Copyright 2006. Velocity Express, Inc.  All Rights Reserved.
Velocity Express
Third Quarter Earnings Report
May 16, 2007
Exhibit 99.1

1
Regulation G and Safe Harbor
Regulation G
This presentation contains disclosures regarding our “Adjusted EBIDTA”, which is a non-GAAP financial measure as
defined by Regulation G of the rules of the Securities and Exchange Commission. For a description of the reasons the
Company uses this measure and a reconciliation of Adjusted EBITDA to the nearest GAAP equivalent see “Appendix 1:
Reconciliation of Non-GAAP Financial Measures”
beginning on page 14.
Forward-Looking Statements
This presentation, including the oral statements made during the
course of this presentation, contain forward-looking
statements regarding future events and the future performance of
Velocity Express Corporation. The words “believe,”
“plan,”
“continue,”
“hope,”
“estimate,”
“project,”
“intend,”
“expect,”
“targets”
and similar expressions are intended to identify
such forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from historical results or from those results presently anticipated or projected. 
These risks include, but are not limited to, the following risks: we may never achieve or sustain profitability; we may not be
successful in integrating CD&L and may fail to achieve the expected cost savings from the CD&L acquisition, including
due to the challenges of combining the two companies, reducing overlapping functions, retaining key employees and other
related risks; we may be unable to fund our future capital needs; our large customers could reduce or discontinue using
our services; we may be unable to successfully compete in our markets; we could be exposed to litigation stemming from
the accidents or other activities of our drivers; we could be required to pay withholding taxes and extend employee
benefits to our independent contractors; our ability to operate and financial flexibility are limited by the agreements
governing our debt; we may be required to redeem our debt at a time when we do not have the proceeds to do so; and the
other risks identified in the section entitled “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year
ended July 1, 2006 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, as well as in the other
documents that we file from time to time with the Securities and
Exchange Commission. Because of these risks,
uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.  Furthermore,
forward-looking statements speak only as of the date they are made.  We do not undertake any obligation to update or
review any such forward-looking information, whether as a result of new information, future events or otherwise.

2
Overview
•
Synergies summary
•
Integration status reports
•
Revenue status & initiatives
•
Velocity financial results for the quarter ended March 31, 2007
•
Working capital
•
Income statement
•
Balance sheet
•
Appendices

3
Synergies summary
HIGHLIGHTS:
•
Achieved or exceeded substantially all staffing, field operating
and corporate savings
•
Integration of routing data has delayed route optimization by 120 days
–
Data integration now complete
–
Significant progress expected in June quarter, 300 basis points
realized in
April results
–
$16M annualized savings target unchanged
$
Days
31-Mar
Total
31-Mar
30-Jun
Total
Staffing
12.7
0 to 180
12.7
12.7
12.7
0.0
12.7
Field Operating
5.6
0 to 360
4.7
5.9
4.7
1.2
5.9
Corporate
4.9
60 to 180
5.9
5.9
5.9
0.0
5.9
Route Optimization
16.0
360
4.3
16.0
0.0
10.0
16.0
Total
39.2
27.6
40.5
23.3
11.2
40.5
10/3 Presentation
Actual / Current Plan
2/13 Presentation

4
Route Management Status
•
Integration of Routing Data Necessary to Begin Rerouting and Generate
Driver pay Reductions
•
Extensive, Unanticipated Effort Required to Get CD&L Data to Level
Necessary to Effectively Consolidate and Reroute.
•
Technical database challenges have resulted in 120 day delay

5
Management Actions
•Geocom
route optimization program has been expanded to over 25 markets
•Driver Meetings / Participation to construct CD&L route database
•Field incentive plan restructured to reward attaining weekly route savings
targets
Route Management Status
Attaining Planned Routing Savings is Primary Management Focus, On Target, and
Has Yielded 300 Basis Point Improvement in April Measurement .

