Item 1—BUSINESS
OVERVIEW
Vitran Corporation Inc. (“Vitran” or the “Company”) is a leading, predominantly non-union,
provider of freight surface transportation and related logistics services throughout Canada and in
29 states in the eastern, central, southwestern, and western United States. Its business consists
of Less-than-truckload services (“LTL”), Logistics services, and Truckload services. These services
are provided by stand-alone business units within their respective regions. The business units
operate independently or in a complementary manner to provide solutions depending on a customer’s
needs. For the years ended December 31, 2007 and 2006, the Company had revenues of $670.5 million
and $514.0 million, respectively.
CORPORATE STRUCTURE
Vitran’s registered office is located at 185 The West Mall, Suite 701, Toronto, Ontario,
Canada, M9C 5L5. Vitran Corporation Inc. was incorporated in Ontario under the Business Corporation
Act (Ontario) on April 29, 1981.
Vitran’s business is carried on through its subsidiaries which hold the relevant licenses and
permits required to carry on business. The following are Vitran’s principal operating subsidiaries
(including their jurisdiction of incorporation), all wholly owned as at December 31, 2007: Vitran
Express Canada Inc. (Ontario); Can-Am Logistics Inc. (Ontario); Vitran Logistics Ltd. (Ontario);
Expéditeur T.W. Ltée (Canada); Vitran Corporation (Nevada); Vitran Express Inc. (Indiana); R.A.
Christopher Inc. (Kansas); Frontier Transport Corporation (Indiana); Vitran Logistics Corp.
(Delaware); Vitran Logistics Inc. (Indiana); Vitran Express West Inc. (Nevada); PJAX, Inc.
(Pennsylvania); and Las Vegas/L.A. Express, Inc. (California).
OPERATING SEGMENTS
Segment financial information is included in Note 12 to the Consolidated Financial Statements.
LTL Services
Vitran has grown organically and made strategic acquisitions to build a comprehensive LTL
network throughout Canada and in the central, southwestern, and western United States. On May 31,
2005 Vitran expanded into the southwestern United States by acquiring Chris Truck Line (“CTL”), a
Kansas-based regional less-than-truckload carrier serving 11 states. With the acquisition of CTL,
Vitran obtained an additional 19 service centers covering 11 states, including new territory in
Colorado, Kansas, Oklahoma, and Texas. On January 3, 2006 Vitran, through its subsidiary Vitran
Express West Inc., expanded into the western United States by acquiring the assets of Sierra West
Express (“SWE”), a Nevada-based regional less-than-truckload carrier serving three states. With
the acquisition of SWE, Vitran expanded its footprint to California, Nevada, and Arizona. On
October 2, 2006 Vitran expanded into the eastern United States by acquiring PJAX Freight System
(“PJAX”), a Pennsylvania-based regional less-than-truckload carrier serving 11 states. With the
acquisition of PJAX, Vitran obtained 22 service centers including expanded and new state coverage
in New Jersey, Pennsylvania, Delaware, Maryland, West Virginia and Virginia.
Vitran’s LTL business represented approximately 87.2% of its revenue for the year ended
December 31, 2007. Within the United States, the Company operates primarily within the eastern,
central, southwestern and western United States and delivers approximately 90.0% of its freight
shipments within one or two days. In addition, the Company offers its services to the other regions
in the United States (other than Alaska and Hawaii) through its strategic inter-regional
relationships. The service is provided over-the-road, mostly by Company drivers, which allows more
control in servicing these time-sensitive shipments. As an integral part of its service solution,
the U.S.
3
LTL business was one of the first regional LTL companies to offer an unconditional money back
service guarantee to its customers. Vitran’s U.S. LTL regional business represented approximately
60.6% of the Company’s revenues for the year ended December 31, 2007.
Within Canada, the Company provides next-day service within Ontario, Quebec and within parts
of western Canada, and generates most of its revenue from the movement of LTL freight within the
three- to five-day east/west service lanes. The majority of its trans-Canada freight is shipped
intermodally, whereby the Company’s containers are loaded onto rail cars and trans-loaded to Vitran
facilities where Vitran’s network of owner operators pick up and deliver the freight to various
destinations. An expedited service solution is also offered nationally using over-the-road driver
teams to complete these deliveries in a shorter time frame. Vitran’s Canadian LTL business
represented approximately 26.6% of its revenues for the year ended December 31, 2007.
