##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
 
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended January 31, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 Commission file number: 000-21057
 DYNAMEX INC.
 (Exact name of registrant as specified in its charter)
 Delaware
(State of incorporation) 

5429 LBJ Freeway, Suite 1000, Dallas, Texas
(Address of principal executive offices)
    
    86-0712225
(I.R.S. Employer Identification No.)

75240
(Zip Code)
 Registrants telephone number, including area code:
(214) 560-9000
 þ o
  o þ o
 o þ




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##### 



DYNAMEX INC.
  
 INDEX
 PagePART IFINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Consolidated Balance Sheets
January 31, 2007 (Unaudited) and July 31, 2006
    
    
    2Condensed Statements of Consolidated Operations (Unaudited)
Three and six months ended January 31, 2007 and 2006
    
    
    3Condensed Statements of Consolidated Cash Flows (Unaudited)
Six months ended January 31, 2007 and 2006
    
    
    4Notes to Condensed Consolidated Financial Statements (Unaudited)
    
    
    5Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    11Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    19Item 4. Controls and Procedures
    
    
    20PART IIOTHER INFORMATIONItem 1. Legal Proceedings
    
    
    21Item 1A. Risk Factors
    
    
    21Item 4. Submission of Matters to a Vote of Security Holders
    
    
    22Item 6. Exhibits
    
    
    23Signatures
    
    
    24Exhibit Index
    
    
    E-1Certification of Chief Executive OfficerCertification of Chief Financial OfficerCertification of Chief Executive Officer Pursuant to Section 906Certification of Chief Financial Officer Pursuant to Section 906
  1




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##### Table of Contents



PART I
FINANCIAL INFORMATION
 
  DYNAMEX INC.
 
 
 January 31,
    
    
    July 31,2007
    
    
    2006(Unaudited)ASSETSCURRENTCash and cash equivalents
    
    $
    4,940
    
    
    $
    6,058Accounts receivable (net of allowance for doubtful accounts
of $806 and $676, respectively)
    
    
    44,132
    
    
    
    36,425Income taxes receivable
    
    
    417
    
    
    
    1,577Prepaid and other current assets
    
    
    3,056
    
    
    
    2,689Deferred income taxes
    
    
    2,807
    
    
    
    2,322Total current assets
    
    
    55,352
    
    
    
    49,071PROPERTY AND EQUIPMENT  net
    
    
    7,343
    
    
    
    5,967GOODWILL
    
    
    46,502
    
    
    
    46,934INTANGIBLES  net
    
    
    354
    
    
    
    390DEFERRED INCOME TAXES
    
    
    3,673
    
    
    
    5,580OTHER
    
    
    3,750
    
    
    
    2,357Total assets
    
    $
    116,974
    
    
    $
    110,299LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIESAccounts payable trade
    
    $
    9,308
    
    
    $
    11,168Accrued liabilities
    
    
    21,053
    
    
    
    19,014Total current liabilities
    
    
    30,361
    
    
    
    30,182LONG-TERM DEBT
    
    
    3
    
    
    
    905OTHER LONG-TERM LIABILITIES
    
    
    2,331
    
    
    
    Total liabilities
    
    
    32,695
    
    
    
    31,087COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS EQUITYPreferred stock;$0.01 par value, 10,000 shares authorized; none outstanding
    
    
    
    
    
    
    Common stock; $0.01 par value, 50,000 shares authorized; 10,604 and 10,638 outstanding, respectively
    
    
    106
    
    
    
    106Additional paid-in capital
    
    
    58,167
    
    
    
    58,514Retained earnings
    
    
    23,530
    
    
    
    16,160Accumulated other comprehensive income
    
    
    2,476
    
    
    
    4,432Total stockholders equity
    
    
    84,279
    
    
    
    79,212Total liabilities and stockholders equity
    
    $
    116,974
    
    
    $
    110,299
  2




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DYNAMEX INC.
 
