CD&L Announces Third Quarter Results

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., [phone]



web site:  http://www.cdl.net/ 

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