Vitran’s Transborder Service Solution (inter-regional) provides over-the-road service between
its Canadian LTL and U.S. LTL business units. This is the Company’s highest margin and fastest
growing service, achieving approximately 26.9% year-over-year revenue growth for the year ended
December 31, 2007.
Logistics
Vitran’s Logistics business, which represented approximately 7.9% of its revenues for the year
ended December 31, 2007, consists of two principal lines of business: (1) Supply Chain Solutions in
Canada and the United States including warehousing, inventory management and flow-through
distribution facilities; and (2) Freight Brokerage, which coordinates the transport of truck and
container loads from sales offices in Toronto, Montreal, and Los Angeles.
Supply Chain Solutions. Supply chain solutions involve the transportation and management of
goods and the provision of information about such goods as they pass through the supply chain from
manufacturer to end user. Vitran Logistics’ role is to design a supply chain network for a
customer, contract with the necessary suppliers (including Vitran’s LTL services), implement the
design and manage the logistical system. Vitran’s supply chain services unit offers a range of
services in Canada and the United States including warehousing, inventory management and
flow-through distribution facilities, focusing primarily on long-term logistics solutions.
Over the past decade, Vitran has grown the supply chain business unit organically but on
November 30, 2007 announced the strategic acquisition of Las Vegas/L.A. Express Inc. (“LVLA”) a
retail supply chain management specialist based in Ontario, California. LVLA operates six
facilities adding 470,000 square feet of logistics space bringing Vitran’s total to approximately
1.2 million square feet of warehouse and distribution space under management at December 31, 2007.
Freight Brokerage. Vitran’s Freight Brokerage unit is headquartered in Toronto, Ontario, with
sales offices in Toronto, Montreal and Los Angeles so as to capitalize on international traffic
flows. Vitran Logistics coordinates the transport of truck and container loads directly from a
customer’s facility to the customer’s consignee, anywhere in North America. The Freight Brokerage
unit offers both intermodal and highway solutions to customers with any type of full load
requirement. Vitran Logistics supports the movement of freight through direct computer links with
both its carriers and customers. It provides customers with real-time tracking, customer support
information and expediting as required.
Truckload
Vitran’s Truckload business, operating as Frontier Transport Corporation (“Frontier”),
provides truckload service within the United States. Frontier utilizes its company-controlled
trailing equipment and tractor owner operators. The business is primarily dry van but also offers
temperature controlled service in select markets. Frontier operates from two terminals, one in
Atlanta and the other in Indianapolis where the main administration office is located. Frontier
principally delivers within a 400-mile radius utilizing 229 owner operators with company-owned or
leased trailing fleet.
THE TRUCKING INDUSTRY
According to estimates made by the American Trucking Association, the United States trucking
industry in 2005 accounted for approximately $739 billion, or approximately 88% of total domestic
freight transportation
4
revenue. Trucks provide freight transportation services to virtually every industry operating
in the United States and Canada and generally offer higher levels of reliability, shipment
integrity, and speed than other surface transportation options. The trucking industry is highly
competitive on the basis of service and price. The LTL portion of the industry accounted for
approximately $45 billion of revenue during 2005.
LTL carriers transport freight for multiple customers to multiple destinations on each
trailer. This service requires a network of local pick-up and delivery terminals, hub facilities,
and driver fleets. The LTL business is capital intensive, and achieving significant density of
operations in a given region can afford a competitive advantage since greater freight volumes are
better able to support fixed costs. Vitran believes the regional LTL industry offers a favorable
operating model and provides substantial growth opportunities for the following reasons:
| • | The trend among shippers toward minimal inventories, deferred air freight, and regional distribution has increased the demand for next-day and second-day delivery service. | ||
| • | Regional carriers with sufficient scale and freight density to support local terminal networks can offer greater service reliability and minimize the costs associated with intermediate handling. | ||
| • | Regional carriers are predominantly non-union, which offers cost savings, greater flexibility, and a lower likelihood of service disruptions compared with unionized carriers. | ||
| • | There has been a reduction of capacity as weaker competitors exit the business. |
MARKETING AND CUSTOMERS
Vitran derives its revenue from thousands of customers from a variety of geographic regions
and industries in Canada and the United States. The Company’s largest customer represents less than
3.0% of Vitran’s revenues.
