Total Logistics (NASDAQ:TLCX)
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Total Logistics, Inc. Announces Continued Strong Growth and
Record Earnings for Third Quarter and First Nine Months of 2004
MILWAUKEE, Oct. 26 /PRNewswire-FirstCall/ -- Total Logistics, Inc.
(NASDAQ:TLCX) announced today its third quarter 2004 net earnings were
$2,136,000, or $0.38 per diluted share, an increase of 36.2 percent compared to
the prior year's third quarter net earnings of $1,568,000, or $0.28 per diluted
share. On a sequential basis, net earnings grew 14.7 percent, driven by
stronger demand and pricing initiatives in both segments of the business.
Consolidated revenues reported for the third quarter increased 30.4 percent to
$92,727,000. Both the logistics and product segments revenues were strong,
increasing by 33.5 percent and 21.3 percent, respectively, over the
corresponding period in 2003.
Net earnings for the nine months ended September 30, 2004 were $5,086,000, an
increase of 92.1 percent from the prior year's comparable period. Diluted
earnings per share for the nine months were $0.91, an increase of 89.6 percent
from $0.48 per share reported for the previous year's corresponding period.
Revenues were $253,332,000, an increase of 25.1 percent, driven by strong
growth at both Total Logistic Control (TLC) and Zero Zone.
William T. Donovan, President and CEO commented, "We are again pleased to
report record earnings for the third quarter which are the result of important
growth initiatives we have undertaken at both TLC and Zero Zone. TLC has
started up seven new, long-term dedicated facility management projects in the
first nine months of 2004 which combined with additional scheduled start-ups,
will continue to be meaningful contributors to the profitable growth we are
driving. We see improved demand for logistic services which are exceeding
normal seasonal factors and pricing is improving. We are operating at high
utilization in most of our warehouse facilities and see improving
contribution."
Commenting further, "Zero Zone's orders and backlog for refrigerated display
casements and control systems continue to be excellent. We see much stronger
capital commitments by retailers to increase the number of store locations and
to refurbish older stores which are the main drivers for this segment. Both
TLC and Zero Zone are on track to deliver strong earnings growth for the fourth
quarter of 2004 and beyond."
Total Logistic Control
TLC, based in Zeeland, Michigan, is a national provider of integrated logistic
services which include refrigerated and dry warehousing, transportation
operations, supply chain management, dedicated third-party facility and
operations management, food distribution, bottling and packaging and
fulfillment services. TLC provides end-to-end supply chain services to a
number of major U.S. food and consumer product companies. Operations are
conducted through a national network of 31 logistic centers with 57.2 million
cubic feet of refrigerated capacity and over 3.2 million square feet of dry
warehouse space making it the tenth largest provider of refrigerated
warehousing services in the United States. TLC operates a fleet of over 450
tractors with over 800 refrigerated and dry trailers with 3 maintenance
facilities. TLC was recently cited by Inbound Logistics as a Top 10 Provider
of Third Party Logistics Excellence for the seventh year in a row. TLC is a
wholly-owned subsidiary of Total Logistics, Inc. More information about TLC is
available at http://www.totallogistic.com/ .
Zero Zone
Zero Zone, headquartered in North Prairie, Wisconsin is a manufacturer of
refrigerated and freezer display cases used in grocery, convenience and drug
store chains for retail merchandising of food, beverage and floral products. In
addition, Zero Zone Refrigeration, based in Ramsey, Minnesota, manufactures
refrigeration houses and racks to power and control refrigeration systems,
electrical panels, and stand-by power for supermarkets, convenience stores and
industrial applications. Zero Zone is a wholly-owned subsidiary of Total
Logistics, Inc. More information about Zero Zone is available at
http://www.zero-zone.com/ .
The statements contained in this release that are not historical facts are
forward-looking statements. Actual results may differ materially from
management's expectations. Although we believe our expectations are based on
reasonable assumptions, we can give no assurance that our goals will be
achieved. The forward-looking statements involve risk and uncertainties,
including but not limited to:
-- Demand for our products and services may be adversely affected by the
loss of a material customer, increases in interest rates, adverse
economic conditions, increased energy costs, weather or other factors.
-- The Company's market share may be adversely affected as a result of new
or increased competitive conditions including pricing pressure.
-- The Company's profitability may be adversely affected by performance
which does not meet standards established in contractual agreements
relating to transportation operations, logistics management, dedicated
facility operations and product warranty.
-- Consolidation within the food industry or food retailers could
negatively impact the Company's customers.
-- The Company's profitability may be adversely affected by increases in
interest rates due to our capital structure as a portion of our debt is
on a floating rate basis.
-- Reliance on a limited number of suppliers in product sales.
-- The Company's product sales profitability may be affected by volatility
in metal prices.
Shareholders, potential investors and other readers are urged to consider these
factors in evaluating the forward-looking statements and are cautioned not to
place undue reliance on such forward-looking statements. The forward- looking
statements included are made only as of the date of this report. We are not
obligated to publicly update such forward-looking statements to reflect
subsequent events or circumstances. Additional information regarding the
Company's business may be found in the Company's Annual Report on Form 10- K
for the year ended December 31, 2003 and other filings the Company has made or
may make with the Securities and Exchange Commission from time to time.
This and other Total Logistics, Inc. news releases and additional corporate
data can be found on Total Logistics' website at
http://www.totallogisticsinc.com/ .
TOTAL LOGISTICS, INC.
Consolidated Statement of Earnings
(In Thousands, Except Share and Per Share Data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
Revenues:
Logistic Services $71,256 $53,394 $192,876 $152,226
Product Sales 21,471 17,701 60,456 50,354
92,727 71,095 253,332 202,580
Costs and Expenses:
Logistic Expenses 64,555 46,649 174,595 134,868
Cost of Product Sales 16,915 14,120 47,884 41,307
Depreciation and
Amortization 1,791 1,952 5,116 5,780
Selling, General &
Administrative Expenses 5,235 4,931 15,216 13,746
88,496 67,652 242,811 195,701
Earnings from Operations 4,231 3,443 10,521 6,879
Other Expenses:
Interest, net (671) (707) (1,989) (2,222)
Other - - (55) -
(671) (707) (2,044) (2,222)
Earnings before Income Taxes 3,560 2,736 8,477 4,657
Income Tax Provision 1,424 1,168 3,391 2,009
Net Earnings $2,136 $1,568 $5,086 $2,648
Basic Net Earnings Per Share $0.40 $0.30 $0.95 $0.50
Diluted Net Earnings Per Share $0.38 $0.28 $0.91 $0.48
Average Number of Shares
Outstanding 5,379,864 5,275,864 5,348,266 5,273,875
Diluted Number of Shares
Outstanding 5,606,542 5,509,397 5,591,009 5,523,021
DATASOURCE: Total Logistics, Inc.
CONTACT: William T. Donovan, President and CEO of Total Logistics,
+1-414-291-9000
Web site: http://www.totallogistic.com/
http://www.zero-zone.com/
http://www.totallogisticsinc.com/