-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Wsc642aQxvBYu8pzNKoqskvEuwjdDzgujT41kf6c2s1Rm5TeXTEsjGP/fQpRZR+V 4rSi8wP2leAVnoKfD9juaw== 0001279569-08-000515.txt : 20080424 0001279569-08-000515.hdr.sgml : 20080424 20080424084141 ACCESSION NUMBER: 0001279569-08-000515 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080423 ITEM INFORMATION: Other Events FILED AS OF DATE: 20080424 DATE AS OF CHANGE: 20080424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VITRAN CORP INC CENTRAL INDEX KEY: 0000946823 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32449 FILM NUMBER: 08773175 BUSINESS ADDRESS: STREET 1: 185 THE WEST MALL STREET 2: SUITE 701 CITY: TORONTO STATE: A6 ZIP: M9C 5L5 BUSINESS PHONE: 416-596-7664 MAIL ADDRESS: STREET 1: 185 THE WEST MALL STREET 2: SUITE 701 CITY: TORONTO STATE: A6 ZIP: M9C 5L5 8-K 1 vitrancorp8k20120.htm FORM 8-K vitrancorp8k20120.htm
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
 
FORM 8-K
 
Current Report
 
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)
April 23, 2008
 
Vitran Corporation Inc. 
(Exact name of registrant as specified in its charter)

         
ONTARIO, CANADA
  
000-26256
  
Not applicable
(State or other jurisdiction of
incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)
         
185 The West Mall, Suite 701, Toronto, Ontario, Canada
      
M9C 5L5
(Address of principal executive offices)
      
(Zip code)
 
(Registrant’s telephone number, including area code)
416-596-7664

Not Applicable
Former name or former address, if changed since last report
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 
 
 

 
Item 8. Other Events
 
On April 23, 2008, the Registrant issued the press release attached hereto as Exhibit 99.1, and such press release is incorporated in its entirety by reference herein.
 

 
 
 
 
 

 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
         
   
VITRAN CORPORATION INC.
         
   
By:
  
/s/ Sean P. Washchuk
   
Name:    Sean P. Washchuk
Date: April 23, 2008
  
Title:      Vice President Finance and Chief Financial Officer
 

 

 
 
 

 
EXHIBIT INDEX
 
     
Exhibit
  
Description of Exhibit
     
99.1
  
Vitran Reports 2008 First Quarter Results



EX-99.1 2 ex991.htm NEWS RELEASE DATED APRIL 23, 2008 ex991.htm
 
EXHIBIT 99.1
News release via Canada NewsWire, Toronto 416-863-9350

	    Attention Business/Financial Editors:
	    Vitran reports 2008 first quarter results

	    -------------------------------------------------------------------------
	    REMINDER:

	    Vitran management will conduct a conference call and webcast tomorrow,
	    April 24, at 10:00 a.m. ET, to discuss the Company's 2008 first quarter
	    results Conference call dial-in: 800/734-8507
	    Live Webcast: www.vitran.com (select "Investor Relations")
	    -------------------------------------------------------------------------

	    TORONTO, April 23 /CNW/ - Vitran Corporation Inc. (NASDAQ: VTNC, TSX:
VTN), a North American transportation and logistics firm, today announced
financial results for the first quarter of 2008, the three-month period ended
March 31, 2008 (all figures reported in $U.S.).
	    Vitran reported net income of $1.1 million, or $0.08 per diluted share,
on a 15.2 percent increase in revenue to $177.5 million for the quarter. In
the comparable 2007 three-month period, the Company achieved net income of
$3.4 million, or $0.25 per diluted share on revenue of $154.1 million.
	    "Downward pressure on Vitran's margins continued during the first quarter
of 2008, as the weak economic environment continued to weigh on our
bottom-line profitability," stated Vitran President and Chief Executive
Officer Rick Gaetz. "Internal integration initiatives at the Company are
proceeding, including the U.S. operating system transition, which is imminent.
The integration has been a Company-wide distraction, which has negatively
impacted recent quarterly operating results.
	    "We look forward to completing this process, and putting it behind us due
to the tremendous long-term organizational benefits. As soon as our system is
fully operational we will proactively commence rolling out Vitran's
inter-regional and cross-border value-added services to our customer base,
which has been anxiously looking forward to these additional alternatives from
us.
	    "Notwithstanding these issues we faced during the quarter, it is worth
noting that in addition to our overall revenue increase, Vitran achieved a
daily tonnage improvement of 3.1 percent during the period, and our
cross-border revenue grew 51 percent," concluded Mr. Gaetz.

