Vitran hurdles over tough 4Q

TORONTO — Despite a nearly 12-percent fourth quarter loss in 2008, Vitran Corp. was able to ride more than a 50-per-cent jump in logistics revenue to finish the year in the black.

Canada’s largest LTL carrier says for the year ending December 31, 2008, it achieved 8.3 percent revenue growth to $726.3 million, including a 4.5 percent increase in LTL and a 53.3 percent rise in logistics revenue.

In the 2008 fourth quarter, Vitran reported revenue of $154.2 million, 11.5 percent below the $174.3 million achieved in the same period in 2007. During the three months, the company incurred a net loss of $3.2 million.

"Although we are disappointed with the financial results, the fourth quarter of 2008 marked another period of significant achievements for Vitran in the face of an unmistakable retraction in the entire North American economy and transportation industry," said Vitran President and CEO Rick Gaetz.

"With this physical integration behind us we have taken the necessary steps to abate the economic downturn and position Vitran to weather the current economic storm," said Gaetz, adding that the carrier has improved its linehaul infrastructure, leading to a reduction in miles and improvement in service, as well as downsized its labor force and listed redundant facilities for sale.

"Moreover, we have commenced an aggressive integrated inter-regional sales program; and, in the existing environment, management continues to be focused on cost reduction."