CD&L Reports Net Income Improvement for Full Year 2003 * 2003
Full Year Net Income Six Times That of 2002 * SOUTH HACKENSACK,
N.J., April 15 /PRNewswire-FirstCall/ -- CD&L, Inc. , one of
the nation's leading providers of customized, time-critical
delivery services announced 2003 full year net income of
$1,682,833, or $.22 per basic share, compared to a 2002 full year
net income of $285,103, or $.04 per basic share. The Company's full
year revenue for 2003 reflected an approximate 5.6% increase over
the 2002 fiscal year resulting in a reported revenue of
$166,083,264, or $8,850,981 higher than the twelve months ending
December 31, 2002. The Company's Chairman and CEO, Al Van Ness,
said, "The CD&L team has worked extremely hard to improve the
Company's operating performance, to identify and win new customers,
to rationalize the Company's cost model and to support leading edge
delivery technology services." Mr. Van Ness went on to say, "Our
growth strategies, supported by the launch of a business
development program which focuses on applying the Company's
delivery logistical solutions in targeted markets is gathering
momentum at the local, regional, and national level." Mr. Van Ness
added, "We, at CD&L, remain committed to provide our customers
with the highest level of delivery logistics solutions combined
with technology offerings that best meet their needs." The
Company's CFO, Russ Reardon reported that "CD&L's cost of
revenue as a percentage of revenue has been reduced from 80.9% in
2002 to 80.3% in 2003. These cost margin improvements were the
result of an increase in the use of independent contractors, and
were offset by an SGA increase in the Company's bad debt reserves,
legal accruals and additional premises rent for new facilities as a
result of the expanded Company customer base." Mr. Reardon also
commented that "the pace of new customers partnering with CD&L
-- which began in earnest in early 2003 -- has the Company's
current revenue run rate at 11% higher than the year just
completed." Separately, Mr. Reardon indicated that "the Company's
liquidity position has been positively impacted by the just
completed debt restructuring which will be announced in a separate
news release." CD&L, Inc. operates 67 facilities in 21 states
providing last mile delivery solutions to various industries. The
Company has over 1,400 employees and utilizes approximately 2,450
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 BALANCE SHEETS (in thousands, except
share data) ASSETS December 31, 2003 2002 CURRENT ASSETS: Cash and
cash equivalents $1,697 $1,452 Accounts receivable, less allowance
for doubtful accounts of $872 and $492 in 2003 and 2002,
respectively 18,786 14,909 Deferred income taxes 1,542 1,535
Prepaid expenses and other current assets 2,526 584 Total current
assets 24,551 18,480 EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net
1,446 1,233 GOODWILL, net 11,531 11,531 DEFERRED FINANCING COSTS,
net 437 661 NOTE RECEIVABLE FROM STOCKHOLDER, less allowance of
$2,800 in 2002 -- -- NOTE RECEIVABLE AND SECURITY DEPOSITS 2,235
1,878 DEFERRED INCOME TAXES 152 38 Total assets $40,352 $33,821
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:
Short-term borrowings $5,767 $-- Current maturities of long-term
debt 2,585 3,442 Accounts payable and bank overdrafts (bank
overdrafts totaled $2,649 and $1,632 in 2003 and 2002,
respectively) 2,649 2,644 Accrued expenses and other current 11,743
9,525 liabilities Total current liabilities 22,744 15,611 LONG-TERM
DEBT, net of current maturities 11,785 14,041 OTHER LONG-TERM
LIABILITIES 240 269 Total liabilities 34,769 29,921 COMMITMENTS AND
CONTINGENCIES STOCKHOLDERS' EQUITY : Preferred stock, $.001 par
value; 2,000,000 shares authorized; no shares issued and
outstanding -- -- Common stock, $.001 par value; 30,000,000 shares
authorized, 7,688,027 shares issued in 2003 and 2002 8 8 Additional
paid-in capital 12,883 12,883 Treasury stock, 29,367 shares at cost
(162) (162) Accumulated deficit (7,146) (8,829) Total stockholders'
equity 5,583 3,900 Total liabilities and stockholders' equity
$40,352 $33,821 CD&L, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share data) For
the Years Ended December 31, 2003 2002 2001 Revenue $166,083
$157,232 $160,544 Cost of revenue (exclusive of depreciation and
amortization) 133,348 127,152 127,840 Gross profit 32,735 30,080
32,704 Selling, general and administrative expenses 28,136 25,492
26,881 Goodwill impairment -- 3,349 Depreciation and amortization
756 1,173 2,476 Other (income) expense, net (1,496) 206 4,685
Interest expense 2,534 2,734 2,897 29,930 29,605 40,288 Income
(loss) from continuing operations before provision (benefit) for
income taxes 2,805 475 (7,584) Provision (benefit) for income taxes
1,122 190 (1,780) Income (loss) from continuing operations $1,683
285 (5,804) Discontinued operations Provision for loss on disposal
of assets, net of benefit for income taxes of $0, $0 and $240,
respectively -- -- (465) Loss from discontinued operations -- --
(465) Net income (loss) $1,683 $285 ($6,269) Basic income (loss)
per share: Continuing operations $.22 $.04 ($.76) Discontinued
operations .00 .00 (.06) Net income (loss) per share $.22 $.04
($.82) Diluted income (loss) per share: Continuing operations $.21
$.03 ($.76) Discontinued operations .00 .00 (.06) Net income (loss)
per share $.21 $.03 ($.82) Basic weighted average common shares
outstanding 7,659 7,659 7,659 Diluted weighted average common
shares outstanding 8,174 8,167 7,659 DATASOURCE: CD&L, Inc.
CONTACT: Russell Reardon, CFO, CD&L, Inc., +1-201-487-7740
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