Clarke makes company history
HALIFAX, N.S. — Clarke Inc. overcame a fourth-quarter loss of $6.3 million to notch its best ever one-year performance in company history.
Despite the net loss in fourth-quarter 2007, Clarke’s overall fiscal year ended with a net gain of $64 million, a substantial increase from the $17.2 million gained in 2006.
Officials noted that the company was able to realize gains on investments made during the year and in prior periods. The results delivered in the fourth quarter of 2007 reflect the more challenging market conditions faced by Clarke and the businesses in which it was invested during the period.
Revenue and other income for the fourth quarter increased $10.5 million compared to the same quarter last year. Transportation revenue increased by $5.6 million compared with the same quarter of the prior year, due to significant improvements in Clarke’s intermodal business.
Although the company realized securities gains and an increase in the freight transportation segment, non-cash items including permanent impairment writedowns, losses in equity, and a pension expense, contributed to a $6.3 million loss during the three months ended Dec. 31, 2007.
For 2008, Clarke plans to continue to invest where it sees the potential for long-term growth. In addition, given market realities, the company will devote attention to improving the businesses in which it is currently invested, to put them in a position to succeed when market conditions improve.
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