CD & L S2 (AMEX:CDV)
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CD&L Reports 15% Year Over Year Revenue Growth * EBITDA Up by
More Than 40% *
SOUTH HACKENSACK, N.J., May 20 /PRNewswire-FirstCall/ -- CD&L, Inc. ,
announced first quarter 2004 revenue of $46,482,000, which is $6.2 million
higher than the same three months in 2003. Net income was $169,000 or $.02 per
basic common share compared to net income for the same 2003 period of $606,000
or $.08 per basic common share. The 2003 net income included a $1,034,000
pre-tax gain on the sale of the Sureway note receivable.
The Company's Group President, Michael Brooks, said "CD&L's cost of goods sold
as a percentage of revenue had improved resulting in a gross profit margin of
18.5% for the three months just ended compared to the 2003 first quarter gross
margin of 18.0%. Our Company's SG&A expense increased partially as a result of
the Company's increased revenue, but remained flat at 16.2% of revenue."
Russ Reardon, the Company's CFO, stated that "the Company's earnings before
interest, depreciation, amortization and taxes ("EBITDA") reached $1,063,000
in the first quarter 2004 versus the same quarter of 2003 of $736,000
representing an improvement of 44.4%."
CD&L, Inc. operates 70 facilities in 21 states providing last mile delivery
solutions to various industries. The Company has over 1,493 employees and
utilizes approximately 2,450 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,
2004 2003
Revenue $46,482 $40,307
Cost of revenue 37,884 33,043
Gross profit 8,598 7,264
Costs and Expenses:
Selling, general, and administrative
expenses 7,535 6,528
Depreciation and amortization 221 217
Other (income), net (11) (1,101)
Interest expense 571 610
Total Costs and Expenses 8,316 6,254
Income before provision for income
taxes 282 1,010
Provision for income taxes 113 404
Net income $169 $606
Net income per share:
Basic $.02 $.08
Diluted $.02 $.07
Basic weighted average common shares
outstanding 7,659 7,659
Diluted weighted average common shares
outstanding 8,238 8,170
CD&L, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
March 31, December 31,
2004 2003
(Unaudited) (Note 1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $697 $1,697
Accounts receivable, net 18,738 18,786
Prepaid expenses and other
current assets 2,940 4,068
Total current assets 22,375 24,551
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 1,279 1,446
GOODWILL, net 11,531 11,531
INTANGIBLE ASSETS AND DEFERRED
FINANCING COSTS, net 1,956 437
OTHER ASSETS 1,062 2,387
Total assets $38,203 $40,352
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $3,799 $5,767
Current maturities of long-term debt 2,043 2,585
Accounts payable, accrued
liabilities and bank overdrafts 14,981 14,392
Total current liabilities 20,823 22,744
LONG-TERM DEBT, net of current
maturities 11,395 11,785
OTHER LONG-TERM LIABILITIES 233 240
Total liabilities 32,451 34,769
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
March 31, 2004 and December 31, 2003 8 8
Additional paid-in capital 12,883 12,883
Treasury stock, 29,367 shares at
cost (162) (162)
Accumulated deficit (6,977) (7,146)
Total stockholders' equity 5,752 5,583
Total liabilities and
stockholders' equity $38,203 $40,352
DATASOURCE: CD&L, Inc.
CONTACT: Russell Reardon, CFO, CD&L, Inc., +1-201-487-7740