Pacer Reports Loss for 4Q, Year
Transportation and third-party logistics firm Pacer International said late Wednesday it took a fourth-quarter loss of $65.1 million, or $1.87 a share, compared with a profit of $20.6 million, or 59 cents, a year earlier.
The loss included the impact of a goodwill impairment charge of $73.3 million after tax, or $2.11 a share; excluding the charge, Pacer said it earned 24 cents a share.
Revenue fell 6.8% to $503.7 million for the quarter ended Dec. 26, the company said in a statement.
For the full-year also ended Dec. 26, Pacer lost $16.6 million, or 48 cents a share, compared with a profit of $54.3 million, or $1.51, in 2007. Revenue rose 6% to $2.09 billion.
The decline in the economy and equity markets both “were contributing factors to the non-cash impairment write-off of $87.9 million for our logistics segment,” said Brian Kane, Pacer’s chief financial officer.
Pacer International, which runs rail intermodal, less-than-truckload and warehousing operations, is ranked No. 14 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
