CD&L Reports Second Quarter and First Half 2004 Results
17 Août 2004 - 8:04PM
PR Newswire (US)
CD&L Reports Second Quarter and First Half 2004 Results * Year
over Year Revenue Up By 18% * SOUTH HACKENSACK, N.J., Aug. 17
/PRNewswire-FirstCall/ -- CD&L, Inc. (AMEX:CDV), announced
first half 2004 revenues of $95.7 million, an increase of $14.6
million compared to the same period last year. "The revenue growth
reflects the successful launch of the Company's nationwide business
development program which has helped to expand into new markets
with its existing customer base," said Bill Brannan, the Company's
President and COO. Separately, Russ Reardon, the Company's CFO
stated that "the 2004 second quarter results were reduced by a
non-cash $627,000 pre-tax write-off related to the previously
announced April 14, 2004 financial restructuring. The $4.0 million
management-led cash infusion, which encouraged the Company's senior
subordinated note holder to convert $4.0 million of debt to
preferred shares and to modify the terms and conditions of the
original senior subordinated note, required the Company to take
this pre-tax non-cash charge for the write off of the original
issue discount and deferred financing costs created by the original
senior subordination transaction in early 1999." After the
aforementioned write off, the Company reported net income of
$177,000, or $.02 per basic share for the six months ended June 30,
2004 compared to net income in the 2003 comparable period of $.11
per basic share which included a pre-tax one-time benefit of
approximately $1,000,000 for forgiveness of a prior seller note.
For the three months ended June 30, 2004, revenue increased by $8.4
million, or 20.5%, to $49.3 million from $40.9 million for the
three months ended June 30, 2003. Including the non-cash write-off,
the Company reported net income of $8,000 or $.00 per basic share
for the three months ended June 30, 2004, as compared to $.03 per
basic share in for the comparable period in 2003. CD&L, Inc.
operates from 64 locations in 22 states providing last mile
delivery solutions to various industries. The company has over
1,400 employees and utilizes approximately 2,700 independent
contract drivers to provide time-sensitive delivery services to
thousands of customers across the country. Certain statements in
this new 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) June 30, December 31, 2004 2003 (Unaudited) (Note 1)
ASSETS CURRENT ASSETS: Cash and cash equivalents $2,298 $1,697
Accounts receivable, net 19,603 18,786 Prepaid expenses and other
current assets 1,993 4,068 Total current assets 23,894 24,551
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 1,300 1,446 GOODWILL
11,531 11,531 INTANGIBLE ASSETS AND DEFERRED FINANCING COSTS, net
1,845 437 OTHER ASSETS 1,110 2,387 Total assets $39,680 $40,352
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:
Short-term borrowings $5,220 $5,767 Current maturities of long-term
debt 471 2,585 Accounts payable, accrued liabilities and bank
overdrafts 14,092 14,392 Total current liabilities 19,783 22,744
LONG-TERM DEBT, net of current maturities 10,070 11,785 OTHER
LONG-TERM LIABILITIES 222 240 Total liabilities 30,075 34,769
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred
stock, $.001 par value; 2,000,000 shares authorized; 393,701 shares
issued and outstanding 4,000 - Common stock, $.001 par value;
30,000,000 shares authorized; 7,688,027 shares issued at June 30,
2004 and December 31, 2003 8 8 Additional paid-in capital 12,728
12,883 Treasury stock, 29,367 shares at cost (162) (162)
Accumulated deficit (6,969) (7,146) Total stockholders' equity
9,605 5,583 Total liabilities and stockholders' equity $39,680
$40,352 CD&L, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share data)
(Unaudited) For the For the Three Months Ended Six Months Ended
June 30, June 30, 2004 2003 2004 2003 Revenue $49,257 $40,887
$95,739 $81,194 Cost of revenue 39,894 33,149 77,779 66,192 Gross
profit 9,363 7,738 17,960 15,002 Costs and Expenses: Selling,
general and administrative expenses 8,000 6,607 15,535 13,135
Depreciation and amortization 274 189 494 406 Other expense
(income), net 623 (65) 612 (1,166) Interest expense 453 637 1,024
1,247 Total Costs and Expenses 9,350 7,368 17,665 13,622 Income
before provision for income taxes 370 1,380 13 295 Provision for
income taxes 5 148 118 552 Net income $8 $222 $177 $828 Net income
per share: Basic $.00 $.03 $.02 $.11 Diluted $.00 $.03 $.01 $.10
Basic weighted average common shares outstanding 7,659 7,659 7,659
7,659 Diluted weighted average common shares outstanding 12,570
8,165 10,404 8,167 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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