Transportation firm Vitran Corp., Inc. (VTNC, VTN.TO) reported Monday a narrower net loss for the fourth quarter helped by a 7% increase in revenues and absense of a one-time non-cash goodwill impairment charge recorded in the prior year. The company's net loss for the quarter narrowed to US$2.34 million or US$0.14 per share from US$79 million or US$5.85 per share in the previous year. Prior-year results included a one-time non-cash goodwill impairment charge of US$107.35 million or US$5.62 per share. Excluding the impact of goodwill impairment charge, fourth-quarter loss in 2008 was US$3.2 million or US$0.23 per share. On average, eight analysts polled by Thomson Reuters expected the company to report a loss of US$0.01 per share for the quarter. Analysts' estimates typically exclude special items. In its third quarter, the company's net income plunged to US$281 thousand, or US$0.02 per share, from US$2.07 million, or US$0.15 per share, reported a year ago. Revenues for the fourth quarter increased 7% to US$165.03 million from US$154.23 million in the same quarter last year. Two Street analysts estimated revenues of US$154.95 million for the quarter. For the third quarter, the company had reported revenues of US$165.92 million, down from US$198.61 million in the prior year. Segment-wise, Vitran said its LTL or less-than-truckload segment revenues for the fourth quarter increased to US$134.7 million from US$127.13 million last year. The segment posted a loss from operations of US$2.62 million, with an operating ratio of 101.9%, compared to a loss from operations of US$4.74 million and an operating ratio of 103.7% reported in fiscal 2008. Shipments and tonnage in the segments increased 3.6% and 4.7%, respectively. Revenue per shipment was US$147 million. Rick Gaetz, president and chief executive officer said, "Within our new amalgamated U.S. LTL business unit, our sales initiatives are working as evidenced by the 22.5% increase in length of haul for the year. All these improvements were offset by the persistence of a poor pricing environment in the fourth quarter. Notwithstanding, we feel that our positive activity trends position our LTL segment for success when the pricing environment begins to change." The company's Supply Chain Operation segment revenue increased 15.5% to US$21.5 million from the preceding year. Income from operations improved 40.6% to US$1.9 million. "Our Supply Chain Operation segment is growing and performing. It is becoming a significant contributor to Vitran's overall business model. The SCO segment turned in a record fourth quarter and fiscal year for 2009," noted Gaetz. According to the company, the Truckload segment had a modest increase in revenue of 3.9% to US$8.86 million and an operating ratio of 98.1. Loss from operations for the quarter was US$4.15 million, compared to a loss of US$114.1 million in the year earlier. Net interest expense for the recent quarter declined to US$2.2 million from US$2.81 million in the year-ago quarter.
Depreciation and amortization expenses for the quarter decreased to US$4.95 million from US$5.06 million in the preceding year. "The fourth quarter of 2009 was the first quarter in several quarters where financial and operating metrics improved over the prior year. We are very pleased with the sales momentum in our U.S. LTL business unit as our daily shipment count and daily tonnage exceeded the fourth quarter of 2008," added Gaetz. For the full year, the company posted a net loss of US$3.97 million or US$0.28 per share, compared to a net loss of US$71.22 million or US$5.28 per share in the prior year. Annual revenues declined to US$629.26 million from US$726.34 million in the year earlier.
Vitran provides US domestic and Canadian LTL and expedited freight services. VTNC closed Friday's regular trading at $8.62 on the Nasdaq. For the last one year, the shares have been trading between $2.26 and $12.16.
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