Pacer reports $7.3 million 2nd quarter loss

Pacer reports $7.3 million 2nd quarter loss    Freight transportation and logistics company Pacer International on Wednesday reported a second quarter loss of $7.3 million, compared to a profit of $13.4 million in the comparable 2008 quarter.
   Revenue in the quarter ended June 30 was $376.7 million, 27 percent less than the $516.6 million in the second quarter a year earlier.
   The company said quarterly revenue from intermodal operations was down 31 percent and logistics revenue was off 12.6 percent when compared to the prior year.
   'While demand and economic conditions in general remained very difficult leading to a second quarter loss, there were some positive signs that our business levels were stabilizing and even improving in some key areas during the quarter,' said Brian C. Kane, the company’s chief financial officer.
   During the quarter the company entered into an amendment to its credit agreement, which among other things, waived compliance with the leverage ratio covenant for the second quarter through Aug. 31. It also received $22.5 million from SAP America Inc. as part of an amendment to a software license agreement.
   On July 24 Pacer agreed to sell certain trucking assets to Universal Truckload Services Inc. and UTS Leasing Inc.