	    Segmented Results

	    Income from operations at Vitran's LTL (less-than-truckload) segment was
$2.1 million in the first quarter of 2008. LTL segment revenue expanded
9.7 percent to $149.4 million, and the LTL OR (operating ratio) was 98.6 for
the three-month period, versus an OR of 95.4 in the prior year quarter. LTL
revenue per shipment improved 6.6 percent, revenue per hundredweight rose
3.3 percent and tonnage increased 1.5 percent. The number of shipments
declined by 1.6 percent during Q1 of 2008.
	    Income from operations rose 63.6 percent at Vitran's Logistics segment in
the 2008 first quarter to $720,000. The segment's OR was 96.4, versus 95.4 in
the year-earlier quarter. The Truckload segment achieved income from
operations during the three-month period of $379,000, compared to $295,000 in
2007, and the TL OR improved to 95.5, versus a 96.5 OR in the prior year
period.

	    About Vitran Corporation Inc.

	    Vitran Corporation Inc. is a North American group of transportation
companies offering less-than-truckload, logistics, truckload, and freight
brokerage services. 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, 2008   Dec. 31, 2007
	                                                  (unaudited)       (audited)

	    Assets
	    Current assets:
	      Accounts receivable                        $    81,932     $    74,261
	      Inventory, deposits and prepaid expenses        11,726          11,325
	      Income and other taxes receivable                1,083           2,232
	      Deferred income taxes                            3,039           2,599
	                                                -------------   -------------
	                                                      97,780          90,417
	    Property and equipment                           169,232         169,062
	    Intangible assets                                 15,019          13,645
	    Goodwill                                         122,013         124,375
	                                                -------------   -------------
	                                                 $   404,044     $   397,499
	                                                -------------   -------------
	                                                -------------   -------------
	    Liabilities and Shareholders' Equity
	    Current liabilities:
	      Bank overdraft                             $     3,111     $       390
	      Accounts payable and accrued liabilities        73,296          67,468
	      Current portion of long-term debt               17,325          18,144
	                                                -------------   -------------
	                                                      93,732          86,002

	    Long-term debt                                   109,278         109,831
	    Other                                              4,943           3,512
	    Deferred income taxes                              6,125           7,810

	    Shareholders' equity:
	      Common shares                                   77,424          77,246
	      Additional paid-in capital                       2,713           2,436
	      Retained earnings                              105,612         104,478
	      Accumulated other comprehensive income           4,217           6,184
	                                                -------------   -------------
	                                                     189,966         190,344
	                                                -------------   -------------
	                                                 $   404,044     $   397,499
	                                                -------------   -------------
	                                                -------------   -------------

	                 (Consolidated Statements of Income follows)


 
 
 
 

	                           Vitran Corporation Inc.
	                      Consolidated Statements Of Income
	                                 (Unaudited)

	       (in thousands of United States dollars except per share amounts,
	                                   US GAAP)

	                                                Three months    Three months
	                                                       Ended           ended
	                                               Mar. 31, 2008   Mar. 31, 2007
	    Revenue                                      $   177,507     $   154,136
	    Operating expenses                               153,099         128,456
	    Selling, general and administrative expenses      16,921          15,099
	    Other expense                                          1              29
	    Depreciation and amortization expense              5,560           4,945
	                                                -------------   -------------
	                                                     175,581         148,529

	    Income from operations before undernoted           1,926           5,607

	    Interest expense, net                              2,130           2,064

	    Income (loss) from operations before
	     income taxes                                       (204)          3,543

	    Income (recovery) taxes                           (1,338)            156
	                                                -------------   -------------

	    Net income                                   $     1,134     $     3,387
	                                                -------------   -------------
	                                                -------------   -------------

	    Basic and Diluted income per share -
	      Net income                                 $      0.08     $      0.25

	    Weighted average number of shares:
	      Basic                                       13,465,357      13,438,065
	                                                -------------   -------------
	                                                -------------   -------------
	      Diluted                                     13,611,446      13,651,872
	                                                -------------   -------------
	                                                -------------   -------------

	                     (Statements of Cash Flows follows)

 
 
 
 

