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Vitran Reports 2012 Year-End And Fourth Quarter Results

Stocks in this article: VTNVTNC

Operating Results

The Company posted a loss from operations in its LTL division for the 2012 fourth quarter of $15.3 million compared to $4.2 million for the 2011 fourth quarter, adjusted for the real estate losses. The LTL division posted an OR (operating ratio) of 109.3% compared to an OR of 102.4% in the comparable period a year ago. On a year over year basis, shipments and tonnage both increased 1.8% and 0.5% respectively, in the LTL division.

About Vitran Corporation Inc.

Vitran Corporation Inc. is a North American group of transportation companies offering less-than-truckload services throughout the United States and Canada. To find out more about Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), visit the website at www.vitran.com .

The Vitran Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7302

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements may be generally identifiable by use of the words "believe", "anticipate", "intend", "estimate", "expect", "project", "may", "plans", "continue", "will", "focus ", "should", "endeavor" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on current expectations and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially from those expressed or implied by such forward-looking statements.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Vitran's actual results, performance or achievements to differ materially from those projected in the forward-looking statements. Factors that may cause such differences include, but are not limited to, technological change, increases in fuel costs, regulatory changes, the general health of the economy, seasonal fluctuations, unanticipated changes in railroad capacities, exposure to credit risks, changes in labour relations and competitive factors. More detailed information about these and other factors is included in the annual MD&A on Form 10K under the heading "General Risks and Uncertainties." Many of these factors are beyond the Company's control; therefore, future events may vary  substantially from what the Company currently foresees. You should not place undue reliance on such forward-looking statements. Vitran Corporation Inc. does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

(tables follow)

Vitran Corporation Inc.
Consolidated Balance Sheets
(in thousands of United States dollars, US GAAP)
       
    Dec 31, 2012   Dec 31, 2011
    (audited) (audited)
       
Assets      
Current assets:      
Cash and cash equivalents   $ 233 $ 1204
Accounts receivable 65,291 73,439
Inventory, deposits and prepaid expenses 10,131 10,819
Current assets of discontinued operations 11,436 11,093
Deferred income taxes 92 175
    87,183 96,730
       
Property and equipment 131,640 123,521
Intangible assets 2,707 4,773
Goodwill   5,579 5,458
Long-term assets of discontinued operations 11,388 11,776
    $ 238,497 $ 242,258
   
Liabilities and Shareholders' Equity  
Current liabilities:    
Accounts payable and accrued liabilities  $ 67,744 $ 66,378
Income and other taxes payable 517 912
Current liabilities of discontinued operations 14,068 14,855
Current portion of long-term debt 3,339 6,817
    85,668 88,962
       
Long-term debt 101,997 67,072
Deferred income taxes 1,175 1,251
   
Shareholders' equity:  
Common shares 99,954 99,746
Additional paid-in capital 5,708 5,334
Accumulated deficit (60,889) (24,914)
Accumulated other comprehensive income 4,884 4,807
    49,657 84,973
    $ 238,497 $ 242,258

(Consolidated Statements of Income follows)

Vitran Corporation Inc.
Consolidated Statements Of Income
(Unaudited)
(in thousands of United States dollars except per share amounts, US GAAP)
 
    Three months ended Dec 31,   Twelve months ended Dec 31,
         
   2012  2011  2012  2011
Revenue  $ 164,329  $ 172,484  $ 702,914  $ 686,242
  Operating expenses   176,928   176,562   725,331   685,857
Depreciation and amortization  3,959  3,684   15,435   14,969
  180,887 180,246 740,766 700,826
Loss from continuing operations before undernoted   (16,558)    (7,762)     (37,852)    (14,584)
         
Interest expense, net 1,430 2,457 5,417 6,808
         
Loss from continuing operations before income taxes (17,988) (10,219) (43,269) (21,392)
         
Income taxes   (32)   (253)  (643)   (612)
         
Net loss from continuing operations   (17,956)     (9,966)   (42,626)    (20,780)
         
Discontinued operations, net of tax    2,060    1,894   6,651   6,767
  Net loss       (15,896)       (8,072)     (35,975)     (14,013)
         
Basic and Diluted income (loss) per share      
Net loss from continuing operations  $ (1.09)  $ (0.61)   $ (2.60)   $ (1.27)
Discontinued operations  $  0.12  $ 0.12   $  0.41   $ 0.41
Net loss  $ (0.97)  $ (0.49)   $ (2.19)   $ (0.86)
         
Weighted average number of shares:        
Basic  16,399,241  16,331,241  16,391,252  16,326,760
Diluted  16,399,241 16,331,241  16,391,252  16,326,760

(Statements of Cash Flows follows)

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