Vitran Reports 2013 First Quarter Results
25 Avril 2013 - 12:00PM
REMINDER:
Vitran management will conduct a conference call
and webcast today: April 25, at 11:00 a.m. ET to discuss the
Company's 2013 first quarter results
Conference call dial-in: 1-888-396-8049 or
416-764-8646 (International)
Live Webcast: www.vitran.com (select "Investor
Relations")
Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), a North American
transportation firm, today announced its unaudited financial
results for the first quarter of 2013 (all figures reported in
$U.S.).
Vitran reported a 9.8% decrease in consolidated revenues to
$161.1 million in the first quarter of 2013 compared to $178.6
million in the first quarter of 2012. Vitran recorded a net loss
from continuing operations of $17.6 million, or $1.07 per basic and
diluted share, for the quarter ended March 31, 2013 compared to a
net loss from continuing operations of $7.2 million, or $0.44 per
basic and diluted share, for the 2012 first quarter. On March 4,
2013, Vitran completed the previously announced divestiture of its
Supply Chain Operation (SCO) for $97.0 million in cash. Vitran used
a portion of the net proceeds to fully reduce its outstanding debt
under its senior revolving credit facility and ended the quarter
with $54.6 million of cash on its balance sheet. Vitran recorded a
gain of $84.6 million on the divestiture of its SCO segment. The
gain and operating results of the segment have been recorded as a
discontinued operation.
Vitran Interim President and Chief Executive Officer William
Deluce stated, "We are very disappointed with Vitran's financial
results. Vitran's Board of Directors is focused on the objective of
enhancing shareholder value, and is confident that such objective
is aligned with the interests of all of Vitran's stakeholders."
"With the completed sale of the SCO business earlier in March,
Vitran ended the quarter with $54.6 million of cash on its balance
sheet. Canadian LTL continues to meet management's expectations and
is commercially focused on the Canadian market place. Finally, I
would like to reiterate that management and the Board are engaged,
determined and understand the urgency to enhance shareholder value
in Vitran," concluded Mr. Deluce.
Operating Results
The Company posted a loss from operations in its LTL division
for the 2013 first quarter of $14.5 million compared to $4.8
million for the 2012 first quarter. The LTL division posted an OR
(operating ratio) of 109.0% compared to an OR of 102.7% in the
comparable period a year ago. On a year over year basis, shipments
and tonnage both decreased 13.0% and 13.1% respectively, in the LTL
division. Both metrics were negatively impacted by one and a half
fewer working days in the 2013 first quarter compared to the first
quarter in 2012.
About Vitran Corporation Inc.
Vitran Corporation Inc. is a North American group of
transportation companies offering less-than-truckload services
throughout the United States and Canada. To find out more about
Vitran Corporation Inc. (Nasdaq:VTNC) (TSX:VTN), visit the website
at www.vitran.com.
This press release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities laws.
Forward-looking statements may be generally identifiable by use of
the words "believe", "anticipate", "intend", "estimate", "expect",
"project", "may", "plans", "continue", "will", "focus", "should",
"endeavor" or the negative of these words or other variations on
these words or comparable terminology. These forward-looking
statements are based on current expectations and are naturally
subject to uncertainty and changes in circumstances that may cause
actual results to differ materially from those expressed or implied
by such forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Vitran's actual
results, performance or achievements to differ materially from
those projected in the forward-looking statements. Factors that may
cause such differences include, but are not limited to,
technological change, increases in fuel costs, regulatory changes,
the general health of the economy, seasonal fluctuations,
unanticipated changes in railroad capacities, exposure to credit
risks, changes in labour relations and competitive factors. More
detailed information about these and other factors is included in
the annual MD&A on Form 10K under the heading "General Risks
and Uncertainties." Many of these factors are beyond the Company's
control; therefore, future events may vary substantially from what
the Company currently foresees. You should not place undue reliance
on such forward-looking statements. Vitran Corporation Inc. does
not assume the obligation to revise or update these forward-looking
statements after the date of this document or to revise them to
reflect the occurrence of future unanticipated events, except as
may be required under applicable securities laws.