 
 Three months ended
    
    
    Six months endedJanuary 31,
    
    
    January 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Sales
    
    $
    100,988
    
    
    $
    86,346
    
    
    $
    201,603
    
    
    $
    176,915Cost of sales:Purchased transportation
    
    
    66,115
    
    
    
    56,034
    
    
    
    131,946
    
    
    
    115,252Other direct costs
    
    
    8,698
    
    
    
    6,550
    
    
    
    16,554
    
    
    
    13,508Cost of sales
    
    
    74,813
    
    
    
    62,584
    
    
    
    148,500
    
    
    
    128,760Gross profit
    
    
    26,175
    
    
    
    23,762
    
    
    
    53,103
    
    
    
    48,155Selling, general and administrative expenses:Salaries and employee benefits
    
    
    14,583
    
    
    
    13,470
    
    
    
    28,665
    
    
    
    26,874Other
    
    
    6,810
    
    
    
    5,631
    
    
    
    13,257
    
    
    
    11,249Selling, general and administrative expenses
    
    
    21,393
    
    
    
    19,101
    
    
    
    41,922
    
    
    
    38,123Depreciation and amortization
    
    
    596
    
    
    
    448
    
    
    
    1,188
    
    
    
    941(Gain) loss on disposal of property and equipment
    
    
    (2
    )
    
    
    
    
    
    
    6
    
    
    
    1Operating income
    
    
    4,188
    
    
    
    4,213
    
    
    
    9,987
    
    
    
    9,090Interest expense
    
    
    116
    
    
    
    90
    
    
    
    228
    
    
    
    175Other income, net
    
    
    (1,640
    )
    
    
    (57
    )
    
    
    (1,732
    )
    
    
    (164
    )Income before income taxes
    
    
    5,712
    
    
    
    4,180
    
    
    
    11,491
    
    
    
    9,079Income taxes
    
    
    1,990
    
    
    
    1,494
    
    
    
    4,121
    
    
    
    3,212Net income
    
    $
    3,722
    
    
    $
    2,686
    
    
    $
    7,370
    
    
    $
    5,867Basic earnings per common share:
    
    $
    0.35
    
    
    $
    0.24
    
    
    $
    0.70
    
    
    $
    0.52Diluted earnings per common share:
    
    $
    0.35
    
    
    $
    0.24
    
    
    $
    0.68
    
    
    $
    0.51Weighted average shares:Common shares outstanding
    
    
    10,602
    
    
    
    11,108
    
    
    
    10,601
    
    
    
    11,326Adjusted common shares  assuming
exercise of stock options
    
    
    10,783
    
    
    
    11,347
    
    
    
    10,767
    
    
    
    11,552
  3




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DYNAMEX INC.
 
 
 Six months endedJanuary 31,2007
    
    
    2006OPERATING ACTIVITIESNet income
    
    $
    7,370
    
    
    $
    5,867Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation and amortization
    
    
    1,188
    
    
    
    941Amortization of deferred bank financing fees
    
    
    14
    
    
    
    12Provision for losses on accounts receivable
    
    
    322
    
    
    
    393Stock option compensation
    
    
    526
    
    
    
    447Deferred income taxes
    
    
    1,402
    
    
    
    289Lessor financed leasehold improvements
    
    
    1,989
    
    
    
    Non-cash rent expense
    
    
    532
    
    
    
    Loss on disposal of property and equipment
    
    
    6
    
    
    
    1Changes in current operating assets and liabilities:Accounts receivable
    
    
    (7,974
    )
    
    
    (3,208
    )Prepaids and other current assets
    
    
    790
    
    
    
    1,569Accounts payable and accrued liabilities
    
    
    (12
    )
    
    
    (1,048
    )Net cash provided by operating activities
    
    
    6,153
    
    
    
    5,263INVESTING ACTIVITIESPurchase of property and equipment
    
    
    (2,732
    )
    
    
    (350
    )Purchase of investments
    
    
    (230
    )
    
    
    (100
    )Net cash used in investing activities
    
    
    (2,962
    )
    
