UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
(Mark One)
Quarterlyreport pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934 For the quarterly
period ended March 31, 1997 or
Transition report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934 For the transition period
from_______________to____________
Commission File Number: 0-26954
CONSOLIDATED DELIVERY & LOGISTICS, INC.
(Exact name of Registrant as specified in its charter)
Delaware 22-3350958
(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer Identification No.)
Mack Centre IV, 61 South Paramus Road 07652
Paramus, New Jersey (Zip Code)
(Address of principal executive offices)
(201) 291-1900
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes __ No___
The number of shares of common stock of the Registrant, par value $.001 per
share, outstanding as of May 9, 1997 was 6,658,551.
<PAGE>
CONSOLIDATED DELIVERY & LOGISTICS, INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997
INDEX
<TABLE>
<S> <C>
Page
Part I - Financial Information (unaudited)
Item 1 - Financial Statements
Consolidated Delivery & Logistics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets as of December 31, 1996, and 3
March 31, 1997
Condensed Consolidated Statements of Income for the Three Months Ended 4
March 31, 1996 and 1997
Condensed Consolidated Statements of Cash Flows for the Three Months 5
Ended March 31, 1996 and 1997
Notes to Condensed Consolidated Financial Statements 8
Item 2 - Management's Discussion and Analysis of Financial Condition and Results 9
of Operations
Part II - Other Information
Item 1 - Legal Proceedings 12
Item 6 - Exhibits and Reports on Form 8-K 12
Signature 13
</TABLE>
<PAGE>
CONSOLIDATED DELIVERY & LOGISTICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except share information)
<TABLE>
<S> <C> <C>
December 31, 1996 March 31, 1997
------------------ -----------------
(Note 1) (Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $1,725 $2,927
Accounts receivable, net 22,858 21,093
Prepaid expenses and other current assets 2,476 3,159
------------------ -----------------
Total current assets 27,059 27,179
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, net 4,316 4,166
OTHER ASSETS 4,315 4,599
================== =================
Total assets $35,690 $35,944
================== =================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $7,200 $8,250
Current maturities of long-term debt 1,152 978
Accounts payable and accrued liabilities 13,235 12,901
------------------ -----------------
Total current liabilities 21,587 22,129
LONG-TERM DEBT 3,415 3,310
OTHER LONG-TERM LIABILITIES 1,958 2,264
------------------
-----------------
Total liabilities 26,960 27,703
------------------ -----------------
STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value; 2,000,000 shares
authorized; no shares issued and outstanding 0 0
Common stock, $.001 par value; 30,000,000 shares
authorized; 6,795,790 and 6,658,551 shares issued
and outstanding at December 31, 1996, and
March 31, 1997, respectively 7 7
Additional paid-in capital 9,601 9,001
Retained earnings (878) (767)
------------------ -----------------
Total stockholders' equity 8,730 8,241
================== =================
Total liabilities and stockholders' equity $35,690 $35,944
================== =================
</TABLE>
See accompanying notes to condensed consolidated financial
statements.