The LTL segment utilizes a computerized freight-costing model to determine the price level
that is appropriate for each particular shipment of freight. When necessary, Vitran competes to
secure revenue by participating in bid solicitations, provided its customer recognizes the Company
as a core carrier over a contracted period of time.
In the Logistics business, Vitran customizes each solution to fit the needs of the customer.
The Logistics operation pursues opportunities that will not only increase the profitability of that
segment but will supplement profitability in Vitran’s LTL segment as well.
The Freight Brokerage business maintains sales offices in Toronto, Montreal, and Los Angeles
to capitalize on international traffic flows. The Freight Brokerage unit offers both intermodal
and over-the-road truckload solutions to clients.
EMPLOYEES
At December 31, 2007, Vitran employed approximately 5,024 full- and part-time employees and
contracted with approximately 488 owner operators.
A total of 118 Vitran employees are represented by labor unions. The International Brotherhood
of Teamsters and the Canadian Auto Workers Association represent dock workers in two of Vitran’s
Canadian terminals. The Company has two collective agreements with its unionized employees. These
agreements expire on March 31, 2008, and on September 30, 2008, respectively.
INFORMATION TECHNOLOGY
Vitran uses technology to reduce costs, improve productivity, and enhance its customer
service. Vitran allows its customers to access or exchange information with the Company via
Vitran’s website, published web services, electronic data interchange, or over the telephone. The
Company uses sophisticated freight handling software to maximize its load average, reduce freight
handling, reduce transit times, and improve tracking of
5
shipments through its system. Throughout 2007, Vitran’s U.S. LTL business unit has been in
the process of migrating all of its U.S. LTL operations to a common transportation operating system
that will further enhance the Company’s technology platform and help deliver superior service to
its customers. The U.S. LTL business unit has achieved many milestones in this endeavor and
anticipates completing the implementation in 2008.
SEASONALITY
In the trucking industry for a typical year, the months of September and October usually have
the highest business levels, while the months of December, January and February generally have the
lowest business levels. Adverse weather conditions, generally experienced in the first quarter of
the year, such as heavy snow and ice storms, have a negative impact on operating results.
Accordingly, revenue and profitability are lowest in the first quarter.
REGULATION
Regulatory agencies exercise broad powers over the trucking industry, generally governing such
activities as authorization to engage in motor carrier operations, safety and financial reporting.
The industry also may become subject to new or more restrictive regulations relating to fuel
emissions, ergonomics, or limits on vehicle weight and size. Additional changes in the laws and
regulations governing the trucking industry could affect the economics of the industry by requiring
changes in operating practices or by influencing the demand for and the costs of providing services
to customers.
From time to time, various legislative proposals that might affect the trucking industry are
introduced, including proposals to increase federal, state, provincial or local taxes, including
taxes on motor fuels. Vitran cannot predict whether, or in what form, any increase in such taxes
applicable to the Company will be enacted. Increased taxes could adversely affect Vitran’s
profitability.
Vitran’s employees and owner operators also must comply with the safety and fitness
regulations promulgated by the U.S. Department of Transportation (“DOT”) and various regulatory
authorities in Canada, including those relating to drug and alcohol testing and hours of service.
COMPETITION
Vitran competes with many other transportation service providers of varying sizes within
Canada and the United States. In the United States, Vitran competes mainly in the eastern,
central, southwestern and western states. The transportation industry is highly competitive on the
basis of both price and service. The Company competes with regional, inter-regional and national
LTL carriers, truckload carriers, third party logistics companies and, to a lesser extent, small
package carriers, air freight carriers and railroads. The Company competes effectively in its
markets by providing high quality and timely service at competitive prices.
AVAILABLE INFORMATION
Vitran makes available free of charge on or through its website at www.vitran.com its
Annual Report on Form 10-K (including the MD&A at December 31, 2007), Quarterly Reports on Form
10-Q, current reports on Form 8-K and other information releases, including all amendments to those
reports, as soon as reasonably practicable after such material is electronically filed with or
furnished to the Securities and Exchange Commission (SEC) and System for Electronic Document
Analysis and Retrieval (SEDAR). The information can also be accessed through EDGAR at
www.sec.gov/edgar.shtml or SEDAR at www.sedar.com.
