October 19, 2006 12:10 PM, EDT

Vitran’s Third-Quarter Income Declines

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oronto-based transportation and logistics firm Vitran Corp. reported its third-quarter profit fell to $4.9 million or 38 cents a share, from $5.4 million or 42 cents a year earlier.

Revenue rose $121.5 million from $116.2 million a year ago, the company said in a statement Thursday.

"Higher than anticipated healthcare and workers’ compensation expenses, combined with a slowing economy in Vitran's North American operating regions negatively impacted third quarter results," Chief Executive Officer Rick Gaetz said in a statement.

Vitran has truckload and less-than-truckload operations in the United States and Canada.

Operating income from its LTL operations was $6.6 million, down from $7.7 million a year ago. Tonnage rose 0.1%, while shipments declined 0.1%.

Logistics segment operating income rose 68.6% to $929,000, while truckload income from operations fell to $354,000 from $441,000 a year earlier.

Vitran is ranked No. 60 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.