growth across all of our U.S. markets. It is anticipated that given the Company's organic growth with its current Fortune 500 customer base as well as new accounts being added that significant revenue improvement will continue in 2006." The Company's Chairman and CEO, Al Van Ness, said, "It is very rewarding to witness the Company's revenue achievements coupled with both better gross margins and net income improvement at the time the Company celebrates its ten year anniversary." CD&L, Inc. operates from 114 locations in 23 states, including operations in 28 customer owned facilities, providing last mile delivery solutions to various industries. The company has over 1,500 employees and utilizes approximately 3,000 independent contractor drivers 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. These forward looking statements include comments on projected revenue growth and improved margins and net income. 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. Potential risks include the risk that CD&L will be unable to generate revenue growth, better profit margins, or improved net income. Certain of such risks and uncertainties are more fully described in the Company's filings with the SEC, including the risk factors in its Form 10- K for the year ended December 31, 2005.
CD&L, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
ASSETS
December 31,
2005 2004
CURRENT ASSETS:
Cash and cash equivalents $837 $617
Accounts receivable, less allowance for
doubtful accounts of $542 and $1,330 in
2005 and 2004, respectively 26,376 21,548
Deferred income taxes 157 1,248
Prepaid expenses and other current assets 3,891 3,606
Total current assets 31,261 27,019 EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 3,438 1,946
GOODWILL, net 11,531 11,531
OTHER INTANGIBLE ASSETS AND DEFERRED
FINANCING COSTS, net 1,185 1,737
SECURITY DEPOSITS 932 509
Total assets $48,347 $42,742
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $8,921 $4,809
Current maturities of long-term debt 552 487
Accounts payable and bank overdrafts 6,946 4,200
Accrued expenses and other current liabilities 8,477 9,460
Total current liabilities 24,896 18,956
LONG-TERM DEBT, net of current maturities 5,292 9,812
DEFERRED INCOME TAXES 1,361 1,100
OTHER LONG-TERM LIABILITIES 414 270
Total liabilities 31,963 30,138 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value; 2,000,000
shares authorized; 393,701 shares issued
and outstanding in 2005 and 2004 4,000 4,000
Common stock, $.001 par value; 30,000,000 shares
authorized, 10,041,846 and 9,385,678 shares
issued in 2005 and 2004, respectively 10 9
Additional paid-in capital 15,592 14,320
Treasury stock, 29,367 shares at cost (162) (162)
Accumulated deficit (3,056) (5,563)
Total stockholders' equity 16,384 12,604
Total liabilities and stockholders' equity $48,347 $42,742
CD&L, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Years Ended December 31,
2005 2004 2003 Revenue $221,883 $197,724 $166,083
Cost of revenue (exclusive of
depreciation and amortization) 178,292 160,270 133,348 Gross profit 43,591 37,454 32,735
Selling, general and administrative
expenses 36,809 31,105 28,136
Depreciation and amortization 1,115 1,051 756
Other (income) expense, net (31) 601 (1,496)
Interest expense 1,529 1,859 2,534
39,422 34,616 29,930 Income before provision for income
taxes 4,169 2,838 2,805
Provision for income taxes 1,662 1,255 1,122
Net income $2,507 $1,583 $1,683 Net income per share:
Basic $.26 $.20 $.22
Diluted $.15 $.13 $.21 Basic weighted average common shares
outstanding 9,465 7,737 7,659
Diluted weighted average common shares
outstanding 20,082 14,513 8,174
DATASOURCE: CD&L, Inc.
CONTACT: Russell Reardon, CFO, CD&L, Inc., +1-201-487-7740
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