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Pacer Sees Boost in Fourth Quarter Income

February 17, 2010

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Pacer International, the asset-light North American freight transportation and third party logistics provider, posted a $91.6 million boost in income from operations during the fourth quarter of 2009 compared to the year-ago quarter
. The company ended the fourth quarter with $18.3 million in income from operations, up from a loss of $73.3 million in the 2008 quarter.

The company also reported net income of $10 million, versus a loss of $64 million in the year-ago quarter.

Pacer's revenues did not hold up quite as well, falling $90.1 million to $420.2 million from $510.3 million for the 2008 quarter.

"Though the economic environment in the fourth quarter continued to suppress demand and pressure margins, we took additional substantial steps toward sustained profitability while reducing debt by $31.5 million during the fourth quarter," said Brian C. Kane, chief financial officer of Pacer. "We returned to positive operating income and cash flow in the second half of the year and we have significant availability under our amended credit agreement."

Within Pacer's intermodal segment, income from operations was up $6.8 million to an income of $23.5 million, compared to an operating income of $16.7 million in the 2008 quarter.

Within logistics, Pacer saw its income from operations gain $87.3 million to a loss of $0.1 million, compared to a loss of $87.4 million in the 2008 quarter.

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