##### 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 April 30, 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)
    
    86-0712225
(I.R.S. Employer Identification No.)5429 LBJ Freeway, Suite 1000, Dallas, Texas
(Address of principal executive offices)
    
    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 I
FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Consolidated Balance Sheets
April 30, 2007 (Unaudited) and July 31, 2006
    
    
    2Condensed Statements of Consolidated Operations (Unaudited)
Three and nine months ended April 30, 2007 and 2006
    
    
    3Condensed Statements of Consolidated Cash Flows (Unaudited)
Nine months ended April 30, 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 II
OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    21Item 1A. Risk Factors
    
    
    21Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    25Item 6. Exhibits
    
    
    25Signatures
    
    
    26Exhibit Index
    
    
    E-1Certification of Chief Executive OfficerCertification of Chief Financial OfficerCertification of Chief Executive OfficerCertification of Chief Financial Officer
  1




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##### Table of Contents



PART I
FINANCIAL INFORMATION
 
  
 DYNAMEX INC.
 April 30,
    
    
    July 31,2007
    
    
    2006(Unaudited)ASSETSCURRENTCash and cash equivalents
    
    $
    6,552
    
    
    $
    6,058Accounts receivable (net of allowance for doubtful accounts
of $819 and $676, respectively)
    
    
    46,565
    
    
    
    36,425Income taxes receivable
    
    
    1,504
    
    
    
    1,577Prepaid and other current assets
    
    
    3,350
    
    
    
    2,689Deferred income taxes
    
    
    3,164
    
    
    
    2,322Total current assets
    
    
    61,135
    
    
    
    49,071PROPERTY AND EQUIPMENT  net
    
    
    7,416
    
    
    
    5,967GOODWILL
    
    
    47,150
    
    
    
    46,934INTANGIBLES  net
    
    
    335
    
    
    
    390DEFERRED INCOME TAXES
    
    
    2,051
    
    
    
    5,580OTHER
    
    
    3,818
    
    
    
    2,357Total assets
    
    $
    121,905
    
    
    $
    110,299LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIESAccounts payable trade
    
    $
    9,140
    
    
    $
    11,168Accrued liabilities
    
    
    20,961
    
    
    
    19,014Total current liabilities
    
    
    30,101
    
    
    
    30,182LONG-TERM DEBT
    
    
    2
    
    
    
    905OTHER LONG-TERM LIABILITIES
    
    
    2,472
    
    
    
    Total liabilities
    
    
    32,575
    
    
    
    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;
10,671 and 10,638 outstanding, respectively
    
    
    107
    
    
    
    106Additional paid-in capital
    
    
    58,373
    
    
    
    58,514Retained earnings
    
    
    27,017
    
    
    
    16,160Accumulated other comprehensive income
    
    
    3,833
    
    
    
    4,432Total stockholders equity
    
    
    89,330
    
    
    
    79,212Total liabilities and stockholders equity
    
    $
    121,905
    
    
    $
    110,299
  2




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DYNAMEX INC.
 Three months ended
    
    
    Nine months endedApril 30,
    
    
    April 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Sales
    
    $
    103,526
    
    
    $
    86,916
    
    
    $
    305,129
    
    
    $
    263,831Cost of sales:Purchased transportation
    
    
    67,530
    
    
    
    56,255
    
    
    
    199,476
    
    
    
    171,507Other direct costs
    
    
    8,735
    
    
    
    6,195
    
    
    
    25,289
    
    
    
    19,702Cost of sales
    
    
    76,265
    
    
    
    62,450
    
    
    
    224,765
    
    
    
    191,209Gross profit
    
    
    27,261
    
    
    
    24,466
    
    
    
    80,364
    
    
    
    72,622Selling, general and administrative expenses:Salaries and employee benefits
    
    
    14,609
    
    
    
    12,855
    
    
    
    43,274
    
    
    
    39,729Other
    
    
    6,691
    
    
    
    5,795
    
    
    
