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TheStreet Open House

Vitran Reports 2010 Year-End And Fourth Quarter Operating Results

Stocks in this article: VTNVTNC

 
REMINDER:
Vitran management will conduct a conference call and webcast today: February 10, at 10:00 a.m. ET,
to discuss the Company's 2010 fourth quarter results.
Conference call dial-in: 1-888-396-8049 or 416-764-8646 (International)
Live Webcast: www.vitran.com (select "Investor Relations")

TORONTO, Feb. 10, 2011 (GLOBE NEWSWIRE) -- Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), a North American transportation and supply chain firm, today announced year-end and quarterly financial results for the twelve and three-month periods ended December 31, 2010 (all figures reported in $U.S.).

For the year ended December 31, 2010, Vitran posted consolidated revenue of $673 million a 13% increase compared to $595 million for the 2009 year. Vitran reported a net loss from continuing operations of $38.1 million and a $2.34 loss per diluted share for the year ended 2010. These results include a non-cash tax valuation allowance in continuing operations of $38.9 million included in deferred tax expense for the year. Excluding the impact of the tax valuation allowance, earnings from continuing operations were $0.05 per diluted share for 2010 compared to a loss from continuing operations of $0.32 per diluted share for 2009.

For the 2010 fourth quarter, Vitran reported consolidated revenue improvement of 10% to $172 million compared to $156 million in the 2009 fourth quarter. Including the aforementioned non-cash deferred tax valuation allowance, net loss from continuing operations for the quarter was $40.2 million and a $2.47 loss per diluted share. Excluding the impact of the tax valuation allowance, loss from continuing operations was $0.08 per diluted share for the 2010 fourth quarter compared to a loss from continuing operations of $0.15 per diluted share for the 2009 fourth quarter.

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