CD&L Reports Net Income Improvement for Full Year 2003

CD&L Reports Net Income Improvement for Full Year 2003
* 2003 Full Year Net Income Six Times That of 2002 * 


SOUTH HACKENSACK, N.J., April 15  /PRNewswire-FirstCall/ -- CD&L, Inc. , one of
the nation's leading providers of customized, time-critical delivery services
announced 2003 full year net income of $1,682,833, or $.22 per basic share,
compared to a 2002 full year net income of $285,103, or $.04 per basic share. 
The Company's full year revenue for 2003 reflected an approximate 5.6% increase
over the 2002 fiscal year resulting in a reported revenue of $166,083,264, or
$8,850,981 higher than the twelve months ending December 31, 2002.

The Company's Chairman and CEO, Al Van Ness, said, "The CD&L team has worked
extremely hard to improve the Company's operating performance, to identify and
win new customers, to rationalize the Company's cost model and to support
leading edge delivery technology services."  Mr. Van Ness went on to say, "Our
growth strategies, supported by the launch of a business development program
which focuses on applying the Company's delivery logistical solutions in
targeted markets is gathering momentum at the local, regional, and national
level."  Mr. Van Ness added, "We, at CD&L, remain committed to provide our
customers with the highest level of delivery logistics solutions combined with
technology offerings that best meet their needs."

The Company's CFO, Russ Reardon reported that "CD&L's cost of revenue as a
percentage of revenue has been reduced from 80.9% in 2002 to 80.3% in 2003.
These cost margin improvements were the result of an increase in the use of
independent contractors, and were offset by an SGA increase in the Company's
bad debt reserves, legal accruals and additional premises rent for new
facilities as a result of the expanded Company customer base."  Mr. Reardon
also commented that "the pace of new customers partnering with CD&L -- which
began in earnest in early 2003 -- has the Company's current revenue run rate at
11% higher than the year just completed."

Separately, Mr. Reardon indicated that "the Company's liquidity position has
been positively impacted by the just completed debt restructuring which will be
announced in a separate news release."

CD&L, Inc. operates 67 facilities in 21 states providing last mile delivery
solutions to various industries.  The Company has over 1,400 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.
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 will decrease as well as other risks specified in the Company's
SEC filings.

                       CD&L, INC. AND SUBSIDIARIES
                       CONSOLIDATED BALANCE SHEETS
                    (in thousands, except share data)


                                  ASSETS

                                                            December 31,
                                                         2003        2002
  CURRENT ASSETS:
      Cash and cash equivalents                         $1,697      $1,452
      Accounts receivable, less allowance for
       doubtful accounts of $872
       and $492 in 2003 and 2002, respectively          18,786      14,909
      Deferred income taxes                              1,542       1,535
      Prepaid expenses and other current
       assets                                            2,526         584

        Total current assets                            24,551      18,480

  EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net              1,446       1,233
  GOODWILL, net                                         11,531      11,531
  DEFERRED FINANCING COSTS, net                            437         661
  NOTE RECEIVABLE FROM STOCKHOLDER, less
   allowance of $2,800 in 2002                              --          --
  NOTE RECEIVABLE AND SECURITY DEPOSITS                  2,235       1,878
  DEFERRED INCOME TAXES                                    152          38

             Total assets                              $40,352     $33,821


                     LIABILITIES AND STOCKHOLDERS' EQUITY
  CURRENT LIABILITIES:
      Short-term borrowings                            $5,767          $--
      Current maturities of long-term debt              2,585        3,442
      Accounts payable and bank overdrafts
      (bank overdrafts totaled $2,649 and $1,632 in
       2003 and 2002, respectively)                     2,649        2,644
      Accrued expenses and other current               11,743        9,525
       liabilities

       Total current liabilities                       22,744       15,611

  LONG-TERM DEBT, net of current maturities            11,785       14,041
  OTHER LONG-TERM LIABILITIES                             240          269

             Total liabilities                         34,769       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
     in 2003 and 2002                                       8            8

      Additional paid-in capital                       12,883       12,883
      Treasury stock, 29,367 shares at cost              (162)        (162)
      Accumulated deficit                              (7,146)      (8,829)

          Total stockholders' equity                    5,583        3,900

                Total liabilities and
                 stockholders' equity                 $40,352      $33,821



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



                                          For the Years Ended December 31,
                                            2003         2002         2001

  Revenue                               $166,083     $157,232     $160,544
  Cost of revenue (exclusive of
   depreciation and amortization)        133,348      127,152      127,840

    Gross profit                          32,735       30,080       32,704

  Selling, general and
   administrative expenses                28,136       25,492       26,881
  Goodwill impairment                         --                     3,349

  Depreciation and amortization              756        1,173        2,476
  Other (income) expense, net             (1,496)         206        4,685
    Interest expense                       2,534        2,734        2,897

                                          29,930       29,605       40,288

  Income (loss) from continuing
   operations before provision
   (benefit) for income taxes              2,805          475       (7,584)
  Provision (benefit) for income
   taxes                                   1,122          190       (1,780)

  Income (loss) from continuing
   operations                             $1,683          285       (5,804)

  Discontinued operations
   Provision for loss on disposal
    of assets, net of benefit for
    income taxes of $0, $0 and $240,
    respectively                              --           --         (465)
  Loss from discontinued
   operations                                 --           --         (465)
       Net income (loss)                  $1,683         $285      ($6,269)

  Basic income (loss) per share:
    Continuing operations                   $.22         $.04        ($.76)
    Discontinued operations                  .00          .00         (.06)
    Net income (loss) per share             $.22         $.04        ($.82)

  Diluted income (loss) per share:
    Continuing operations                   $.21         $.03        ($.76)
    Discontinued operations                  .00          .00         (.06)
    Net income (loss) per share             $.21         $.03        ($.82)

  Basic weighted average common
   shares outstanding                      7,659        7,659        7,659
  Diluted weighted average common
   shares outstanding                      8,174        8,167        7,659


DATASOURCE: CD&L, Inc.



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

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