Business
TransForce Announces Consistent Results in Fourth Quarter
- Increased revenues to $493.5 million - Generated EBITDA of $61.1 million - Completed acquisitio...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\n- Increased revenues to $493.5 million\n\n\n- Generated EBITDA of $61.1 million\n\n\n- Completed acquisitions of ICS Courier and Thibodeau\n\n\nMONTREAL, Feb. 28 /CNW Telbec/ - TransForce Income Fund (TSX: TIF.UN),\nthe leader in the Canadian transportation and logistics industry, today\nannounced its results for the fourth quarter and for the year ended\nDecember 31, 2007.\n\n\nFourth Quarter Results\n\n\nIn the fourth quarter of 2007, the Fund continued to deliver steady\nresults despite continued weakness in the economy. In the quarter, TransForce\nincreased revenues to $493.5 million from $456.8 million in the same period of\n2006. EBITDA (earnings before interest, taxes, depreciation and amortization\nand equivalent to operating income on TransForce's financial statements) was\n$61.1 million compared with $65.8 million in the same period in 2006.\nSignificant acquisitions contributed $2.3 million of EBITDA in the fourth\nquarter of 2007 compared with a year earlier. Cash flow from operating\nactivities, before net change in non-cash working capital balances was\n$51.1 million compared with $55.9 million in the fourth quarter.\n\n\nDistributable cash from operating activities was $49.8 million in the\nfourth quarter of 2007, compared with $60.7 million in the fourth quarter of\n2006. TransForce's regular distribution payout ratio, or cash distributed as a\npercent of cash available for distribution, was 155.9% in the quarter,\ncompared with 90.3% in the same period a year earlier.\n\n\n"High fuel costs and the strong Canadian dollar in the fourth quarter of\n2007 continued to be challenging for our industry and for some of the\nTransForce companies. However, our geographic and business line\ndiversification meant that unitholders were able to benefit from gains in our\nparcel division as well as our waste management, logistics, fleet management\nand personnel and leasing businesses," said Alain Bedard, Chairman, President\nand Chief Executive Officer of TransForce Income Fund. "Through acquisition,\ndiversification and disciplined management, TransForce continued to create\nvalue."\n\n\n2007 Results\n\n\nDespite the difficult economic environment, the Fund continued to produce\npositive financial results in 2007. Revenue increased to $1.9 billion from\n$1.8 billion in 2006. Significant acquisition...