Third party logistics provider Cardinal Logistics Management said it has received a two-year extension on its line of credit with Fleet Capital and other financial partners. Financial terms were not disclosed.
Concord, NC-based Cardinal, founded in 1997 with the purchase of truckload common carrier Cardinal Freight, added that it expects to exceed $180 million in revenue this year. It also noted that it exited the common carrier business in early 2001 with the sale of its van division to Swift Transportation.
Despite the sagging economy, the company remains upbeat about future market potential.
"We think the market for outsourced, specialized, high-intensity local fleet operations will continue to enjoy significant growth," said Cardinal president Tom Hostetler.