Dynamex Announces First Quarter Results.

DALLAS--(BUSINESS WIRE)--Dec. 14, 1998--Dynamex Inc. (Nasdaq:DYMX) today announced earnings for its fiscal quarter ended October 31, 1998 of $947,000 ( $0.09 per share ) based on revenues of $59,468,000.

These amounts compare with earnings of $967,000 ($0.13 per share) on revenues of $46,550,000 for the quarter ended October 31, 1997. Earnings before interest, taxes, depreciation and amortization amounted to $4,400,000 for the first quarter of fiscal 1999, as compared to $3,921,000 for the same period one year ago.

Richard K. McClelland, Chairman and CEO of Dynamex, said, "These results indicate internal sales growth of over 7%, which is below our expectations. While we have continued to experience month-to-month growth in daily sales, the increase has not been as great as expected and has resulted in total revenues approximately $1.9 million below anticipated amounts. We attribute this shortfall primarily to three factors. Normally, in the latter part of this quarter, we see business activity increase as compared to prior months; this year, however, this seasonal rebound did not occur as quickly as expected. The other factors contributing to this shortfall are results which were less than expected from our sales and marketing efforts, and the termination of two specific customer relationships in Canada.

"As the business has continued to expand, and in anticipation of completing the Quick acquisition, we have made certain infra-structure investments. These investments have been made in the areas of technology, accounting and administration, as well as in sales and marketing. As a result of these increased costs, operating margins were not as strong as had been anticipated. While these results are not acceptable, we believe the slow-down in internal growth is temporary and the fundamentals of the business remain sound. We also believe the investments we have made are important for the future growth of the Company. These investments, some of which are non-recurring, include a quicker standardization and enhancement of branch level technology platforms, company-wide information systems which will allow real-time visibility of branch level activity, the move of our U.S. accounting office from Phoenix to Dallas and additional efforts related to common branding and other promotional programs.

"We have been working to complete our previously announced acquisition of Quick International and expect that transaction to be effective early in January 1999. Given the pending completion of the Quick acquisition, we believe the infrastructure investments discussed above are more important than ever."

Dynamex is a leading provider of same-day delivery and logistics services in the United States and Canada.

This release contains forward-looking statements which involve assumptions regarding Company operations and future prospects. Although the Company believes its expectations are based on reasonable assumptions, such statements are subject to risk and uncertainty, including, among other things, acquisition strategy, competition, foreign exchange, and risks associated with the local delivery industry. Caution should be taken that these factors could cause the actual results to differ from those stated or implied in this and other Company communications. -0-

                             DYNAMEX INC.
                     Summary of Financial Results
                 (In Thousands Except Per Share Data)


                                                  Three Months Ended
                                                      October 31,
                                                 ---------------------
                                                    1998        1997
                                                  --------    --------

SALES                                           $  59,468    $ 46,550
COST OF SALES                                      39,829      31,514
                                                 ---------    --------
GROSS PROFIT                                       19,639     15,036
SELLING, GENERAL AND
    ADMINISTRATIVE EXPENSES                        15,239      11,115
DEPRECIATION AND AMORTIZATION                       1,831       1,404
                                                 ---------    --------

OPERATING INCOME                                    2,569       2,517
INTEREST EXPENSE                                      943         828
                                                 ---------    --------

INCOME BEFORE TAXES                                 1,626       1,689
INCOME TAXES                                          679         722
                                                 ---------    --------

NET INCOME                                      $     947    $    967
                                                 ---------    --------
                                                 ---------    --------
Earnings per common share -- basic:
                                                 ---------    --------
   Net income                                   $    0.09    $   0.13
                                                 ---------    --------
                                                 ---------    --------
Earnings per common share -- assuming dilution:
                                                 ---------    --------
   Net income                                   $    0.09    $   0.13
                                                 ---------    --------
                                                 ---------    --------
Weighted average shares:
   Common shares outstanding                       10,069       7,363
   Adjusted common shares -- assuming exercise
      of stock options                             10,127       7,495

Earnings before interest, taxes, depreciation
 and amortization                               $   4,400   $   3,921
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