2004 Marks Most Profitable Year in Vitran's History, Highlighted by 45% Net Income Growth, Diluted EPS of $1.17.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Achieves 39 Percent Net Income Increase in 2004 Fourth Quarter, Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.34 REMINDER: Vitran management will conduct a conference call and webcast today, February February: see month. 8th at 10:00 a.m. (Eastern), to discuss the Company's 2004 fourth quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results. Conference call dial-in: 800/733-8567 Live Webcast: www.vitran.com (select "Investor Relations Investor relations The process by which the corporation communicates with its investors. ") Vitran Corporation Inc. (AMEX AMEX See: American Stock Exchange :VVN VVN Virtual Voice Network VVN Very Very Nice (gaming) VVN Vereniging voor de Verenigde Naties (Dutch) ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :VTN VTN Victoria Telecommunity Network VTN Vitronectin VTN VeriSign Trust Network VTN Valentine, Nebraska (Airport Code) VTN Vatan (Bosnian Moslem Party, Kosovo) VTN Virtual Telephone Number ), a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. transportation and logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. firm, today announced financial results for the 2004 fourth quarter and full year ended December December: see month. 31, 2004 million (all figures reported in $U.S.). For the fourth quarter, Vitran's 13th consecutive quarter of net income improvement, the Company recorded a 39 percent improvement in net income to $4.4 million, or 0.34 per diluted share and a 13 percent increase in revenues to $96.5 million. Net income in the 2004 fourth quarter was positively impacted by a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. tax benefit reflecting the recognition of a loss carry-forward See Loss Carry-Back. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.7 million. In the corresponding 2003 period, Vitran achieved net income of $3.2 million, or $0.29 per diluted share on revenues of $85.3. For the year ended December 31, 2004, Vitran achieved all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal bests in net income and revenue, posting a 45 percent increase in net income to $14.9 million, or $1.17 per diluted share on revenues of $374.6 million. In 2003, the Company recorded net income of $10.3 million, or $1.01 per diluted share on $331.8 million in revenues. Fourth quarter per share results are based on 12.8 million diluted and 10.8 million diluted weighted average shares outstanding during the 2004 and 2003 three-month periods, respectively. Per share results for the years ended December 31, 2004 and 2003 are based on 12.7 million diluted and 10.3 million diluted weighted average shares outstanding, respectively. Vitran's December 2003 equity offering accounts for the year-over-year increase in weighted average shares. "We closed out 2004 with our 13th consecutive quarter of year-over-year earnings improvement, and are extremely pleased with Vitran's performance this past year. Through a great team effort, 2004 marks our Company's most profitable year, highlighted by record annual revenue and net income," stated President and Chief Executive Officer Rick Gaetz. "Our debt levels have been reduced to 10-year lows, declining 45 percent over the past twelve months to $14.5 million at the end of 2004. We increased our available capital with an expanded credit facility and extended the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan terms on the Company's outstanding debt, positioning Vitran for opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. expansion strategies. "With another successful year behind us, we would like to thank our customers, business partners, employees and shareholders for their continuing support as we head into 2005." Segmented Results Income from operations at Vitran's LTL LTL - Linear Temporal Logic (less-than-truckload) segment rose three percent during the 2004 fourth quarter to $4.1 million, fueled by 12 percent revenue growth in the U.S. business unit and a five percent increase at the Company's Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. LTL business unit. The U.S. LTL operation achieved key operating metric improvements during the quarter, but the Canadian LTL division experienced challenges with its long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. intermodal in·ter·mod·al adj. Relating to transportation by more than one means of conveyance, as by truck and rail: intermodal transport. operations, as railway capacity and operating issues impacted fourth quarter results. The Company's Truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno segment increased income from operations, recording $0.5 million in the 2004 fourth quarter, versus $0.1 million in the year-earlier period. The fourth quarter OR improved to 94.7 from 98.7 in 2003, reflecting a continuation continuation - continuation passing style of the stable pricing environment in the U.S. central states. During the fourth quarter, Vitran's Logistics segment achieved a 23 percent increase in revenue. Income from operations of $0.5 million for the 2004 fourth quarter was in line with the prior year period. The supply chain unit continues to work on filling the capacity of its new facility, which opened at the end of the 2004 second quarter. Guidance Update Management expects 2005 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of to be in the range of $1.23 to $1.35. Normal Course Issuer Bid Earlier today, Vitran announced separately its intention to commence a normal course issuer bid to acquire up to 620,984 shares, or approximately five percent