Vitran Reports Continued Improvement With 2010 Second Quarter Results
TORONTO, July 22, 2010 (GLOBE NEWSWIRE) -- Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), a North American transportation and supply chain firm, today announced financial results for the second quarter of 2010 and the six-month period ended June 30, 2010 (all figures reported in $U.S.).
Vitran reported a 293% increase in net income to $1.7 million, or $0.11 per diluted share, on revenues of $179.0 million for the quarter ended June 30, 2010. In the comparable 2009 three-month period, the Company achieved net income of $0.4 million, or $0.03 per diluted share on revenue of $158.7 million. The majority of the consolidated increases in revenue and profitability were driven by significant improvements in the LTL segment.
"We continue to be pleased with the improvement in the LTL segment's results and strong performance in the Supply Chain Operation. Our LTL tonnage increased 10% for the quarter, but most importantly our yield grew sequentially each month from February 2010. Our LTL yield improved 2.1% from the beginning of the quarter to the end of the 2010 second quarter. We believe we can continue to increase yield through the third quarter," stated Vitran President and Chief Executive Officer Rick Gaetz."I am also pleased to announce that our Supply Chain Operation has secured contracts with major U.S. retailers to commence operations in two Western United States markets during the third quarter of 2010." "Lastly, for the third consecutive quarter, Vitran was able to reduce its consolidated leverage ratio resulting in another 50 basis point reduction on our syndicated debt margins starting in the third quarter of 2010," concluded Mr. Gaetz. Revolving and term debt margin reductions have accumulated to 150 basis points over the past three quarters. Segmented Results The LTL (less-than-truckload) segment posted income from operations for the 2010 second quarter of $3.9 million, with an OR (operating ratio) of 97.4% compared to income from operations of $1.2 million and an OR of 99.1% in the comparable period a year ago. In the comparable second quarters, shipments and tonnage improved 6.1% and 9.7% respectively in the LTL segment.
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