    19,948
    
    
    
    17,044Selling, general and administrative expenses
    
    
    21,300
    
    
    
    18,650
    
    
    
    63,222
    
    
    
    56,773Depreciation and amortization
    
    
    554
    
    
    
    523
    
    
    
    1,742
    
    
    
    1,464(Gain) loss on disposal of property and equipment
    
    
    (12
    )
    
    
    
    
    
    
    (6
    )
    
    
    1Operating income
    
    
    5,419
    
    
    
    5,293
    
    
    
    15,406
    
    
    
    14,384Interest expense
    
    
    32
    
    
    
    38
    
    
    
    260
    
    
    
    213Other income, net
    
    
    (45
    )
    
    
    (55
    )
    
    
    (1,777
    )
    
    
    (219
    )Income before income taxes
    
    
    5,432
    
    
    
    5,310
    
    
    
    16,923
    
    
    
    14,390Income taxes
    
    
    1,945
    
    
    
    2,098
    
    
    
    6,066
    
    
    
    5,310Net income
    
    $
    3,487
    
    
    $
    3,212
    
    
    $
    10,857
    
    
    $
    9,080Basic earnings per common share:
    
    $
    0.33
    
    
    $
    0.29
    
    
    $
    1.02
    
    
    $
    0.81Diluted earnings per common share:
    
    $
    0.32
    
    
    $
    0.29
    
    
    $
    1.01
    
    
    $
    0.80Weighted average shares:Common shares outstanding
    
    
    10,643
    
    
    
    10,915
    
    
    
    10,615
    
    
    
    11,192Adjusted common shares  assuming
exercise of stock options
    
    
    10,783
    
    
    
    11,143
    
    
    
    10,734
    
    
    
    11,404
  3




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DYNAMEX INC.
 Nine months endedApril 30,2007
    
    
    2006OPERATING ACTIVITIESNet income
    
    $
    10,857
    
    
    $
    9,080Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation and amortization
    
    
    1,742
    
    
    
    1,464Amortization of deferred bank financing fees
    
    
    25
    
    
    
    18Provision for losses on accounts receivable
    
    
    368
    
    
    
    556Stock option compensation
    
    
    608
    
    
    
    606Deferred income taxes
    
    
    2,656
    
    
    
    216Lessor financed leasehold improvements
    
    
    1,997
    
    
    
    Non-cash rent expense
    
    
    741
    
    
    
    (Gain) loss on disposal of property and equipment
    
    
    (6
    )
    
    
    1Changes in current operating assets and liabilities:Accounts receivable
    
    
    (10,453
    )
    
    
    (5,460
    )Prepaids and other current assets
    
    
    (603
    )
    
    
    555Accounts payable and accrued liabilities
    
    
    (339
    )
    
    
    828Net cash provided by operating activities
    
    
    7,593
    
    
    
    7,864INVESTING ACTIVITIESPurchase of property and equipment
    
    
    (3,307
    )
    
    
    (560
    )Purchase of investments
    
    
    (256
    )
    
    
    (134
    )Net cash used in investing activities
    
    
    (3,563
    )
    
    
    (694
    )FINANCING ACTIVITIESPrincipal payments on long-term debt
    
    
    (3
    )
    
    
    (2
    )Net (payments) proceeds under line of credit
    
    
    (900
    )
    
    
    2,400Proceeds from stock option exercise
    
    
    1,058
    
    
    
    844Tax benefit realized from exercise of stock options
    
    
    246
    
    
    
    708Purchase and retirement of treasury stock
    
    
    (2,021
    )
    
    
    (18,607
    )Other assets and deferred financing fees
    
    
    (1,138
    )
    
    
    (198
    )Net cash used in financing activities
    
    
    (2,758
    )
    
    
    (14,855
    )EFFECT OF EXCHANGE RATES ON CASH
    
    
    (778
    )
    
    
    805NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    494
    
    
    