    
    (450
    )FINANCING ACTIVITIESPrincipal payments on long-term debt
    
    
    (2
    )
    
    
    (1
    )Net payments under line of credit
    
    
    (900
    )
    
    
    Proceeds from stock option exercise
    
    
    159
    
    
    
    607Tax benefit realized by exercise of stock options
    
    
    83
    
    
    
    405Purchase and retirement of treasury stock
    
    
    (1,094
    )
    
    
    (9,997
    )Other assets and deferred financing fees
    
    
    (1,132
    )
    
    
    (192
    )Net cash used in financing activities
    
    
    (2,886
    )
    
    
    (9,178
    )EFFECT OF EXCHANGE RATES ON CASH
    
    
    (1,423
    )
    
    
    632NET DECREASE IN CASH AND CASH EQUIVALENTS
    
    
    (1,118
    )
    
    
    (3,733
    )CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
    
    
    6,058
    
    
    
    11,678CASH AND CASH EQUIVALENTS, END OF YEAR
    
    $
    4,940
    
    
    $
    7,945SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATIONCash paid for interest
    
    $
    206
    
    
    $
    199Cash paid for taxes
    
    $
    2,100
    
    
    $
    3,099
  4




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DYNAMEX INC.
 
 Notes to Condensed Consolidated Financial Statements (Unaudited)
 1. Summary of Significant Accounting Polices
 Description of Business
 Basis of presentation 
   Business and credit concentrations 
   Other assets  Recoverable contract contingency costs
 Other long-term liabilities
 5




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DYNAMEX INC.
   2. Comprehensive Income
  Three months ended
    
    
    Six months endedJanuary 31,
    
    
    January 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    3,722
    
    
    $
    2,686
    
    
    $
    7,370
    
    
    $
    5,867Unrealized gain (loss) on investments
    
    
    (95
    )
    
    
    (15
    )
    
    
    32
    
    
    
    9Foreign currency translation gain (loss)
    
    
    (1,976
    )
    
    
    721
    
    
    
    (1,988
    )
    
    
    1,459Comprehensive income
    
    $
    1,651
    
    
    $
    3,392
    
    
    $
    5,414
    
    
    $
    7,335
 3. Intangibles  net
  AccumulatedAsset
    
    
    amortization
    
    
    NetDeferred bank financing fees
    
    $
    132
    
    
    $
    (108
    )
    
    $
    24Customer lists
    
    
    80
    
    
    
    (61
    )
    
    
    19Trademarks and other
    
    
    470
    
    
    
    (159
    )
    
    
    311Total
    
    $
    682
    
    
    $
    (328
    )
    
    $
    354
 Amortization expense
    
    
    Amortization expenseThree months ended January 31,
    
    
    Six months ended January 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Deferred bank financing fees
    
    $
    8
    
    
    $
    6
    
    
    $
    14
    
    
    $
    12Customer lists
    
    
    8
    
    
    
    8
    
    
    
    16
    
    
    
    16Trademarks and other
    
    
    4
    
    
    
    6
    
    
    
    9
    
    
    
    11Total
    
    $
    20
    
    
    $
    20
    
    
    $
    39
    
    
    $
    39
  6




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DYNAMEX INC.
 4. Computation of Earnings Per Share
 Earnings Per Share
 Three months ended
    
    
    Six months endedJanuary 31,
    
    
    January 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    3,722
    
    
    $
    2,686
    
    
    $
    7,370
    
    
    $
    5,867Weighted average common shares outstanding
    
    
    10,602
    
    
    
    11,108
    
    
    
    10,601
    
    
    
    11,326Common share equivalents related to options
    
    
    181
    
    
    
    239
    
    
    
    166
    
    
    
    226Common shares and common share equivalents
    
    
    10,783
    
    
    
    11,347
    
    
    
    10,767
    
    
    
