Vitran Corporation Inc. (VTNC), a North American transportation and logistics firm, reported a net loss for the fourth quarter, compared to a net income in the prior year, hurt by decline a in revenue, reflecting a fragile North American economy and transportation industry.
Vitran posted a fourth-quarter net loss of $3.2 million, or $0.23 per share, compared to a net income of $1.7 million, or $0.12 per share, recorded in the prior year. The results included a one-time charge of $0.9 million, or $0.05 a share, related to write-off of previously capitalized syndication costs related to the bank amendment.
On an average, 10 analysts polled by Thomson Reuters expected the company to report loss of $0.02 per share in the fourth quarter.
Revenues for the quarter declined 11.5% to $154.2 million from $174.3 million in the year-ago period. Five analysts expected Vitran to report fourth quarter revenue of $171.06 million.
For 2008 full year, net income dropped to $4.6 million, or $0.34 per share, from $13.7 million, or $1.00 per share, in the previous year. Vitran achieved 8.3% revenue growth to $726.3 million from $670 million.
Vitran's president and chief executive officer, Rick Gaetz, said that, the company has taken steps to counter the current economic disorder and the weak transportation industry. Vitran said it has improved its linehaul infrastructure, downsized labour force and listed redundant facilities for sale, and also commenced an aggressive integrated inter-regional sales program.
VTNC closed Monday at $4.80 on the Nasdaq.
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