Velocity Express Posts Net Loss in Second Fiscal Quarter

Click here to write a Letter to the Editor.
Package-delivery and supply chain management firm Velocity Express said Tuesday it lost $15.2 million or 61 cents a share in its second quarter ended Dec. 30, compared with a loss of $5.6 million or 35 cents a year ago. The company’s revenue for the quarter rose to $102.3 million from $49.3 million a year earlier, the company said Tuesday in a statement. Gross profit improved to $21.9 million from $14.2 million.During the quarter, Velocity continued the integration of package delivery firm CD&L into its operations."During our first full quarter as a combined company, we made considerable progress in all aspects of our integration strategy including sales and service stabilization, facility consolidation, operating system migration, and [independent contractor] contract con-version,” said Vincent Wasik, chief executive officer of Velocity Express.The company closed its acquisition of CD&L in August. (Click here for previous coverage.) Velocity Express ranks No. 84 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.