Vitran reports 2009 third quarter results
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REMINDER:
Vitran management will conduct a conference call and webcast today:
October 27, at 11:00 a.m. ET,
to discuss the Company's 2009 third quarter results
Conference call dial-in: 1-866-250-4892 or 416-644-3422 (International)
Live Webcast: www.vitran.com (select "Investor Relations")
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Vitran reported net income of
In addition the Company completed a private placement of approximately 2.7 million shares of common stock at the price of
"Our third quarter accomplishments are meaningful in a very challenging environment, particularly from a pricing and financial perspective, allowing Vitran to continue to take positive steps forward. Our daily U.S. LTL (less-than-truckload) shipment count for the third quarter exceeded the second quarter, our logistics business set a quarterly record for profitability and most importantly we garnered the support of new and existing shareholders with our equity offering," stated Vitran President and Chief Executive Officer,
"In the short-term we posted our second successive quarter of consolidated net income but more importantly positioned the Company to financially weather the economic downturn over the long-run."
"Our retail focused supply chain business executed very well in the quarter, in fact, posted 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 going forward."
Segmented Results
The LTL (less-than-truckload) segment posted income from operations for the 2009 third quarter of
Vitran Logistics posted income from operations 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
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)
Sept. 30, 2009 Dec. 31, 2008
(unaudited) (audited)
Assets
Current assets:
Accounts receivable $ 77,608 $ 65,741
Inventory, deposits and prepaid expenses 11,764 12,063
Income and other taxes receivable 1,923 792
Deferred income taxes 4,073 1,877
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95,368 80,473
Property and equipment 148,851 152,602
Intangible assets 11,386 13,279
Goodwill 17,768 17,057
Deferred income taxes 30,691 30,181
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$ 304,064 $ 293,592
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Liabilities and Shareholders' Equity
Current liabilities:
Bank overdraft $ 4,427 $ 3,912
Accounts payable and accrued liabilities 67,314 63,495
Current portion of long-term debt 17,724 16,925
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89,465 84,332
Long-term debt 74,069 93,477
Other 3,501 4,540
Shareholders' equity:
Common shares 99,648 77,500
Additional paid-in capital 4,128 3,525
Retained earnings 31,618 33,253
Accumulated other comprehensive income (loss) 1,635 (3,035)
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137,029 111,243
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$ 304,064 $ 293,592
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(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 Nine months
ended Sept. 30, ended Sept. 30,
2009 2008 2009 2008
---- ---- ---- ----
Revenue $ 165,916 $ 198,605 $ 464,233 $ 572,102
Operating expenses 158,580 189,421 447,740 542,179
Depreciation and
amortization expense 4,977 5,203 14,951 15,968
----------- ----------- ----------- -----------
163,557 194,624 462,691 558,147
Income (loss) from
operations before
undernoted 2,359 3,981 1,542 13,955
Interest expense, net 2,582 2,158 7,292 6,410
Income (loss) from
operations before income
taxes (223) 1,823 (5,750) 7,545
Income (recovery) taxes (504) (243) (4,115) (232)
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Net income (loss) $ 281 $ 2,066 $ (1,635) $ 7,777
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Basic income (loss) per
share -
Net income (loss) $ 0.02 $ 0.15 $ (0.12) $ 0.58
Diluted income (loss)
per share -
Net income (loss) $ 0.02 $ 0.15 $ (0.12) $ 0.57
Weighted average number
of shares:
Basic 13,886,286 13,493,757 13,628,956 13,480,805
Diluted 14,001,903 13,647,774 13,628,956 13,632,628
(Statements of Cash Flows follows)
Vitran Corporation Inc.
