Business
TransForce Inc. Reports Strong Growth in Second Quarter Results
- Increased revenues by 20% to a record $595.6 million - Increased EBITDA by 18% to $75.6 million...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\n- Increased revenues by 20% to a record $595.6 million\n- Increased EBITDA by 18% to $75.6 million before non-recurring items\n- Increased pre-tax earnings 17% to $33.7 million before non-recurring\n items\n- Increased earnings after tax 11% to $29.2 million before non-recurring\n items\n- Completed conversion to corporate structure\n\n\nMONTREAL, July 29 /CNW Telbec/ - TransForce Inc. (TSX: TFI - T), the\nleader in the Canadian transportation and logistics industry, today announced\nsignificant growth in its key results for the second quarter of 2008, ended\nJune 30.\n\n\n"Everyone at TransForce can be proud of our performance in the latest\nquarter," said Alain Bedard, Chairman, President and Chief Executive Officer\nof TransForce. "The difficulties facing our industry are well known - from\nrising fuel costs and a high dollar to the slowdown in Canadian manufacturing\nexports. Despite this challenging economic environment, our people were able\nto maintain and grow the contribution from existing operations while we added\nmore value for shareholders through acquisitions."\n\n\nSecond Quarter Results: Before Non-Recurring Items\n\n\nIn completing its conversion to a corporate structure on May 14, 2008 and\nthe related termination of its Incentive Plan, TransForce incurred certain\none-time expenses in the second quarter totalling $8.7 million pre-tax and\n$9.9 million after tax. TransForce is now taxed as a corporation. These\nexpenses are discussed in the Company's Q2 08 MD&A. Accordingly, some results\nfrom the second quarter of 2008 are reported both before and after including\nthese non-recurring items.\n\n\nIn the quarter, TransForce delivered significant year-over-year increases\nacross key financial performance indicators.\n\n\nFor the three months ended June 30, the Company increased revenues by 20%\nto a quarterly record of $595.6 million, from $495.7 million in the same\nperiod of 2007. This increase was the result of significant acquisitions,\nwhich contributed $48.3 million in new revenues. However our existing\nbusinesses also grew revenues despite the difficult operating environment.\n\n\nBefore non-recurring items related to the conversion, TransForce\nincreased second quarter EBITDA by 18% to another new record of $75.6 million\nfrom $64.1 million a year ago. (EBITDA is earnings ...