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Pacer Gallops Ahead

The logistics firm posts a strong quarter even as it's getting crushed by Sarbanes-Oxley.
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Pacer

(PACR)

surged 17% late Tuesday after the third-party logistics outfit blew out fourth-quarter numbers.

For its fourth quarter ended Dec. 31, the Concord, Calif., company earned $17 million, or 44 cents a share, up from the year-ago $11.4 million, or 30 cents a share. Revenue rose to $531 million from $456 million a year earlier.

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"Our strong fourth quarter performance demonstrated Pacer International's ability to overcome challenges in the external environment while also resolving some legacy issues that confronted us," said CEO Don Orris. "This reflects both our flexibility in adapting to difficult market conditions and our ability to continue to reduce operating costs."

The company said legal and Sarbanes-Oxley compliance costs added some $3 million in expenses to the fourth quarter alone.

Late Tuesday, Pacer jumped $3.35 to $22.89.