Business
TransForce Inc. Announces Growth in Fourth Quarter and Annual Results for 2008
- Increased revenues by 10% to $544.5 million - Increased EBITDA by 21% to $73.8 million - Increa...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\n- Increased revenues by 10% to $544.5 million\n- Increased EBITDA by 21% to $73.8 million\n- Increased fourth quarter earnings per share to $0.17 from a loss of\n $0.36\n- Increased annual earnings per share to $0.92 per share from $0.52 per\n share in 2007\n\n\nMONTREAL, March 12 /CNW Telbec/ - TransForce Inc. ("TransForce" or "the\nCompany") (TSX: TFI - T), the leader in the Canadian transportation and\nlogistics industry, today announced steady growth across its top line and\nbottom line results for the fourth quarter and year ended December 31, 2008.\n\n\n"We were able to deliver strong results in the fourth quarter, while also\ntaking a number of steps to address imminent challenges posed by the\ndeteriorating economic conditions," said Alain Bedard, President and Chief\nExecutive Officer of TransForce Inc. "While we increased revenues, our focus\nwas on decreasing operating expenses across the Company. Initiatives taken to\ncurtail costs included implementing hiring and salary freezes, and placing\nstrict controls on capital and discretionary expenditures. We also continued\nto adjust staffing levels to align with lower demand. Management's\nconservative, disciplined approach to operating TransForce will serve us well\nas we face significant challenges in 2009."\n\n\nFourth Quarter Results\n\nIn the quarter, TransForce delivered year-over-year increases across key\nfinancial performance indicators.\nFor the three months ended December 31, 2008 the Company increased\nrevenues by 10% to $544.5 million from $493.5 million in the same period of\n2007. This increase was partly due to significant acquisitions concluded in or\nafter the fourth quarter of 2007, including ICS Courier and Groupe Thibodeau.\nThe Company increased EBITDA (earnings before interest, taxes,\ndepreciation and amortization and equivalent to operating income on\nTransForce's financial statements) by 21% to $73.8 million, from $61.1 million\nin the fourth quarter of 2007. Significant acquisitions contributed $2.8\nmillion in new EBITDA. The remaining increase was the result of efficiency\ngains and cost containment efforts.\nTransForce's earnings before income taxes were $18.5 million (including\n$11.7 million unrealized loss on interest rate swap contracts) compared with a\nloss of $30.2 million in the fourth ...