CONSOLIDATED DELIVERY & LOGISTICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
<TABLE>
<S> <C> <C>
For the Three Months Ended March
31,
-----------------------------------
1996 1997
--------------- ---------------
REVENUES $40,165 $41,735
Cost of Revenues 29,483 31,941
--------------- ---------------
GROSS PROFIT 10,682 9,794
Selling, General, & Administrative Expenses 10,210 10,275
--------------- ---------------
OPERATING INCOME (LOSS) 472 (481)
OTHER (INCOME) EXPENSE:
Gain on sale of subsidiary 0 (816)
Other income, net (94) (95)
Interest expense 181 244
--------------- ---------------
INCOME BEFORE PROVISION FOR INCOME TAXES 385 186
Provision for Income Taxes 162 75
--------------- ---------------
NET INCOME $223 $111
=============== ===============
NET INCOME PER SHARE $.03 $.02
=============== ===============
WEIGHTED AVERAGE SHARES OUTSTANDING 6,630 6,706
=============== ===============
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
CONSOLIDATED DELIVERY & LOGISTICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<TABLE>
<S> <C> <C>
For the Three Months Ended
March 31,
--------------------------------
1996 1997
-------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $223 $111
Adjustments to reconcile net income to net cash provided by (used in)
operating activities -
Gain on disposal of equipment and leasehold improvements 0 (6)
Gain on sale of subsidiary 0 (816)
Depreciation and amortization 319 426
Changes in operating assets and liabilities
(Increase) decrease in -
Accounts receivable, net (1,117) 1,134
Prepaid expenses and other current assets (704) (781)
Other assets 275 (362)
Increase (decrease) in -
Accounts payable and accrued liabilities (1,194) 664
Other long-term liabilities (206) 306
-------------- --------------
Net cash provided by (used in) operating activities (2,404) 676
-------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment and leasehold improvements 0 22
Additions to equipment and leasehold improvements (536) (314)
-------------- --------------
Net cash used in investing activities (536) (292)
-------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Short-term borrowings, net (44) 1,050
Proceeds from long-term debt 440 0
Repayments of long-term debt (1,025) (232)
-------------- --------------
Net cash provided by (used in) financing activities (629) 818
-------------- --------------
Net increase (decrease) in cash and cash equivalents (3,569) 1,202
CASH AND CASH EQUIVALENTS, beginning of period 6,589 1,725
-------------- --------------
CASH AND CASH EQUIVALENTS, end of period $3,020 $2,927
============== ==============
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
CONSOLIDATED DELIVERY & LOGISTICS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1) BASIS OF PRESENTATION:
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. The condensed consolidated balance sheet at
December 31, 1996 has been derived from the audited financial
statements at that date. In the opinion of management, all adjustments
(consisting of normal recurring adjustments) considered necessary for a
fair presentation have been included. Operating results for the three
month period ended March 31, 1997 are not necessarily indicative of the
results that may be expected for any other interim period or for the
year ending December 31, 1997. For further information, refer to the
consolidated financial statements and footnotes thereto included in the
Company's Form 10-K for the year ended December 31, 1996.
Certain reclassifications have been made to the prior year's
condensed consolidated financial statements in order to conform to the
1997 presentation.
(2) SALE OF SUBSIDIARY:
On January 31, 1997 the Company sold the stock of Distribution
Solutions International, Inc. (DSI), a subsidiary involved in contract
logistics, to its former owner and president in exchange for 137,239
shares of the Company's common stock, valued at approximately $4.38 per
share (the closing price of the Company's common stock on the sale
date). In connection with the sale, the Company recorded a gain of
approximately $816,000 before applicable federal and state income
taxes. Revenues from the operation were approximately $970,000 and
$400,000 for the quarter ended March 31, 1996 and the month of January
1997, respectively. Operating losses were approximately $248,000 and
$20,000 for the same periods.
During the first quarter of 1997, the Company retired all of
the common shares acquired in connection with the sale of DSI. The cost
of the acquired shares in excess of par value (approximately $600,000)
has been charged to additional paid-in capital.
(3) NON-COMPLIANCE UNDER BANK COVENANTS:
The Company and certain of its subsidiaries are parties to a
Credit Agreement, dated as of May 31, 1996 (the "Credit Agreement"),
with Summit Bank and Mellon Bank, N.A. as co-agents for the banks party
thereto (collectively, the "Banks") pursuant to which the Banks have
provided the Company with a working capital facility (the "Facility").
