Vitran Q4 revenue up 20%

Trucking and logistics company, Vitran has reported a revenue of $205m for the fourth quarter ended 31 December 2011 reporting an increase of 20%, compared to $172m it reported during the same period last year.

For the fourth quarter of 2011, the company posted operating expenses of $205.99m, compared to $168m for the same period prior year.

The company posted a net loss of $8.1m for the fourth quarter of 2011, compared to net loss of $40.2m for the comparable period in 2010.

Depreciation and amortization expense for the fourth quarter of 2011 was $4m, compared to $4.39m for the comparable period prior year.

Vitran president and CEO Rick Gaetz said despite a solid year at both Canadian LTL and Supply Chain Operation, we did not achieve the momentum we expected in our US LTL business.

"Although the US operations experienced a wage increase in 2011, which totaled $12m annualized in the fourth quarter, we did not take advantage of a reasonable operating environment to improve results." Gaetz said.

"Plagued by bad weather around the Milan acquisition and a less-than-acceptable service level for a period of six months, we were impacted by high operating expenses in many parts of our business that contributed to weak results.

"We are making progress; however, we are not yet monetizing the changes that are occurring in the business."