(tables follow)
|
|
|
Vitran Corporation
Inc. |
Consolidated Balance
Sheets |
(in thousands of United States
dollars, US GAAP) |
|
|
|
|
Mar 31, 2013 |
Dec 31, 2012 |
|
(unaudited) |
(audited) |
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 54,576 |
$ 233 |
Accounts receivable |
77,619 |
65,291 |
Inventory, deposits and prepaid
expenses |
10,477 |
10,131 |
Current assets of discontinued
operations |
-- |
11,436 |
Deferred income taxes |
91 |
92 |
|
142,763 |
87,183 |
|
|
|
Property and equipment |
127,806 |
131,640 |
Intangible assets |
2,274 |
2,707 |
Goodwill |
5,464 |
5,579 |
Long-term assets of discontinued
operations |
-- |
11,388 |
|
$ 278,307 |
$ 238,497 |
Liabilities and Shareholders'
Equity |
|
|
Current liabilities: |
|
|
Accounts payable and accrued
liabilities |
$ 72,064 |
$ 67,744 |
Income and other taxes payable |
925 |
517 |
Current liabilities of discontinued
operations |
-- |
14,068 |
Current portion of long-term debt |
3,944 |
3,339 |
|
76,933 |
85,668 |
|
|
|
Long-term debt |
81,781 |
101,997 |
Deferred income taxes |
957 |
1,175 |
|
|
|
Shareholders' equity: |
|
|
Common shares |
100,204 |
99,954 |
Additional paid-in capital |
5,723 |
5,708 |
Retained earnings (accumulated
deficit) |
6,783 |
(60,889) |
Accumulated other comprehensive
income |
5,926 |
4,884 |
|
118,636 |
49,657 |
|
$ 278,307 |
$ 238,497 |
|
|
|
(Consolidated Statements of Income (Loss)
follows)
|
|
Vitran Corporation
Inc. |
Consolidated Statements
Of Income (Loss) |
(Unaudited) |
(in thousands of United States
dollars except per share amounts, US GAAP) |
|
|
|
Three months ended
March 31, |
|
|
|
|
2013 |
2012 |
Revenue |
$ 161,109 |
$ 178,587 |
Operating expenses: |
|
|
Salaries, wages and other
employee benefits |
73,122 |
76,371 |
Purchased
transportation |
24,976 |
25,771 |
Depreciation and
amortization |
3,901 |
3,759 |
Maintenance |
7,479 |
8,583 |
Rents and leases |
8,599 |
7,947 |
Owner operators |
11,969 |
11,228 |
Fuel and fuel-related
expenses |
31,575 |
36,024 |
Other operating
expenses |
15,633 |
15,087 |
Other (income) loss |
(290) |
82 |
Total operating expenses |
$ 176,964 |
$ 184,852 |
Loss from continuing operations before
the undernoted |
(15,855) |
(6,265) |
Interest expense, net |
1,920 |
1,310 |
Loss from continuing operations before
income taxes |
(17,775) |
(7,575) |
Income tax recovery |
(146) |
(388) |
Net loss from continuing
operations |
(17,629) |
(7,187) |
Discontinued operations, net of income
taxes |
85,301 |
1,371 |
Net income (loss) |
$ 67,672 |
$ (5,816) |
Basic and Diluted income
(loss) per share: |
|
Loss from continuing operations |
$ (1.07) |
$ (0.44) |
Discontinued operations income |
$ 5.20 |
$ 0.08 |
Net income (loss) |
$ 4.13 |
$ (0.36) |
|
|
|
Weighted average number of shares: |
|
|
Basic |
16,401,808 |
16,367,109 |
Diluted |
16,401,808 |
16,367,109 |
(Consolidated Statements of Cash Flows
follows)
|
|
Vitran Corporation
Inc. |
Consolidated Statements
Of Cash Flows |
(Unaudited) |
(in thousands of United States
dollars, US GAAP) |
|
|
|
Three months ended Mar
31, |
|
2013 |
2012 |
Cash provided by (used in): |
|
|
Operations: |
|
|
Net income (loss) |
$ 67,672 |
$ (5,816) |
Items not involving cash from
operations: |
|
|
Depreciation and
amortization |
3,901 |
3,759 |
Deferred income taxes |
(222) |
(43) |
Share-based compensation
expense |
95 |
127 |
Loss (gain) on sale of
property and equipment |
(290) |
82 |
Income on discontinued
operations |
(85,301) |
(1,371) |
Change in non-cash working capital
components |
(7,019) |
(6,325) |
Continuing operations |
(21,164) |
(9,587) |
Discontinued operations |
475 |
3,379 |
|
(20,689) |
(6,208) |
|
|
|
Investments: |
|
|
Proceeds from sale of business, net of
cash divested |
93,739 |
-- |
Purchase of property and equipment |
(791) |
(1,582) |
Proceeds on sale of property and
equipment |
344 |
541 |
Continuing operations |
93,292 |
(1,041) |
Discontinued operations |
22 |
(200) |
|
93,314 |
(1,241) |
Financing: |
|
|
Change in revolving credit facility and
bank overdraft |
(31,750) |
9,540 |
Repayment of long-term debt |
(444) |
(244) |
Proceeds from long-term debt |
14,058 |
-- |
Repayment of capital leases |
(402) |
(941) |
Financing costs |
(514) |
-- |
Issue of common shares upon exercise of
stock options |
170 |
151 |
|
(18,882) |
8,506 |
|
|
|
Effect of foreign exchange translation on
cash |
600 |
(84) |
|
|
|
Increase in cash and cash equivalents |
54,343 |
973 |
Cash and cash equivalents, beginning of
period |
233 |
1,204 |
Cash and cash equivalents, end of period |
$ 54,576 |
$ 2,177 |
|
|
|
Change in non-cash working capital
components: |
|
|
Accounts receivable |
$ (10,510) |
$ (8,505) |
Inventory, deposits and prepaid
expenses |
168 |
(1,270) |
Income taxes payable |
(997) |
(1,089) |
Accounts payable and accrued
liabilities |
4,320 |
4,539 |
|
$ (7,019) |
$ (6,325) |
(additional financial information
follows)
|
|
|
Statistical
Information |
(Unaudited) |
For the quarter ended Mar
31, 2013 |
($U.S.) |
LTL |
Q. over Q. |
|
Division |
% Change |
Revenue (000's) |
$ 161,109 |
* (9.5%) |
No. of Shipments |
979,903 |
(13.0%) |
Weight (000's
lbs) |
1,436,813 |
(13.1%) |
Revenue per
shipment |
$ 164.41 |
* 4.0% |
Revenue per CWT |
$ 11.21 |
* 4.1% |
* All % changes have been normalized for the impact of foreign
exchange fluctuation, period over period
CONTACT: William Deluce, Interim President/CEO
Fayaz Suleman, VP Finance/CFO
Vitran Corporation Inc.
416/596-7664
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