Vitran returns to profitability in 2002

Canadian transportation conglomerate Vitran Corp. returned to profitability in 2002, despite generating slightly less revenue than in 2001. For 2002, Vitran reported net income of $7.1 million on revenues of $314.1 million, up from a loss of $1.26 million on revenues of $317.8 million. For the fourth quarter of 2002, Toronto-based Vitran reported net income of $2.24 million on revenues of $77.2 million,

Canadian transportation conglomerate Vitran Corp. returned to profitability in 2002, despite generating slightly less revenue than in 2001.

For 2002, Vitran reported net income of $7.1 million on revenues of $314.1 million, up from a loss of $1.26 million on revenues of $317.8 million.

For the fourth quarter of 2002, Toronto-based Vitran reported net income of $2.24 million on revenues of $77.2 million, compared to net income of $1.2 million on $78.21 million in revenues.

Vitran added that operating income for its LTL segment increased 49% in 2002 compared to 2001, with the company's U.S. LTL operations posting a 7.5% increase in gross profit.

Its revenue from it truckload segment also increased, jumping 7.9% in 2002 compared to 2001. However, that revenue gain was offset by increases in liability and healthcare insurance, which reduced operating income from its truckload operation by 8.6% for the year.

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