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SMALL BUSINESS
Vitran reports 2009 first quarter results
Vitran reported a net loss of
"The economic environment put enormous pressure on activity levels and margins in the first quarter of 2009 compared to 2008. Although Vitran posted a loss for the first quarter of 2009, it was a sequential quarterly improvement compared to the fourth quarter of 2008," stated Vitran President and Chief Executive Officer
"Our U.S. LTL operating integration was substantially completed in the fourth quarter of 2008 and started to bear fruit in the current quarter. Costs were taken out of the operation and inter-regional sales opportunities materialized as we predicted.
"The economic environment remains very demanding, but we continue to modify our LTL operating structure to reduce costs and expand Vitran's market share. We are experiencing sequential improvements in daily activity levels every month this year. Our Logistics business performed well in the quarter despite continued downward pressures on the North American retail economy.
"Our Logistics segment commenced a new 200,000 sqft dedicated distribution facility in
Segmented Results
The LTL (less-than-truckload) segment posted a loss from operations for the 2009 first quarter of
Vitran Logistics posted income from operation of
About Vitran Corporation Inc.
Vitran Corporation Inc. is a North American group of transportation companies offering less-than-truckload, logistics, truckload, and freight brokerage services. To find out more about Vitran Corporation Inc. (NASDAQ:VTNC, TSX:VTN), visit the website at www.vitran.com.
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements may be generally identifiable by use of the words "believe", "anticipate", "intend", "estimate", "expect", "project", "may", "plans", "continue", "will", "focus should" "endeavor" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on current expectations and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Vitran's actual results, performance or achievements to differ materially from those projected in the forward-looking statements. Factors that may cause such differences include, but are not limited to, technological change, increases in fuel costs, regulatory changes, the general health of the economy, seasonal fluctuations, unanticipated changes in railroad capacities, exposure to credit risks, changes in labour relations and competitive factors. More detailed information about these and other factors is included in the annual MD&A on Form 10K under the heading "General Risks and Uncertainties." Many of these factors are beyond the Company's control; therefore, future events may vary
substantially from what the Company currently foresees. You should not place undue reliance on such forward-looking statements. Vitran Corporation Inc. does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
(tables follow)
Vitran Corporation Inc.
Consolidated Balance Sheets
(in thousands of United States dollars, US GAAP)
Mar. 31, 2009 Dec. 31, 2008
(unaudited) (audited)
Assets
Current assets:
Accounts receivable $ 65,808 $ 65,741
Inventory, deposits and prepaid expenses 11,751 12,063
Income and other taxes receivable 1,456 792
Deferred income taxes 1,935 1,877
------------- -------------
80,950 80,473
Property and equipment 147,686 152,602
Intangible assets 12,648 13,279
Goodwill 16,880 17,057
Deferred income taxes 32,631 30,181
------------- -------------
$ 290,795 $ 293,592
------------- -------------
------------- -------------
Liabilities and Shareholders' Equity
Current liabilities:
Bank overdraft $ 1,845 $ 3,912
Accounts payable and accrued liabilities 63,477 63,495
Current portion of long-term debt 17,464 16,925
------------- -------------
82,786 84,332
Long-term debt 95,543 93,477
Other 4,089 4,540
Shareholders' equity:
Common shares 77,500 77,500
Additional paid-in capital 3,759 3,525
Retained earnings 30,897 33,253
Accumulated other comprehensive loss (3,779) (3,035)
------------- -------------
108,377 111,243
------------- -------------
$ 290,795 $ 293,592
------------- -------------
------------- -------------
(Consolidated Statements of Income follows)
Vitran Corporation Inc.
