CD&L Reports Net Revenue Increase of 19.1% for Full Year 2004

CD&L Reports Net Revenue Increase of 19.1% for Full Year 2004



SOUTH HACKENSACK, N.J., April 19  /PRNewswire-FirstCall/ -- CD&L, Inc.
(AMEX:CDV), one of North America's leading providers of time-critical delivery
and logistics services announced that full year revenue for 2004 reflected an
approximate 19.1% increase over the 2003 fiscal year, with 2004 revenue
reported at $197,724,000, or $31,641,000 over 2003.

Russ Reardon, the Company's CFO, stated that "that the Company's significant
revenue growth was positive and reflects a continuation of the trend that began
in 2002 with the Company's new business development initiatives.  Full year
2004 income before other income and expenses, interest and income taxes was
$5,298,000 versus fiscal year 2003 of $3,843,000. Interest expense in 2004 was
reduced by $675,000 from 2003 primarily as a result of the April, 2004 senior
debt restructuring.  Net income decreased slightly from 2003 to 2004 due
principally to one time other income in 2003 of $1,496,000, which included an
exchange of a note receivable equalling $1,034,000 and a one time write off in
2004 of $601,000 in deferred financing costs and OID arising from the 2004 debt
refinancing.

Mr. Reardon went on to say that "the net impact of these other income/expenses
in fiscal years 2003 and 2004 resulted in a 2004 net income of $1,503,000, or
$.20 per basic share versus $.22 per basic share in 2003.  On a diluted basis,
the 2004 net income was $.11 per diluted share versus $.21 per diluted share in
2003."

CD&L, Inc. operates 94 facilities in 20 states, including 27 customer owned
facilities,  providing last mile delivery solutions to various industries.  The
Company has approximately 1,500 employees and utilizes approximately 2,800
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 STATEMENTS OF OPERATIONS
                  (in thousands, except per share data)



                                      For the Years Ended December 31,
                                     2004            2003          2002

  Revenue                        $197,724        $166,083      $157,232
  Cost of revenue
   (exclusive of depreciation
   and amortization)              160,270         133,348       127,152

   Gross profit                    37,454          32,735        30,080

  Selling, general and
   administrative expenses         31,105          28,136        25,492
  Depreciation and amortization     1,051             756         1,173
  Other (income) expense, net         601          (1,496)          206
  Interest expense                  1,859           2,534         2,734

                                   34,616          29,930        29,605

  Income before provision
   for income taxes                 2,838           2,805           475

  Provision for income taxes        1,255           1,122           190

   Net income                      $1,583          $1,683          $285

  Net income per share:
   Basic                             $.20            $.22          $.04
   Diluted                            .11             .21           .03

  Basic weighted average common
   shares outstanding               7,737           7,659         7,659
  Diluted weighted average common
   shares outstanding              14,513           8,174         8,167



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

                             ASSETS
                                                          December 31,
                                                     2004            2003
  CURRENT ASSETS:
   Cash and cash equivalents                          $617         $1,697
   Accounts receivable, less allowance
    for doubtful accounts of $1,330
    and $872 in 2004 and 2003, respectively         21,548         18,786
   Deferred income taxes                             1,248          1,542
   Prepaid expenses and other current assets         3,606          2,526

     Total current assets                           27,019         24,551

  EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net          1,627          1,446
  GOODWILL, net                                     11,531         11,531
  OTHER INTANGIBLE ASSETS AND
   DEFERRED FINANCING COSTS, net                     1,737            437
  NOTE RECEIVABLE AND SECURITY DEPOSITS                828          2,235
  DEFERRED INCOME TAXES                                  -            152

      Total assets                                 $42,742        $40,352


                   LIABILITIES AND STOCKHOLDERS' EQUITY
  CURRENT LIABILITIES:
    Short-term borrowings                           $4,809         $5,767
    Current maturities of long-term debt               487          2,585
    Accounts payable                                 4,200          2,649
    Accrued expenses and other current liabilities   9,460         11,743

    Total current liabilities                       18,956         22,744

  LONG-TERM DEBT, net of current maturities          9,812         11,785
  DEFERRED INCOME TAXES                              1,100              -
  OTHER LONG-TERM LIABILITIES                          270            240

      Total liabilities                             30,138         34,769

  COMMITMENTS AND CONTINGENCIES

  STOCKHOLDERS' EQUITY
   Preferred stock, $.001 par value;
    2,000,000 shares authorized;
    393,701 shares issued and outstanding
     at December 31, 2004                            4,000              -
   Common stock, $.001 par value;
    30,000,000 shares authorized,
    9,385,678 and 7,688,027 shares issued
    in 2004 and 2003, respectively                       9              8
   Additional paid-in capital                       14,320         12,883
   Treasury stock, 29,367 shares at cost              (162)          (162)
   Accumulated deficit                              (5,563)        (7,146)

    Total stockholders' equity                      12,604          5,583

      Total liabilities and
       stockholders' equity                        $42,742        $40,352


DATASOURCE: CD&L, Inc.



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

Copyright