Pacer sees profit slip in 2007
Pacer International Inc., the Concord, Calif.-based third-party logistics provider, reported fourth quarter net income of $20.6 million, down about 4 percent from the $21.5 million it earned in the same 2006 period.
Revenue improved 7.6 percent to $540.2 million from $502 million recorded in the fourth quarter of 2006.
For the year, the company had net income of $54.3 million, 20.5 percent less than the $68.3 million it earned in 2006. Revenue was up 4.3 percent to $1.97 billion in 2007 versus $1.89 billion in 2006.
“We are generally pleased with our performance during 2007, given the difficult market conditions and our investment in positioning our company for the future,” said Mike Uremovich, chairman and chief executive officer. “Our operating cash flows remain strong and allowed us to repurchase $72.5 million of stock and pay $21.6 million of dividends in 2007.”
“During the year we undertook a severance and facility exit program which reduced employment by 134 and we exited four facilities,” he added.