of its outstanding common shares, by way of open market purchases through the facilities of, and in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with, the Rules and Policies of the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . The Shares will be repurchased for cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. . About Vitran Corporation Inc. Vitran Corporation Inc. is a North American group of transportation companies offering less-than-truckload, logistics, truckload, and freight brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services. To find out more about Vitran Corporation Inc. (AMX AMX American Motors Experimental AMX Aeromexico Aerovias de Mexico (ICAO code) AMX Air Mobility Express AMX Amberjacks (FAO fish species code) AMX Alabama Motor eXpress :VVN) (TSX:VTN), visit the website at www.vitran.com. Statements in the press release regarding management's future expectation, beliefs, goals, plans, or prospects constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements or historical fact may be deemed to be forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Without limiting the foregoing, the words "believes", "anticipates", "plans" "intends", "will", "should", "expects", "projects", and similar expressions are intended to identify forward-looking statements. You are cautioned that such statements are subject to a multitude MULTITUDE. The meaning of this word is not very certain. By some it is said that to make a multitude there must be ten persons at least, while others contend that the law has not fixed any number. Co. Litt. 257. of risks and uncertainties that could cause actual result, future circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, economic factors, demand for the Company's services, fuel price fluctuations, the availability of employee drivers and independent contractors A person who contracts to do work for another person according to his or her own processes and methods; the contractor is not subject to another's control except for what is specified in a mutually binding agreement for a specific job. , risks associated with geographic expansion, capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , claims exposure and insurance costs, competition, government regulation changes, environmental hazards 'Environmental hazard' is a generic term for any situation or state of events which poses a threat to the surrounding environment. This term incorporates topics like pollution and Natural Hazards such as storms and earthquakes. and other risks detailed from time-to-time in the Company's public disclosure documents or other filing with the Canadian and United States securities commissions or other securities regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. bodies. The forward-looking statements are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Vitran Corporation Inc.
Consolidated Balance Sheets
(in thousands of United States dollars)
Dec. 31, 2004 Dec. 31, 2003
Assets
Current assets:
Cash $ 7,375 $ 12,417
Marketable securities 33,087 26,996
Accounts receivable 40,124 35,685
Inventory, deposits and prepaids 5,924 5,847
Future income tax assets 3,667 4,101
-------------------------------
90,177 85,046
Capital assets 37,563 35,102
Goodwill 45,304 44,865
-------------------------------
$ 173,044 $ 165,013
-------------------------------
-------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Account payable and accrued
liabilities $ 33,377 $ 34,092
Income and other taxes payable 2,399 4,007
Current portion of long-term debt 3,030 8,313
-------------------------------
38,806 46,412
Long-term debt 11,507 17,931
Future income tax liabilities 3,546 2,715
Shareholders' equity:
Capital stock 60,798 59,358
Contributed surplus 323 --
Retained earnings 54,972 40,029
Cumulative translation adjustment 3,092 (1,432)
-------------------------------
119,185 97,955
-------------------------------
$ 173,044 $ 165,013
-------------------------------
-------------------------------
Vitran Corporation Inc.
Statements of Income
(in thousands of United States dollars except for share and per
share amounts)
Three Months Year
Ended Dec. 31, Ended Dec. 31,
2004 2003 2004 2003
----------------------------------------------
Revenues $ 96,523 $ 85,333 $ 374,595 $ 331,826
Operating expenses 82,787 72,823 319,295 282,016
Selling, general and
administrative expenses 7,632 6,814 31,263 29,366
Other expense (income) (4) (1) (146) 136
----------------------------------------------
90,415 79,636 350,412 311,518
Income from operations
before depreciation 6,108 5,697 24,183 20,308
Depreciation expense 1,371 1,401 5,206 5,494
----------------------------------------------
Income from operations
before undernoted 4,737 4,296 18,977 14,814
Interest expense, net 36 (203) (51) (1,320)
Income from operations
before income taxes 4,773 4,093 18,926 13,494
Income taxes 408 943 3,983 3,158
----------------------------------------------
Net income $ 4,365 $ 3,150 $ 14,943 $ 10,336
----------------------------------------------
----------------------------------------------
Income per share:
Basic $ 0.35 $ 0.31 $ 1.22 $ 1.07
----------------------------------------------
----------------------------------------------
Diluted $ 0.34 $ 0.29 $ 1.17 $ 1.01
----------------------------------------------
----------------------------------------------
Weighted average
number of shares
Basic 12,417,594 10,110,571 12,285,400 9,684,901
----------------------------------------------
----------------------------------------------
Diluted 12,771,235 10,768,940 12,740,477 10,263,211
----------------------------------------------
----------------------------------------------
Vitran Corporation Inc.
