CD&L restates 2001 financials
Express delivery firm CD&L had to eliminate its 2001 operating income of $3.34 million as a change to accounting standards forced the carrier to restore a goodwill deduction taken on losses incurred when it sold off several subsidiaries last year.
For 2001, South Hackensack, NJ-based CD&L said its revenues declined to $160.5 million versus $170 million in 2000. Its operating income before the accounting charge was $3.34 versus an operating loss of $2.87 million in 2000. After deducting for this goodwill impairment, taking a loss on the sale of its Mid-West Region operation and charges for discontinued operations, CD&L said its 2001 net loss totaled $6.26 million.
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