February 10, 2009 / 12:27 PM / 9 years ago

UPDATE 1-Vitran posts Q4 loss amid slowdown

* Revenue falls 11.5 pct to $174.3 mln

* Economic slowdown hurts results

Feb 10 (Reuters) - Canadian transportation company Vitran Corp VTN.TO posted a quarterly loss as revenue fell amid weakness in the North American economy and transportation industry.

For the fourth quarter, Vitran reported a loss of $3.2 million, or 23 cents a share, compared with a profit of $1.7 million, or 12 cents a share, a year earlier.

Revenue for its less-than-truckload unit fell 14 percent to $127.1 million, and the unit reported a loss from operations of $4.7 million.

Results for the latest quarter included a $0.9 million write-off of previously capitalized syndication costs related to the bank amendment.

In December, Vitran said it agreed with its lenders led by JPMorgan Chase Bank to modify a debt arrangement, expanding its leverage ratio covenant.

At Dec. 31, the company had long-term debt of $93.5 million.

Vitran shares, which have lost more than 70 percent of their value over the past six months, closed at C$5.85 Monday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Deepak Kannan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below