Business
TransForce Inc. Announces Second Quarter Results
- Revenues of $454.2 million - EBITDA of $59.8 million - EPS of $0.21 per share
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\n- Revenues of $454.2 million\n- EBITDA of $59.8 million\n- EPS of $0.21 per share\n\n\nMONTREAL, July 23 /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 second quarter, ended\nJune 30, 2009.\n\n\n"TransForce maintained its dividend and continued to navigate through the\nchallenges posed by the difficult operating environment that persisted through\nthe second quarter. Some areas of the Canadian economy, like the energy and\nmanufacturing sectors, continue to exhibit lower activity and corresponding\ndemand for our services," said Alain Bedard, President and Chief Executive\nOfficer of TransForce Inc. "While volumes have declined, the Company has\nlargely sustained its EBITDA margin by maintaining our focus on cost savings\nand efficiency. For example, during the quarter, we delivered significant\nreductions in operating expenses and general and administrative costs."\n\n\nSecond Quarter Results\n\n\nFor the three months ended June 30, 2009, TransForce reported revenues of\n$454.2 million compared with $595.6 million in the same period of 2008, a\ndecrease of 24%. Revenues excluding fuel surcharges were $424.8 million\ncompared with $514.1 million in the same period of 2008, a decrease of 17%.\nThe year-over-year decrease in revenue is consistent with the continuing\ngeneral economic downturn experienced since the beginning of 2009.\n\n\nEBITDA (earnings before interest, taxes, depreciation and amortization\nand equivalent to operating income on TransForce's financial statements) was\n$59.8 million in the quarter, compared with $66.9 million in the second\nquarter of 2008.\n\n\nCash flow from operations, before net changes to non-cash working capital\nbalances related to operations, was $49.2 million compared with $60.2 million\nin the second quarter of 2008.\n\n\nTransForce's earnings before income taxes were $26.4 million compared\nwith $24.9 million in the second quarter of 2008. A change in the fair value\nof interest rate contracts, an item unrelated to operations of the business,\nwas responsible for $5.2 million of the increase in earnings before income\ntaxes.\n\n\nIncome tax expense increased to $8.4 million in the second quarter of\n2009 fr...