CD&L Reports First Quarter Results
May 16 2006 - 2:27PM
PR Newswire (US)
** Revenue Increases 15% ** SOUTH HACKENSACK, N.J., May 16
/PRNewswire-FirstCall/ -- CD&L, Inc. (AMEX:CDV), the leading
provider of time critical delivery and logistics services in the
United States announced 2006 1st Quarter revenues of $60.4 million,
an increase of $8.1 million or 15.4% above that reported revenue
for the first three months of 2005. During the first Quarter of
this year, the Company expanded operations in on the West Coast and
Pennsylvania and Tennessee, which contributed to the above revenue
growth. Net income for the first three months of 2006 was $189,000,
or $.02 per basic common share, compared to net income for the same
period in 2005 of $428,000 or $.05 per basic common share. On a
fully diluted basis, the net income per diluted share for the first
three months of 2006 was $.01 compared to $.03 per diluted share in
2005 first three months. The Company's gross margin declined to
18.5% of revenue in the first three months of 2006 as compared to
19.7% for the same time period in 2005. The reduction in the
Company's gross profit margin as a percentage of revenue was due
primarily to new business start-up costs, continued rate pressures,
and fuel costs. Mr. Brannan, the Company's COO, commented that,
"The Company's pricing decisions in order to extend and renew
existing customers as well as attract new business have not kept
pace with the upward pressure in the Company's delivery costs." At
the same time, the Company's general and administrative expenses as
a percent of revenue declined in the 2006 first quarter compared to
the same time period in 2005, although these expenses were $1.3
million higher than last year's quarter. Michael Brooks, the
Company's Group President, commented that, "The increase of revenue
both from existing and new customers in new terminal locations and
certain same store terminals resulted in increased Company
overheads, premises costs, computer costs and certain legal costs
incurred as a result of certain business initiatives." CD&L,
Inc. operates from 114 locations in 23 states, including operations
in 28 customer owned facilities, providing last mile delivery
solutions to various industries. The company has over 1,500
employees and utilizes approximately 3,000 independent contractor
drivers to provide time-sensitive delivery services to thousands of
customers across the country. Certain statements in this 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 projected revenue
growth and improved margins and net income. Statements regarding
future developments are based on 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 CD&L will be
unable to generate revenue growth, better profit margins, or
improved net income. Certain of such risks and uncertainties are
more fully described in the Company's filings with the SEC,
including the risk factors in its Form 10- K for the year ended
December 31, 2005. CD&L, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (In thousands, except share
information) March 31, December 31, 2006 2005 (Unaudited) ASSETS
CURRENT ASSETS: Cash and cash equivalents $777 $837 Accounts
receivable, net 26,991 26,376 Prepaid expenses and other current
assets 3,329 4,048 Total current assets 31,097 31,261 EQUIPMENT AND
LEASEHOLD IMPROVEMENTS, net 3,449 3,438 GOODWILL, net 11,531 11,531
OTHER INTANGIBLE ASSETS AND DEFERRED FINANCING COSTS, net 1,176
1,185 OTHER ASSETS 945 932 Total assets $48,198 $48,347 LIABILITIES
AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Short-term borrowings
$8,829 $8,921 Current maturities of long-term debt 532 552 Accounts
payable, accrued liabilities and bank overdrafts 15,247 15,423
Total current liabilities 24,608 24,896 LONG-TERM DEBT, net of
current maturities 5,154 5,292 OTHER LONG-TERM LIABILITIES 1,766
1,775 Total liabilities 31,528 31,963 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY: Preferred stock, $.001 par value; 2,000,000
shares authorized; 393,701 shares issued and outstanding at March
31, 2006 and December 31,2005 4,000 4,000 Common stock, $.001 par
value; 30,000,000 shares authorized; 10,046,846 and 10,041,846
shares issued at March 31, 2006 and December 31, 2005, respectively
10 10 Additional paid-in capital 15,689 15,592 Treasury stock,
29,367 shares at cost (162) (162) Accumulated deficit (2,867)
(3,056) Total stockholders' equity 16,670 16,384 Total liabilities
and stockholders' equity $48,198 $48,347 CD&L, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except per share data) (Unaudited) For the Three Months
Ended March 31, 2006 2005 Revenue $60,439 $52,355 Cost of revenue
49,233 42,046 Gross profit 11,206 10,309 Costs and Expenses:
Selling, general, and administrative expenses 10,192 8,880
Depreciation and amortization 318 274 Other income, net (16) (1)
Interest expense 356 391 Total Costs and Expenses 10,850 9,544
Income before provision for income taxes 356 765 Provision for
income taxes 167 337 Net income $189 $428 Net income per share:
Basic $.02 $.05 Diluted $.01 $.03 Basic weighted average common
shares outstanding 10,014 9,356 Diluted weighted average common
shares outstanding 19,775 20,253 DATASOURCE: CD&L, Inc.
CONTACT: Russell Reardon, CFO of CD&L, Inc., +1-201-487-7740
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