At March 31, 1997, as a result of losses during 1996, the Company was
in violation of certain of the financial covenants contained in the
Credit Agreement, including leverage, interest and fixed charge
coverage ratios. In April 1997, the Company entered into a Forbearance
and Amendment Agreement with the Banks (the "Forbearance Agreement")
pursuant to which the Banks waived any default arising out of the
Company's failure to comply with the covenants referenced above and
agreed not to exercise any remedies under the Credit Agreement in
respect thereof until April 1, 1998. Pursuant to the terms of the
Forbearance Agreement, amounts available for borrowing under the
Facility were reduced to approximately $8.8 million until June 15, 1997
and, thereafter, to the lesser of $8.8 million or an amount determined
on a formula basis taking into account the Company's eligible accounts
receivable and any pre-tax losses incurred after March 31, 1997. The
interest rates borne by borrowings under the Facility were increased on
variable rate loans to prime plus 2.5% and may increase to prime plus
3.5% if the Company does not comply with certain provisions in the
Forbearance Agreement (fixed rate loans expiring in June 1997 will bear
interest at LIBOR plus 4.5%), the types of borrowings available to the
Company were reduced and the commitment fees payable to the Banks were
increased. In addition, under the Forbearance Agreement, the Company
must maintain a consolidated net worth of at least $6.8 million, may
not make any acquisitions and is required to establish certain separate
cash collection accounts. All amounts outstanding under the Facility
will become due and payable on April 1, 1998. The Company is currently
seeking to replace the Facility. However, there can be no assurance
that the Company will be able to obtain replacement financing or that
such replacement financing will be available on terms acceptable to the
Company. In the event that the Company is unable to comply with the
terms of the Forbearance Agreement, the Banks will have the right,
under the Credit Agreement, to exercise certain remedies, including
accelerating the repayment of any loans outstanding thereunder. There
can be no assurance that the Banks will continue to forbear from
exercising their remedies in those circumstances. If the Banks demand
repayment of the loans outstanding under the Facility and no
replacement financing is available, the Company might be required to
significantly curtail its operations.
(4) LITIGATION:
On March 19, 1997, a purported class action complaint,
captioned Gapszewicz v. Consolidated Delivery & Logistics, Inc., et al.
(97 Civ. 1939), was filed in the United States District Court for the
Southern District of New York against the Company, certain of the
Company's present and former executive officers, and the co-managing
underwriters of the Company's initial public offering (the "Offering").
The gravamen of the complaint is that the Company's registration
statement for the Offering contained misstatements and omissions of
material fact in violation of the federal securities laws and that the
Company's financial statements included in the registration statement
were false and misleading and did not fairly reflect the Company's true
financial condition. The complaint seeks the certification of a class
consisting of purchasers of the Company's Common Stock from November
21, 1995 through February 27, 1997, rescission of the Offering,
attorneys' fees and other damages. The Company believes that the
allegations contained in the complaint are without merit and intends to
defend the action vigorously.
Since the original complaint was filed the Company received
notice that other purported class action complaints were filed against
the Company, certain of the Company's directors, and the co-managing
underwriters of the Company's initial public offering. The complaints
were filed by several plaintiffs on behalf of buyers of Consolidated
Delivery & Logistics, Inc.'s stock during the period November 20, 1995
through February 27, 1997. As of May 7, 1997 the Company had not yet
been served with these complaints and therefore cannot comment further
on the allegations contained therein.
The Company and its subsidiaries are from time to time,
parties to litigation arising in the normal course of their business,
most of which involves claims for personal injury and property damage
incurred in connection with their operations. Management believes that
none of these actions, including the above actions, will have a
material adverse effect on the financial position or results of
operations of the Company and its subsidiaries.
(5) EARNINGS PER SHARE:
The Financial Accounting Standards Board has issued a new
standard, Statement of Financial Accounting Standards No. 128,
"Earnings Per Share" ("SFAS 128"). SFAS 128 establishes standards for
computing and presenting earnings per share. SFAS 128 simplifies the
standards for computing earnings per share previously found in APB
Opinion No. 15, "Earnings Per Share," and makes them comparable to
international earnings per share standards. It replaces the
presentation of primary earnings per share with a presentation of basic
earnings per share. It also requires dual presentation of basic and
diluted earnings per share on the face of the income statement for all
entities with complex capital structures and requires a reconciliation
of the numerator and denominator of the basic earnings per share
computation to the numerator and denominator of the diluted earnings
per share computation. The Company is required to adopt this standard
as of December 15, 1997 and early adoption is not permitted. SFAS 128
requires restatement of all prior period earnings per share
calculations presented. The Company has determined that adoption of
SFAS 128 will have no effect on earnings per share.
