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., +1-201-0487-7740
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