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SMALL BUSINESS
Vitran reports 2009 second quarter results
Vitran reported net income of
"We are pleased with our second sequential quarter of financial improvements given the general economy and the current transportation pricing environment in
"We continue to make the Company stronger by executing our single entity operating plan in
"Our Logistics business performed very well in the quarter, in fact, equaled its all-time best profitability despite continued downward pressures on the North American retail economy. I look forward to continued commercial success in our supply chain business."
Segmented Results
The LTL (less-than-truckload) segment posted income from operations for the 2009 second 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)
June 30, 2009 Dec. 31, 2008
(unaudited) (audited)
Assets
Current assets:
Accounts receivable $ 72,230 $ 65,741
Inventory, deposits and prepaid expenses 12,881 12,063
Income and other taxes receivable 1,992 792
Deferred income taxes 2,175 1,877
------------ ------------
89,278 80,473
Property and equipment 148,729 152,602
Intangible assets 12,017 13,279
Goodwill 17,302 17,057
Deferred income taxes 32,365 30,181
------------ ------------
$ 299,691 $ 293,592
------------ ------------
------------ ------------
Liabilities and Shareholders' Equity
Current liabilities:
Bank overdraft $ 4,798 $ 3,912
Accounts payable and accrued
liabilities 64,626 63,495
Current portion of long-term debt 18,075 16,925
------------ ------------
87,499 84,332
Long-term debt 96,838 93,477
Other 3,732 4,540
Shareholders' equity:
Common shares 77,500 77,500
Additional paid-in capital 3,965 3,525
Retained earnings 31,337 33,253
Accumulated other comprehensive loss (1,180) (3,035)
------------ ------------
111,622 111,243
------------ ------------
$ 299,691 $ 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 Six months
ended June 30, ended June 30,
2009 2008 2009 2008
---- ---- ---- ----
Revenue $ 158,682 $ 195,990 $ 298,317 $ 373,497
Operating expenses 151,698 182,737 289,160 352,758
Depreciation and
amortization expense 4,947 5,205 9,974 10,765
---------- ---------- ---------- ----------
156,645 187,942 299,134 363,523
Income (loss) from
operations before
undernoted 2,037 8,048 (817) 9,974
Interest expense, net 2,514 2,122 4,710 4,252
Income (loss) from
operations before
income taxes (477) 5,926 (5,527) 5,722
Income (recovery) taxes (917) 1,349 (3,611) 11
---------- ---------- ---------- ----------
Net income (loss) $ 440 $ 4,577 $ (1,916) $ 5,711
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Basic and Diluted income
(loss) per share -
Net income (loss) $ 0.03 $ 0.34 $ (0.14) $ 0.42
Weighted average number
of shares:
Basic 13,498,159 13,483,159 13,498,159 13,474,258
Diluted 13,592,162 13,630,974 13,498,159 13,621,759
(Statements of Cash Flows follows)
Vitran Corporation Inc.
Consolidated Statements Of Cash Flows
(Unaudited)
(in thousands of United States dollars, US GAAP)
Three months Six months
ended June 30, ended June 30,
2009 2008 2009 2008
---- ---- ---- ----
Cash provided by (used in):
Operations:
Net income (loss) $ 440 $ 4,577 $ (1,916) $ 5,711
Items not involving
cash from operations:
Depreciation and
amortization expense 4,947 5,205 9,974 10,765
Deferred income taxes (966) 1,302 (3,286) 104
Share-based
compensation expense 206 292 440 569
Gain on sale of
property and equipment (8) (134) (437) (133)
Change in non-cash working
capital components (6,817) (9,419) (7,313) (10,532)
---------- ---------- ---------- ----------
(2,198) 1,823 (2,538) 6,484
Investments:
Purchase of property
and equipment (1,822) (2,040) (3,449) (9,148)
Proceeds on sale of
property and equipment 98 261 1,145 452
---------- ---------- ---------- ----------
(1,724) (1,779) (2,304) (8,696)
Financing:
Revolving credit facility
and bank overdraft 8,453 4,703 13,079 11,328
Repayment of long-term
debt (2,268) (2,575) (4,536) (5,146)
Repayment of capital
leases (1,392) (2,001) (3,212) (4,242)
Issue of Common Shares
upon exercise of stock
options - - - 178
---------- ---------- ---------- ----------
4,793 127 5,331 2,118
Effect of translation
adjustment on cash (871) (171) (489) 94
---------- ---------- ---------- ----------
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 $ (6,422) $ (11,905) $ (6,489) $ (19,576)
Inventory, deposits
and prepaid expenses (1,130) (512) (818) (913)
Income and other taxes
recoverable/payable (414) (163) (1,137) 968
Accounts payable and
accrued liabilities 1,149 3,161 1,131 8,989
---------- ---------- ---------- ----------
$ (6,817) $ (9,419) $ (7,313) $ (10,532)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
(additional financial information follows)
Supplementary Segmented Financial Information
(in thousands of United States dollars) (Unaudited)
----------------------------------- ------------------------------------
For the For the
quarter ended quarter ended
June 30, 2009 June 30, 2008
----------------------------------- ------------------------------------
Inc. from Inc. from
Revenue Operations OR% Revenue Operations OR%
----------------------------------- ------------------------------------
LTL $ 131,667 $ 1,157 99.1 LTL $ 168,161 $ 8,541 94.9
----------------------------------- ------------------------------------
LOG $ 18,569 $ 1,433 92.3 LOG $ 19,314 $ 831 95.7
----------------------------------- ------------------------------------
TL $ 8,446 $ 256 97.0 TL $ 8,515 $ 321 96.2
----------------------------------- ------------------------------------
----------------------------------- ------------------------------------
For the six For the six
months ended months ended
June 30, 2009 June 30, 2008
----------------------------------- ------------------------------------
Inc. from Inc. from
Revenue Operations OR% Revenue Operations OR%
----------------------------------- ------------------------------------
LTL $ 247,030 $ (1,527) 100.6 LTL $ 317,576 $ 10,678 96.6
----------------------------------- ------------------------------------
LOG $ 34,831 $ 1,854 94.7 LOG $ 39,074 $ 1,551 96.0
----------------------------------- ------------------------------------
TL $ 16,456 $ 448 97.3 TL $ 16,847 $ 700 95.8
----------------------------------- ------------------------------------
LTL SEGMENT - Statistical Information
(Unaudited)
---------------------------------------------------
For the quarter ended
June 30, 2009
-------------
---------------------------------------------------
LTL Q. over Q.
($U.S.) Division % Change
---------------------------------------------------
Revenue (000's) $ 131,667 * (18.7%)
---------------------------------------------------
# of Shipments 955,708 (7.9%)
---------------------------------------------------
Weight (000's lbs) 1,387,349 (12.6%)
---------------------------------------------------
Revenue per shipment $ 137.77 * (11.8%)
---------------------------------------------------
Revenue per CWT $ 9.49 * (7.0%)
---------------------------------------------------
---------------------------------------------------
For the six-months ended
June 30, 2009
-------------
---------------------------------------------------
LTL Q. over Q.
($U.S.) Division % Change
---------------------------------------------------
Revenue (000's) $ 247,030 * (18.2%)
---------------------------------------------------
# of Shipments 1,809,376 (10.2%)
---------------------------------------------------
Weight (000's lbs) 2,664,016 (13.4%)
---------------------------------------------------
Revenue per shipment $ 136.53 * (8.9%)
---------------------------------------------------
Revenue per CWT $ 9.27 * (5.5%)
---------------------------------------------------
* All % changes have been normalized for the impact of foreign exchange
fluctuation, period over period
SOURCE Vitran Corporation Inc.