Pacer International on Wednesday, Feb. 7, reported fourth-quarter net income of $21.5 million, compared to $20.4 million in the prior-year quarter. Revenues for the quarter were $502 million, compared to $503.8 million during the same period in 2005. The company blamed a less-than-robust peak season, as well as the transitioning of a truck brokerage customer to another service provider.
Annual revenues increased to $1,887.8 million, compared to $1,860.1 million a year earlier, and income from operations increased to $118.3 million for the year, compared to $93.1 million in 2005.
“With income from operations for 2006 on a GAAP basis up more than 27 percent, the company continues to sustain its unbroken record of improved annual financial results, which began in 2002,” said Mike Uremovich, chairman and chief executive officer of Concord, Calif.-based Pacer. “Also, we have reorganized the wholesale and retail segments of our business into new intermodal and logistics segments. We expect this move, around which we have positioned our strong management team, will allow us to better focus on our core intermodal offerings, including Pacer’s new, company-controlled, door-to-door intermodal product for transportation intermediaries. These changes should also enable us to improve service, customer satisfaction and profitability in the future.”