Exhibit 99.1
[CD&L LOGO]
80 Wesley Street, South Hackensack, NJ 07606
Phone: (201) 487-7740 Fax: (201) 489-6974
Contacts: Russell Reardon, CFO
CD&L, Inc.
(201) 487-7740
FOR IMMEDIATE RELEASE
CD&L Continues To Experience Quarterly Revenue Improvement
2003 Second Quarter Revenue Increases 5.1%
SOUTH HACKENSACK, N.J., August 19, 2003 - CD&L, Inc. (Amex:CDV), one of the
nation's leading providers of customized, time-critical delivery services
announced today its Second Quarter 2003 results along with the filing of the
Company's Quarterly Report on Form 10-Q.
Revenue for the three months ended June 30, 2003 increased by $2.0
million, or 5.1%, to $40.9 million from $38.9 million for the three months ended
June 30, 2002. Net income for the three months ended June 30, 2003 decreased by
$218,000 to $222,000, or $.03 per basic share, from $440,000 for the three
months ended June 30, 2002. The decrease in net income was primarily due to
economic and competitive pressures on pricing, increases in direct delivery
expenses, and increased premises rent, principally as a result of a need for
larger and additional facilities. Overhead expenses as a percentage of revenue
were lower in the reporting quarter versus the same quarter last year and the
company reported another reduction in general compensation.
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
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
June 30, December 31, 2002
2003
----------------- ------------------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,002 $1,452
Accounts receivable, net 15,662 14,909
Prepaid expenses and other current assets 2,728 2,119
----------------- ------------------
Total current assets 20,392 18,480
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 975 1,233
GOODWILL, net 11,531 11,531
INTANGIBLE ASSETS AND DEFERRED FINANCING COSTS, net
549 661
NOTE RECEIVABLE FROM STOCKHOLDER, net - -
OTHER ASSETS 2,137 1,916
----------------- ------------------
Total assets $35,584 $33,821
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $3,099 $ -
Current maturities of long-term debt 2,780 3,442
Accounts payable, accrued liabilities and bank overdrafts
12,103 12,169
----------------- ------------------
Total current liabilities 17,982 15,611
LONG-TERM DEBT, net of current maturities 12,558 14,041
OTHER LONG-TERM LIABILITIES 316 269
-----------------
------------------
Total liabilities 30,856 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 at June 30, 2003 and
December 31, 2002 8 8
Additional paid-in capital 12,883 12,883
Treasury stock, 29,367 shares at cost (162) (162)
Accumulated deficit (8,001) (8,829)
----------------- ------------------
Total stockholders' equity 4,728 3,900
----------------- ------------------
Total liabilities and stockholders' equity $35,584 $33,821
================= ==================
CD&L, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended For the Six Months
June 30, Ended June 30,
--------------------------------- -----------------------------
2003 2002 2003 2002
--------------- -------------- ------------ -------------
Revenue $40,887 $38,885 $81,194 $77,434
Cost of revenue 33,149 30,653 66,192 61,274
--------------- -------------- ------------ -------------
Gross profit 7,738 8,232 15,002 16,160
--------------- -------------- ------------ -------------
Costs and Expenses:
Selling, general and
administrative expenses 6,607 6,395 13,135 13,349
Depreciation and amortization 189 305 406 608
Other (income) expense, net (65) 99 (1,166) 49
Interest expense 637 700 1,247 1,411
--------------- -------------- ------------ -------------
Total Costs and Expenses 7,368 7,499 13,622 15,417
--------------- -------------- ------------ -------------
Income before provision for income taxes
370 733 1,380 743
Provision for income taxes 148 293 552 297
--------------- -------------- ------------ -------------
Net income $222 $440 $828 $446
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Net income per share:
Basic $.03 $.06 $.11 $.06
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Diluted $.03 $.05 $.10 $.05
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Basic weighted average common
shares outstanding 7,659 7,659 7,659 7,659
=============== ============== ============ =============
Diluted weighted average common
shares outstanding 8,165 8,169 8,167 8,168
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