Consolidated Statements of Cash Flows
(In thousands of United States dollars)
Three Three
months months Year Year
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2004 2003 2004 2003
Cash provided by (used in):
Operations:
Net income $ 4,365 $ 3,150 $ 14,943 $ 10,336
Items not involving
cash from operations:
Depreciation expense 1,371 1,401 5,206 5,494
Future income taxes (291) (528) 1,266 (292)
Foreign Exchange -- (264) -- (264)
Stock based
compensation expense 146 -- 323 --
Loss (gain) on sale
of capital assets (4) (1) (146) 136
----------------------------------------------
5,587 3,758 21,592 15,410
Change in non-cash
working capital
components 382 9,065 (6,839) 3,339
----------------------------------------------
5,969 12,823 14,753 18,749
Investments:
Purchase of capital
assets (2,249) (4,511) (6,242) (6,895)
Proceeds on sale of
capital assets 6 93 248 423
Marketable securities (3,542) (26,996) (3,981) (26,996)
----------------------------------------------
(5,785) (31,414) (9,975) (33,468)
Financing:
Repayment of
long-term debt (5,570) (6,032) (11,716) (11,396)
Issue of Common shares
in public offering -- 29,385 -- 29,385
Issue of Common shares
upon exercise of
stock options 38 776 1,440 1,607
Repurchase of Common
shares -- -- -- (644)
----------------------------------------------
(5,532) 24,129 (10,276) 18,952
Effect of translation
adjustment on cash 227 718 456 182
----------------------------------------------
Increase (decrease)
in cash position (5,121) 6,256 (5,042) 4,415
Cash position,
beginning of period 12,496 6,161 12,417 8,002
----------------------------------------------
Cash position,
end of period $ 7,375 $ 12,417 $ 7,375 $ 12,417
----------------------------------------------
----------------------------------------------
Change in non-cash
working capital
components:
Accounts receivable $ 4,740 $ 3,026 $ (4,439) $ (6,053)
Inventory, deposits
and prepaids 316 239 (77) 348
Income and other
taxes payable (530) 1,597 (1,608) 2,266
Accounts payable and
accrued liabilities (4,144) 4,202 (715) 6,778
----------------------------------------------
$ 382 $ 9,065 $ (6,839) $ 3,339
----------------------------------------------
----------------------------------------------
LTL Statistical Information - U.S. and CDN Divisions
For the quarter ended
December 31, 2004
---------------------------------------------------------------------
Q. over Q. over
U.S. LTL Q. % CDN LTL Q. %
($U.S.) Division Change ($CDN) Division Change
---------------------------------------------------------------------
Revenue (000's) Revenue
$ 42,472 11.8 (000's) $ 42,795 4.9
---------------------------------------------------------------------
No. of Shipments No. of
365,986 6.6 Shipments 217,995 (6.4)
---------------------------------------------------------------------
Weight (000's lbs) Weight
514,563 5.2 (000's lbs) 420,788 (2.9)
---------------------------------------------------------------------
Revenue per shipment Revenue per
$ 116.05 4.8 shipment $ 196.31 12.1
---------------------------------------------------------------------
Revenue per CWT Revenue
$ 8.25 6.3 per CWT $ 10.17 8.1
---------------------------------------------------------------------
For the year ended
December 31, 2004
---------------------------------------------------------------------
Yr. over Yr. over
U.S. LTL Yr. % CDN LTL Yr. %
($U.S.) Division Change ($CDN) Division Change
---------------------------------------------------------------------
Revenue (000's) Revenue
$ 172,296 10.3 (000's) $ 168,904 7.1
---------------------------------------------------------------------
No. of Shipments No. of
1,507,141 5.6 Shipments 908,063 2.6
---------------------------------------------------------------------
Weight (000's lbs) Weight
2,153,210 8.4 (000's lbs) 1,740,794 2.7
---------------------------------------------------------------------
Revenue per shipment Revenue per
$ 114.32 4.4 shipment $ 186.00 4.4
---------------------------------------------------------------------
Revenue per CWT Revenue
$ 8.00 1.7 per CWT $ 9.70 4.3
---------------------------------------------------------------------
Supplementary Segmented Financial Information
(000's of $U.S.)
For the quarter ended For the quarter ended
December 31, 2004 December 31, 2003
---------------------------------------------------------------------
Revenue Inc. from OR% Revenue Inc. from OR%
Operations Operations
---------------------------------------------------------------------
LTL 78,073 4,144 94.7 LTL 69,234 4,013 94.2
LOG 9,628 527 94.5 LOG 7,849 523 93.3
TL 8,822 468 94.7 TL 8,250 108 98.7
For the year ended For the year ended
December 31, 2004 December 31, 2003
---------------------------------------------------------------------
Revenue Inc. from OR% Revenue Inc. from OR%
Operations Operations
---------------------------------------------------------------------
LTL 303,017 17,604 94.2 LTL 270,189 15,386 94.3
LOG 35,499 1,668 95.3 LOG 28,642 1,084 96.2
TL 36,079 1,968 94.5 TL 32,995 602 98.2
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion