Sean WashchukThanks Rick. This call 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 the use of the words; believe, anticipate, intend, estimate, expect, project, may, plan, continue, will, focus, should, endeavor or the negative of these words or other variations of these words or comparable terminologies. 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 and 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, increasing fuel costs, regulatory change, the general health of the economy, seasonal fluctuations, unanticipated changes in railroad capacity, exposure to credit risks, change in labor relations, geographic expansion, capital requirements, availability of financing, claims and insurance costs, environmental hazards and competitive factors. More detailed information about these and other factors are included in the annual form 10-K under “Item 1A - Risk Factors.” Many of these factors are beyond the company's control. Therefore, future events may vary substantially from what the company currently perceives. 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 call or to revise them to reflect the occurrence of future, unanticipated events. The second quarter of 2010 Vitran Corporation improved income 293% to $1.7 million compared to $400,000 in the second quarter of 2009, These results were achieved on revenues that increased 13% to $179 million resulting in an 103% improvement in income from operations to $4.1 million for the second quarter of 2010. This compared to revenues of $159 million in income from operation of $2 million in the year ago second quarter. As a result, the company recorded diluted earnings per share of $0.11 in second quarter of 2010 compared to diluted earnings per share of $0.03 in the second quarter of 2009.
The company's consorted operating ratio improved to 97.7% for the second quarter of 2010 compared to 98.7% for the second quarter of 2009. Improvements in LTL shipment and tonnage measures as well as sequential improvement in LTL yield in 2009 (technical difficulty).Interest expense for the 2010 second quarter was $1.9 million compared to interest expense of $2.5 million for the same quarter a year ago. The company's interest rate rides on its indicating revolving interim debt was 50 basis points less than the second quarter of 2009. And interest baring debt at June 30, 2010 was $31 million less than June 30, 2009. This resulted in the $600,000 decline in interest expense for the comparable quarters. For the second quarter of 2010 the company generated income tax expense of $500,000 compared to an income tax recovery of $900,000 in the second quarter of 2009. Taxable income was generated in the United States in the second quarter whereby reducing the company's differed tax assets. For the six month period ended June 30, 2010 consolidated revenue was $345 million compared to $298 million in the first six months of 2009. Income from operation was $4.3 million compared from a loss from operation $800,000 in the 2009 six month period. Our earnings per share improved $0.19 to $0.05 per diluted share for the 2010 six months period compared a loss per share of $0.14 a year ago. Cash flow from operations for the 2010 six months period generated $4.3 million compared to consuming $2.5 million in 2009. Non-cash working capital changes consumed $6.2 million compared to a consumption of $7.3 million a year ago. Read the rest of this transcript for free on seekingalpha.com