UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2004
OR
o TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number: 000-21057
DYNAMEX INC.
(Exact name of registrant as specified in its charter)
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Delaware |
86-0712225 |
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(State of incorporation) |
(I.R.S. Employer Identification No.) |
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1870 Crown Drive, Dallas, Texas |
75234 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant’s telephone number, including area code: |
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(214) 561-7500 |
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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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
The number of shares of the registrant’s common stock, $.01 par value, outstanding as of December 1, 2004 was 11,486,397 shares.
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INDEX |
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1
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
DYNAMEX INC.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
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October 31, |
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July 31, |
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(Unaudited) |
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ASSETS |
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CURRENT |
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Cash and cash equivalents |
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$ |
4,712 |
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$ |
7,927 |
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Accounts receivable (net of allowance for doubtful accounts of $822 and $751, respectively) |
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31,351 |
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27,355 |
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Prepaid and other current assets |
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4,109 |
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1,825 |
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Deferred income taxes |
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2,010 |
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2,359 |
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Total current assets |
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42,182 |
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39,466 |
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PROPERTY AND EQUIPMENT - net |
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5,043 |
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4,731 |
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GOODWILL |
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46,118 |
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45,271 |
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INTANGIBLES - net |
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461 |
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475 |
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DEFERRED INCOME TAXES |
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10,168 |
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10,910 |
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OTHER |
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1,346 |
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1,219 |
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Total assets |
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$ |
105,318 |
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$ |
102,072 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES |
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Accounts payable trade |
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$ |
6,578 |
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$ |
5,216 |
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Accrued liabilities |
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15,919 |
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17,546 |
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Total current liabilities |
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22,497 |
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22,762 |
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LONG-TERM DEBT |
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8,310 |
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10,000 |
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Total liabilities |
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30,807 |
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32,762 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS’ EQUITY |
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Preferred stock; $0.01 par value, 10,000 shares authorized; none outstanding |
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— |
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— |
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Common stock; $0.01 par value, 50,000 shares authorized; 11,486 and 11,435 outstanding, respectively |
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115 |
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114 |
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Additional paid-in capital |
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75,783 |
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75,309 |
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Accumulated deficit |
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(4,244 |
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(7,417 |
) |
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Accumulated other comprehensive income |
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2,857 |
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1,304 |
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Total stockholders’ equity |
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74,511 |
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69,310 |
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Total liabilities and stockholders’ equity |
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$ |
105,318 |
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$ |
102,072 |
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See accompanying notes to the condensed consolidated financial statements.
2
DYNAMEX INC.
Condensed Statements of Consolidated
Operations
(in thousands except per share data)
(Unaudited)
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Three months ended |
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2004 |
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2003 |
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Sales |
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$ |
76,560 |
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$ |
70,073 |
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Cost of sales: |
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Purchased transportation |
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48,437 |
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43,945 |
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Other direct costs |
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6,241 |
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6,505 |
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Cost of sales |
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54,678 |
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50,450 |
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Gross profit |
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21,882 |
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19,623 |
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Selling, general and administrative expenses: |
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Salaries and employee benefits |
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11,387 |
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10,867 |
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Other |
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5,007 |
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4,617 |
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Selling, general and administrative expenses |
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16,394 |
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15,484 |
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Depreciation and amortization |
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376 |
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512 |
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(Gain) loss on disposal of property and equipment |
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5 |
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(19 |
) |
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Operating income |
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5,107 |
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3,646 |
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Interest expense |
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157 |
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332 |
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Other income, net |
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(50 |
) |
(88 |
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