Vitran's revenue increased 6.0% to $508.5 million in 2000 from $479.8 million in 1999. The majority of the increase can be attributed to revenue growth from the LTL and Environmental Services business units.

Gross profit margin declined slightly from 17.6% to 16.7%; however, the cost increases were offset by the revenue growth and the Company increased gross profit by $0.2 million to $84.8 million.

Selling, general and administrative (SG&A) expenses as a percentage of revenue declined for the second straight year from 10.4% in 1999 to 9.7% in 2000, despite unusual expenses of $1.5 million arising from a personal injury claim and noise abatement settlement.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 1.6% to $35.4 million in 2000 from $34.9 million in 1999. Depreciation and amortization expense for the year represented 2.6% as a percentage of revenue compared to 2.8% in the prior year. The consolidated operating ratio was in line with the prior year at 95.6% in 2000 notwithstanding unusual expenses of $1.5 million.

Income taxes for the year were $4.2 million, resulting in an effective tax rate of 30.9% compared to 31.2% in 1999.

Interest expense net of interest income was $7.7 million, which was in line with the 1999 net expense. Net income increased from $9.4 million to $9.5 million, declining as a percent of revenue net from 2.0% in 1999 to 1.9% in 2000.

Basic earnings per share was $0.96 compared to $0.95 per share in 1999 and fully diluted earnings per share was $0.88 versus $0.87 per share in 1999. The weighted average shares outstanding decreased from 10.0 million in 1999 to 9.9 million in 2000 as a result of the repurchase of 120,000 shares for cancellation.