Consolidated Statements Of Cash Flows
(Unaudited)
(in thousands of United States dollars, US GAAP)
Three months Nine months
ended Sept. 30, ended Sept. 30,
2009 2008 2009 2008
---- ---- ---- ----
Cash provided by (used in):
Operations:
Net income (loss) $ 281 $ 2,066 $ (1,635) $ 7,777
Items not involving cash
from operations:
Depreciation and
amortization expense 4,977 5,203 14,951 15,968
Deferred income taxes (868) (21) (4,154) 83
Share-based compensation
expense 163 279 603 848
Gain on sale of property
and equipment (2) (155) (439) (288)
Change in non-cash working
capital components (956) 679 (8,269) (9,853)
----------- ----------- ----------- -----------
3,595 8,051 1,057 14,535
Investments:
Purchase of property and
equipment (506) (1,692) (3,955) (10,840)
Proceeds on sale of
property and equipment 33 935 1,178 1,387
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(473) (757) (2,777) (9,453)
Financing:
Revolving credit facility
and bank overdraft (11,478) (2,987) 1,601 8,341
Repayment of long-term
debt (10,768) (2,580) (15,304) (7,726)
Repayment of capital
leases (1,309) (2,078) (4,521) (6,320)
Financing costs (414) - (414) -
Issue of Common Shares
in private placement 21,318 - 21,318 -
Issue of Common Shares
upon exercise of stock
options 333 76 333 254
----------- ----------- ----------- -----------
(2,318) (7,569) 3,013 (5,451)
Effect of translation
adjustment on cash (804) 275 (1,293) 369
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 $ (5,378) $ 587 $ (11,867) $ (18,989)
Inventory, deposits
and prepaid expenses 1,531 1,083 713 170
Income and other taxes
recoverable/payable 203 (651) (934) 317
Accounts payable and
accrued liabilities 2,688 (340) 3,819 8,649
----------- ----------- ----------- -----------
$ (956) $ 679 $ (8,269) $ (9,853)
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(additional financial information follows)
Supplementary Segmented Financial Information
(in thousands of United States dollars) (Unaudited)
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For the quarter ended For the quarter ended
Sept. 30, 2009 Sept. 30, 2008
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Inc. from Inc. from
Revenue Operations OR% Revenue Operations OR%
----------------------------------- ------------------------------------
LTL $ 137,479 $ 1,502 98.9 LTL $ 166,227 $ 3,043 98.2
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LOG $ 19,810 $ 1,698 91.4 LOG $ 23,375 $ 1,451 93.8
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TL $ 8,627 $ 175 98.0 TL $ 9,003 $ 308 96.6
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For the nine months ended For the nine months ended
Sept. 30, 2009 Sept. 30, 2008
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Inc. from Inc. from
Revenue Operations OR% Revenue Operations OR%
----------------------------------- ------------------------------------
LTL $ 384,509 $ (25) 100.0 LTL $ 483,803 $ 13,721 97.2
----------------------------------- ------------------------------------
LOG $ 54,641 $ 3,552 93.5 LOG $ 62,449 $ 3,002 95.2
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TL $ 25,083 $ 623 97.5 TL $ 25,850 $ 1,008 96.1
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LTL SEGMENT - Statistical Information
(Unaudited)
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For the quarter ended
Sept. 30, 2009
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($U.S.) LTL Q. over Q.
Division % Change
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Revenue (000's) $ 137,479 *(16.6%)
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No. of Shipments 979,404 (4.9%)
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Weight (000's lbs) 1,429,041 (8.7%)
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Revenue per shipment $ 140.37 *(12.3%)
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Revenue per CWT $ 9.62 *(8.7%)
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For the nine months ended
Sept. 30, 2009
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($U.S.) LTL Q. over Q.
Division % Change
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Revenue (000's) $ 384,509 *(17.6%)
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No. of Shipments 2,788,780 (8.4%)
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Weight (000's lbs) 4,093,058 (11.8%)
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Revenue per shipment $ 137.88 *(10.0%)
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Revenue per CWT $ 9.39 *(6.6%)
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* All % changes have been normalized for the impact of foreign exchange
fluctuation, period over period
For further information: Richard Gaetz, President/CEO; Sean Washchuk, VP Finance/CFO, Vitran Corporation Inc., (416) 596-7664
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