UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2010
or
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-32449
VITRAN CORPORATION INC.
(Exact name of registrant as specified in its charter)
Ontario, Canada | 98-0358363 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
185 The West Mall, Suite 701, Toronto, Ontario, Canada, M9C 5L5
(Address of principal executive offices and zip code)
416-596-7664
(Registrants telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Name of each exchange on which registered | |
Common Shares | Toronto Stock Exchange TSX® NASDAQ Global National Market |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to the Form 10-K. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ¨ | Accelerated filer | x | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: 16,300,041 common shares outstanding at February 9, 2011. The aggregate market value of the voting stock of the registrant, excluding directors, officers and registered holders of 10% as of February 9, 2011 was approximately $163,155,000.
DOCUMENTS INCORPORATED BY REFERENCE
1) Portions of the Proxy Statement for the 2011 Annual Meeting of Stockholders (the Proxy Statement), to be filed within 120 days of the end of the fiscal year ended December 31, 2010, are incorporated by reference in Part III hereof. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part hereof.
EXPLANATORY NOTE
This Annual Report on Form 10-K/A (Amended Form 10-K) is being filed as Amendment No. 1 to our Annual Report on Form 10-K for the year ended December 31, 2010, which was filed with the Securities and Exchange Commission on February 11, 2011 (the Original Filing). This Amended Form 10-K is a technical amendment to add as Exhibit 23.1, the Consent of Independent Registered Public Accounting Firm. The referenced exhibit was inadvertently omitted from the Original Filing.
We have not modified or updated other disclosures presented in our Original Filing. Accordingly, this Amended Form 10-K does not reflect events occurring after the filing of our Original Filing and does not modify or update those disclosures affected by subsequent events. Information not affected by this amendment is unchanged and reflects the disclosures made at the time of the Original Filing. Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, the complete text of Item 15, as amended, is repeated in this Amended 10-K.
This Amended 10-K consists solely of the preceding cover page, this explanatory note, amended Item 15, the signature page, the consent filed as exhibit 23.1 under amended Item 15 to this Amended 10-K and restated exhibits 31.1, 31.2 and 32.1.
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PART IV
ITEM 15EXHIBITS, | FINANCIAL STATEMENT SCHEDULES |
(a) | (1) | Financial Statements | ||
Consolidated Balance Sheets as at December 31, 2010 and 2009 and the Consolidated Statements of Income (Loss), Shareholders Equity and Cash Flows for the years ended December 31, 2010, 2009, and 2008 are reported on by KPMG LLP, Chartered Accountants. These statements are prepared in accordance with United States GAAP. | ||||
(2) | Financial Statement Schedules: | |||
Schedule IIValuation and Qualifying Accounts | ||||
Vitran Corporation Inc. Three years ended December 31, 2010
Allowance for Doubtful Accounts |
(in thousands of dollars) Description |
Balance at beginning of year |
Charges to costs and expenses |
Deductions | Balance at end of year |
||||||||||||
Year ended December 31, 2008 |
||||||||||||||||
Accounts receivable allowances for revenue adjustments and doubtful accounts |
$ | 2,490 | $ | 2,588 | $ | (1,310 | ) | $ | 3,768 | |||||||
Year ended December 31, 2009 |
||||||||||||||||
Accounts receivable allowances for revenue adjustments and doubtful accounts |
$ | 3,768 | $ | 1,436 | $ | (1,730 | ) | $ | 3,474 | |||||||
Year ended December 31, 2010 |
||||||||||||||||
Accounts receivable allowances for revenue adjustments and doubtful accounts |
$ | 3,474 | $ | 247 | $ | (968 | ) | $ | 2,753 | |||||||
Deferred Tax Valuation Allowance |
(in thousands of dollars) Description |
Balance at beginning of year |
Charges to costs and expenses |
Deductions | Balance at end of year |
||||||||||||
Year ended December 31, 2008 |
||||||||||||||||
Deferred tax asset valuation allowance |
$ | | $ | | $ | | $ | | ||||||||
Year ended December 31, 2009 |
||||||||||||||||
Deferred tax asset valuation allowance |
$ | | $ | | $ | | $ | | ||||||||
Year ended December 31, 2010 |
||||||||||||||||
Deferred tax asset valuation allowance |
$ | | $ | 39,644 | $ | | $ | 39,644 |
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(3) | Exhibits Filed |
The exhibits listed in the accompanying Exhibit Index are filed as part of this Amended Annual Report on Form 10-K/A.
