CDV CD & L S2

* Revenue Up by 14.9%/Net Income Up 70% * SOUTH HACKENSACK, N.J., Nov. 23 /PRNewswire-FirstCall/ -- CD&L, Inc. (AMEX:CDV), one of the nation's leading providers of customized, time-critical delivery services announced today its Third Quarter 2005 results along with the filing of the Company's Quarterly Report on Form 10-Q. Revenue for the three months ended September 30, 2005 increased by $7.4 million, or 14.9%, to $57.1 million from $49.7 million for the three months ended September 30, 2004. Net income for the three months ended September 30, 2005 increased by $348,000 to $840,000, or $.09 per basic share, from $492,000, or $.06 per basic share for the three months ended September 30, 2004. The Company's nine month revenue was $163.7 million, an increase of $18.3 million over 2004's first nine months. The 2005 nine month net income was $1.9 million, or $.20 per basic share versus $670,000 net income, or $.09 per basic share, for the first nine months in 2004. CD&L, Inc. operates from 94 locations in 22 states, including operations in 27 customer owned facilities, providing last mile delivery solutions to various industries. The company has over 1,500 employees and utilizes approximately 2,900 independent contractor drivers to provide time-sensitive delivery services to thousands of customers across the country. Certain statements in this release may be "forward-looking statements" within the meaning of Section 27A of the Securities and Exchange Act of 1933. Statements regarding future developments are based on current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements. Certain of such risks and uncertainties are more fully described in the Company's filings with the SEC, including the risk factors in its form 10K for the year ended December 31, 2004. CD&L, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share information) September 30, December 31, 2005 2004 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $1,112 $617 Accounts receivable, net 26,122 21,548 Prepaid expenses and other current assets 5,340 4,854 Total current assets 32,574 27,019 EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 1,640 1,627 GOODWILL, net 11,531 11,531 INTANGIBLE ASSETS AND DEFERRED FINANCING COSTS, net 1,425 1,737 OTHER ASSETS 1,797 828 Total assets $48,967 $42,742 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Short-term borrowings $7,708 $4,809 Current maturities of long-term debt 3,178 487 Accounts payable, accrued liabilities and bank overdrafts 15,125 13,660 Total current liabilities 26,011 18,956 LONG-TERM DEBT, net of current maturities 6,792 9,812 OTHER LONG-TERM LIABILITIES 1,667 1,370 Total liabilities 34,470 30,138 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $.001 par value; 2,000,000 shares authorized; 393,701 shares issued at September 30,2005 and December 31, 2004 4,000 4,000 Common stock, $.001 par value; 30,000,000 shares authorized; 9,385,678 shares issued at September 30, 2005 and December 31, 2004 9 9 Additional paid-in capital 14,320 14,320 Treasury stock, 29,367 shares at cost (162) (162) Accumulated deficit (3,670) (5,563) Total stockholders' equity 14,497 12,604 Total liabilities and stockholders' equity $48,967 $42,742 CD&L, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) For the Three Months For the Nine Months Ended Ended September 30, September 30, 2005 2004 2005 2004 Revenue $57,135 $49,705 $163,696 $145,444 Cost of revenue 46,077 40,338 131,490 118,116 Gross profit 11,058 9,367 32,206 27,328 Costs and Expenses: Selling, general and administrative expenses 9,288 7,863 27,257 23,397 Depreciation and amortization 274 272 824 767 Other (income) expense, net (20) (11) (30) 601 Interest expense 393 423 1,149 1,447 Total Costs and Expenses 9,935 8,547 29,200 26,212 Income before provision for income taxes 1,123 820 3,006 1,116 Provision for income taxes 283 328 1,112 446 Net income $840 $492 $1,894 $670 Net income per share Basic $.09 $.06 $.20 $.09 Diluted $.05 $.03 $.11 $.05 Basic weighted average common shares outstanding 9,356 7,659 9,356 7,659 Diluted weighted average common shares outstanding 20,288 18,336 20,263 13,048 DATASOURCE: CD&L, Inc. CONTACT: Russell Reardon, CFO of CD&L, Inc., +1-201-487-7740

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