CD&L Announces Third Quarter Results

CD&L Announces Third Quarter Results 


SOUTH HACKENSACK, N.J., Nov. 17  /PRNewswire-FirstCall/ -- CD&L, Inc. , one of
the nation's leading providers of customized, time-critical delivery services
announced today its Third Quarter 2003 results along with the filing of the
Company's Quarterly Report on Form 10-Q.

Revenue for the three months ended September 30, 2003 increased by $1.9 million,
or 4.9%, to $40.8 million from $38.9 million for the three months ended
September 30, 2002.  Net income for the three months ended September 30, 2003
increased by $61,000 to $442,000, or $.06 per basic share, from $381,000 for the
three months ended September 30, 2002.  The increase in net income was primarily
due to increased revenues and lower insurance costs, partially offset by
economic and competitive pressures on pricing and increases in direct delivery
expenses.

CD&L, Inc., based in South Hackensack, NJ operates 57 facilities in 21 states,
with annual revenues of approximately $160,000,000. The Company has over 1,300
employees and utilizes approximately 2,200 independent contractors to provide
time-sensitive delivery services to thousands of customers across the country.

                       CD&L, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                 (In thousands, except share information)

                                                  September 30,    December
                                                      2003         31, 2002
                                                   (Unaudited)     (Note 1)

                      ASSETS

  CURRENT ASSETS:
    Cash and cash equivalents                         $1,066        $1,452
    Accounts receivable, net                          17,274        14,909
    Prepaid expenses and other current assets          5,013         2,119
      Total current assets                            23,353        18,480

  EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net              863         1,233
  GOODWILL                                            11,531        11,531
  DEFERRED FINANCING COSTS, net                          493           661
  OTHER ASSETS                                         2,216         1,916
      Total assets                                   $38,456       $33,821

       LIABILITIES AND STOCKHOLDERS' EQUITY

  CURRENT LIABILITIES:
    Short-term borrowings                             $5,026           $--
    Current maturities of long-term debt               2,665         3,442
    Accounts payable, accrued liabilities and
     bank overdrafts                                  13,091        12,169
      Total current liabilities                       20,782        15,611

  LONG-TERM DEBT, net of current maturities           12,173        14,041
  OTHER LONG-TERM LIABILITIES                            331           269
      Total liabilities                               33,286        29,921

  COMMITMENTS AND CONTINGENCIES

  STOCKHOLDERS' EQUITY:
   Preferred stock, $.001 par value; 2,000,000
    shares                                                --            --
     authorized; no shares issued and
      outstanding
   Common stock, $.001 par value; 30,000,000
    shares
  authorized; 7,688,027 shares issued at                   8             8
   September 30,
  2003 and December 31, 2002
   Additional paid-in capital                         12,883        12,883
   Treasury stock, 29,367 shares at cost                (162)         (162)
   Accumulated deficit                                (7,559)       (8,829)
      Total stockholders' equity                       5,170         3,900
      Total liabilities and stockholders' equity     $38,456       $33,821


                       CD&L, INC. AND SUBSIDIARIES
             CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                  (In thousands, except per share data)
                               (Unaudited)

                               For the Three Months    For the Nine Months
                                      Ended                   Ended
                                   September 30,           September 30,
                                  2003       2002        2003        2002

  Revenue                       $40,846    $38,921    $122,040    $116,355

  Cost of revenue                32,549     31,240      98,741      92,514

    Gross profit                  8,297      7,681      23,299      23,841

  Selling, general and
   administrative expenses        7,042      6,136      20,177      19,485
  Depreciation and
   amortization                     171        308         577         916
  Other income, net                (285)       (49)     (1,451)         --
  Interest expense                  633        650       1,880       2,061

                                  7,561      7,045      21,183      22,462

  Income before provision for
   income taxes                     736        636       2,116       1,379

  Provision for income taxes        294        255         846         552

    Net income                     $442       $381      $1,270        $827

  Net income per share:
    Basic                          $.06       $.05        $.17        $.11
    Diluted                        $.05       $.05        $.16        $.10

  Basic weighted average
   common shares outstanding      7,659      7,659       7,659       7,659

  Diluted weighted average
   common shares outstanding      8,175      8,166       8,169       8,167


DATASOURCE: CD&L, Inc.



CONTACT:  Russell Reardon, CFO of CD&L, Inc., [phone] 

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