Total Logistics (NASDAQ:TLCX)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Total Logistics Charts. Click Here for more Total Logistics Charts.](/p.php?pid=staticchart&s=N%5ETLCX&p=8&t=15)
Total Logistics, Inc. Reports Continued Strong Earnings Growth
for First Quarter
MILWAUKEE, April 20 /PRNewswire-FirstCall/ -- Total Logistics, Inc. (formerly
CTOO) announced today its financial results for the first quarter ended March
31, 2004. Net earnings for the first quarter of 2004 of $1,088,000 nearly
doubled the prior year's first quarter earnings of $566,000. Diluted earnings
per share in the first quarter of 2004 were $.20 compared to $0.10 per diluted
share, reported for last year's first quarter. Consolidated revenues for the
first quarter increased 13.1 percent to $73.7 million, with revenue growth
coming from both the Logistic Services and Product Sales segments.
In addition, the Company announced shareholder approval of its name change from
C2, Inc. to Total Logistics, Inc. effective today. The Company has also
changed its website address to http://www.totallogisticsinc.com/. All other
contact information will remain the same.
Commenting on the results, William T. Donovan, President and CEO said, "We are
pleased to report the continuation of our strong earnings growth for the first
quarter of 2004. Our businesses are performing well and both have strong
growth and earnings momentum. Total Logistic Control (TLC) continues to win
important new long-term contracts to provide dedicated facility management
services and dedicated logistic service programs with major food, beverage and
industrial companies. These programs drive our growth in a very efficient
manner as we have minimal capital investment requirements to fund these
projects. Zero Zone's business is operating at a much higher level with a
strong order backlog and significant productivity improvement year over year.
Our outlook for Total Logistics' financial performance for the balance of 2004
and beyond is for continued strong growth in revenues and earnings as we
execute on our sound, but aggressive business building strategy."
First Quarter Financial Results:
Revenues for the first quarter ended March 31, 2004 increased 13.1 percent to
$73,700,000 due to growth in both the Logistic Services and Product Sales
segments. Logistic Services revenues increased 11.8 percent, driven by higher
volume primarily in dedicated facility management, and refrigerated
warehousing, partially offset by decreased logistics and dry warehousing
services. Product Sales increased 16.9 percent to $19,500,000 due primarily to
increased refrigerated display case sales, and refrigerated systems sales,
partially offset by lower food distribution sales.
Interest expense decreased to $645,000 in the first quarter of 2004, a decrease
of $112,000 from the first quarter of 2003. Reduced interest expense reflects
lower debt balances in the first quarter of 2004.
Net earnings for the quarter totaled $1,088,000, or $.20 per diluted share,
reflecting an increase of 92.4 percent, compared to net earnings of $566,000,
or $0.10 per diluted share, reported for last year's first quarter. Net
earnings were attributable to the combined effects of a 40.7 percent increase
in earnings from operations, a 14.8 percent decrease in interest expense and a
lower tax rate.
As previously announced the Company's Annual Meeting will take place today at
9:00 A.M. Central Time at the Galleria Conference Room, U.S. Bank Center, 777
East Wisconsin Avenue, Milwaukee, Wisconsin. Presentations made at the Annual
Meeting will be available for viewing on our web site.
Total Logistics, Inc. (formally C2, Inc.) is a Milwaukee-based public company
with two operating businesses, Total Logistic Control and Zero Zone.
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. Operations are conducted through a national network of
40 logistic centers with 30 million cubic feet of refrigerated capacity and
over 3 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 415 tractors with over 723 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
sixth year in a row. TLC is a wholly-owned subsidiary of C2, 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, general merchandise,
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 C2, 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
March 31,
2004 2003
Revenues:
Logistic Services $54,215 $48,475
Product Sales 19,484 16,664
73,699 65,139
Costs and Expenses:
Logistic Expense 48,995 43,159
Cost of Product Sales 15,658 13,904
Depreciation and Amortization 1,789 1,914
Selling, General & Administrative
Expenses 4,759 4,386
71,201 63,363
Operating Income 2,498 1,776
Other Income (Expense):
Interest Expense, net (645) (757)
Other Income (Expense) (39) --
(684) (757)
Earnings before Income Taxes 1,814 1,019
Provision for Income Taxes 726 453
Net Earnings $1,088 $566
Basic Earnings Per Share $0.21 $0.11
Diluted Earnings Per Share $0.20 $0.10
Average Number of Shares Outstanding 5,287,537 5,271,864
Diluted Number of Shares Outstanding 5,575,151 5,541,817
DATASOURCE: Total Logistics, Inc.
CONTACT: William T. Donovan, President and CEO of Total Logistics, Inc.,
+1-414-291-9000
Web site: http://www.totallogistic.com/
http://www.zero-zone.com/