    (6,880
    )CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
    
    
    6,058
    
    
    
    11,678CASH AND CASH EQUIVALENTS, END OF YEAR
    
    $
    6,552
    
    
    $
    4,798SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATIONCash paid for interest
    
    $
    238
    
    
    $
    200Cash paid for taxes
    
    $
    4,159
    
    
    $
    4,324
  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
    
    
    Nine months endedApril 30,
    
    
    April 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    3,487
    
    
    $
    3,212
    
    
    $
    10,857
    
    
    $
    9,080Unrealized gain on investments
    
    
    35
    
    
    
    34
    
    
    
    67
    
    
    
    42Foreign currency translation gain (loss)
    
    
    1,322
    
    
    
    391
    
    
    
    (666
    )
    
    
    1,851Comprehensive income
    
    $
    4,844
    
    
    $
    3,637
    
    
    $
    10,258
    
    
    $
    10,973
 3. Intangibles  net
  AccumulatedAsset
    
    
    amortization
    
    
    NetDeferred bank financing fees
    
    $
    132
    
    
    $
    (116
    )
    
    $
    16Customer lists
    
    
    80
    
    
    
    (69
    )
    
    
    11Trademarks and other
    
    
    470
    
    
    
    (162
    )
    
    
    308Total
    
    $
    682
    
    
    $
    (347
    )
    
    $
    335
 Amortization expense
    
    
    Amortization expenseThree months ended April 30,
    
    
    Nine months ended April 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Deferred bank financing fees
    
    $
    11
    
    
    $
    6
    
    
    $
    25
    
    
    $
    18Customer lists
    
    
    8
    
    
    
    8
    
    
    
    24
    
    
    
    24Trademarks and other
    
    
    5
    
    
    
    6
    
    
    
    14
    
    
    
    15Total
    
    $
    24
    
    
    $
    20
    
    
    $
    63
    
    
    $
    57
  6




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DYNAMEX INC.
 4. Computation of Earnings Per Share
 Earnings Per Share
 Three months ended
    
    
    Nine months endedApril 30,
    
    
    April 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    3,487
    
    
    $
    3,212
    
    
    $
    10,857
    
    
    $
    9,080Weighted average common shares outstanding
    
    
    10,643
    
    
    
    10,915
    
    
    
    10,615
    
    
    
    11,192Common share equivalents related to options
    
    
    140
    
    
    
    228
    
    
    
    119
    
    
    
    212Common shares and common share equivalents
    
    
    10,783
    
    
    
    11,143
    
    
    
    10,734
    
    
    
    11,404Net income per common share:Basic
    
    $
    0.33
    
    
    $
    0.29
    
    
    $
    1.02
    
    
    $
    0.81Diluted
    
    $
    0.32
    
    
    $
    0.29
    
    
    $
    1.01
    
    
    $
    0.80
 5. Repurchase of Equity Securities
  6. Contingencies
    7




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DYNAMEX INC.
    7. Other Income
    8




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DYNAMEX INC.
 Nine months endedApril 30,2007
    
    
    2006Transfer pricing impact on the nine months:Income before income taxes  As reported
    
    $
    16,923
    
    
    $
    14,390Income from transfer pricing (foreign exchange
gain and interest income)
    
    
    1,362
    
    
    
    Income before income taxes  Excluding
transfer pricing effects
    
    $
    15,561
    
    
    $
    14,390Income taxes  As reported
    
    $
    6,066
    
    
    $
    5,310Income tax effects (foreign exchange
gain, interest income and intercompany services)
    
    
    390
    
    
    
    Income taxes  Excluding transfer pricing effects
    
    $
    5,676
    
    
    $
    5,310Net income  As reported
    
    $
    10,857
    
    
    $
    9,080Net income  Excluding transfer pricing effects
    
    $
    9,885
    
    
    $
    9,080Net income from the transfer pricing transactions
    
    $
    972
    
    
    $
    Earnings per share:Basic  As reported
    
    $
    1.02
    
    
    $
    0.81Transfer pricing adjustment
    
    
    0.10
    
    
    
