C2 sustains fiscal setback in 2Q, year-to-date

C2 Inc, parent company of Zeeland MI-based Total Logistic Control (TLC), has announced its financial results for the second quarter and first six months of fiscal 2003 ended June 30, 2003. Consolidated revenues for the second quarter totaled $67,300,000, a 8.2% decrease when compared with revenues of $73,324,000 reported for 2002’s second quarter.

Revenues from logistic services for the second quarter were $51,311,000, about $2,000,000 below 2002’s comparable period due mainly to reduced throughput in certain fixed fee contracts, which does not alter the company’s fee structure.

Net earnings for the second quarter totaled $515,000, a decline of 40.2%, versus $861,000 for the same period a year ago.

Consolidated revenues for the six months ended June 30, 2003 totaled $131,485,000, reflecting a decline of 4.7% from 2002’s comparable period revenues of $137,964,000.

Net earnings for the six months ended June 30, 2003 totaled $1,081,000, a loss of 33% compared with $1,614,000 reported for the same period a year ago.

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