CD&L Announces Third Quarter Results
16 November 2004 - 4:02PM
PR Newswire (US)
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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