6
Purchased Transportation / Driver Pay Costs Were Impacted
By More Difficult Integration Than Expected
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Plan
Missed Savings
Integration Cost
Projected Savings
•Delay in gathering complete CD&L routing data in order management
system slowed ability to capture savings 
•Additional Driver Pay incurred to ensure high service levels and
protect customer base through integration
•Significant improvement in April
Actual
Plan
Projection
Pre Merger

7
Restructuring Cash Outlays
HIGHLIGHTS:
•
Restructuring costs remain in line with prior estimate
•
$4 M additional costs were incurred and reported in operations in the
March quarter due to the delay in route data integration
Original
View
2/13 View
Actual
To Go
Total
Change of Control
1.0
4.3
4.3
0.0
4.3
Severance
1.2
0.9
0.9
0.0
0.9
Lease Run Out
2.6
1.9
1.2
0.7
1.9
Integration
6.3
5.6
4.5
1.1
5.6
Total
11.1
12.7
10.9
1.8
12.7
Current View

8
Revenue Status
Recent Wins
Awarded Contracts With Major Retailers and
$ 10M
Suppliers Starting in June Quarter
Pipeline Status
Retail
$  51M
Healthcare
$  56M
Critical Parts
$  31M
Financial Services
$    2M
Other B to B
$  17M
Total
$ 147M
March Quarter Compared to December Quarter
Check 21 / Banking
(2.0M)
Customer Concessions
(2.0M)
Office Depot
(1.7M)
Market Conditions
(1.0M)
Wins
2.5M
Total Variance vs. December
(4.2M)
Adoption of Check 21 Imaging Technology and Related
Decrease in Bank Business Outpaced Expectations
Strong Pipeline in Higher Growth Sectors

9
Strategic Initiatives
•
Franchise Development
•
$12M bid in 10 cities where we don’t have presence
•
Our franchise model is bringing accounts to existing delivery companies
•
Global Alliance
•
Strategic meetings continue to be held with potential international and
domestic partners
•
Sales Force Restructure
•
30 new sales staff hired in last 3 months to support expanded sales effort
in key verticals

10
Velocity Express Income Statement
Quarter Ended Mach 31, 2007 Compared to Prior Year Pro Forma
•
Revenue decline due to Office Depot, banking / Check 21 impact, $2 million in
customer concessions
•
Delay in route data integration delayed route savings and resulted in $4.0M of
additional costs
•
$4.2 M reduction in operating expense reflects SG&A
synergy realization
•
Normalized for customer concessions and route delay impact, EBITDA would be
positive and improved vs. prior year
1
See Appendix 1 for Bridge to Adjusted EBITDA
2
See Appendix 2 for Summary of Pro Forma Adjustments
Adjusted
Proforma
  ($ millions)
Mar 31, 2007
Mar 31, 2007
Apr 1, 2006
Revenue
$98.2
$98.2
$110.9
Gross Profit
22.1
26.1
28.6
  Gross Margin
22.5%
26.6%
25.8%
Operating Expense
24.2
24.2
28.4
Restructuring, Integration, Depreciation, Amort
4.1
4.1
2.1
Loss From Operations
(6.2)
(2.2)
(1.9)
Adjusted EBITDA
(1.8)
2.2
0.8
Three Months Ended

11
Velocity Express Income Statement
Quarter Ended Mar 31, 2007 Compared to Quarter Ended Dec 30, ‘06
•
Revenue
decline
due
to
Office
Depot,
banking
/
Check
21
impacts,
$2
million
in
customer
concessions
•
Delay
in
route
data
integration
delayed
route
savings
and
resulted
in
$4.0M
of
additional
costs
•
Reduced
operating
expense
reflects
SG&A
synergy
realization
•
Improved
sequential
EBITDA,
despite
customer
concessions
and
impacts
of
route
data
delay
2
See Appendix 1 for Bridge to Adjusted EBITDA
Adjusted
($ millions)
Mar 31, 2007
Mar 31, 2007
Dec 30, 2006
Revenue
$98.2
$98.2
$102.3
Gross Profit
22.1
26.1
21.9
Gross Margin
22.5%
26.6%
21.5%
Operating Expense
24.2
24.2
25.8
Restructuring, Integration, Depreciation, Amort
4.1
4.1
4.8
Loss From Operations
(6.2)
(2.2)
(8.7)
Adjusted EBITDA
(1.8)
2.2
(3.5)
Three Months Ended

