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Market: TSX, NASDAQ
Sector: Transportation
Epic: TSX:VTN
News: Latest news
Web Site: Vitran Corporation
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Tuesday March 16, 12:29Mercator Gold to sell exclusive Copper Flat option to Canada's THEMAC Resources

The deal will allow the group to retain a substantial interest in the promising Mexican copper-gold-molybdenum-silver project without the associated costs.

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Tuesday March 16, 07:34McEwen still positive on $2,000 gold this year - and $5,000 ahead

In an interview at last week's PDAC, Rob McEwen restated his forecast that gold will hit $2,000 this year and $5,000 longer term.

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Monday March 15, 09:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

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Vitran Corporation

Vitran Corporation

Vitran Corporation is a North American group of transportation companies offering less-than-truckload, logistics, truckload, and freight brokerage services.

Monday, February 08, 2010

Vitran Corporation reports improved momentum in U.S. daily shipments and tonnage

company news image

Transport and logistics group, Vitran Corporation Inc. (NASDAQ: VTNC, TSX: VTN) reported year-end and quarterly financial results for the twelve (FY 2009) and three-month periods (Q4 2009) ended December 31, 2009.


Q4 2009 revenues hit US$165 million, 7% higher than Q4 2008 ($154.2 million), but the company still reported a net loss of $2.3 million, or 14 cents per diluted share.  In the comparable period in 2008, the company reported a $79 million net loss ($5.85 per share), which was largely due to a one-off impairment charge. Omitting the impairment charge, the Q4 2009 net loss was still an improvement on a Q4 2009 net loss of $3.2 million, or 23 cents per share.


"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. 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," stated Vitran President and Chief Executive Officer Rick Gaetz.


FY 2009 revenues came in at $629.3 million, down from $726.3 million in FY 2008.  The company also reported a FY 2009 net loss of $4 million, or 28 cents per share, down considerably from the previous year.  Group debt fell below $100 million, which in turn reduced debt margins by 50 basis points.


Vitran’s LTL (less-than-truckload) business was the weaker performer, posting a fourth quarter loss on operations of $2.6 million, though this was an improvement on 2008.  The company’s Supply Chain Operation performed considerably better, posting a 15% increase in revenues and operating income of $1.9 million. Vitran’s Truckload segment had a modest increase in revenue of 3.9%.

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