Exhibit Number |
Description of Exhibit | |
4.1 | Articles of Incorporation effective April 29, 1981(1) | |
4.2 | Articles of Amendment effective May 27, 1987 (2) | |
4.3 | Articles of Amendment effective July 16, 1987 (3) | |
4.4 | Articles of Arrangement effective February 5, 1991 (4) | |
4.5 | Articles of Amendment effective April 22, 2004 (5) | |
4.6 | Amended By-Laws effective February 7, 2008 (6) | |
4.7 | By-law to authorize the directors to borrow and give security effective July 16, 1987 (7) | |
10.1 | Employee Stock Option Plan (8) | |
10.2 | Employment agreement dated November 25, 2004 from the registrant to Sean P. Washchuk (9) | |
10.3 | Deferred share unit plan for Directors, dated September 14, 2005 (10) | |
10.4 | Deferred share unit plan for Senior Executives, dated March 10, 2006 (11) | |
10.5 | Credit Agreement between JPMorgan Chase Bank, N.A. as Agent and JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A., Toronto Branch, those other financial institutions whose names appear on the signature pages hereto and the other persons from time to time party hereto as Lenders as Lenders and J.P. Morgan Securities Inc. as Lead Arranger and Sole Bookrunner and Bank of America, N.A. and Bank of Montreal as Co-Syndication Agents and National Bank of Canada and Fifth Third Bank as Co-Documentation Agents And Vitran Corporation Inc., Vitran Express Canada Inc. and Vitran Corporation as Borrowers Dated as of July 31, 2007 (12) | |
10.6 | Amendment No. 2 to Credit Agreement between JPMorgan Chase Bank N.A. and those banks whose names appear on the signature pages hereto and Vitran Corporation Inc., Vitran Express Canada Inc. and Vitran Corporation(13) | |
10.7 | Amendment No. 3 to Credit Agreement dated December 30, 2008, by and among Vitran Corporation Inc. and certain subsidiaries, JPMorgan Chase Bank, N.A., as Agent, and the Banks named therein. (14) | |
10.8 | Amendment No. 4 to Credit Agreement between JPMorgan Chase Bank N.A. and those banks whose names appear on the signature pages hereto and Vitran Corporation Inc., Vitran Express Canada Inc. and Vitran Corporation(15) | |
10.9 | Employment Agreement dated March 16, 2009 between the Registrant and Rick E. Gaetz (16) | |
10.10 | Amendment No. 5 to Credit Agreement dated May 8, 2009, by and among Vitran Corporation Inc. and certain subsidiaries, JPMorgan Chase Bank, N.A., as Agent, and the Banks named therein (17) | |
10.11 | Securities Purchase Agreement dated September 17, 2009 (18) | |
10.12 | Amendment No. 6 to Credit Agreement dated September 17, 2009, by and among Vitran Corporation Inc. and certain subsidiaries, JPMorgan Chase Bank, N.A., as Agent, and the Banks named therein. (19) | |
10.13 | Registration Rights Agreement dated September 21, 2009 (20) |
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10.14 | Amendment No. 7 to Credit Agreement dated December 22, 2010, by and among Vitran Corporation Inc. and certain subsidiaries, JPMorgan Chase Bank, N.A., as Agent, and the Banks named therein. (23) | |
14.1 | Code of Conduct for Employees (21) | |
14.2 | Code of Conduct for Directors (22) | |
23.1 | Consent of Independent Registered Public Accounting Firm(24) | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (24) | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (24) | |
32.1 | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (24) |
Notes:
(1) | Filed as Exhibit 1.1 to the Registrants Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
(2) | Filed as Exhibit 1.2 to the Registrants Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
(3) | Filed as Exhibit 1.3 to the Registrants Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
(4) | Filed as Exhibit 1.4 to the Registrants Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
(5) | Filed as Exhibit 3.1 to the Registrants Current Report on Form 8-K filed with the Commission on May 7, 2004. |
(6) | Filed as Exhibit 4.6 to the Registrants Registration Statement on Form S-8 filed with the Commission on September 11, 2009 |
(7) | Filed as Exhibit 1.6 to the Registrants Registration Statement on Form 20-F filed with the Commission on June 14, 1995. |
(8) | Filed as Exhibit 99.1 to the Registrants Registration Statement on Form S-8 filed with the Commission on September 11, 2009. |