    Basic  Excluding transfer pricing effects
    
    $
    0.92
    
    
    $
    0.81Fully diluted  As reported
    
    $
    1.01
    
    
    $
    0.80Transfer pricing adjustment
    
    
    0.09
    
    
    
    Basic  Excluding transfer pricing effects
    
    $
    0.92
    
    
    $
    0.80
 8. Provision for Income Taxes
  9




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DYNAMEX INC.
 9. Related Party Transaction
  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
    
    Nine months endedApril 30,
    
    April 30,2007
    
    2006
    
    2007
    
    2006Sales
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %Cost of sales:Purchased transportation
    
    
    65.2
    %
    
    
    64.7
    %
    
    
    65.4
    %
    
    
    65.0
    %Other direct costs
    
    
    8.4
    %
    
    
    7.1
    %
    
    
    8.3
    %
    
    
    7.5
    %Cost of sales
    
    
    73.6
    %
    
    
    71.8
    %
    
    
    73.7
    %
    
    
    72.5
    %Gross profit
    
    
    26.4
    %
    
    
    28.2
    %
    
    
    26.3
    %
    
    
    27.5
    %Selling, general and administrative expenses:Salaries and employee benefits
    
    
    14.2
    %
    
    
    14.8
    %
    
    
    14.2
    %
    
    
    15.1
    %Other
    
    
    6.4
    %
    
    
    6.7
    %
    
    
    6.5
    %
    
    
    6.5
    %Selling, general and administrative expenses
    
    
    20.6
    %
    
    
    21.5
    %
    
    
    20.7
    %
    
    
    21.6
    %Depreciation and amortization
    
    
    0.5
    %
    
    
    0.6
    %
    
    
    0.6
    %
    
    
    0.6
    %(Gain) loss on disposal of property and equipment
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Operating income
    
    
    5.3
    %
    
    
    6.1
    %
    
    
    5.0
    %
    
    
    5.3
    %Interest expense
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.1
    %
    
    
    0.1
    %Other income, net
    
    
    0.0
    %
    
    
    -0.1
    %
    
    
    -0.6
    %
    
    
    -0.1
    %Income before income taxes
    
    
    5.3
    %
    
    
    6.2
    %
    
    
    5.5
    %
    
    
    5.3
    %Income taxes
    
    
    1.9
    %
    
    
    2.4
    %
    
    
    2.0
    %
    
    
    2.0
    %Net income
    
    
    3.4
    %
    
    
    3.8
    %
    
    
    3.5
    %
    
    
    3.3
    %
 13




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DYNAMEX INC.
  Three months endedApril 30,2007
    
    
    2006Sales by service type:On demand
    
    $
    32,329
    
    
    
    31.2
    %
    
    $
    31,868
    
    
    
    36.7
    %Scheduled/distribution
    
    
    39,051
    
    
    
    37.7
    %
    
    
    26,284
    
    
    
    30.2
    %Outsourcing
    
    
    32,146
    
    
    
    31.1
    %
    
    
    28,764
    
    
    
    33.1
    %Total sales
    
    $
    103,526
    
    
    
    100.0
    %
    
    $
    86,916
    
    
    
    100.0
    %Sales by country:United States
    
    $
    63,479
    
    
    
    61.3
    %
    
    $
    56,187
    
    
    
    64.6
    %Canada
    
    
    40,047
    
    
    
    38.7
    %
    
    
    30,729
    
    
    
    35.4
    %Total sales
    
    $
    103,526
    
    
    
    100.0
    %
    
    $
    86,916
    
    
    
    100.0
    %
 Nine months endedApril 30,2007
    
    
    2006Sales by service type:On demand
    
    $
    101,664
    
    
    
    33.3
    %
    
    $
    98,477
    
    
    
    37.3
    %Scheduled/distribution
    
    
    106,912
    
    
    
