C2 units account for a record-setting 2003
Apr 1, 2004 12:00 PM
C2 Inc, Milwaukee WI-based parent company of Total Logistic Control (TLC) and Zero Zone, announced its financial results for the fourth quarter and fiscal year ended Dec 31, 2003. Net earnings in the fourth quarter increased substantially to $1,504,000, compared with $404,000 reported for the fourth quarter of 2002. Consolidated revenues for the quarter rose 18% to $73,846,000, driven by continuing strong growth in both of C2's operating segments.
For the full year, C2 reported record net earnings of $4,152,000, representing a 36% increase versus fiscal 2002 net earnings of $3,061,000. Consolidated revenues for fiscal 2003 climbed 3% to a record $276,426,000 resulting from growth in Logistic Services.
William T Donovan, C2 president and chief executive officer, said, “C2's financial results for the fourth quarter and fiscal year 2003 reflect continued strong growth from both TLC and Zero Zone. Our significant earnings growth in the fourth quarter was led by TLC, which doubled its earnings from the prior year's comparable quarter. Zero Zone's business also improved significantly as increased sales of casements and refrigeration systems continued to strengthen each quarter throughout 2003.”
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