Business
TransForce Inc. Announces 2010 First Quarter Results
TransForce Inc. Announces 2010 First Quarter Results
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\nMONTREAL, Apr. 23, 2010 (Canada NewsWire Group) -- /CNW Telbec/ -- TransForce Inc. (\"TransForce\" or \"the Company\") (TSX: TFI - T), the leader in the Canadian transportation and logistics industry, today announced its results for the first quarter ended March 31, 2010. The Company improved its performance on all measures including revenues, EBITDA and cash flow.\"These improved results directly reflect our disciplined efforts to contain costs and increase efficiencies,\" said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce Inc. \"EBITDA is up 14% over the same period last year while cash flow is up 30%. Over the past several months, we've made significant adjustments to address the pressures of the current economic environment and these moves are clearly benefitting the Company and our shareholders.\"The first quarter includes a $16.3 million non-cash gain associated with the Matrec subsidiary's acquisition of the remaining interest in the Lafleche Environmental Complex. Also there was an improvement in operating performance. This resulted in net income of $26.6 million compared with $3.1 million a year ago and earnings per share this quarter of $0.28 versus $0.04 for the same period last year.First Quarter ResultsFor the three months ended March 31, 2010, TransForce reported total revenues of $466.1 million, a 3% increase over $452.4 million for the same period of 2009. Revenue excluding fuel surcharge increased 2% to $429.2 million compared with $422.2 million in the first quarter of 2009. Before the acquisition of ATS, total revenues has a 3% decrease.TransForce's operating expenses increased in line with higher revenue; however, during the quarter TransForce continued to reduce its fixed costs and general and administrative expenses.In the first quarter, EBITDA (earnings before interest, taxes, depreciation and amortization and equivalent to operating income on TransForce's financial statements) increased 14% to $50.7 million from $44.5 million in the same quarter of 2009. EBITDA as a percentage of revenue was 10.9% in the quarter, up from 9.8% for the same period in 2009. Interest expense decreased to $8.4 million from $9.9 million a year earlier as a result of lower interest rates along with the Company's continued efforts to reduce debt.TransForce generated income before income ...