CD&L Revenue Increases 12% in 1st Quarter
17 Mai 2005 - 1:00AM
PR Newswire (US)
CD&L Revenue Increases 12% in 1st Quarter Net Income More Than
Doubles SOUTH HACKENSACK, N.J., May 16 /PRNewswire-FirstCall/ --
CD&L, Inc. (AMEX:CDV), one of North America's leading providers
of time critical delivery and logistics services announced 2005 1st
Quarter revenues of $52,355,000, an increase of $5.873 million or
12% above the 1st Quarter in 2004. Net income for the Quarter grew
to $428,000, or $.05 per basic common share compared to net income
for the same period in 2004 of $169,000 or $.02 per basic common
share. The Company's gross margin improved by 1.2% to 19.7% of
revenue during the first three months of 2005, compared to the
18.5% in the first three months of 2004. Total SG&A expenses
increased slightly to 17% of revenue vs. 16.2% in the same period
last year. The higher SG&A costs were due primarily to
additional staffing required to support the Company's continuing
increased revenue base. Earnings before interest, depreciation,
amortization and taxes ("EBITDA") reached $1,428,000 in the first
quarter 2005 compared to $1,062,000 in the same period of 2004,
representing an improvement of 34.4%. "We are very pleased with the
company's performance during the 1st Quarter of this year with both
our revenue growth and earnings improvement," said Russell Reardon,
the company's CFO. Mr. Reardon added, "Our positive trends from
2004 continued into the 1st Quarter of 2005." CD&L, Inc.
operates 94 facilities in 20 states, including operations at 27
customer owned facilities, providing last mile delivery solutions
to various industries. The Company has approximately 1,500
employees and utilizes approximately 2,800 independent contractors
to provide time-sensitive delivery services to thousands of
customers across the country. Certain statements in this news
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 the Company's
improved operating performance, business development program, and
increased revenues and earnings. Statements regarding future
developments are based upon 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 the Company's
operating performance will not improve, or that its business
development program will be unsuccessful, or that revenues or
earnings will decrease as well as other risks specified in the
Company's SEC filings. CD&L, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per
share data) (Unaudited) For the Three Months Ended March 31, 2005
2004 Revenue $52,355 $46,482 Cost of revenue 42,046 37,884 Gross
profit 10,309 8,598 Costs and Expenses: Selling, general, and
administrative expenses 8,880 7,535 Depreciation and amortization
274 221 Other income, net (1) (11) Interest expense 391 571 Total
Costs and Expenses 9,544 8,316 Income before provision for income
taxes 765 282 Provision for income taxes 337 113 Net income $428
$169 Net income per share: Basic $.05 $.02 Diluted $.03 $.02 Basic
weighted average common shares outstanding 9,356 7,659 Diluted
weighted average common shares outstanding 20,253 8,238 CD&L,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands, except share information) March 31, December 31, 2005
2004 (Unaudited) (Note 1) ASSETS CURRENT ASSETS: Cash and cash
equivalents $1,548 $617 Accounts receivable, net 21,054 21,548
Prepaid expenses and other current assets 4,606 4,854 Total current
assets 27,208 27,019 EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net
1,523 1,627 GOODWILL, net 11,531 11,531 INTANGIBLE ASSETS AND
DEFERRED FINANCING COSTS, net 1,629 1,737 OTHER ASSETS 1,072 828
Total assets $42,963 $42,742 LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Short-term borrowings $2,497 $4,809 Current
maturities of long-term debt 496 487 Accounts payable, accrued
liabilities and bank overdrafts 15,796 13,660 Total current
liabilities 18,789 18,956 LONG-TERM DEBT, net of current maturities
9,685 9,812 OTHER LONG-TERM LIABILITIES 1,457 1,370 Total
liabilities 29,931 30,138 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY: Preferred stock, $.001 par value; 2,000,000
shares authorized; no shares issued and outstanding 4,000 4,000
Common stock, $.001 par value; 30,000,000 shares authorized;
9,385,678 shares issued at March 31, 2005 and December 31, 2004 9 9
Additional paid-in capital 14,320 14,320 Treasury stock, 29,367
shares at cost (162) (162) Accumulated deficit (5,135) (5,563)
Total stockholders' equity 13,032 12,604 Total liabilities and
stockholders' equity $42,963 $42,742 DATASOURCE: CD&L, Inc.
CONTACT: Russell Reardon, CFO of CD&L, Inc., +1-201-487-7740
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