Consolidated Statements Of Income
(Unaudited)
(in thousands of United States dollars except per share amounts, US GAAP)
Three months Three months
Ended ended
Mar. 31, Mar. 31,
2009 2008
Revenue $ 139,635 $ 177,507
Operating expenses 137,462 170,021
Depreciation and amortization expense 5,027 5,560
------------- -------------
142,489 175,581
Income (loss) from operations before undernoted (2,854) 1,926
Interest expense, net 2,196 2,130
Income (loss) from operations before income taxes (5,050) (204)
Income (recovery) taxes (2,694) (1,338)
------------- -------------
Net income (loss) $ (2,356) $ 1,134
------------- -------------
------------- -------------
Basic and Diluted income (loss) per share -
Net income (loss) $ (0.17) $ 0.08
Weighted average number of shares:
Basic 13,498,159 13,465,357
------------- -------------
------------- -------------
Diluted 13,498,159 13,611,446
------------- -------------
------------- -------------
(Statements of Cash Flows follows)
Vitran Corporation Inc.
Consolidated Statements Of Cash Flows
(Unaudited)
(in thousands of United States dollars, US GAAP)
Three months Three months
ended ended
Mar. 31, Mar. 31,
2008 2007
Cash provided by (used in):
Operations:
Net income (loss) $ (2,356) $ 1,134
Items not involving cash from operations:
Depreciation and amortization expense 5,027 5,560
Deferred income taxes (2,320) (1,198)
Share-based compensation expense 234 277
Loss (gain) on sale of property and
equipment (429) 1
Change in non-cash working capital components (246) (1,113)
------------ ------------
(90) 4,661
Investments:
Purchase of property and equipment (1,627) (7,108)
Proceeds on sale of property and equipment 1,047 191
------------ ------------
(580) (6,917)
Financing:
Revolving credit facility and bank overdraft 4,626 6,625
Repayment of long-term debt (2,268) (2,571)
Repayment of capital leases (1,820) (2,241)
Issue of Common Shares upon exercise of
stock options - 178
------------ ------------
538 1,991
Effect of translation adjustment on cash 132 265
------------ ------------
Increase in cash and cash equivalents - -
Cash and cash equivalent position, beginning
of period - -
------------ ------------
Cash and cash equivalent position, end of
period $ - $ -
------------ ------------
------------ ------------
Change in non-cash working capital components:
Accounts receivable $ (67) $ (7,671)
Inventory, deposits and prepaid expenses 312 (401)
Income and other taxes recoverable/payable (723) 1,131
Accounts payable and accrued liabilities 232 5,828
------------ ------------
$ (246) $ (1,113)
------------ ------------
------------ ------------
(additional financial information follows)
Supplementary Segmented Financial Information
(in thousands of United States dollars) (Unaudited)
-------------------------------------------------------------------------
For the quarter ended
March 31, 2009
-------------------------------------------------------------------------
Inc. from
Revenue Operations OR%
-------------------------------------------------------------------------
LTL 115,364 (2,684) 102.3
-------------------------------------------------------------------------
LOG 16,262 421 97.4
-------------------------------------------------------------------------
TL 8,009 192 97.6
-------------------------------------------------------------------------
-------------------------------------------------------------------------
For the quarter ended
March 31, 2008
-------------------------------------------------------------------------
Inc. from
Revenue Operations OR%
-------------------------------------------------------------------------
LTL 149,415 2,137 98.6
-------------------------------------------------------------------------
LOG 19,760 720 96.4
-------------------------------------------------------------------------
TL 8,332 379 95.5
-------------------------------------------------------------------------
LTL SEGMENT - Statistical Information
(Unaudited)
--------------------------------------------------
For the quarter ended
March 31, 2009
--------------------------------------------------
($U.S.) LTL Q. over Q.
Division % Change
--------------------------------------------------
Revenue (000's) $ 115,364 (17.7)*
--------------------------------------------------
# of Shipments 853,668 (12.7)
--------------------------------------------------
Weight (000's lbs) 1,276,668 (14.3)
--------------------------------------------------
Revenue per shipment $ 135.14 (5.7)*
--------------------------------------------------
Revenue per CWT $ 9.04 (3.9)*
--------------------------------------------------
* All % changes have been normalized for the impact of foreign exchange
fluctuation, period over period
SOURCE Vitran Corporation Inc.