12
Velocity Express Balance Sheet Comparison
•
Improving
A/R
turnover
from
36
DSO
in
December
to
33
DSO
in
March
•
Completion
of
customer/route
data
integration
will
yield:
•
Further
working
capital
improvements
•
Continued
debt
covenant
compliance
Mar 31, 2007
Dec 30, 2006
Cash
9.0
9.7
Accounts Receivable
33.0
37.9
Other Current Assets
7.8
8.3
Total Current Assets
49.7
55.9
Fixed & Other Tangible Assets
18.5
18.3
Goodwill & Intangibles
101.3
100.5
Total Assets
169.6
174.8
Current Liabilities
43.9
47.7
Short Term Indebtedness
6.3
2.0
Total Current Liabilities
50.2
49.7
Long Term Liabilities
7.0
3.9
Long Term Debt
53.7
51.7
Shareholders Equity
58.7
69.5
Total Liabilities & Equity
169.6
174.8

14
Appendix 1  -
USE OF NON-GAAP FINANCIAL MEASURES
This presentation includes disclosures regarding "Adjusted EBITDA", which is a non-GAAP financial measure. Adjusted
EBITDA, is comprised of historical EBITDA, as adjusted for certain non-cash expenses. EBITDA is defined as net
earnings (loss) before interest expenses, income taxes, depreciation and amortization on an historical basis. We believe
net income (loss) is the most directly comparable financial measure to EBITDA under GAAP.
We present Adjusted EBITDA for several reasons. Management believes Adjusted EBITDA is useful as a means to
evaluate our ability to fund our estimated uses of cash, including the payment of interest on our debt. In addition, we have
presented Adjusted EBITDA to investors in the past because it is
frequently used by investors, securities analysts and
other interested parties in the evaluation of companies in our industry, and management believes presenting it here
provides a measure of consistency in our financial reporting. Adjusted EBITDA (also referred to in our Indenture as
Consolidated Cash Flow) is also a component of the restrictive covenants and financial ratios contained in the
agreement(s) governing our debt that require us to maintain compliance with
these covenants and limit certain activities,
such as our ability to incur additional debt and to pay dividends. The definitions in these covenants and ratios are based on
Adjusted EBITDA. As a result, management believes the presentation of Adjusted EBITDA provides important additional
information to investors.
While we use Adjusted EBITDA in managing and analyzing our business and financial condition and believe it is useful to
our management and investors for the reasons described above, it
has certain shortcomings. In particular, Adjusted
EBITDA does not represent the residual cash flows available for discretionary expenditures, since items such as debt
repayment and interest payments are not deducted from such measure. Accordingly, it should not be construed as an
alternative to net cash from operating or investing activities, cash flows from operations or net income (loss) as defined by
GAAP and is not, on its own, necessarily indicative of cash available to fund our cash needs as determined in accordance
with GAAP. In addition, not all companies use identical calculations of Adjusted EBITDA, and our calculation of Adjusted
EBITDA may not be comparable to Adjusted EBITDA or other similarly titled measures of other companies.
A reconciliation of the differences between Adjusted EBITDA and the most directly comparable financial measure
presented in accordance with GAAP is included in the table that follows.

15
Appendix 1:  Reconciliation of Non-GAAP Financial Measures
Pro Forma
March 31,
December 30,
April 1,
2007
2006
2006
Net loss
(11,013)
$ 
(13,371)
$   
(6,253)
$     
Interest Income/Expense
4,630
4,452
4,196
Income Taxes
22
6
22
Depreciation
975
1,090
1,331
Amortization of Intangible Assets
792
793
793
Stock Based Compensation
214
360
523
Other non-operating (income)/expense
116
194
177
Transaction / Restructuring / Integration / Redundant
2,433
2,965
-
Minority Interest in CD&L
-
-
-
Adjusted EBITDA
(1,831)
$   
(3,511)
$     
789
$         
VELOCITY EXPRESS CORPORATION AND SUBSIDIARIES
FOR THE THREE MONTHS ENDED MARCH 31, 2007, DECEMBER 30, 2006, AND APRIL 1, 2006
Three Months Ended

