Revenues rose to a record C$479.8 million, compared to C$416.1 million in 1998. Operating income rose to C$21.7 million, while net income for 1999 rose to an all-time high of C$9.4 million, compared to net income of C$8.7 million in 1998.
Richard D. McGraw, president and ceo, commented on the financial results, stating, "Most of our divisions achieved record results in 1999, and strong comparisons versus 1998. However, the financial results of our U.S. less-than-truckload operation, which generates 45% of
consolidated revenue, were impacted by higher than normal operating costs, including labor and linehaul expenses, incurred to maintain premium service levels during the integration process of two subsidiaries. Although our company maintains fuel surcharge policies at our operating divisions, as many of our industry peers do, rising fuel costs also impacted Vitran's fourth quarter results."