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TORONTO, Oct. 26, 2010 (GLOBE NEWSWIRE) -- Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), a North American transportation and supply chain firm, today announced financial results for the third quarter of 2010 and the nine-month period ended September 30, 2010 (all figures reported in $U.S.).
Vitran reported a significant increase in net income to $2.0 million, or $0.12 per diluted share, on revenues of $182.9 million for the quarter ended September 30, 2010. In the comparable 2009 three-month period, the Company achieved net income of $0.3 million, or $0.02 per diluted share on revenue of $165.9 million. The consolidated increases in revenue and profitability were driven by significant improvements in the LTL and Supply Chain Operation ("SCO") segments.
"We continue to be encouraged with the activity growth in relationship to our unrelenting efforts to increase yield to an acceptable level within our LTL segment. Most notably our U.S. LTL business unit posted monthly sequential gains in revenue per hundredweight throughout the quarter which led to an 8% year-over-year improvement in quarterly revenue. We believe we can continue to increase yield through the fourth quarter of 2010 and further improve the year-over-year results," stated Vitran President and Chief Executive Officer Rick Gaetz.
"Our Supply Chain Operation posted record revenue and income from operations in the quarter. This was achieved by activity improvement throughout the segment as well as the commencement of operations in two new facilities, Albuquerque, New Mexico and Salt Lake City, Utah."