Business
TransForce Inc. Announces 2010 Second Quarter Results
TransForce Inc. Announces 2010 Second Quarter Results
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\n Jul. 29, 2010 (Canada NewsWire Group) -- \n\n \n \n \n >\n\n\nMONTREAL, July 29 /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 second quarter and first half ended June 30, 2010. The Company improved its performance in key measures including revenues, operating income before depreciation, EBITDA, and adjusted net income.\n"While the economic environment remains challenging, the steps we have taken to increase efficiency, combined with some revenue growth, continue to help generate positive results for our shareholders," said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce Inc. "We expect to see some improvement for the industry later in the year but, for now, we welcome relative stability after many quarters of volume declines and pricing pressure."\n\nSecond Quarter Results\n\nFor the three months ended June 30, 2010, TransForce reported total revenues of $496.9 million, a 9% increase over $454.2 million for the same period of 2009. Revenue excluding fuel surcharge increased 7% to $455.9 million compared with $424.8 million a year ago.\nOperating income before depreciation was $71.4 million, compared with $55.3 million in the second quarter of last year, a 29% improvement resulting from improved cost control. The increase in TransForce's operating expenses and fixed costs and general and administrative expenses has been efficiently managed. As a percentage of revenue, operating income before depreciation increased to 14.2% from 12.2% in the second quarter of 2009. EBITDA for the second quarter was $67.1 million compared with $59.8 million in the year-earlier quarter.\nAdjusted net income, which excludes the after-tax effect of items that are not in the Company's normal business, more than doubled to $23.3 million from $11.3 million in the second quarter of 2009. The adjustment reflects changes in the fair value of derivatives. Adjusted earnings per share increased to $0.24 from $0.13 a year ago.\nCash flow from operations before net change in non-cash operating working capital was $49.6 million in the second quarter, compared with $54.4 million in the same quarter of 2009.\nTransForce's capital expenditures in the qu...