6
ITEM 1. a—RISK FACTORS
RISKS AND UNCERTAINTIES
Information on the risks and uncertainties relating to the Company appears in the Company
management’s discussion and analysis (“MD&A”) for the year ended December 31, 2007, Item 7,
reference to which is hereby made, and the information therein is incorporated herein by reference.
ITEM 1. b—UNRESOLVED STAFF COMMENTS
None.
ITEM 2—PROPERTIES
Vitran’s corporate office is located at 185 The West Mall, Suite 701, Toronto, Ontario,
Canada, M9C 5L5. The 3,900 square foot office is occupied under a lease terminating in September
2010.
Each of Vitran’s operating subsidiaries also maintains a head office as well as numerous
operating facilities. Vitran has not experienced and does not anticipate difficulties in renewing
existing leases on favorable terms or obtaining new facilities as and when required.
Vitran operates 137 terminals, 27 of which are located in Canada and 110 of which are located
in the United States. The Company’s LTL segment operates 121 terminals with a total of 3,246
loading doors in the United States and with a total of 617 loading doors in Canada. At December
31, 2007 Vitran was nearing completion of constructing a new 130-door facility on 21 acres for the
Toronto market. The service center will replace the current leased facility. The 10 largest
operating terminals in Vitran’s LTL segment, in terms of the number of loading doors, are listed
below.
| Terminals | Doors | Owned/ Leased | ||||||
Toronto |
132 | Leased | ||||||
Indianapolis |
116 | Leased | ||||||
Toledo |
101 | Owned | ||||||
Philadelphia |
92 | Leased | ||||||
Montreal |
85 | Owned | ||||||
Vancouver |
85 | Owned | ||||||
Chicago |
81 | Leased | ||||||
Pittsburgh |
80 | Owned | ||||||
Clinton |
80 | Owned | ||||||
Winsted |
78 | Owned | ||||||
Vitran’s Logistics operates 16 facilities, nine in Canada, and seven in the United States, for
major retailers in their respective markets. Vitran Logistics has approximately 1.2 million square
feet of warehouse and distribution space under management at December 31, 2007. Vitran’s Truckload
business operates two terminals, one in Indianapolis and the other in Atlanta.
ITEM 3—LEGAL PROCEEDINGS
Vitran is subject to various legal proceedings and claims that have arisen in the ordinary
course of its business that have not been fully adjudicated. Many of these are covered in whole or
in part by insurance. The management of Vitran does not believe that these actions, when finally
concluded and determined, will have a material adverse effect upon Vitran’s financial condition,
results of operations or cash flows.
ITEM 4—SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
7
PART II
| ITEM 5— MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS |
Description of Share Capital
At December 31, 2007, there were an unlimited number of shares authorized and 13,448,159
common shares issued and outstanding. The holders of the common shares are entitled to one vote
for each common share on all matters voted on at any meetings of Vitran’s shareholders, to any
dividends that may be declared by the Company’s Board of Directors thereon and, in the event of the
liquidation, dissolution or winding up of the Company, will be entitled to receive the remaining
property.
Vitran’s common shares trade on the Toronto Stock Exchange (“TSX”) and the NASDAQ National
Market under the symbols VTN and VTNC respectively. On February 07, 2008, there were approximately
50 registered holders of record of the Company’s common shares.
Vitran did not pay any dividends on common shares in fiscal 2007 and 2006. The Company ceased
paying dividends in December 2001. The Board of Directors is responsible for determining the
Company’s dividend policy and does not intend to declare dividends in the foreseeable future.