<PAGE>
Item 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operations
Overview
The following discussion of the Company's results of operations and of
its liquidity and capital resources should be read in conjunction with the
Condensed Consolidated Financial Statements of the Company and the related Notes
thereto appearing elsewhere herein.
Disclosure Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward looking statements. Certain information contained in this
Form 10-Q includes information that is forward looking, such as the Company's
expectations for future performance, its growth and acquisition strategies, its
anticipated liquidity and capital needs and its future prospects. The matters
referred to in such forward looking statements could be affected by the risks
and uncertainties related to the Company's business. These risks and
uncertainties include, but are not limited to, the effect of economic and market
conditions, the Company's lack of prior operating history, the Company's
non-compliance with the financial covenants contained in the Credit Agreement
and the results thereof, the ability of the Company to successfully integrate
the business of acquired companies, the impact of competition, both for
customers and for potential acquisition candidates, the need for financing to
implement the Company's strategic plan, as well as certain other risks described
elsewhere herein. Subsequent written and oral forward looking statements
attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by the cautionary statements contained herein and
elsewhere in this Form 10-Q and the Company's 1996 Annual Report on Form 10-K.
Results of Operations
Revenues
Revenues for the first quarter of 1997 increased by $1.5 million, or
3.7% to $41.7 million from $40.2 million for the first quarter of 1996. For the
first quarter of 1997, air courier revenues increased $1.6 million (13.6%),
ground delivery revenues increased $1.8 million (7.5%), and logistics revenues
declined by $1.9 million (43.2%). The revenue contribution of Distribution
Solutions International, Inc. (DSI), the Company's logistics subsidiary, prior
to its disposal decreased from the first quarter of 1996 to the first quarter of
1997 by approximately $570,000.
Air courier revenues benefited from the addition of approximately $1.2
million in revenues from previously disclosed acquisitions and the expansion of
the route structure in the New York City and Los Angeles regions. The balance of
growth in air courier revenues primarily represented increased demand from
existing customers. Ground delivery revenues benefited from the addition of time
services and facilities management services in the New York City region and the
addition of contract distribution revenue in the Southeast and Northeast regions
of the Company in the pharmaceutical distribution and retail industries. In
addition to the sale of DSI, logistics revenues were negatively impacted in the
quarter by the delay of a major direct mail marketing program by a customer from
the first to the second and third quarters of 1997.
Cost of Revenues
Cost of revenues increased by $2.4 million or 8.1%, from $29.5 million
for the first quarter of 1996 to $31.9 million for the first quarter of 1997.
Costs for air courier services increased due to airline fuel surcharges and
higher agent costs for pick-up and delivery as well as an overall increase in
employee headcount. Steps were taken during the quarter to (i) pass these
surcharges along to customers, (ii) renegotiate rates with the airlines and
delivery agents and (iii) reduce headcount. Higher equipment rental costs and
other operating costs relating to ground delivery which began during the fourth
quarter of 1996 in the mobilization and startup of several large distribution
contracts continued into the first quarter of 1997. Scheduling and routing
procedures are currently being evaluated with the objective of stabilizing and
reducing these operating costs.
As a result of the matters discussed above, gross profit decreased by
$900,000, or 8.4% from $10.7 million for the first quarter of 1996 to $9.8
million for the first quarter of 1997. Gross profit stated as a percentage of
revenue decreased by 3.1% in the first quarter of 1997 as compared to the first
quarter of 1996.
Selling, General and Administrative Expense
Selling, general and administrative expense decreased as a percentage
of revenue from 25.4% for the first quarter of 1996 to 24.6% for the first
quarter of 1997 reflecting the results of the Company's continuing consolidation
efforts and implementation of various cost control measures which began in the
fourth quarter of 1996 and continued throughout the first quarter of 1997. The
Company anticipates that selling, general and administrative expenses as a
percentage of revenues will continue to demonstrate this trend in the near term
as a result of these cost control measures as well as the effects of the
incentive compensation program that the Company implemented effective April 1,
1997.
Operating Income
For the reasons cited above, the Company's operating results decreased
from a profit of $472,000 for the first quarter of 1996 to a loss of $481,000
for the first quarter of 1997.
