C2 Inc announced its financial results for the fourth quarter and fiscal year ended December 31, 2002. Net earnings for the fourth quarter increased 84.1% to $405,000, compared with $220,000 reported for the fourth quarter of 2001. Consolidated revenues for the quarter rose 12.7% to $62,803,000, driven by continuing strong growth in integrated logistic services from its wholly owned subsidiary, Total Logistic Control (TLC).
For the full year, C2 reported record net earnings of $3,061,000, representing a 277% increase compared with fiscal 2001 net earnings of $812,000. Consolidated revenues for fiscal 2002 climbed 25.8% to a record $267,238,000 resulting from growth at both operating subsidiaries, TLC and Zero Zone.
Revenues for the fourth quarter ended Dec 31, 2002, were up 12.7% to $62,803,000 due mainly to growth in integrated logistic services at TLC. Revenues for the 12 months ended Dec 31, 2002, advanced 25.8% to a record level of $267,238,000 compared with $212,445,000 reported for fiscal 2001.
