TransForce 3Q results gain on acquisitions

MONTREAL (Oct. 24, 2002) — TransForce Income Fund, which manages Canada’s largest commercial trucking and logistics operation, reported stronger income in the past 10 weeks due to a series of major acquisitions.

The fund posted net income in its fiscal third quarter of $5 million, or 10 cents per fully diluted share. Revenues jumped to $127.6 million from $104.3 million during a comparable period in 2001.

Results include two significant acquisitions: Canpar and Mirald Transport, for nine and six weeks, respectively. TransForce, whose major divisions include Cabano Kingsway and TST Overland, changed its financial reporting to calendar quarter-ends following its conversion to an income fund on Sept. 30. The fund’s year-end is now Dec. 31. Accordingly, its quarter ended Sept. 30 covers 10 weeks instead of 12 weeks for the comparable quarter of the previous fiscal year.

TransForce reported net income of 25 cents per share for the 22 weeks leading up to Sept. 30, up from 19 cents the previous year, on revenues of $252.9 million.