Gain on Sale of Subsidiary
On January 31, 1997 the Company sold DSI, the Company's logistics
subsidiary, for which it recognized a gain in the amount of $816,000.
Interest Expense
Interest expense increased $63,000 or 34.8% from $181,000 for the first
quarter of 1996 to $244,000 for the first quarter of 1997, primarily due to an
increase in the Company's outstanding borrowings.
Liquidity and Capital Resources
Working capital decreased by $500,000 to $5.0 million at March 31, 1997
from $5.5 million at December 31, 1996. Cash and cash equivalents increased by
$1.2 million from $1.7 million at December 31, 1996 to $2.9 million at March 31,
1997.
The increase in cash was primarily due to cash provided by operating
activities combined with cash from additional borrowings. These increases were
offset by cash used in the disposition of the Company's logistics subsidiary and
the purchase of equipment and leasehold improvements.
Capital expenditures were $536,000 and $314,000 for the first quarter
of 1996 and 1997, respectively.
Certain risk factors which may impact future operating results
The Company and certain of its subsidiaries are parties to a Credit
Agreement, dated as of May 31, 1996 (the "Credit Agreement"), with Summit Bank
and Mellon Bank, N.A. as co-agents for the banks party thereto (collectively,
the "Banks") pursuant to which the Banks have provided the Company with a
working capital facility (the "Facility"). At March 31, 1997, as a result of
losses during 1996, the Company was in violation of certain of the financial
covenants contained in the Credit Agreement, including leverage, interest and
fixed charge coverage ratios. In April 1997, the Company entered into a
Forbearance and Amendment Agreement with the Banks (the "Forbearance Agreement")
pursuant to which the Banks waived any default arising out of the Company's
failure to comply with the covenants referenced above and agreed not to exercise
any remedies under the Credit Agreement in respect thereof until April 1, 1998.
Pursuant to the terms of the Forbearance Agreement, amounts available for
borrowing under the Facility were reduced to approximately $8.8 million until
June 15, 1997 and, thereafter, to the lesser of $8.8 million or an amount
determined on a formula basis taking into account the Company's eligible
accounts receivable and any pre-tax losses incurred after March 31, 1997. The
interest rates borne by borrowings under the Facility were increased on variable
rate loans to prime plus 2.5% and may increase to prime plus 3.5% if the Company
does not comply with certain provisions in the Forbearance Agreement (fixed rate
loans expiring in June 1997 will bear interest at LIBOR plus 4.5%), the types of
borrowings available to the Company were reduced and the commitment fees payable
to the Banks were increased. In addition, under the Forbearance Agreement, the
Company must maintain a consolidated net worth of at least $6.8 million, may not
make any acquisitions and is required to establish certain separate cash
collection accounts. All amounts outstanding under the Facility will become due
and payable on April 1, 1998. The Company is currently seeking to replace the
Facility. However, there can be no assurance that the Company will be able to
obtain replacement financing or that such replacement financing will be
available on terms acceptable to the Company. In the event that the Company is
unable to comply with the terms of the Forbearance Agreement, the Banks will
have the right, under the Credit Agreement, to exercise certain remedies,
including accelerating the repayment of any loans outstanding thereunder. There
can be no assurance that the Banks will continue to forbear from exercising
their remedies in those circumstances. If the Banks demand repayment of the
loans outstanding under the Facility and no replacement financing is available,
the Company might be required to significantly curtail its operations.
Recently Issued Accounting Pronouncement
The Financial Accounting Standards Board has issued a new standard,
Statement of Financial Accounting Standards No. 128, "Earnings Per Share" ("SFAS
128"). SFAS 128 establishes standards for computing and presenting earnings per
share. SFAS 128 simplifies the standards for computing earnings per share
previously found in APB Opinion No. 15, "Earnings Per Share," and makes them
comparable to international earnings per share standards. It replaces the
presentation of primary earnings per share with a presentation of basic earnings
per share. It also requires dual presentation of basic and diluted earnings per
share on the face of the income statement for all entities with complex capital
structures and requires a reconciliation of the numerator and denominator of the
basic earnings per share computation to the numerator and denominator of the
diluted earnings per share computation. The Company is required to adopt this
standard as of December 15, 1997 and early adoption is not permitted. SFAS 128
requires restatement of all prior period earnings per share calculations
presented. The Company has not determined the effect adoption of SFAS 128 will
have on earnings per share.
