Total Logistics (NASDAQ:TLCX)
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Total Logistics, Inc. Announces Record Earnings for Second
Quarter and First Six Months of 2004
MILWAUKEE, July 28 /PRNewswire-FirstCall/ -- Total Logistics, Inc.
(NASDAQ:TLCX) announced today its second quarter 2004 net earnings were
$1,862,000, or $0.33 per diluted share, an increase of 262 percent compared to
the prior year's second quarter net earnings of $515,000, or $0.09 per diluted
share. Consolidated revenues reported for the second quarter increased 31
percent to $86,907,000. Both the logistics and product segments revenues were
strong, increasing by 33.9 percent and 22 percent, respectively, over the
corresponding period in 2003.
Net earnings for the six months ended June 30, 2004 were $2,950,000, an
increase of 173 percent from the prior year's comparable period. Diluted
earnings per share for the six months were $0.53, an increase of 170 percent
from $0.20 per share reported for the previous year's corresponding period.
Revenues were $160,605,000, an increase of 22.1 percent, driven by strong
growth at both Total Logistic Control and Zero Zone.
William T. Donovan, President and CEO, commented, "We are very pleased to
report record earnings for the second quarter and the continuation of strong
top-line growth in both of our businesses. Logistic service orders,
particularly facility management projects, and orders for refrigerated display
cases and control systems continue to be excellent and we are on track to
deliver strong earnings growth throughout the balance of 2004. Total Logistic
Control continues to generate high growth through new awards of long-term
facility management projects, high utilization of warehouse facilities and
growth in transportation services. Zero Zone continues to execute on its
growth initiatives in its casement and control systems businesses and the
backlog is substantially higher than in prior periods. Our outlook for Total
Logistics, Inc.'s business and financial performance for the balance of 2004
and beyond is for continued strong growth in revenues and earnings for both
companies as we execute on a sound, but aggressive business building strategy."
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 439
tractors with over 793 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
2002, Zero Zone acquired Zero Zone Refrigeration which manufactures
refrigeration houses and racks to power and control the 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 Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Revenues:
Logistic Services $67,406 $50,357 $121,620 $98,832
Product Sales 19,501 15,989 38,985 32,653
86,907 66,346 160,605 131,485
Costs and Expenses:
Logistic Expenses 61,046 45,050 110,041 88,209
Cost of Product Sales 15,310 13,283 30,968 27,187
Depreciation and
Amortization 1,537 1,923 3,326 3,837
Selling, General &
Administrative Expenses 5,222 4,430 9,981 8,816
83,115 64,686 154,316 128,049
Earnings from Operations 3,792 1,660 6,289 3,436
Other Expenses:
Interest, net (673) (758) (1,317) (1,515)
Other (16) - (55) -
(689) (758) (1,372) (1,515)
Earnings before Income Taxes 3,103 902 4,917 1,921
Income Tax Provision 1,241 387 1,967 840
Net Earnings $1,862 $515 $2,950 $1,081
Basic Net Earnings Per Share $0.35 $0.10 $0.55 $0.21
Diluted Net Earnings Per Share $0.33 $0.09 $0.53 $0.20
Average Number of Shares
Outstanding 5,377,051 5,273,853 5,332,294 5,272,858
Diluted Number of Shares
Outstanding 5,613,428 5,506,202 5,592,160 5,525,789
DATASOURCE: Total Logistics, Inc.
CONTACT: William T. Donovan, President and CEO of Total Logistics, Inc.,
+1-414-291-9000
Web site: http://www.zero-zone.com/
http://www.totallogistic.com/