    11,552Net income per common share:Basic
    
    $
    0.35
    
    
    $
    0.24
    
    
    $
    0.70
    
    
    $
    0.52Diluted
    
    $
    0.35
    
    
    $
    0.24
    
    
    $
    0.68
    
    
    $
    0.51
 5. Repurchase of Equity Securities and Subsequent Event
  6. Contingencies
    7




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DYNAMEX INC.
     7. Other Income
    8




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DYNAMEX INC.
  Three months ended
    
    
    Six months endedJanuary 31,
    
    
    January 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Income before income taxes  As reported
    
    $
    5,712
    
    
    $
    4,180
    
    
    $
    11,491
    
    
    $
    9,079Income from transfer pricing (foreign exchange
gain and interest income)
    
    
    1,362
    
    
    
    
    
    
    
    1,362
    
    
    
    Income before income taxes  Excluding
transfer pricing effects
    
    $
    4,350
    
    
    $
    4,180
    
    
    $
    10,129
    
    
    $
    9,079Income taxes  As reported
    
    $
    1,990
    
    
    $
    1,494
    
    
    $
    4,121
    
    
    $
    3,212Income tax effects (foreign exchange
gain, interest income and intercompany services)
    
    
    390
    
    
    
    
    
    
    
    390
    
    
    
    Income taxes  Excluding transfer pricing effects
    
    $
    1,600
    
    
    $
    1,494
    
    
    $
    3,731
    
    
    $
    3,212Net income  As reported
    
    $
    3,722
    
    
    $
    2,686
    
    
    $
    7,370
    
    
    $
    5,867Net income  Excluding transfer pricing effects
    
    $
    2,750
    
    
    $
    2,686
    
    
    $
    6,398
    
    
    $
    5,867Net income from the transfer pricing transactions
    
    $
    972
    
    
    $
    
    
    
    $
    972
    
    
    $
    Earnings per share:Basic  As reported
    
    $
    0.35
    
    
    $
    0.24
    
    
    $
    0.70
    
    
    $
    0.52Transfer pricing adjustment
    
    
    0.09
    
    
    
    
    
    
    
    0.10
    
    
    
    Basic  Excluding transfer pricing effects
    
    $
    0.26
    
    
    $
    0.24
    
    
    $
    0.60
    
    
    $
    0.52Fully diluted  As reported
    
    $
    0.35
    
    
    $
    0.24
    
    
    $
    0.68
    
    
    $
    0.51Transfer pricing adjustment
    
    
    0.09
    
    
    
    
    
    
    
    0.09
    
    
    
    Basic  Excluding transfer pricing effects
    
    $
    0.26
    
    
    $
    0.24
    
    
    $
    0.59
    
    
    $
    0.51
 8. Provision for Income Taxes
  9. Related Party Transaction
  9




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DYNAMEX INC.
  10




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DYNAMEX INC.
 
 Item 2.
 Managements Discussion and Analysis of Financial Condition and Results of Operations
 This discussion 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, competition, foreign exchange, and risks associated with the same-day transportation
industry. These and other risks are mentioned from time to time in the Companys filings with the
Securities and Exchange Commission. 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.
 General
        11




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DYNAMEX INC.
 Critical Accounting Policies
  Recent Accounting Pronouncements
   12




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DYNAMEX INC.
 Results of Operations
  Three months ended
    
    
    Six months endedJanuary 31,
    
    
    January 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Sales
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %Cost of sales:Purchased transportation
    
    
    65.5
    %
    
    
    64.9
    %
    
    
    65.5
    %
    
    
    65.1
    %Other direct costs
    
    
    8.6
    %
    
    
    7.6
    %
    
    
    8.2
    %
    
    
    7.6
    %Cost of sales
    
    
    74.1
    %
    
    
    72.5
    %
    
    
    73.7
    %
    
    
    72.7
    %Gross profit
    
    
    25.9
    %
    
    
    27.5
    %
    
    
    26.3
    %
    
    
    27.3
    %Selling, general and administrative expenses:Salaries and employee benefits
    
