WOODSTOCK, Ont. -- Contrans Group set a new record for profitability in the second quarter, the company announced.
The company’s Q2 net income was $8.1 million, well up from the $5.2 million it made during the second quarter of 2011.
“Robust internal growth, recent acquisitions and an unwavering focus on operating efficiency drove Contrans’ second quarter profit to a new company record,” said Stan G. Dunford, Contrans Group’s chairman and CEO. “Management has been very adept at assessing the long-term potential of acquisition targets and distinguishing those that enhance Contrans’ value and stability from those that do not. Furthermore, management has concentrated on acquiring businesses in which the company possesses expertise. Management has also been diligent in ensuring that the achievement of its growth objectives has not compromised the company’s strong balance sheet. Contrans’ financial strength has allowed management to react quickly to growth opportunities and has kept the Company resilient during challenging economic times.”
Dunford said he expects Contrans to continue to perform well in the second half of 2012. He also indicated the company will continue looking for acquisition opportunities.
“I also believe that there will be increased mergers and acquisitions activity in the transportation industry,” Dunford said. “While management will continue to aggressively pursue suitable growth opportunities, Contrans will not grow solely for the sake of growing. Slow and steady growth has been part of a winning strategy for Contrans and its shareholders for the past two decades.”
Contrans’ Q2 revenue was boosted by acquisitions completed late last year and early this year, adding about $11.4 million in revenue. Contrans reported its revenue was also helped by the addition of several new major customers and the awarding of additional lanes from existing customers.