Dynamex Reports Improved 4Q Profit; Seeks New CEO

Logistics and delivery firm Dynamex Inc. reported an improved fiscal fourth-quarter profit and said it was searching for a new chief executive officer.

Fourth-quarter net income rose to $4.6 million, or 45 cents a share, from $4.1 million, or 38 cents, a year ago, the company said.

Revenue for the quarter ended July 31 rose 9.6% to $119 million.

Meanwhile, the company’s board is searching for a new CEO, as Richard McClelland, who has served as CEO of Dynamex and its predecessor companies for more than 20 years, said he will step down once a replacement has been found.

McClelland will remain chairman, and the company said it expects to find a new CEO by the end of the year.

For the full fiscal year, Dynamex earned $15.8 million, or $1.53 a share, up from $15 million, or $1.39, a year ago.

Full-year revenue rose 10.2% to $455.8 million.

Dynamex, which provides same-day delivery services, is ranked No. 60 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.