TORONTO, Ont. — Canadian provider of freight transportation and logistics services, Clarke Inc., has announced results for its first fiscal quarter ended June 30.
Revenue increased 26 per cent, the company says reflects higher volumes in the U.S. market primarily from four U.S. businesses acquired by Clarke Logistics in the fourth quarter of fiscal 2001.
Desipte this good news, net income decreased 43.8 per cent. The firm blames the reduced contribution from Concord, as well as its continuing investment in technology to support long-term growth, for the poor result.
Consolidated operating expenses increased 29.9 per cent, primarily as a result of higher volumes, foreign exchange translation losses of net U.S. monetary assets, and higher operating expenses at Concord.
“While the reduced contribution from Concord will continue to affect our bottom line through fiscal 2002, we have taken decisive action to improve the division’s operating performance over the long term,” says Roy Rideout, chairman and chief executive officer. “At the same time, our traditional operations continue to perform well and we have a strong foothold in the U.S. market.”