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Vitran Reports 2012 Year-End And Fourth Quarter Results

Stocks in this article: VTN VTNC


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: (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.

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