    
    14.5
    %
    
    
    15.6
    %
    
    
    14.2
    %
    
    
    15.2
    %Other
    
    
    6.7
    %
    
    
    6.5
    %
    
    
    6.6
    %
    
    
    6.4
    %Selling, general and administrative expenses
    
    
    21.2
    %
    
    
    22.1
    %
    
    
    20.8
    %
    
    
    21.6
    %Depreciation and amortization
    
    
    0.6
    %
    
    
    0.5
    %
    
    
    0.6
    %
    
    
    0.5
    %(Gain) loss on disposal of property and
equipment
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Operating income
    
    
    4.1
    %
    
    
    4.9
    %
    
    
    4.9
    %
    
    
    5.2
    %Interest expense
    
    
    0.1
    %
    
    
    0.1
    %
    
    
    0.1
    %
    
    
    0.1
    %Other income, net
    
    
    -1.6
    %
    
    
    -0.1
    %
    
    
    -0.9
    %
    
    
    -0.1
    %Income before income taxes
    
    
    5.6
    %
    
    
    4.9
    %
    
    
    5.7
    %
    
    
    5.2
    %Income taxes
    
    
    2.0
    %
    
    
    1.7
    %
    
    
    2.0
    %
    
    
    1.8
    %Net income
    
    
    3.6
    %
    
    
    3.2
    %
    
    
    3.7
    %
    
    
    3.4
    %
 13




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DYNAMEX INC.
  Three months endedJanuary 31,2007
    
    
    2006Sales by service type:On demand
    
    $
    32,810
    
    
    
    32.5
    %
    
    $
    32,022
    
    
    
    37.1
    %Scheduled/distribution
    
    
    36,203
    
    
    
    35.8
    %
    
    
    26,456
    
    
    
    30.6
    %Outsourcing
    
    
    31,975
    
    
    
    31.7
    %
    
    
    27,868
    
    
    
    32.3
    %Total sales
    
    $
    100,988
    
    
    
    100.0
    %
    
    $
    86,346
    
    
    
    100.0
    %Sales by country:United States
    
    $
    63,709
    
    
    
    63.1
    %
    
    $
    55,274
    
    
    
    64.0
    %Canada
    
    
    37,279
    
    
    
    36.9
    %
    
    
    31,072
    
    
    
    36.0
    %Total sales
    
    $
    100,988
    
    
    
    100.0
    %
    
    $
    86,346
    
    
    
    100.0
    %
 Six months endedJanuary 31,2007
    
    
    2006Sales by service type:On demand
    
    $
    69,335
    
    
    
    34.4
    %
    
    $
    66,609
    
    
    
    37.7
    %Scheduled/distribution
    
    
    67,860
    
    
    
    33.7
    %
    
    
    54,703
    
    
    
    30.9
    %Outsourcing
    
    
    64,408
    
    
    
    31.9
    %
    
    
    55,603
    
    
    
    31.4
    %Total sales
    
    $
    201,603
    
    
    
    100.0
    %
    
    $
    176,915
    
    
    
    100.0
    %Sales by country:United States
    
    $
    127,671
    
    
    
    63.3
    %
    
    $
    114,628
    
    
    
    64.8
    %Canada
    
    
    73,932
    
    
    
    36.7
    %
    
    
    62,287
    
    
    
    35.2
    %Total sales
    
    $
    201,603
    
    
    
    100.0
    %
    
    $
    176,915
    
    
    
    100.0
    %
 Three months ended January 31, 2007 compared to three months ended January 31, 2006
    14




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DYNAMEX INC.
       Six months ended January 31, 2007 compared to six months ended January 31, 2006
   15




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DYNAMEX INC.
       Liquidity and Capital Resources
   16




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DYNAMEX INC.
      17




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DYNAMEX INC.
 Three months ended
    
    
    Six months endedJanuary 31,
    
    
    January 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    3,722
    
    
    $
    2,686
    
    
    $
    7,370
    
    
    $
    5,867Adjustments:Income tax expense
    
    
    1,990
    
    
    
