Exhibit 99.1
[CD&l LOGO]
Contacts: Russell Reardon, CFO
CD&L, Inc.
(201) 487-7740
FOR IMMEDIATE RELEASE
CD & L Reports Positive Results For The Full Year 2002
A Net Income Improvement of $6.5 Million Year Over Year
SOUTH HACKENSACK, N.J., May 1, 2003 - CD&L, Inc. (Amex:CDV), one of the nation's
leading providers of customized, time-critical delivery services announced today
its full year 2002 results along with the filing of the Company's Form 10-K
Annual Report.
Revenue for the year ended December 31, 2002 decreased $3,312,000, or
2.1%, to $157,232,000 from $160,544,000 for the year ended December 31, 2001.
The decrease included approximately $4,500,000 in lost revenue due to the sale
of the Company's Mid-West operations on June 14, 2001. All other revenue
increased by $1,188,000, or 0.7%.
Full year net income for 2002 improved by $6,554,000 over 2001.
Reported net income for the full year 2002 was $285,000. The 2002 full year net
income per basic share was $.04 compared to a net loss in 2001 of $(.82) per
basic share.
CD&L, Inc., based in South Hackensack, NJ operates 57 facilities in 21
states, with annual revenues of approximately $160,000,000. The Company has over
1,400 employees and utilizes approximately 2,200 independent contractors to
provide time-sensitive delivery services to thousands of customers across the
country.
# # #
CD&L, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
ASSETS
December 31,
-------------------------------------
2002 2001
----------------- ------------------
CURRENT ASSETS:
Cash and cash equivalents $1,452 $1,165
Accounts receivable, less allowance for doubtful accounts of $492
and $951 in 2002 and 2001, respectively 14,909 15,077
Deferred income taxes 1,535 221
Prepaid expenses and other current assets 584 1,962
------------------ ------------------
Total current assets 18,480 18,425
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 1,233 1,961
GOODWILL, net 11,531 11,531
INTANGIBLE ASSETS AND DEFERRED FINANCING COSTS, net 661 721
NOTE RECEIVABLE FROM STOCKHOLDER, less allowance of $2,800 and $2,500 in 2002
and 2001, respectively - 300
SECURITY DEPOSITS AND OTHER ASSETS 1,878 1,928
DEFERRED INCOME TAXES 38 615
------------------ ------------------
Total assets $33,821 $35,481
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $ - $ -
Current maturities of long-term debt 3,442 2,362
Accounts payable and bank overdrafts (bank overdrafts totaled $1,632 and $2,524
in 2002 and 2001, respectively) 2,644 3,790
Accrued expenses and other current liabilities 9,525 7,350
----------------- ------------------
Total current liabilities 15,611 13,502
LONG-TERM DEBT, net of current maturities 14,041 18,233
OTHER LONG-TERM LIABILITIES 269 131
----------------- ------------------
Total liabilities 29,921 31,866
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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 2002 and 2001 8 8
Additional paid-in capital 12,883 12,883
Treasury stock, 29,367 shares at cost (162) (162)
Accumulated deficit (8,829) (9,114)
----------------- ------------------
Total stockholders' equity 3,900 3,615
----------------- ------------------
Total liabilities and stockholders' equity $33,821 $35,481
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80 Wesley Street, South Hackensack, NJ 07606
Phone: (201) 487-7740 Fax: (201) 489-6974
CD&L, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Years Ended December 31,
------------------------------------------------------------
2002 2001 2000
------------------- ----------------- ------------------
Revenue $157,232 $160,544 $170,079
Cost of revenue 127,152 127,840 135,616
------------------- ---------------- -------------------
Gross profit 30,080 32,704 34,463
------------------- ---------------- -------------------
Costs and Expenses:
Selling, general and administrative expenses 25,492 26,881 33,978
Goodwill impairment - 3,349 -
Depreciation and amortization 1,173 2,476 3,355
Other expense, net 206 4,685 2,438
Interest expense 2,734 2,897 3,060
------------------- ---------------- -------------------
Total Costs and Expenses 29,605 40,288 42,831
------------------- ---------------- -------------------
Income (loss) from continuing operations before
provision (benefit) for income taxes 475 (7,584) (8,368)
Provision (benefit) for income taxes 190 (1,780) (2,139)
------------------- ---------------- -------------------
Income (loss) from continuing operations 285 (5,804) (6,229)
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Discontinued operations
Income from discontinued operations, net of provision
for income taxes of $0, $0 and $796, respectively
- - 1,388
Provision for loss on disposal of assets, net of
benefit for income taxes of $0, $240 and $125,
respectively - (465) (2,807)
------------------- ---------------- -------------------
Loss from discontinued operations - (465) (1,419)
---------------- -------------------
-------------------
Net income (loss) $285 ($6,269) ($7,648)
=================== ================ ===================
Basic income (loss) per share:
Continuing operations $.04 ($.76) ($.84)
Discontinued operations .00 ( .06) ( .19)
------------------- ---------------- -------------------
Net income (loss) per share $.04 ($.82) ($1.03)
=================== ================ ===================
Diluted income (loss) per share:
Continuing operations $.03 ($.76) ($.84)
Discontinued operations .00 ( .06) ( .19)
------------------- ---------------- -------------------
Net income (loss) per share $.03 ($.82) ($1.03)
=================== ================ ===================
Basic weighted average common
shares outstanding 7,659 7,659 7,430
=================== ================ ===================
Diluted weighted average common
shares outstanding 8,167 7,659 7,430
=================== ================ ===================
80 Wesley Street, South Hackensack, NJ 07606
Phone: (201) 487-7740 Fax: (201) 489-6974