Vitran Delivers Net Income Growth Of 67%, Highlighting 14th Consecutive Quarter Of Net Income Growth.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 -- Vitran Corporation (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 ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :VTNC VTNC Velhas Tecnologias, Novos Conceitos (Portuguese: Old Technologies, New Concepts; Brazil) ): REMINDER: Vitran management will conduct a conference call and webcast tomorrow, April 21 at 10:00 a.m. (Eastern), to discuss the Company's 2005 first quarter results. Conference call dial-in: 800/266-1764 Live Webcast: www.vitran.com (select "Investor Relations Investor relations The process by which the corporation communicates with its investors. ") Vitran Corporation Inc. (TSX:VTN)(NASDAQ:VTNC), 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 2005 first quarter ended March 31, 2005 at its Annual and Special Meeting of Shareholders held at the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (all figures reported in $U.S.). For the 2005 first quarter, the Company achieved net income of $2.8 million, or 0.22 per 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. share, on revenue of $93.9 million. In the comparable 2004 quarter, Vitran recorded net income of $1.6 million, or $0.13 per diluted share on revenue of $87.1 million. The prior year's first quarter results were adversely impacted by a CN Railway strike. "The first quarter of 2005 marked Vitran's 14th straight quarter of year-over-year earnings growth, and we are pleased with the consistently improving results we have achieved over the past 3 1/2 years," stated Vitran President and Chief Executive Officer Rick Gaetz. "In addition to the 67% net income growth Vitran has delivered, we remain focused on making acquisitions that will further expand our U.S. footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. beyond the Central States." At March 31, 2005, Vitran had $35.3 million of cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . In addition, the Company had $30.6 million of unused credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . First quarter per share results are based on 12.8 million and 12.7 million diluted weighted average shares outstanding during the 2005 and 2004 three-month periods, respectively. Segmented Results Income from operations at Vitran's LTL LTL - Linear Temporal Logic (less-than-truckload) segment rose 61 percent during the 2005 first quarter to $3.3 million, with revenue growing at both the 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. and U.S. business units. This resulted in a 140 basis point improvement in the segment's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: OR (operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: ), compared to the 2004 first quarter. The U.S. LTL operation increased shipments and revenue per hundred-weight in the current quarter. The Canadian LTL operation, which was impacted by the CN Railway strike in the prior year, recorded improvements in revenue and income from operations compared to the 2004 first quarter. The Canadian LTL operation recorded double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in both revenue per shipment and revenue per hundred-weight during the three-month period. Vitran's Truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno segment grew income from operations by 66 percent during the quarter, and lowered its OR to 91.7. The Logistics segment achieved nine percent higher revenue, and an eight percent increase in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. on a flat, 95.9 OR during the first quarter. The Logistics segment continues to make progress towards filling the capacity at its new distribution facility. Guidance Update Management maintains its 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 guidance for the year of $1.23 to $1.35. About Vitran Corporation Inc. Vitran Corporation Inc. is a North American group of transportation companies offering less-than-truckload, logistics, truckload, and freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or 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. (NASDAQ:VTNC, 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 geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. 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.
(tables follow)
Vitran Corporation Inc.
Consolidated Balance Sheets
(in thousands of United States dollars)
March 31, 2005 Dec. 31, 2004
Assets
Current assets:
Cash $ 3,765 $ 7,375
Marketable securities 31,539 33,087
Accounts receivable 43,485 40,124
Inventory, deposits & prepaid expenses 5,600 5,924
Future income tax assets 3,477 3,667
-------- -------
87,866 90,177
Capital assets 42,343 37,563
Goodwill 45,266 45,304
-------- --------
$ 175,475 $ 173,044
-------- --------
-------- --------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable & accrued liabilities $ 34,926 $ 33,377
Income and other taxes payable 1,638 2,399
Current portion of long-term debt 3,781 3,030
-------- --------
40,345 38,806
Long-term debt 10,187 11,507
Future income tax liabilities 3,930 3,546
Shareholders' equity:
Common shares 60,595 60,798
Contributed surplus 452 323
Retained earnings 57,274 54,972
Cumulative translation adjustment 2,692 3,092
-------- --------
121,013 119,185
-------- --------
$ 175,475 $ 173,044
-------- --------
-------- --------
(Statements of Income follows)
VITRAN CORPORATION INC.
