Pacer International Inc. on Wednesday, Feb. 9, posted a fourth-quarter loss of $1.1 million compared to net income of $9.3 million during the same period in 2009, while revenue declined 11 percent to $373 million from $420 million. For the full year, Pacer reported net income of $900,000 compared to a loss of $175 million in 2009, while revenue declined 4.5 percent to $1.50 billion from $1.57 billion.
“Over the past year, we have continued to make progress towards achieving our strategic objectives and positioning our company for future growth,” said Daniel Avramovich, chairman and chief executive officer of Pacer. “We have successfully right-sized our infrastructure through the reduction of our equipment levels and overhead costs. The solidification of our business with our automotive customers and the execution of our long-term credit facility provide additional momentum as we enter 2011. We have made significant progress in 2010 on our journey towards becoming a world-class integrated global door-to-door transportation and logistics solution provider.”
For 2011, the Concord, Calif.-based company expects to grow revenue 6 percent to 8 percent. “Our 2010 earnings-per-share increase is reflective of the hard work we have put into our transformation, and in laying a strong foundation for future success,” said John Hafferty, chief financial officer. “We are pleased to see continued reductions in our costs, debt levels and increases in our operating cash flows, and with the execution of our long-term credit facility, additional flexibility and momentum as we enter 2011. We will continue to drive efficiencies in our network and leverage our infrastructure to drive results in 2011 and beyond.”
