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Vitran Reports 2012 Year-End And Fourth Quarter Results

 

 
Vitran Corporation Inc.
Consolidated Statements Of Cash Flows
(Unaudited)
 (in thousands of United States dollars, US GAAP)
 
   Three month  ended Dec 31,    Twelve months ended Dec 31,
  2012 2011 2012 2011
Cash provided by (used in):        
Operations:        
Net loss  $ (15,896)  $ (8,072)  $ (35,975)  $ (14,013)
Items not involving cash from operations:        
Depreciation and amortization  3,959  3,684   15,435   14,969
Deferred income taxes  48  193  10  288
Share-based compensation expense  102  125  431  501
Loss (gain) on sale of property and equipment  (4)  2,038  (235)  1,945
Income from discontinued operations  (2,060)  (1,894)  (6,651)  (6,767)
Change in non-cash working capital components    9,485    6,013   10,787   (122)
Continuing operations  (4,366)  2,087  (16,198)  (3,199)
Discontinued operations    929    1,790   6,812   9,136
    (3,437)   3,877  (9,386)  5,937
Investments:        
Purchase of property and equipment  (3,642)  (609)  (16,654)  (7,644)
Proceeds on sale of property and equipment  320  1,385  2,200  1,808
Acquisition of business assets   --   --  --  (1,737)
Continuing operations  (3,322)  776  (14,454)  (7,573)
Discontinued operations  (125)  6,454   (883)  6,138
   (3,447) 7,230  (15,337)  (1,435)
         
Financing:        
Change in revolving credit facility and bank overdraft  (10,881)  (774)  9,830  18,920
Repayment of long-term debt  (3,014)  (5,000)  (4,490)  (16,000)
Proceeds from long-term debt  22,299  --  22,299  --
Repayment of capital leases  (437)  (860)  (2,968)  (3,610)
Financing costs   (980)   (2,286)  (980)  (2,286)
Issue of common shares upon exercise of stock options   --   --   151   83
   6,987  (8,920)  23,842  (2,893)
         
Effect of foreign exchange translation on cash   130   (983)   (90)   (405)
         
Increase (decrease) in cash and cash equivalents  233   1,204  (971)  1,204
Cash and cash equivalents, beginning of period   --   --     1,204    --
Cash and cash equivalents, end of period  $ 233  $ 1,204  $ 233 $  1,204
         
Change in non-cash working capital components:        
Accounts receivable  $ 15,316  $ 5,909  $ 8,148  $ (9,989)
Inventory, deposits and prepaid expenses  1,426  1,482  1,668  601
Income and other taxes payable  --  500  (395)  613
Accounts payable and accrued liabilities   (7,257)   (1,878)    1,366   8,653
   $ 9,485  $ 6,013  $ 10,787  $ (122)

(additional financial information follows)

 
Statistical Information
(Unaudited)
For the quarter ended
Dec 31, 2012
($U.S.) LTL Q. over Q.
  Division % Change 
Revenue (000's) $164,329 * (5.2%)
No. of Shipments 996,115 (5.7%)
Weight (000's lbs) 1,480,907 (5.0%)
Revenue per shipment $164.97 * (0.5%)
Revenue per CWT $11.10 * (0.3%)
     
 
For the twelve months ended
Dec 31, 2012
($U.S.) LTL Y. over Y.
  Division % Change 
Revenue (000's) $702,914 * 2.8%
No. of Shipments 4,374,202 1.8%
Weight (000's lbs) 6,430,070 0.5%
Revenue per shipment $160.70 * 0.9%
Revenue per CWT $10.93 * 2.3%
 
* All % changes have been normalized for the impact of foreign exchange fluctuation, period over period
 
 
Non-GAAP Measures  
 
  Three months ended Dec 31, Three months ended Dec 31, Twelve months ended Dec 31, Twelve months ended Dec 31,
         
   2012  2011 2012  2011
Net loss from continuing operations  $ (17,956)    $ (9,966)  $ (42,626)  $ (20,780) 
Real estate losses, net of tax -- 1,258 -- 1,258
Fee write off, net of tax -- 691 -- 691
Tax valuation allowance from continuing operations   6,949   3,882   15,480   8,737
  Adjusted net loss from continuing operations  $ (11,007)    $ (4,135)    $ (27,146)    $ (10,094 )
         
Weighted average shares outstanding:        
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
Adjusted basic and diluted loss per share from continuing operations   $ (0.67)    $ (0.25)    $ (1.66)    $ (0.62) 
CONTACT: Richard Gaetz, President/CEO
         Fayaz Suleman, VP Finance/CFO
         Vitran Corporation Inc.
         416/596-7664

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