Consolidated Statements Of Income
(unaudited) (in thousands of $U.S., except share and
per share amounts)
Three months Three months
Ended ended
Mar. 31, 2005 Mar. 31, 2004
Revenue $ 93,941 $ 87,146
Operating expenses 80,144 75,574
Selling, general and administrative
Expenses 8,817 8,163
Other expense (income) (10) (76)
-------- --------
88,951 83,661
Income from operations before
depreciation 4,990 3,485
Depreciation expense 1,331 1,308
-------- --------
Income from operations before
undernoted 3,659 2,177
Interest expense (income), net (48) 43
Income from operations before
income taxes 3,707 2,134
Income taxes 953 485
-------- --------
Net Income $ 2,754 $ 1,649
-------- --------
-------- --------
Earnings per share:
Basic - Net Income $ 0.22 $ 0.14
-------- --------
-------- --------
Diluted - Net Income $ 0.22 $ 0.13
-------- --------
-------- --------
Weighted average number of shares:
Basic 12,411,968 12,115,292
---------- ----------
---------- ----------
Diluted 12,754,930 12,697,994
---------- ----------
---------- ----------
(Statements of Cash Flows follows)
VITRAN CORPORATION INC.
Consolidated Statements Of Cash Flows
(unaudited) (in thousands of $U.S.)
Three months Three months
Ended ended
Mar. 31, 2005 Mar. 31, 2004
Cash provided by (used in):
Operations:
Net income $ 2,754 $ 1,649
Items not involving cash from operations:
Depreciation expense 1,331 1,308
Future income taxes 565 296
Stock based compensation expense 129 -
Loss (gain) on sale of fixed assets (10) (76)
------- --------
4,769 3,177
Change in non-cash working capital
Components (2,249) (10,189)
------- --------
2,520 (7,012)
Investments:
Purchase of capital assets (6,222) (1,635)
Proceeds on sale of capital assets 14 135
Marketable securities 1,369 (145)
------- --------
(4,839) (1,645)
Financing:
Repayment of long-term debt (570) (1,809)
Issue of Common Shares upon exercise
of stock options 17 351
Repurchase of Common Shares (692) -
------- --------
(1,245) (1,458)
Effect of translation adjustment on cash (46) 58
------- --------
Increase (decrease) in cash position (3,610) (10,057)
Cash position, beginning of period 7,375 12,417
------- --------
Cash position, end of period $ 3,765 $ 2,360
------- --------
------- --------
Change in non-cash working capital
components:
Accounts receivable $ (3,361) $ (5,004)
Inventory, deposits and prepaid
expenses 324 (6)
Income and other taxes
recoverable/payable (761) (1,285)
Accounts payable and accrued
liabilities 1,549 (3,894)
------- --------
$ (2,249) $ (10,189)
------- --------
------- --------
(additional financial information follows)
LTL Statistical Information - U.S. and CDN Divisions
For the quarter ended
March 31, 2005
---------------------------------------------------------------------
($U.S.) U.S. LTL Q. over Q. ($CDN) CDN LTL Q. over Q.
Division. % Change Division % Change
---------------------------------------------------------------------
Revenue (000's) $ 42,619 5.4 Revenue $ 41,088 4.1
(000's)
---------------------------------------------------------------------
No. of Shipments 370,426 3.9 No. of 201,566 (8.0)
Shipments
---------------------------------------------------------------------
Weight (000's lbs) 513,968 (1.5) Weight 387,468 (8.7)
(000's
lbs)
---------------------------------------------------------------------
Revenue per shipment $115.05 1.5 Revenue $ 203.84 13.1
per
shipment
---------------------------------------------------------------------
Revenue per CWT $ 8.29 7.0 Revenue $ 10.60 14.0
per CWT
---------------------------------------------------------------------
Supplementary Segmented Financial Information
(000's of $U.S.)
For the quarter ended For the quarter ended
March 31, 2005 March 31, 2004
---------------------------------------------------------------------
Revenue Inc. from OR% Revenue Inc. from OR%
Operations Operations
---------------------------------------------------------------------
LTL 76,105 3,263 95.7 LTL 70,259 2,031 97.1
---------------------------------------------------------------------
LOG 8,876 364 95.9 LOG 8,167 337 95.9
---------------------------------------------------------------------
TL 8,960 742 91.7 TL 8,720 446 94.9
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