(9) | Filed as Exhibit 99.1 to the Registrants Current Report on Form 8-K filed on December 9, 2004. |
(10) | Filed as Exhibit 10.2 to the Registrants Current Report on Form 8-K filed on September 15, 2005. |
(11) | Filed as Exhibit 10.3 to the Registrants Current Report on Form 8-K filed on March 13, 2006. |
(12) | Filed as Exhibit 10.5 to the Registrants Current Report on Form 8-K filed on August 9, 2007. |
(13) | Filed as Exhibit 10.9.7 to the Registrants Current Report on Form 8-K filed on April 24, 2008. |
(14) | Filed as Exhibit 10.9.8 to the Registrants Current Report on Form 8-K filed on January 5, 2009. |
(15) | Filed as Exhibit 10.9.9 to the Registrants Annual Report on Form 10-K filed on March 11, 2009. |
(16) | Filed as Exhibit 10.23 to the Registrants Current Report on Form 8-K filed on March 17, 2009. |
(17) | Filed as Exhibit 10.9.9 to the Registrants Current Report on Form 8-K filed on May 28, 2009. |
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(18) | Filed as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed on September 18, 2009. |
(19) | Filed as Exhibit 10.2 to the Registrants Current Report on Form 8-K filed on September 18, 2009. |
(20) | Filed as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed on September 22, 2009. |
(21) | Filed as Exhibit 99.1 to the Registrants Current Report on Form 8-K filed on August 3, 2004. |
(22) | Filed as Exhibit 99.2 to the Registrants Current Report on Form 8-K filed on August 3, 2004. |
(23) | Filed as Exhibit 10.14 to the Registrants Annual Report on Form 10-K filed on February 11, 2011. |
(24) | Filed as an exhibit to this Amended Annual Report on Form 10-K/A. |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Province of Ontario, on the 6th day of October, 2011.
Vitran Corporation Inc. | ||
By: | /s/ Fayaz D. Suleman | |
Fayaz D. Suleman Vice President Finance and Chief Financial Officer |
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
To the Board of Directors of Vitran Corporation Inc.:
We consent to the incorporation by reference in the registration statement (No. 333-161885) on Form S-8 and the registration statement (No. 333-162208) on Form S-3, of Vitran Corporation Inc. of our reports dated February 9, 2011, with respect to the consolidated balance sheets of Vitran Corporation Inc. as of December 31, 2010 and 2009, and the related consolidated statements of income (loss), shareholders equity and cash flows for each of the years in the three-year period ended December 31, 2010, and all related financial statement schedules, and the effectiveness of internal control over financial reporting as of December 31, 2010, which reports appear in the December 31, 2010 annual report on Form 10-K of Vitran Corporation Inc.
/s/ KPMG LLP
Chartered Accountants, Licensed Public Accountants
Toronto, Canada
February 9, 2011
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Richard E. Gaetz, certify that:
1. I have reviewed this Annual Report on Form 10-K of Vitran Corporation Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the Audit Committee of the registrants Board of Directors:
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: October 6, 2011
/s/ Richard E. Gaetz |
Richard E. Gaetz President and Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Fayaz D. Suleman, certify that:
1. I have reviewed this Annual Report on Form 10-K of Vitran Corporation Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the Audit Committee of the registrants Board of Directors:
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: October 6, 2011
/s/ Fayaz S. Suleman |
Fayaz D. Suleman |
Vice President Finance and |
Chief Financial Officer |
Exhibit 32.1
CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
Each of the undersigned hereby certifies, in accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Vitran Corporation Inc., that, to his knowledge, the Annual Report of Vitran Corporation Inc. on Form 10-K for the year ended December 31, 2010, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operation of Vitran Corporation Inc.
Date: October 6, 2011 | By: | /s/ Richard E. Gaetz | ||||
Richard E. Gaetz | ||||||
President and | ||||||
Chief Executive Officer | ||||||
By: | /s/ Fayaz D. Suleman | |||||
Fayaz D. Suleman | ||||||
Vice President Finance and | ||||||
Chief Financial Officer |