16
Appendix 2: Pro Forma Combined Statement of Operations
VELOCITY EXPRESS CORPORATION AND SUBSIDIARIES
PRO FORMA COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED APRIL 1, 2006
(Unaudited)
(Amounts in thousands, except per share data)
Pro forma
Combined
Velocity
Velocity
Express
Pro forma
Express
Corporation
CD&L
Adjustments
Corporation
(a)
(b)
Revenue
50,476
$         
60,439
$         
-
110,915
$       
Cost of services
35,965
46,249
-
82,214
Depreciation
58
6
64
Gross profit
14,453
14,184
-
28,637
Operating expenses:
Occupancy
3,145
1,958
-
5,103
Selling, general and administrative
12,102
11,295
(65)
(b)
23,332
-
Transaction and integration costs
-
-
Depreciation and amortization
1,036
232
792
(c)
2,060
Total operating expenses
16,283
13,485
727
30,495
Loss (gain) from operations
(1,830)
699
(727)
(1,858)
Other income (expense):
Interest expense
(1,168)
(344)
(2,684)
(d)
(4,196)
Other
(177)
(1)
1
(177)
Loss (income) before income taxes
(3,175)
354
(3,410)
(6,231)
Income taxes
-
167
(145)
(e)
22
Net loss (income)
(3,175)
$          
187
$               
(3,265)
$          
(6,253)
$          
Net loss applicable to common shareholders
(3,915)
$          
187
$               
(4,145)
$          
(f)
(7,873)
$          
Basic and diluted net loss per share
(0.23)
$            
(0.40)
$            
Weighted average shares outstanding
Basic and diluted
15,581
19,628

17
Appendix 2:
Footnotes to Pro Forma Combined
Statement of Operations
(a)
Reflects
Velocity
Express
Corporation’s
consolidated
statement
of
operations
for
the
three
months
ended
April
1,
2006.
(b)
The
pro
forma
statement
of
operations
is
presented
using
Velocity
Express
Corporation’s
fiscal
quarter
ended
April
1,
2006.
The
CD&L
results
of
operations
are
presented
for
three
months
ended
March
31,
2006.
Certain
balances
have
been
reclassified
to
conform
to
the
Velocity
Express
Corporation
presentation,
as
follows:
Cost
of
services
reflects
an
adjustment
of
$2.0
million
to
reclassify
dispatch
and
other
field
administrative
costs
to
Selling,
general
and
administrative
expenses
to
conform
to
the
Velocity
Express
Corporation
presentation.
Selling,
general
and
administrative
expenses
reflects
an
adjustment
of
$2.0
million
to
reclassify
dispatch
and
other
field
administrative
costs
from
cost
of
services 
(c)
Amortization
of
intangible
assets
of
$0.8
million
reflects
the
allocation
of
the
purchase
price
to
intangible
assets
with
the
following
estimated
useful
lives:
customer
lists,
five
years;
non-compete,
two
years,
offset
by
the
reversal
of
amortization
of
the
carrying
amount
of
CD&L
intangible
assets
of
$0.1
million.
(d)
Reflects
the
interest
incurred
on
and
the
accretion
of
principal
for
the
Senior
Secured
Notes
of
$4.0
million,
offset
by
the
reversal
of
(1)
interest
and
amortization
of
deferred
financing
fees
incurred
on
the
amended
and
restated
revolving
credit
facility
with
Bank
of
America/Fleet
Capital
Corporation
and
the
senior
subordinated
note
with
BET
Associates,
LP
of
$0.9
million,
(2)
interest
incurred
by
CD&L
for
the
three
months
ended
March
31,
2006
of
$0.3
million,
and
(3)
accretion
of
debt
discount
on
the
senior
subordinated
note
with
BET
Associates,
LP
of
$0.1
million.
(e)
The
tax
benefit
reflects
the
effect
of
combining
the
Velocity
Express
Corporation
loss,
the
CD&L
income,
and
the
pro
forma
adjustments
to
yield
a
combined
net
loss,
and
considering
the
statutory
rates
in
the
various
state
tax
jurisdictions.
(f)
Reflects
the
sum
of:
(1)
beneficial
conversion
related
to
the
Series
Q
Convertible
Preferred
Stock
of
$0.5
million,
(2)
dividends
paid-in-kind
(“PIK”)
on
the
Series
Q
Convertible
Preferred
Stock
of
$0.7
million,
(3)
beneficial
conversion
and
the
deemed
dividends
from
the
beneficial
conversion
feature
in
PIK
dividends
of
$0.1
million,
and
(4)
the
pro
forma
adjustments
to
Interest
expense
and
Income
taxes
of
$2.7
million
and
$0.2
million
noted
in
(d)
and
(e),
respectively
above.