Pacer International Inc. on Tuesday, Feb. 16, reported financial results for the three- and 12-month periods ended Dec. 31:
For the fourth quarter, revenues decreased $90.1 million to $420.2 million compared to $510.3 million for the quarter ended Dec. 26, 2008. Net income increased from a loss of $64.0 million (which included a $73.3 million after-tax impact of a goodwill impairment charge) to a net income of $10.0 million.
Intermodal segment income from operations increased $6.8 million to an income of $23.5 million compared to an operating income of $16.7 million. The 2009 amount includes the $17.5 million gain on the Union Pacific agreements and $2.0 million of severance and lease termination expense.
Logistics segment income from operations increased $87.3 million to a loss of $0.1 million compared to a loss of $87.4 million. The 2008 amount includes the $87.9 million goodwill impairment charge, and the 2009 amount includes $0.2 million severance expense.
For the year ended Dec. 31, 2009, revenues decreased $513.3 million to $1,574.2 million compared to $2,087.5 million for the year ended Dec. 26, 2008. Net income declined from a loss of $16.4 million to a loss of $174.1 million in 2009. Net income in both years included the impact of the goodwill impairment charges ($161.0 million after-tax in 2009 and $73.3 million after-tax in 2008). Excluding the impairment charges, net income was a loss of $13.1 million compared to an income of $56.9 million.
Intermodal segment income from operations decreased $274.5 million to a loss of $161.0 million (including a $169.0 million goodwill impairment charge) compared to an operating income of $113.5 million. Excluding the impairment charge in 2009, the intermodal segment recorded an $8.0 million operating income. The 2009 amount includes the $17.5 million gain on the Union Pacific agreements and $4.6 million of severance and lease termination expense.
Logistics segment income from operations increased $51.7 million to a loss of $36.4 million (including a $31.4 million goodwill impairment charge) compared to a loss of $88.1 million (including an $87.9 million goodwill impairment charge). Excluding the impairment charges, the logistics segment recorded a $5.0 million operating loss compared to a $0.2 million loss. The 2009 amount includes the $1.4 million gain on the sale of certain assets of our truck services business and $1.3 million of severance expense.
