Velocity Express Reports Fiscal 3Q Loss

Velocity Express Corp. said Tuesday it lost $10.6 million, or $3.78 a share, in its fiscal third quarter, compared with a loss of $13.3 million, or $7.32, a year earlier.

The package-delivery and supply chain management company’s revenue for the fiscal quarter ended March 29 fell to $82.2 million, from $98.2 million a year earlier.

Operating loss for the quarter was $3.7 million, compared with an operating loss of $6.2 million the previous third quarter, the company said in a statement.

Chairman and Chief Executive Officer Vincent Wasik said the company was profitable in March and April, and that during the quarter, Velocity completed its project to re-align driver settlements with prevailing market rates and continued to renegotiate or exit from low-margin contracts.

Velocity Express ranks No. 74 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.