Total Logistics, Inc. Announces Continued Strong Growth and Record Earnings for Third Quarter and First Nine Months of 2004
October 26 2004 - 8:01AM
PR Newswire (US)
Total Logistics, Inc. Announces Continued Strong Growth and Record
Earnings for Third Quarter and First Nine Months of 2004 MILWAUKEE,
Oct. 26 /PRNewswire-FirstCall/ -- Total Logistics, Inc.
(NASDAQ:TLCX) announced today its third quarter 2004 net earnings
were $2,136,000, or $0.38 per diluted share, an increase of 36.2
percent compared to the prior year's third quarter net earnings of
$1,568,000, or $0.28 per diluted share. On a sequential basis, net
earnings grew 14.7 percent, driven by stronger demand and pricing
initiatives in both segments of the business. Consolidated revenues
reported for the third quarter increased 30.4 percent to
$92,727,000. Both the logistics and product segments revenues were
strong, increasing by 33.5 percent and 21.3 percent, respectively,
over the corresponding period in 2003. Net earnings for the nine
months ended September 30, 2004 were $5,086,000, an increase of
92.1 percent from the prior year's comparable period. Diluted
earnings per share for the nine months were $0.91, an increase of
89.6 percent from $0.48 per share reported for the previous year's
corresponding period. Revenues were $253,332,000, an increase of
25.1 percent, driven by strong growth at both Total Logistic
Control (TLC) and Zero Zone. William T. Donovan, President and CEO
commented, "We are again pleased to report record earnings for the
third quarter which are the result of important growth initiatives
we have undertaken at both TLC and Zero Zone. TLC has started up
seven new, long-term dedicated facility management projects in the
first nine months of 2004 which combined with additional scheduled
start-ups, will continue to be meaningful contributors to the
profitable growth we are driving. We see improved demand for
logistic services which are exceeding normal seasonal factors and
pricing is improving. We are operating at high utilization in most
of our warehouse facilities and see improving contribution."
Commenting further, "Zero Zone's orders and backlog for
refrigerated display casements and control systems continue to be
excellent. We see much stronger capital commitments by retailers to
increase the number of store locations and to refurbish older
stores which are the main drivers for this segment. Both TLC and
Zero Zone are on track to deliver strong earnings growth for the
fourth quarter of 2004 and beyond." 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 450 tractors with over 800 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 addition, Zero Zone
Refrigeration, based in Ramsey, Minnesota, manufactures
refrigeration houses and racks to power and control 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 Nine Months Ended
September 30, September 30, 2004 2003 2004 2003 Revenues: Logistic
Services $71,256 $53,394 $192,876 $152,226 Product Sales 21,471
17,701 60,456 50,354 92,727 71,095 253,332 202,580 Costs and
Expenses: Logistic Expenses 64,555 46,649 174,595 134,868 Cost of
Product Sales 16,915 14,120 47,884 41,307 Depreciation and
Amortization 1,791 1,952 5,116 5,780 Selling, General &
Administrative Expenses 5,235 4,931 15,216 13,746 88,496 67,652
242,811 195,701 Earnings from Operations 4,231 3,443 10,521 6,879
Other Expenses: Interest, net (671) (707) (1,989) (2,222) Other - -
(55) - (671) (707) (2,044) (2,222) Earnings before Income Taxes
3,560 2,736 8,477 4,657 Income Tax Provision 1,424 1,168 3,391
2,009 Net Earnings $2,136 $1,568 $5,086 $2,648 Basic Net Earnings
Per Share $0.40 $0.30 $0.95 $0.50 Diluted Net Earnings Per Share
$0.38 $0.28 $0.91 $0.48 Average Number of Shares Outstanding
5,379,864 5,275,864 5,348,266 5,273,875 Diluted Number of Shares
Outstanding 5,606,542 5,509,397 5,591,009 5,523,021 DATASOURCE:
Total Logistics, Inc. CONTACT: William T. Donovan, President and
CEO of Total Logistics, +1-414-291-9000 Web site:
http://www.totallogistic.com/ http://www.zero-zone.com/
http://www.totallogisticsinc.com/
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