	                           Vitran Corporation Inc.
	                    Consolidated Statements Of Cash Flows
	                                 (Unaudited)
	               (in thousands of United States dollars, US GAAP)

	                                                 Three months   Three months
	                                                    ended          ended
	                                                Mar. 31, 2008  Mar. 31, 2007
	    Cash provided by (used in):

	    Operations:
	      Net income                                     $  1,134       $  3,387
	      Items not involving cash from operations:
	        Depreciation and amortization expense           5,560          4,945
	        Deferred income taxes                          (1,198)           967
	        Share-based compensation expense                  277            208
	        Loss on sale of property and equipment              1             29
	      Change in non-cash working capital
	       components                                      (1,113)        (3,697)
	                                                -------------- --------------
	                                                        4,661          5,839

	    Investments:
	      Purchase of property and equipment               (7,108)        (4,550)
	      Proceeds on sale of property and
	       equipment                                          191             71
	      Additional payment due to acquisition
	       of subsidiary                                       --           (538)
	                                                -------------- --------------
	                                                       (6,917)        (5,017)

	    Financing:
	      Revolving credit facility and bank
	       overdraft                                        6,625          3,284
	      Repayment of long-term debt                      (2,571)        (2,255)
	      Repayment of capital leases                      (2,241)        (1,640)
	      Issue of Common Shares upon exercise of
	       stock options                                      178            127
	                                                -------------- --------------
	                                                        1,991           (484)

	    Effect of translation adjustment on cash              265           (249)
	                                                -------------- --------------

	    Increase in cash and cash equivalents                  --             89
	    Cash and cash equivalent position,
	     beginning of period                                   --          1,454
	                                                -------------- --------------
	    Cash and cash equivalent position, end
	     of period                                       $    --        $  1,543
	                                                -------------- --------------
	                                                -------------- --------------

	    Change in non-cash working capital
	     components:
	      Accounts receivable                            $ (7,671)      $ (7,010)
	      Inventory, deposits and prepaid expenses           (401)           387
	      Income and other taxes recoverable/payable        1,131         (2,597)
	      Accounts payable and accrued liabilities          5,828          5,523
	                                                -------------- --------------
	                                                     $ (1,113)      $ (3,697)
	                                                -------------- --------------
	                                                -------------- --------------

	                 (additional financial information follows)


 
 
 
 

	                Supplementary Segmented Financial Information
	             (in thousands of United States dollars) (Unaudited)

	    -------------------------------------  ----------------------------------
	    For the                                For the
	    quarter ended                          quarter ended
	    March 31, 2008                         March 31, 2007
	    -------------------------------------  ----------------------------------
	                         Inc. from                           Inc. from
	               Revenue  Operations   OR%           Revenue  Operations   OR%
	    -------------------------------------  ----------------------------------
	    LTL        149,415     2,137    98.6   LTL    136,157     6,230     95.4
	    -------------------------------------  ----------------------------------
	    LOG         19,760       720    96.4   LOG      9,663       440     95.4
	    -------------------------------------  ----------------------------------
	    TL           8,332       379    95.5   TL       8,316       295     96.5
	    -------------------------------------  ----------------------------------



	                    LTL SEGMENT - Statistical Information
	                                 (Unaudited)


	                ----------------------------------------------
	                            For the quarter ended
	                               March 31, 2008
	                               --------------
	                ----------------------------------------------
	                                           LTL      Q. over Q.
	                ($U.S.)                  Division    % Change
	                ----------------------------------------------
	                Revenue (000's)       $   149,415       9.7
	                ----------------------------------------------
	                No. of Shipments          977,811      (1.6)
	                ----------------------------------------------
	                Weight (000's lbs)      1,490,474       1.5
	                ----------------------------------------------
	                Revenue per shipment  $    152.81       6.6
	                ----------------------------------------------
	                Revenue per CWT       $     10.02       3.3
	                ----------------------------------------------
	    >>

	    %SEDAR: 00004231E          %CIK: 0000946823

	    /For further information: Richard Gaetz, President/CEO, Sean Washchuk, VP
Finance/CFO, Vitran Corporation Inc., (416) 596-7664; Robert Rinderman, Steven
Hecht, Jaffoni & Collins Incorporated, (212) 835-8500, or VTNC(at)jcir.com/
	    (VTNC VTN.)

CO:  Vitran Corporation Inc.

CNW 16:17e 23-APR-08
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