CDV Amex .57/.60:
(PR NEWSWIRE) CD&L Announces Improved 2002 Second Quarter Results
CD&L Announces Improved 2002 Second Quarter Results
SOUTH HACKENSACK, N.J., Aug. 15 /PRNewswire-FirstCall/ --
CD&L, Inc. (Amex: CDV), one of the leading providers of customized,
time-critical delivery services, today announced second quarter 2002 revenues
of $38,885,000 versus $39,797,000 for the second quarter of 2001. Operating
income for the three months ended June 30, 2002 was $1,492,000, or
$373,000 higher than the operating income for the same period last year of
$1,119,000. Net income for the second quarter 2002 was $440,000, or $.06 per
basic share, versus a $(2,058,000) loss, or $(.27) per basic share, in the
same quarter of 2001. The loss in the prior year quarter was primarily
attributable to the $2.3 million loss recorded on the sale of the Company's
Mid-West operations in June 2001.
The second quarter year over year revenue reflected an increase of
approximately $1.2 million after adjusting for the loss of $2.1 million of
revenue from the Company's Mid-West region, which was sold in June 2001.
The operating income improvement is primarily attributable to the
elimination of goodwill amortization expense of $176,000 related to the
adoption of Statement of Financial Accounting Standards No. 142, "Goodwill and
Other Intangible Assets".
CD&L, Inc., based in South Hackensack, NJ, is one of the nation's leading
providers of same day time-critical and dedicated transportation services.
CD&L operates 94 facilities in 21 states, with annual revenues in excess of
$160,000,000. The Company has nearly 2,000 employees and utilizes
approximately 1,700 independent contractors to provide time-sensitive delivery
services to thousands of customers across the country.
CD&L, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2002 2001 2002 2001
Revenue $38,885 $39,797 $77,434 $79,834
Cost of revenue 30,653 31,236 61,274 62,689
Gross profit 8,232 8,561 16,160 17,145
Selling, general and
administrative expenses 6,395 6,771 13,349 13,974
Depreciation and
amortization 345 671 688 1,388
Operating income 1,492 1,119 2,123 1,783
Other expense (income):
Interest expense 660 741 1,331 1,470
Other expense, net 99 2,285 49 2,240
Income (loss) before
provision for income
taxes 733 (1,907) 743 (1,927)
Provision for income taxes 293 151 297 143
Net income (loss) $440 $(2,058) $446 $(2,070)
Net income (loss) per share:
Basic $.06 $(.27) $.06 $(.27)
Diluted .05 (.27) .05 (.27)
Basic weighted average
common shares
outstanding 7,659 7,659 7,659 7,659
Diluted weighted average
common shares
outstanding 8,169 7,659 8,168 7,659
CD&L, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
June 30, December 31,
2002 2001
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,560 $1,165
Accounts receivable, net 14,334 15,077
Prepaid expenses and other current assets 2,339 2,183
Total current assets 19,233 18,425
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 1,655 1,961
INTANGIBLE ASSETS, net 12,306 12,252
NOTE RECEIVABLE FROM STOCKHOLDER, net 300 300
OTHER ASSETS 2,484 2,543
Total assets $35,978 $35,481
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $-- $--
Current maturities of long-term debt 3,124 2,362
Accounts payable, accrued liabilities and
bank overdrafts 12,436 11,140
Total current liabilities 15,560 13,502
LONG-TERM DEBT 16,080 18,233
OTHER LONG-TERM LIABILITIES 277 131
Total liabilities 31,917 31,866
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 at June 30,
2002 and December 31, 2001 8 8
Additional paid-in capital 12,883 12,883
Treasury stock, 29,367 shares at cost (162) (162)
Accumulated deficit (8,668) (9,114)
Total stockholders' equity 4,061 3,615
Total liabilities and stockholders' equity $35,978 $35,481
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SOURCE CD&L, Inc.
-0- 08/15/2002
/CONTACT: Russell Reardon, CFO of CD&L, Inc., +1-201-487-7740/
/Web site:
(CDV)
CO: CD&L, Inc.
ST: New Jersey
IN: FIN TRN
SU: ERN
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