Dynamex Inc., a provider of same-day delivery and logistics services in the United States and Canada, on Wednesday, Sept. 17, announced net income of $4.6 million for the fiscal year 2008 fourth quarter compared to $4.1 million in the prior year.
For the full fiscal year ended July 31, the company reported net income of $15.8 million compared with net income of $15.0 million in the prior year. The prior year includes a one-time after-tax benefit of $972,000 recorded in the second quarter of fiscal year 2007 from the resolution of prior-year cross-border transfer pricing issues. Excluding that adjustment from the prior year, net income per fully diluted share increased 17.6 percent.
“We are pleased with our performance for both the fourth quarter and year as we continued to deliver increased top- and bottom-line performance despite a very difficult economic environment and an historic rise in fuel costs,” said Rick McClelland, chairman and chief executive officer of Dallas-based Dynamex. “Our outlook for fiscal year 2009 continues to be positive as we believe our variable cost business model combined with our industry-leading technology and North American presence provides us with a distinct competitive advantage to sustain continued profitable growth and returns for our shareholders despite current economic challenges.”
Dynamex also announced that its board of directors has engaged a management recruiting firm to conduct a nationwide search for a senior executive to replace McClelland, who has informed the board of his desire to relinquish his duties as CEO once a suitable replacement has been identified but to remain as board chairman to focus on long-term strategy and planning. The board expects to complete this process before the end of this calendar year.
“I have dedicated more than 20 years of my life managing the day-to-day operations of Dynamex, and I want to focus more on strategy, planning and long-term opportunities for the company,” McClelland said. “I look forward to working with the board to identify the right person for the job and thus strengthening our overall management team so Dynamex can continue to grow and exploit the opportunities in our market.”