The following table sets forth the high and low bid prices of our common stock for the periods
indicated, as reported by the TSX and the NASDAQ:
| TSX | NASDAQ | |||||||||||||||||||||||
| Quarter | High | Low | Volume | High | Low | Volume | ||||||||||||||||||
| (in Canadian dollars) | (in United States dollars) | |||||||||||||||||||||||
2007 |
||||||||||||||||||||||||
Fourth Quarter |
$ | 18.70 | $ | 12.50 | 533,100 | $ | 19.15 | $ | 12.55 | 2,979,500 | ||||||||||||||
Third Quarter |
$ | 23.20 | $ | 16.40 | 454,800 | $ | 22.32 | $ | 16.10 | 1,776,900 | ||||||||||||||
Second Quarter |
$ | 24.64 | $ | 20.88 | 353,900 | $ | 23.35 | $ | 18.50 | 1,660,200 | ||||||||||||||
First Quarter |
$ | 24.21 | $ | 19.30 | 126,700 | $ | 20.97 | $ | 15.76 | 1,381,300 | ||||||||||||||
2006 |
||||||||||||||||||||||||
Fourth Quarter |
$ | 22.31 | $ | 18.10 | 381,700 | $ | 19.78 | $ | 16.03 | 1,860,000 | ||||||||||||||
Third Quarter |
$ | 27.99 | $ | 19.94 | 104,400 | $ | 25.72 | $ | 16.74 | 1,506,100 | ||||||||||||||
Second Quarter |
$ | 27.37 | $ | 21.01 | 340,500 | $ | 24.75 | $ | 19.00 | 3,273,000 | ||||||||||||||
First Quarter |
$ | 24.50 | $ | 21.50 | 425,800 | $ | 20.90 | $ | 18.61 | 1,654,500 | ||||||||||||||
| TSX | NASDAQ | |||||||||||||||||||||||
| 2007 Monthly | High | Low | Volume | High | Low | Volume | ||||||||||||||||||
| (in Canadian dollars) | (in United States dollars) | |||||||||||||||||||||||
December |
$ | 14.63 | $ | 12.92 | 111,400 | $ | 15.22 | $ | 13.03 | 1,055,800 | ||||||||||||||
November |
$ | 14.45 | $ | 12.50 | 163,800 | $ | 15.14 | $ | 12.55 | 1,129,200 | ||||||||||||||
October |
$ | 18.70 | $ | 12.65 | 257,900 | $ | 19.15 | $ | 13.14 | 794,500 | ||||||||||||||
September |
$ | 22.37 | $ | 16.40 | 60,600 | $ | 21.07 | $ | 16.10 | 570,600 | ||||||||||||||
August |
$ | 23.20 | $ | 20.40 | 352,400 | $ | 21.94 | $ | 18.93 | 451,300 | ||||||||||||||
July |
$ | 22.92 | $ | 20.68 | 41,800 | $ | 22.32 | $ | 19.21 | 755,000 | ||||||||||||||
June |
$ | 24.64 | $ | 21.00 | 47,500 | $ | 23.35 | $ | 20.21 | 516,600 | ||||||||||||||
May |
$ | 23.67 | $ | 21.83 | 99,900 | $ | 21.28 | $ | 19.96 | 696,800 | ||||||||||||||
April |
$ | 23.00 | $ | 20.88 | 206,500 | $ | 20.50 | $ | 18.50 | 446,800 | ||||||||||||||
March |
$ | 22.98 | $ | 21.67 | 71,900 | $ | 20.16 | $ | 18.36 | 510,200 | ||||||||||||||
February |
$ | 24.21 | $ | 20.92 | 17,100 | $ | 20.97 | $ | 15.76 | 511,300 | ||||||||||||||
January |
$ | 21.75 | $ | 19.30 | 37,700 | $ | 17.85 | $ | 16.38 | 359,800 | ||||||||||||||
8
Stock Option Plan
| Number of | ||||||||||||
| securities | ||||||||||||
| remaining available | ||||||||||||
| Number of | for future issuance | |||||||||||
| securities to be | (excluding | |||||||||||
| issued upon | Weighted average | securities | ||||||||||
| exercise of | exercise price of | reflected in column | ||||||||||
| Plan Category | outstanding options | outstanding options | (a)) | |||||||||
| (a) | (b) | (c) | ||||||||||
Equity compensation plans approved by security holders |
820,200 | $ | 12.66 | 99,500 | ||||||||
Equity compensation plans not approved by security holders |
— | — | — | |||||||||
Total (1) |
820,200 | $ | 12.66 | 99,500 | ||||||||
| (1) | As at December 31, 2007. |
Vitran maintains a stock option plan to assist in attracting, retaining and motivating its
directors, officers and employees. The details of the Company’s authorized stock option plan are
described in Note 9 of the Consolidated Financial Statements.
Purchases of Equity Securities
On February 13, 2007 Vitran commenced a normal course issuer bid to repurchase up to 670,993
common shares by way of open market purchases through the facilities of the Toronto Stock Exchange.
