Vitran Corp. said it lost $1.9 million on revenues of $481.6 million in 2001 as it sold off and shut down several of its subsidiaries.
Vitran reported net income of $3.7 million in 2001 before taking over $5.6 million worth of charges related to the sale and discontinuation of its environmental services division. That compares to $9.1 million in net income on revenues of $480.9 million in 2000.
For the fourth quarter of 2001, Vitran reported net income of $2.2 million on revenues of $118.5 million, up from net income of $1.7 million on revenues of $122.9 million in the same quarter last year.
Vitran said operating income for its LTL division dropped to $13.7 million in 2001, down from $24.3 million in 2000. Its logistics dvision, which includes intermodal and freight brokerage, recorded income of $102,000 in 2001, down from $727,000 in 2000. Vitran's truckload division also watched its operating income drop, falling to $1.5 million for the year, compared to $2.4 million in 2000.