(RTTNews) -  Pacer International, Inc. (PACR: News ) reported third quarter net income of $0.6 million or $0.02 per share, compared to $20.8 million or $0.59 per share last year.

On average, nine analysts polled by Thomson Reuters expected the company to report loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined 24.9% to $418.7 million from $557.8 million last year. Four analysts had a revenue consensus of $402.59 million for the quarter.
Pacer also announced that it has entered into the new agreement with Union Pacific Railroad, featuring multi-year line-haul services extension. Pacer said that it will utilize the $30 million cash payment received in connection with the new arrangements to reduce a credit line by about 50%.

The deal with Union Pacific extends and expands terms for big-box shipments under an agreement that would have expired in 2011. The company said that it also resolves claims between the two companies over domestic container transportation.

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by RTT Staff Writer

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