    1,494
    
    
    
    4,121
    
    
    
    3,212Interest expense
    
    
    116
    
    
    
    90
    
    
    
    228
    
    
    
    175Depreciation and amortization
    
    
    596
    
    
    
    448
    
    
    
    1,188
    
    
    
    941EBITDA
    
    $
    6,424
    
    
    $
    4,718
    
    
    $
    12,907
    
    
    $
    10,195EBITDA margin
    
    
    6.4
    %
    
    
    5.5
    %
    
    
    6.4
    %
    
    
    5.8
    %
  Inflation
  18




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##### Table of Contents



DYNAMEX INC.
 
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Foreign Exchange Exposure
   Interest Rate Exposure
  19




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##### Table of Contents



DYNAMEX INC.
 
 Item 4. Controls and Procedures
   20




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##### Table of Contents



DYNAMEX INC.
 
 PART II
OTHER INFORMATION
 
 Item 1. Legal Proceedings
       
 Item 1A. Risk Factors.
  21




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##### Table of Contents



DYNAMEX INC.
 
 Item 4. Submission of Matters to a Vote of Security Holders
  Proposal #1
    
    To elect six (6) directors of the Company
 Nominee
    
    For
    
    WithheldRichard K. McClelland
    
    
    10,058,775
    
    
    
    101,673Kenneth H. Bishop
    
    
    10,052,731
    
    
    
    107,717Brian J. Hughes
    
    
    10,058,772
    
    
    
    101,676Wayne Kern
    
    
    9,010,934
    
    
    
    1,149,514Bruce E. Ranck
    
    
    10,142,411
    
    
    
    18,037Stephen P. Smiley
    
    
    10,052,630
    
    
    
    107,818
 Proposal #2
    
    To ratify the appointment of BDO Seidman, LLP as independent auditors of the
Company for the year ending July 31, 2007
 For
    
    Against
    
    Abstain10,158,533
    
    
    1,362
    
    
    
    553
 Proposal #3
    
    To transact such other business as may properly come before the Annual Meeting
and any adjournments thereof.
 For
    
    Against
    
    Abstain6,741,799
    
    
    3,409,486
    
    
    
    9,163
 22




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##### Table of Contents



DYNAMEX INC.
 
 Item 6. Exhibits
  31.1
    
    Certification of Chief Executive Officer of the Registrant,
pursuant to 17 CFR 240. 13a  15(e) or 17 CFR 240. 15d  15(e)31.2
    
    Certification of Chief Financial Officer of the Registrant,
pursuant to 17 CFR 240. 13a  15(e) or 17 CFR 240. 15d  15(e)32.1
    
    Certification of Chief Executive Officer of the Registrant,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 200232.2
    
    Certification of Chief Financial Officer of the Registrant,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
 
 23




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##### Table of Contents



DYNAMEX INC.
 
 
 SIGNATURES
  DYNAMEX INC.Dated:  March 12, 2007
    by
    /s/ Richard K. McClellandRichard K. McClellandPresident, Chief Executive Officer and

Chairman of the Board

(Principal Executive Officer) Dated:      March 12, 2007
    by
    /s/ Ray E. SchmitzRay E. SchmitzVice President  Chief Financial Officer
(Principal Financial Officer) Dated:      March 12, 2007
    by
    /s/ Samuel T. HicksSamuel T. HicksCorporate Controller
(Principal Accounting Officer) 24




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##### Table of Contents



EXHIBIT INDEX
 Exhibits
 31.1
    
    Certification of Chief Executive Officer of the Registrant, pursuant to 17 CFR 240. 13a -
15(e) or 17 CFR 240. 15d  15(e)
 31.2
    
    Certification of Chief Financial Officer of the Registrant, pursuant to 17 CFR 240. 13a -
15(e) or 17 CFR 240. 15d  15(e)
 32.1
    
    Certification of Chief Executive Officer of the Registrant, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 32.2
    
    Certification of Chief Financial Officer of the Registrant, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 E - 1