Total Logistics, Inc. Announces Record Earnings for Second Quarter and First Six Months of 2004
28 Julho 2004 - 10:55AM
PR Newswire (US)
Total Logistics, Inc. Announces Record Earnings for Second Quarter
and First Six Months of 2004 MILWAUKEE, July 28
/PRNewswire-FirstCall/ -- Total Logistics, Inc. (NASDAQ:TLCX)
announced today its second quarter 2004 net earnings were
$1,862,000, or $0.33 per diluted share, an increase of 262 percent
compared to the prior year's second quarter net earnings of
$515,000, or $0.09 per diluted share. Consolidated revenues
reported for the second quarter increased 31 percent to
$86,907,000. Both the logistics and product segments revenues were
strong, increasing by 33.9 percent and 22 percent, respectively,
over the corresponding period in 2003. Net earnings for the six
months ended June 30, 2004 were $2,950,000, an increase of 173
percent from the prior year's comparable period. Diluted earnings
per share for the six months were $0.53, an increase of 170 percent
from $0.20 per share reported for the previous year's corresponding
period. Revenues were $160,605,000, an increase of 22.1 percent,
driven by strong growth at both Total Logistic Control and Zero
Zone. William T. Donovan, President and CEO, commented, "We are
very pleased to report record earnings for the second quarter and
the continuation of strong top-line growth in both of our
businesses. Logistic service orders, particularly facility
management projects, and orders for refrigerated display cases and
control systems continue to be excellent and we are on track to
deliver strong earnings growth throughout the balance of 2004.
Total Logistic Control continues to generate high growth through
new awards of long-term facility management projects, high
utilization of warehouse facilities and growth in transportation
services. Zero Zone continues to execute on its growth initiatives
in its casement and control systems businesses and the backlog is
substantially higher than in prior periods. Our outlook for Total
Logistics, Inc.'s business and financial performance for the
balance of 2004 and beyond is for continued strong growth in
revenues and earnings for both companies as we execute on a sound,
but aggressive business building strategy." Total Logistic Control
TLC, based in Zeeland, Michigan, is a national provider of
integrated logistic services which include refrigerated and dry
warehousing, transportation operations, supply chain management,
dedicated third-party facility and operations management, food
distribution, bottling and packaging and fulfillment services. TLC
provides end-to-end supply chain services to a number of major U.S.
food and consumer product companies. Operations are conducted
through a national network of 31 logistic centers with 57.2 million
cubic feet of refrigerated capacity and over 3.2 million square
feet of dry warehouse space making it the tenth largest provider of
refrigerated warehousing services in the United States. TLC
operates a fleet of over 439 tractors with over 793 refrigerated
and dry trailers with 3 maintenance facilities. TLC was recently
cited by Inbound Logistics as a Top 10 Provider of Third Party
Logistics Excellence for the seventh year in a row. TLC is a
wholly-owned subsidiary of Total Logistics, Inc. More information
about TLC is available at http://www.totallogistic.com/ . Zero Zone
Zero Zone, headquartered in North Prairie, Wisconsin is a
manufacturer of refrigerated and freezer display cases used in
grocery, convenience and drug store chains for retail merchandising
of food, beverage and floral products. In 2002, Zero Zone acquired
Zero Zone Refrigeration which manufactures refrigeration houses and
racks to power and control the refrigeration systems, electrical
panels, and stand-by power for supermarkets, convenience stores and
industrial applications. Zero Zone is a wholly-owned subsidiary of
Total Logistics, Inc. More information about Zero Zone is available
at http://www.zero-zone.com/ . The statements contained in this
release that are not historical facts are forward-looking
statements. Actual results may differ materially from management's
expectations. Although we believe our expectations are based on
reasonable assumptions, we can give no assurance that our goals
will be achieved. The forward-looking statements involve risk and
uncertainties, including but not limited to: -- Demand for our
products and services may be adversely affected by the loss of a
material customer, increases in interest rates, adverse economic
conditions, increased energy costs, weather or other factors. --
The Company's market share may be adversely affected as a result of
new or increased competitive conditions including pricing pressure.
-- The Company's profitability may be adversely affected by
performance which does not meet standards established in
contractual agreements relating to transportation operations,
logistics management, dedicated facility operations and product
warranty. -- Consolidation within the food industry or food
retailers could negatively impact the Company's customers. -- The
Company's profitability may be adversely affected by increases in
interest rates due to our capital structure as a portion of our
debt is on a floating rate basis. -- Reliance on a limited number
of suppliers in product sales. -- The Company's Product Sales
profitability may be affected by volatility in metal prices.
Shareholders, potential investors and other readers are urged to
consider these factors in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
are made only as of the date of this report. We are not obligated
to publicly update such forward-looking statements to reflect
subsequent events or circumstances. Additional information
regarding the Company's business may be found in the Company's
Annual Report on Form 10-K for the year ended December 31, 2003 and
other filings the Company has made or may make with the Securities
and Exchange Commission from time to time. This and other Total
Logistics, Inc. news releases and additional corporate data can be
found on Total Logistics' website at
http://www.totallogisticsinc.com/ . TOTAL LOGISTICS, INC.
Consolidated Statement of Earnings (In Thousands, Except Share and
Per Share Data) (Unaudited) Three Months Ended Six Months Ended
June 30, June 30, 2004 2003 2004 2003 Revenues: Logistic Services
$67,406 $50,357 $121,620 $98,832 Product Sales 19,501 15,989 38,985
32,653 86,907 66,346 160,605 131,485 Costs and Expenses: Logistic
Expenses 61,046 45,050 110,041 88,209 Cost of Product Sales 15,310
13,283 30,968 27,187 Depreciation and Amortization 1,537 1,923
3,326 3,837 Selling, General & Administrative Expenses 5,222
4,430 9,981 8,816 83,115 64,686 154,316 128,049 Earnings from
Operations 3,792 1,660 6,289 3,436 Other Expenses: Interest, net
(673) (758) (1,317) (1,515) Other (16) - (55) - (689) (758) (1,372)
(1,515) Earnings before Income Taxes 3,103 902 4,917 1,921 Income
Tax Provision 1,241 387 1,967 840 Net Earnings $1,862 $515 $2,950
$1,081 Basic Net Earnings Per Share $0.35 $0.10 $0.55 $0.21 Diluted
Net Earnings Per Share $0.33 $0.09 $0.53 $0.20 Average Number of
Shares Outstanding 5,377,051 5,273,853 5,332,294 5,272,858 Diluted
Number of Shares Outstanding 5,613,428 5,506,202 5,592,160
5,525,789 DATASOURCE: Total Logistics, Inc. CONTACT: William T.
Donovan, President and CEO of Total Logistics, Inc.,
+1-414-291-9000 Web site: http://www.zero-zone.com/
http://www.totallogistic.com/
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