Vitran Reports Record 4Q Results
Vitran Corp. Inc., a North American transportation and logistics firm, has announced record fourth quarter and full-year operating results for the fourth quarter and 12-month periods ended Dec. 31, 2003
Vitran Corp. Inc., a North American transportation and logistics firm, has announced record fourth quarter and full-year operating results for the fourth quarter and 12-month periods ended Dec. 31, 2003.
The 2003 fourth quarter marks Vitran's ninth consecutive quarterly period of improved profitability, compared to the previous year's operating results.
During the fourth quarter, Vitran achieved a 45% increase in net income to $3.2 million on 14% higher revenues of $85.3 million. In the comparable 2002 three-month period, the company had net income of $2.2 million on revenues of $74.8 million.
For the year, Vitran's net income grew 49% to $10.3 million on revenues of $331.8 million, 9% higher than the $303.6 million in revenues the company recorded in 2002.
Vitran President and Chief Executive Officer Richard E. Gaetz said, "Vitran is proud to report its ninth consecutive quarter of improved profitability, compared to the year-ago period.
"We intend to use the net proceeds to fund possible future acquisitions focusing on U.S.-based LTL companies that operate contiguously to our Vitran Express footprint in the U.S. central states."
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