• ITVI.USA
    13,798.790
    84.450
    0.6%
  • OTRI.USA
    21.660
    -0.270
    -1.2%
  • OTVI.USA
    13,773.890
    87.510
    0.6%
  • TLT.USA
    2.800
    -0.040
    -1.4%
  • TSTOPVRPM.ATLPHL
    2.480
    -0.170
    -6.4%
  • TSTOPVRPM.CHIATL
    3.070
    -0.210
    -6.4%
  • TSTOPVRPM.DALLAX
    1.370
    -0.090
    -6.2%
  • TSTOPVRPM.LAXDAL
    2.280
    -0.210
    -8.4%
  • TSTOPVRPM.PHLCHI
    1.900
    -0.070
    -3.6%
  • TSTOPVRPM.LAXSEA
    2.720
    -0.270
    -9%
  • WAIT.USA
    127.000
    0.000
    0%
  • ITVI.USA
    13,798.790
    84.450
    0.6%
  • OTRI.USA
    21.660
    -0.270
    -1.2%
  • OTVI.USA
    13,773.890
    87.510
    0.6%
  • TLT.USA
    2.800
    -0.040
    -1.4%
  • TSTOPVRPM.ATLPHL
    2.480
    -0.170
    -6.4%
  • TSTOPVRPM.CHIATL
    3.070
    -0.210
    -6.4%
  • TSTOPVRPM.DALLAX
    1.370
    -0.090
    -6.2%
  • TSTOPVRPM.LAXDAL
    2.280
    -0.210
    -8.4%
  • TSTOPVRPM.PHLCHI
    1.900
    -0.070
    -3.6%
  • TSTOPVRPM.LAXSEA
    2.720
    -0.270
    -9%
  • WAIT.USA
    127.000
    0.000
    0%
American ShipperIntermodal

Software write-off cuts Pacer’s 2nd-quarter net income

Software write-off cuts Pacer’s 2nd-quarter net income

   Intermodal operator Pacer International saw its net income decline to $4.6 million in the second quarter, from $9.5 million a year earlier, after it wrote off $11.3 million of computer software development costs.

   Excluding the large software loss, net income would have increased to $11.3 million in the second quarter, the company reported.

   The Concor, Calif.-based company said Tuesday that income from operations for the second quarter decreased $7.8 million from the same quarter of 2004 due to the write-off, although revenue revenues increased 8 percent over the same period to $454.6 million, from $421.6 million.

   Diluted earnings per share decreased to 12 cents from 25 cents a year earlier. The company had $32 million of cash flow from operations in the second quarter, an improvement of $15.9 million from the same period in 2004, and paid down $15 million of debt.

   Pacer also booked $1.9 million in pre-tax charges related to legal cases in the second quarter.

   “We are pleased with the fundamental progress in the company’s ongoing business, notwithstanding the impact of the non-cash write-off of computer software and the costs of the legal settlements,” said Don Orris, chairman and chief executive officer.