Inflation
Inflation has not had a material impact on the Company's results of
operations.
<PAGE>
Part II - OTHER INFORMATION
Item 1 - Legal Proceedings.
On March 19, 1997, a purported class action complaint, captioned
Gapszewicz v. Consolidated Delivery & Logistics, Inc., et al. (97 Civ.
1939), was filed in the United States District Court for the Southern
District of New York against the Company, certain of the Company's
present and former executive officers, and the co-managing underwriters
of the Company's initial public offering (the "Offering"). The gravamen
of the complaint is that the Company's registration statement for the
Offering contained misstatements and omissions of material fact in
violation of the federal securities laws and that the Company's
financial statements included in the registration statement were false
and misleading and did not fairly reflect the Company's true financial
condition. The complaint seeks the certification of a class consisting
of purchasers of the Company's Common Stock from November 21, 1995
through February 27, 1997, rescission of the Offering, attorneys' fees
and other damages. The Company believes that the allegations contained
in the complaint are without merit and intends to defend the action
vigorously.
Since the original complaint was filed the Company received notice that
other purported class action complaints were filed against the Company,
certain of the Company's directors, and the co-managing underwriters of
the Company's initial public offering. The complaints were filed by
several plaintiffs on behalf of buyers of Consolidated Delivery &
Logistics, Inc.'s stock during the period November 20, 1995 through
February 27, 1997. As of May 7, 1997 the Company had not yet been
served with these complaints and therefore cannot comment further on
the allegations contained therein.
The Company and its subsidiaries are from time to time, parties to
litigation arising in the normal course of their business, most of
which involves claims for personal injury and property damage incurred
in connection with their operations. Management believes that none of
these actions, including the above actions, will have a material
adverse effect on the financial position or results of operations of
the Company and its subsidiaries.
Item 2 - Changes in Securities. Not applicable
Item 3 - Defaults Upon Senior Securities. Not applicable.
Item 4 - Submission of Matters to a Vote of Security Holders. Not applicable
Item 5 - Other Information. Not applicable.
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits - none.
(b) The Company has not filed any reports on Form 8-K during the
relevant period.
27 Financial Data Schedule (for electronic submission only)
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: May 14, 1996 CONSOLIDATED DELIVERY & LOGISTICS, INC.
By: /s/ Joseph G. Wojak
Joseph G. Wojak
Executive Vice President, Chief
Financial Officer, Treasurer
and Secretary
(PRINCIPAL FINANCIAL AND
ACCOUNTING OFFICER)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Financial Data Schedule for the First Quarter 1997
</LEGEND>
<CIK> 0001000779
<NAME> Consolidated Delivery & Logistics, Inc.
<MULTIPLIER> 1,000
<CURRENCY> $1.00
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1997
<PERIOD-END> Mar-31-1997
<EXCHANGE-RATE> $1.00
<CASH> 2,927
<SECURITIES> 0
<RECEIVABLES> 22,502
<ALLOWANCES> 1,409
<INVENTORY> 0
<CURRENT-ASSETS> 27,179
<PP&E> 12,409
<DEPRECIATION> 8,243
<TOTAL-ASSETS> 35,944
<CURRENT-LIABILITIES> 22,129
<BONDS> 2,000
0
0
<COMMON> 7
<OTHER-SE> 8,234
<TOTAL-LIABILITY-AND-EQUITY> 35,944
<SALES> 0
<TOTAL-REVENUES> 41,735
<CGS> 0
<TOTAL-COSTS> 31,941
<OTHER-EXPENSES> 9,938
<LOSS-PROVISION> 337
<INTEREST-EXPENSE> 244
<INCOME-PRETAX> 186
<INCOME-TAX> 186
<INCOME-CONTINUING> 186
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 111
<EPS-PRIMARY> .02
<EPS-DILUTED> .02
</TABLE>
