TORONTO, Ont. — Vitran suffered a US$3.2 million loss in the fourth quarter but finished the 2008 fiscal year in the black with a net income of US$4.6 million.
That’s down, however, from a net income of $13.7 million in 2007. Revenue increased 8.3% in 2008, including a 4.5% increase in LTL.
Fourth quarter revenue was down 11.5% compared the same quarter in 07, the company reported.
“Although we are disappointed with the financial results, the fourth quarter of 2008 marked another period of significant achievements for Vitran in the face of an unmistakable retraction in the entire North American economy and transportation industry,” said Vitran president and CEO, Rick Gaetz. “We are very pleased to have completed the final steps of our US LTL operating integration with the amalgamation of redundant workforces and facilities in the overlap legacy PJAX and Vitran Express operating regions.”
In the fourth quarter, Vitran’s LTL segment suffered a US$4.7 million loss. LTL shipments were down 8.7% and tonnage decreased 6.9%. Revenue per shipment increased 0.9%, the company reported. The truckload segment saw revenue increase 2.6%.
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