MONTREAL, Que. — TransForce Income Fund (TSX: TIF.UN) today announced a first quarter increase in its revenues over last year’s first quarter.
Revenues for the 13-week first quarter ending March 31, 2003 were $182.5 million, compared to $129.5 million reported for the 16-week period ending April 27, 2002. The company also reported an increase in net income in the first quarter, to $7.6 million, compared to the $5 million reported in the corresponding period last year.
Cash flow from operations reportedly exceeded $9 million in this years’ first quarter, compared to $4.8 million for the 16-week period in 2002.
TransForce’s EBITDA from continuing operations for this year’s 13-week first quarter reached $17.6 million, compared to $18.7 million reported over the 16-week first quarter in 2002.
“Despite the challenges we faced in this quarter, I am pleased to report that our revenues and net income have continued to increase,” says Alain Bedard , president and CEO.
“Our industry has been impacted by a variety of exceptional factors this winter, including unusually severe weather conditions, fuel prices that spiked sharply and suddenly, and rising insurance costs.”
An increase in the value of the Canadian dollar compared to its U.S. counterpart also had an impact on transborder operations, says Bedard.
The change from a 16-week first quarter last year to a 13-week first quarter this year was made when TransForce Inc. completed its conversion to an income fund Sept. 30, 2002. That’s when the company’s year-end changed to Dec. 31. The result is the company is now reporting at calendar quarter-ends. Accordingly, this quarter covers a shorter period (13 instead of 16 weeks) than the comparable quarter of the previous fiscal year.
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