Vitran Corporation Q2 Loss Widens - Quick Facts

(RTTNews) - Vitran Corporation Inc. (VTNC, VTN.TO) reported that its second-quarter net loss widened to $16.97 million or $1.03 per share, from $4.16 million or $0.25 per share in the same quarter last year.

The company recorded a net loss from continuing operations of $17.0 million, or $1.03 per share, compared to a net loss from continuing operations of $5.7 million, or $0.35 per share, for the 2012 second quarter.

In the second quarter of 2013, the company received additional proceeds of $1.8 million from the sale of its previously announced Supply Chain Operation as result of final working capital adjustments. The company also recorded $1.8 million in severance costs associated with the departure of its previous President and Chief Executive Officer.

The company reported a 10.0% decrease in revenues to $165.4 million in the second quarter of 2013 compared to $183.8 million in the second quarter of 2012.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.33 per share and revenues of $181.20 million. Analysts' estimates typically exclude special items.