Business
TransForce Inc. Announces First Quarter Results
- $452.4 million in revenues - EBITDA of $44.5 million - EPS of $0.04 per share
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\n- $452.4 million in revenues\n- EBITDA of $44.5 million\n- EPS of $0.04 per share\n\n\nMONTREAL, April 24 /CNW Telbec/ - TransForce Inc. ("TransForce" or "the\nCompany") (TSX: TFI - T), the leader in the Canadian transportation and\nlogistics industry, today announced its results for the first quarter, ended\nMarch 31, 2009.\n\n\n"While our revenues decreased, we have always been focused on efficiency\nand this has helped to maintain margins near historical levels. We have taken\naction to further reduce equipment and staffing costs in the face of an\neconomic downturn that was deeper and more sudden than expected. The slowdown\naffected three of TransForce segments in the first quarter, but Package and\nCourier performed well, holding revenues even with a year earlier," said Alain\nBedard, President and Chief Executive Officer of TransForce Inc. "We are\nmanaging through this period and are working to remain as profitable as\npossible and to position our businesses to participate fully in the inevitable\nrecovery."\n\n\nFirst Quarter Results\n\n\nFor the three months ended March 31, 2009 revenues were $452.4 million\ncompared with $526.3 million in the same period of 2008, a decrease of 14%.\nRevenues excluding fuel surcharges were $422.2 million compared with $469.5\nmillion in the same period of 2008, a decrease of 10%.\n\n\nEBITDA (earnings before interest, taxes, depreciation and amortization\nand equivalent to operating income on TransForce's financial statements) was\n$44.5 million in the quarter, compared with $56.9 million in the first quarter\nof 2008, when a favourable class-action settlement increased EBITDA by $4.5\nmillion. Excluding the one-time $4.5 million increase in the first quarter of\n2008, first quarter 2009 EBITDA decreased by 15%. Year over year EBITDA margin\nremained steady.\n\n\nCash flow from operations, before net changes to non-cash working capital\nbalances related to operations, was $33.0 million compared with $45.7 million\nin the first quarter of 2008.\n\n\nTransForce's earnings before income taxes were $4.3 million compared with\n$17.4 million in the first quarter of 2008.\n\n\nEarnings per share were $0.04 per share compared with $0.22 per share in\nthe same period of 2008.\n\n\nDuring the quarter, TransForce paid out a dividend of $0.10 per sha...