Velocity Reports $11.3 Million 1Q Loss

Velocity Express Corp. reported it lost $11.3 million, or $3.45 a share, in its fiscal first quarter, compared with a loss of $11.1 million, or $4.22, a year earlier.

The package-delivery and supply chain management company’s revenue for the quarter ended Sept. 27 fell to $72.6 million, from $93.3 million a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization was $1.4 million, compared with $2.4 million in the June 2008 quarter and $100,000 for same quarter last year.

Velocity Express ranks No. 79 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.