Wednesday, logistics service provider Dynamex Inc. (DDMX ), reported a decline in fourth-quarter profit hit by charges, as well as an 18.7% decrease in sales with core sales and fuel surcharges declining.
The Dallas, Texas based company reported first quarter net income of $1.8 million or $0.18 per share, compared to $4.6 million or $0.45 per share in the prior year quarter. Excluding charges, income for the quarter was $0.25 per share.
On average, five analysts polled by Thomson Reuters expected the company to earn $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the quarter included a pre-tax restructuring charge of $1.1 million, or $0.7 million or $0.07 per share upon closure of the company's Toronto administrative office.
Sales for the quarter were $97.0 million, down 18.7% from $119.1 million in the comparable quarter last year. Analysts expected the company to report revenue of $97.57 million for the quarter.
Operating income for the quarter plunged 65% to $2.7 million, from the prior year quarter. Excluding the restructuring charge, operating income declined about 50%.
Total operating expenses for the quarter declined to $94.2 million from $111.5 million in the comparable quarter last year.
For the full fiscal year ended July 31, 2009, the company reported net income of $8.8 million or $0.89 per share, compared with net income of $15.8 million or $1.53 per share in the prior year. The full year 2009 results also include a first quarter, special payment of $1.5 million, pre-tax, $1.0 million after-tax, made to the former President and CEO.
Sales for the fiscal year was $402.1 million, down from $455.8 million in the previous year.
Looking ahead to the full year 2010, the company expects net income in the range of $1.10 - $1.30 per share. The company expects core sales growth of between 1.0% and 5.0% for full year 2010. Analysts currently anticipate the company to earn $1.09 per share for the full year.
DDMX closed Wednesday's regular trading at $17.26, up $0.73 or 4.42%, on the Nasdaq. In after hours, the share increased to $17.63, up $0.37 or 2.14%.
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