    35.0
    %
    
    
    80,987
    
    
    
    30.7
    %Outsourcing
    
    
    96,553
    
    
    
    31.7
    %
    
    
    84,367
    
    
    
    32.0
    %Total sales
    
    $
    305,129
    
    
    
    100.0
    %
    
    $
    263,831
    
    
    
    100.0
    %Sales by country:United States
    
    $
    191,150
    
    
    
    62.6
    %
    
    $
    170,815
    
    
    
    64.7
    %Canada
    
    
    113,979
    
    
    
    37.4
    %
    
    
    93,016
    
    
    
    35.3
    %Total sales
    
    $
    305,129
    
    
    
    100.0
    %
    
    $
    263,831
    
    
    
    100.0
    %
 Three months ended April 30, 2007 compared to three months ended April 30, 2006
    14




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DYNAMEX INC.
       Nine months ended April 30, 2007 compared to nine months ended April 30, 2006
    15




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DYNAMEX INC.
       Liquidity and Capital Resources
  16




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DYNAMEX INC.
     Requirement
    
    Level at April 30, 2007Ratio of funded debt to EBITDA
    
    2.00 to 1.00
    
    0.29Total indebtedness
    
    $20 million, including LOCs
    
    $5.2 millionLetters
of credit sublimit
    
    $7.5 million
    
    $5.2 millionMaximum
treasury stock purchases
    
    $35 million
    
    $23.6 millionFixed charge coverage ratio
    
    Equal to or greater than 1.50 to 1.00
    
    1.68
  17




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##### Table of Contents



DYNAMEX INC.
 (in thousands)
    
    
    (in thousands)Three months ended
    
    
    Nine months endedApril 30,
    
    
    April 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    3,487
    
    
    $
    3,212
    
    
    $
    10,857
    
    
    $
    9,080Adjustments:Income tax expense
    
    
    1,945
    
    
    
    2,098
    
    
    
    6,066
    
    
    
    5,310Interest expense
    
    
    32
    
    
    
    38
    
    
    
    260
    
    
    
    213Depreciation and amortization
    
    
    554
    
    
    
    523
    
    
    
    1,742
    
    
    
    1,464EBITDA
    
    $
    6,018
    
    
    $
    5,871
    
    
    $
    18,925
    
    
    $
    16,067EBITDA margin
    
    
    5.8
    %
    
    
    6.8
    %
    
    
    6.2
    %
    
    
    6.1
    %
  Inflation
  18




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




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DYNAMEX INC.
 
 Item 4. Controls and Procedures
   20




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




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DYNAMEX INC.
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DYNAMEX INC.
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DYNAMEX INC.
      24




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DYNAMEX INC.
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
 (c) Common Stock Repurchases
 Total number
    
    Average
    
    Total number of shares
    
    Approximate dollar valueof shares
    
    price paid
    
    purchased as part of a
    
    of shares that may yet bePeriod
    
    purchased
    
    per share
    
    publicly announced plan
    
    purchased under the planFebruary 1 to February 28, 2007
    
    
    6,184
    
    
    $
    24.43
    
    
    
    6,184
    
    
    $15.2 millionApril 1 to April 30, 2007
    
    
    29,900
    
    
    $
    25.95
    
    
    
    29,900
    
    
    $14.5 million
  
 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
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DYNAMEX INC.
 
 SIGNATURES
  DYNAMEX INC.Dated: June 8, 2007
    by
    /s/ Richard K. McClellandRichard K. McClellandPresident, Chief Executive Officer and
Chairman of the Board
(Principal Executive Officer)Dated: June 8, 2007
    by
    /s/ Ray E. SchmitzRay E. SchmitzVice President  Chief Financial Officer
(Principal Financial Officer)Dated: June 8, 2007
    by
    /s/ Samuel T. HicksSamuel T. HicksCorporate Controller
(Principal Accounting Officer) 26




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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 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
 E-1