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TLC helps drive record earnings for C2 Inc

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.

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