This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Vitran Reports 2012 Year-End And Fourth Quarter Results

REMINDER:

Vitran management will conduct a conference call and webcast today: February 20, at 10:00 a.m. ET,

to discuss the Company's 2012 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. 20, 2013 (GLOBE NEWSWIRE) --Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), a North American transportation firm, today announced year-end and quarterly financial results for the twelve- and three-month periods ended December 31, 2012 (all figures reported in $U.S.).

Year and fourth quarter ended December 31, 2012 highlights:

  • Annual revenue increased 2.4% to $702.9 million for the 2012 year.
  • Fourth quarter revenue decreased 4.7% to $164.3 million compared to a year ago.
  • Non-GAAP basis adjusted loss from continuing operations of $0.67 per share for the fourth quarter of 2012 and adjusted loss from continuing operations of $1.66 per share for the 2012 fiscal year.
  • Agreement signed on February 12, 2013 to sell Supply Chain Operation for $97.0 million.

For the year ended December 31, 2012, Vitran posted revenue of $702.9 million or 2.4% increase compared to $686.2 million for the 2011 year. Vitran reported a net loss from continuing operations of $42.6 million, or $2.60 per share for the year ended 2012 compared to net loss from continuing operations of $20.8 million, or $1.27 per share for the year ended 2011.

For the fourth quarter of 2012, Vitran reported consolidated revenue decreased to $164.3 million compared to $172.5 million in the fourth quarter of 2011. Net loss from continuing operations was $18.0 million or $1.09 per share for the fourth quarter of 2012 compared to a net loss from continuing operations of $10.0 million or $0.61 per share in the comparable quarter.

At the end of the fourth quarter of 2010, in accordance with FASB ASC 740-10, Vitran temporarily discontinued recording an income tax recovery and deferred tax asset for its U.S. operations. On a non-GAAP basis that would include adjusting for a tax recovery on Vitran's U.S. operations, the Company recorded an adjusted loss from continuing operations of $0.67 per share for the fourth quarter of 2012 and adjusted loss from continuing operations of $1.66 per share for 2012. Adjusted loss from continuing operations was $0.25 per share for the fourth quarter of 2011 and $0.62 per share for 2011. The adjusted loss from continuing operations for 2011 excludes the impact of a $1.0 million one-time write off of deferred financing costs related to Vitran's previous senior credit agreement and a $2.1 million charge recorded in 2011 related to the sale of facilities and write-down to estimated fair value for the remaining vacant properties held for sale.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7870 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs