MONTREAL, Que. — TransForce Income Fund rounded out 2005 with record earnings for both the fourth quarter and the year.
TransForce delivered a 25 per cent increase in fourth quarter revenues of $424.8 million compared with $339.2 million a year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $60.2 million for the quarter, an increase of nearly 42 per cent from the $42.5 million reported for the fourth quarter of fiscal 2004.
“The record results for the fourth quarter continued the strong performance of the rest of the year and contributed to the best year ever for TransForce and its unit holders,” said TransForce president and CEO Alain Bdard. “Acquisitions made during the year contributed significantly to the improved results. This was supplemented by continuing operating improvements at existing subsidiaries.”
TransForce also increased its total annual revenues to $1.5 billion, up 35 per cent from $1.1 billion in 2004. EBITDA for the year was $200.6million compared with $141.2 million a year earlier.
“Our record annual financial performance is a result of the strength of our ongoing operations as well as the contribution from acquisitions which not only added revenue but enhanced our strategic position. In 2005, we expanded our transborder business, increased our presence in Western Canada, enhanced our capabilities in specialized trucking, and created a new platform for growth in waste management,” Bedard said. “We are very pleased with TransForce’s rapid development and with our ability to provide unit holders with sustainable, growing distributions.”
During the fourth quarter, TransForce completed the acquisitions of Groupe 2 B, Rebel Transport, Express Golden Eagle and Le Groupe Fortier, bringing the number of acquisitions for 2005 to 13. Earlier this year, TransForce announced the agreement to acquire Kos Corp. Oilfield Transportation Ltd.
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