TransForce reported net income in the first quarter of 2013 was C$18.9 million (about US$18.4 million), compared with $29.4 million in the first quarter of 2012.
Quarterly revenue totaled $730.9 million, down 5 percent from $768.5 million in the same period in the previous year, mainly driven by lower revenue in the energy and less-than-truckload sectors, partially offset by a revenue contribution of $24.9 million from Velocity Express, which was acquired on Feb. 1, 2013, the North American transportation and logistics company said in a written statement.
“First quarter results reflect persistent softness in certain key sectors of the North American economy and more normal seasonal demand patterns in 2013 compared with last year,” said Alain Bédard, chairman, president and CEO of TransForce.
“As we do not see significant improvement in business conditions before the end of the year, TransForce will continue to focus on unlocking synergies from significant acquisitions made since 2011 and on maximizing return on assets in all segments,” Bédard continued. “Achieving optimal efficiencies will further drive cash flow generation, which we will use to carry out our selective acquisition strategy, invest in cutting edge technology, repurchase shares and reimburse long-term debt.”