The normal course issuer bid will expire on February 12, 2008. All shares repurchased are
cancelled. The following table summarizes the purchases in the fourth quarter of 2007:
| Maximum number of | ||||||||||||||||
| Total number of | common shares that | |||||||||||||||
| Average price paid | common shares as | may yet be | ||||||||||||||
| Number of common | per common share | part of a publicly | purchased under the | |||||||||||||
| Period | shares purchased | (CAD) | announced plan | plan | ||||||||||||
Oct. 1 to Oct. 31, 2007 |
21,400 | $ | 12.98 | 21,400 | 649,593 | |||||||||||
Nov. 1 to Nov. 30, 2007 |
8,800 | $ | 13.15 | 8,800 | 640,793 | |||||||||||
Dec. 1 to Dec. 31, 2007 |
— | — | — | 640,793 | ||||||||||||
Total |
30,200 | $ | 13.03 | 30,200 | ||||||||||||
Transfer Agents
| Computershare Investor Services Inc. Computershare Trust Company Inc. | Montreal, Toronto Denver |
Canada United States |
9
ITEM 6—SELECTED FINANCIAL DATA
The following selected financial data should be read in conjunction with the Consolidated
Financial Statements and Notes under Item 8 of this Annual Report on Form 10-K. For a summary of
quarterly financial data for fiscal 2007 and 2006 please see the Supplemental Schedule of Quarterly
Financial Information included in the Consolidated Financial Statements. For a summary of
measurement and disclosure differences between United States and Canadian accounting policies
please see Note 18 to the Consolidated Financial Statements.
Selected Financial Data (Thousands of dollars, except per share amounts)
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
United States GAAP |
||||||||||||||||||||
Statements of Income |
||||||||||||||||||||
Revenue |
$ | 670,517 | $ | 514,059 | $ | 428,192 | $ | 374,595 | $ | 331,826 | ||||||||||
Income from continuing operations
before depreciation and
amortization expense (1) |
43,769 | 40,530 | 32,392 | 24,183 | 20,044 | |||||||||||||||
Income from continuing operations |
22,999 | 28,040 | 25,427 | 18,977 | 14,550 | |||||||||||||||
Net income from continuing
operations |
13,710 | 19,258 | 17,938 | 14,943 | 10,336 | |||||||||||||||
Cumulative effect of change in
accounting principle |
— | 141 | — | — | — | |||||||||||||||
Net income |
$ | 13,710 | $ | 19,399 | $ | 17,938 | $ | 14,943 | $ | 10,336 | ||||||||||
Earnings per share basic: |
||||||||||||||||||||
Net income from continuing
operations |
$ | 1.02 | $ | 1.49 | $ | 1.43 | $ | 1.22 | $ | 1.07 | ||||||||||
Net income (loss) |
$ | 1.02 | $ | 1.50 | $ | 1.43 | $ | 1.22 | $ | 1.07 | ||||||||||
Weighted average number of shares |
13,458,786 | 12,887,401 | 12,516,265 | 12,285,400 | 9,684,901 | |||||||||||||||
Earnings per share diluted: |
||||||||||||||||||||
Net income from continuing
operations |
$ | 1.00 | $ | 1.47 | $ | 1.40 | $ | 1.17 | $ | 1.01 | ||||||||||
Net income (loss) |
$ | 1.00 | $ | 1.48 | $ | 1.40 | $ | 1.17 | $ | 1.01 | ||||||||||
Weighted average number of shares |
13,651,799 | 13,124,865 | 12,848,360 | 12,740,477 | 10,263,211 | |||||||||||||||
Canadian GAAP (2) |
||||||||||||||||||||
Statements of Income |
||||||||||||||||||||
Revenue |
$ | 670,517 | $ | 514,059 | $ | 428,192 | $ | 374,595 | $ | 331,826 | ||||||||||
Income from continuing operations
before depreciation and
amortization expense (1) |
41,551 | 40,530 | 32,392 | 24,183 | 20,308 | |||||||||||||||
Income from continuing operations |
20,781 | 28,040 | 25,427 | 18,977 | 14,814 | |||||||||||||||
Net income from continuing
operations |
