Canadian logistics company Wheels Group said its fourth-quarter earnings before interest and taxes rose during a shortened reporting period.
Fourth-quarter income for the two months ended Dec. 31 rose to $2.1 million, or 2 cents per share, from $1.8 million, or 24 cents, in a comparable three-month period a year earlier.
The Toronto-based company said it has changed its fiscal year to end on Dec. 31, from Jan. 31, to streamline its financial reporting. That resulted in a reporting period of a two-month quarter and an 11-month fiscal year.
Revenue for the shortened quarter fell to $56 million, from $64.2 million, the logistics company said.
The number of common shares for the quarter increased to 88.1 million from 7.3 million a year prior, according to the company.
Its full-year earnings before interest and taxes for the 11-month period rose to $7.3 million, or 8 cents, from $6.4 million, or 88 cents, a year ago. Revenue for the year rose 5.7% to $260 million.
Wheels Group completed its $18.6 million acquisition of freight broker and forwarder MSM Group of Companies on Oct. 1.
