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Dynamex, Inc. (DDMX) announced its financial results on Wednesday for the fourth quarter and year ended July 31, 2009. Sales were $97 million this quarter, 18.7% below the prior year as both core sales and fuel surcharges declined and the Canadian dollar was weaker compared to the U.S. dollar. Core sales (sales excluding changes in fuel surcharge and foreign exchange), declined 8.3% this quarter compared to the prior year. Core sales declined approximately 8.3% in Canada and 9.9% in the U.S. The Company estimates that lower fuel surcharges account for approximately 6.8% and the weaker Canadian dollar 3.5% of the decline in sales. The exchange rate between the Canadian dollar and the U.S. dollar was approximately 10.9% lower this quarter than the same quarter last year. The Company announced net income of $1.8 million, or $0.18 per share for the fourth quarter, compared to $4.6 million or $0.45 per share in the prior year. Sales in FY09 were 402.1 million versus $455.78 million in FY08. Net income in FY09 was $0.89 per share versus 1.53 per share in FY08. James Welch, President and CEO of Dynamex, commented in a conference call, "During this downturn in the economy, many of our direct competitors have seen a decline in sales volumes of 20-30%, and some players in this induistry segment saw declines of as much as 50%. There have been many bankruptcies in this industry, and virtually all public companies in the transportation industry have posted losses during this timeframe. Although we are not satisfied with our results, we feel like our top line performance beat much of our competition." He added, "We remained profitable in each quarter of FY09. This demonstrates that our operating model works well even in the worst of economic times. We also stayed cash flow positive and remain debt free." Ray Schmitz, CFO of Dynamex, explained, "In our restructuring efforts, we have eliminated the positions of President-USA and President-Canada; reduced the number of operating regions in both countries from 6 to 4; consolidated financial and accounting operations in our Dallas office with the associated closing of our Toronto administrative office. We will continue to incur some costs related to these actions in the first half of FY10, but we should begin to see the full benefit of these actions in the second half of the year. " Mr. Welch concluded, "We are moving forward with a fresh operating structure that is sales-driven and customer-focused. We will address short term demands in FY10 while building for long term success." The Company expects year-over-year core sales growth of between 1.0% and 5.0% for FY10 based on an average exchange rate of 0.92 Canadian dollars for each U.S. dollar. The increase in core sales from the FY09 fourth quarter run rate is expected to range between 6.0% and 9.0%. The Company's outlook includes the assumption that oil prices will average approximately $70 per barrel during FY10. The Company expects FY10 net income of $1.10 to $1.30 per fully diluted share. Dynamex forecast for FY10 earnings is above analysts' estimate of $1.06. KNOBIAS DISCLAIMER: All statements made in this article were made by the Company and do not in any way reflect the opinions of Knobias. Knobias is not a registered broker-dealer, nor investment advisor, and does not endorse or recommend any securities mentioned. This story is provided for informational purposes only and is not intended for trading purposes. Knobias shall not be liable for any actions taken in reliance of any information provided herein. Republication or redistribution of Knobias content is expressly prohibited without prior written consent of Knobias.com, LLC. ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information. If your company wishes to participate in the EventX newswire, please contact Knobias: http://www.knobias.com Knobias.com, LLC 601-978-3399 601-978-3675 info@knobias.com www.knobias.com/cmtx For full details for DDMX click here.
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