C2 Inc, parent company of Zeeland MI-based Total Logistic Control (TLC), announced its financial results for the first quarter ended March 31, 2003.
Consolidated revenues for the first quarter rose 0.8% to $65,139,000, resulting from 6.7% growth in logistic services revenues attributed to TLC and a 13.2% decline in product sales associated with food distribution services at TLC and refrigerated display cases at Zero Zone, the other C2 subsidiary.
First-quarter net earnings fell $187,000, or 24.8%, to $566,000, compared with $753,000 for 2002's first quarter due to lower volume in product sales.
C2 also announced that TLC was awarded a 10-year facility management service contract from a Fortune 100 food company to staff and operate a large new refrigerated distribution center in Rochelle IL. This award represents the eighth long-term facility management contract for TLC.
This facility will be constructed, adjacent to TLC's existing refrigerated logistics center. Operations are expected to begin when construction of the facility is completed in mid-2004. Besides operating this facility, TLC will provide rail transfer services through its short-line rail operations serving Rochelle.