11,492 | 19,258 | 17,938 | 14,943 | 10,336 | |||||||||||||||
Net income (loss) |
$ | 11,492 | $ | 19,258 | $ | 17,938 | $ | 14,943 | $ | 10,336 | ||||||||||
10
Selected Financial Data (continued) (Thousands of dollars, except per share amounts)
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
Earnings per share basic: |
||||||||||||||||||||
Net income from
continuing operations |
$ | 0.85 | $ | 1.49 | $ | 1.43 | $ | 1.22 | $ | 1.07 | ||||||||||
Net income (loss) |
$ | 0.85 | $ | 1.49 | $ | 1.43 | $ | 1.22 | $ | 1.07 | ||||||||||
Weighted average number of
shares |
13,458,786 | 12,887,401 | 12,516,265 | 12,285,400 | 9,684,901 | |||||||||||||||
Earnings per share diluted: |
||||||||||||||||||||
Net income from continuing
operations |
$ | 0.84 | $ | 1.47 | $ | 1.40 | $ | 1.17 | $ | 1.01 | ||||||||||
Net income (loss) |
$ | 0.84 | $ | 1.47 | $ | 1.40 | $ | 1.17 | $ | 1.01 | ||||||||||
Weighted average number of
shares |
13,651,799 | 13,124,865 | 12,848,360 | 12,740,477 | 10,263,211 | |||||||||||||||
Dividends per share $US |
Nil | Nil | Nil | Nil | Nil | |||||||||||||||
Dividends per share $CAD |
Nil | Nil | Nil | Nil | Nil | |||||||||||||||
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
Balance Sheets (United States
GAAP) |
||||||||||||||||||||
Assets: |
||||||||||||||||||||
Current assets |
$ | 95,464 | $ | 83,775 | $ | 71,017 | $ | 90,177 | $ | 85,046 | ||||||||||
Property and equipment, net |
169,052 | 145,129 | 66,807 | 37,563 | 35,102 | |||||||||||||||
Intangible assets |
13,645 | 15,888 | 2,456 | — | — | |||||||||||||||
Goodwill, net |
124,375 | 117,146 | 61,448 | 45,304 | 44,865 | |||||||||||||||
Other assets |
— | 150 | — | 6 | — | |||||||||||||||
Total assets |
$ | 402,546 | $ | 362,088 | $ | 201,728 | $ | 173,050 | $ | 165,013 | ||||||||||
Liabilities and Stockholders’
Equity: |
||||||||||||||||||||
Current liabilities |
$ | 91,133 | $ | 88,669 | $ | 48,331 | $ | 38,806 | $ | 46,412 | ||||||||||
Long-term debt |
109,831 | 93,139 | 8,588 | 11,507 | 17,931 | |||||||||||||||
Other non-current liabilities |
11,414 | 6,983 | 5,007 | 3,546 | 2,715 | |||||||||||||||
Total stockholders’ equity |
$ | 190,168 | $ | 173,297 | $ | 139,802 | $ | 119,191 | $ | 97,955 | ||||||||||
Balance Sheets (Canadian
GAAP) (2) |
||||||||||||||||||||
Assets: |
||||||||||||||||||||
Current assets |
$ | 95,464 | $ | 83,775 | $ | 71,017 | $ | 90,177 | $ | 85,046 | ||||||||||
Property and equipment, net |
169,052 | 145,129 | 66,807 | 37,563 | 35,102 | |||||||||||||||
Intangible assets |
13,645 | 15,888 | 2,456 | — | — | |||||||||||||||
Goodwill, net |
124,375 | 117,146 | 61,448 | 45,304 | 44,865 | |||||||||||||||
Other assets |
— | — | — | — | — | |||||||||||||||
Total assets |
$ | 402,546 | $ | 361,938 | $ | 201,728 | $ | 173,044 | $ | 165,013 | ||||||||||
Liabilities and Stockholders’
Equity: |
||||||||||||||||||||
Current liabilities |
$ | 91,133 | $ | 88,669 | $ | 48,331 | $ | 38,806 | $ | 46,412 | ||||||||||
Long-term debt |
109,831 | 93,139 | 8,588 | 11,507 | 17,931 | |||||||||||||||
Other non-current liabilities |
11,414 | 6,983 | 5,007 | 3,546 | 2,715 | |||||||||||||||
Total stockholders’ equity |
$ | 190,027 | $ | 173,171 | $ | 139,802 | $ | 119,185 | $ | 97,955 | ||||||||||
Total commitments under
operating leases |
$ | 58,639 | $ | 38,827 | $ | 40,239 | $ | 46,564 | $ | 48,580 | ||||||||||
11
Selected Financial Data (continued) (Thousands of dollars, except per share amounts)
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||