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Buckeyedriver7

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I heard there is an article in Transport Topics print edition that says Vitran has been put on credit restrictions. I don't subscribe so I can't verify. I also heard that the investors are asking for Rick G. to step down. One of our supervisors at the terminal showed me the latest news on that company website Vitality that our OS&D claims are up 14%. I asked him when are the Master Locks going on the gates, and he replied "that's not going to happen".
 
Buckeyedriver7 said:
claims are up 14%.
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Now, shouldn't this be the kind of information be taken to the drivers and dock workers by their TM? 14% may not sound like much, but we did not know where that figure was before in actual $$$$$. Announce if that amount would have been put into a (real raise) we could have gotten a $$$ raise by way of just doing our jobs better
 
im surprised its only 14 %, half our dock is full of os and d
Not_wanted said:
Now, shouldn't this be the kind of information be taken to the drivers and dock workers by their TM? 14% may not sound like much, but we did not know where that figure was before in actual $$$$$. Announce if that amount would have been put into a (real raise) we could have gotten a $$$ raise by way of just doing our jobs better
Click to expand...
 
Groceryhauler said:
Interesting Sec filing. eh1201084_13da1-vitran.htm This person from Clarke doesn't sound too happy.
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I'm surprised he didn't demand heads on a silver platter, interesting he didn't mention anything about the employes of vitran who have also felt the pain of poor management throughout the years, I'm also surprised he didn't demand that the board just close and liquidate the us ltl division to regain the shareholders investment, who knows maybe that's next, this is one more reason I think it was a HUGE mistake to leave almost all of PJAX management in place when they bought us out, should have closed pit (from a corp headquarters POV) and ran everything as one company, not a bunch of little companies operating under one parent name, and got rid of everyone from vp on up
 
wow, at least someone is showing some kind of emotion that counts in this company. grewat find groceryhauler. the man that wrote that peice, said what needed to be said, and for the sake of the US LTL division, I hope more shareholders go in the same direction, of showing some emotion...........
 
I first reported the response to this letter in another thread, but never found the actual letter. GREAT JOB! I really liked the sentence:

"Finally, many of the directors make decisions that affect the Company’s shareholders but not themselves. Until two weeks ago (that is prior to the filing of our 13-D), four of the seven directors did not own any Vitran shares. This lack of personal ownership reflects a lack of faith in the Company and its management. Additionally, this lack of personal ownership may explain why decision making at Vitran has been so poor – directors don’t have any skin in the game, so they have nothing to lose from making bad decisions.
 
I like the part where they say other US LTL companies are showing a profit. Only Vitran continues to hemorrhage.

"This trend of worsening operating performance is inconsistent with most publically traded US LTL carriers. Since the end of the recent financial crisis, most of these companies have experienced improving operating ratios while Vitran has experienced the exact opposite trend. What used to be a profitable division now loses money on every dollar of revenue it generates. In other words, shareholders would lose less money today if the Company just stopped operating its US LTL business".

They can't keep blaming it on "increased personal expenses" such as wages cause were the lowest paid in the industry now.

I wish they would replace everyone on the board.
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Well, you would think these people are smart cookies, so, they understand that the US LTL loss is due not only to the slow down in freight, but financial obligations (previous debt, revolving credit, monthly leases, ect) these people have probably seen the P&L sheets we do not get to, breaking down all cost per dollar and percentage. If they say sell the Logistics while it is worth something, and use that money to eliminate our debt in the US LTL, that sounds like a win win. Granted they could just sell the US LTL and keep what is making money, but, they would need many times what it is actually worth by the time you figure in also assuming our debts.
 
One of our line-haul drivers made a complaint to the safety dept. in Pittsburgh about the overweight trailers coming from the east coast terminals all the time and the relay driver knows it and brings it anyway. A lot of our drivers have been getting popped for overweight from meets in PA. When you scale it and call line-haul in Pitt they tell you to pull it anyway. The guy in safety that took the complaint said to our driver that the company has paid out already this year between $80K - $100K in fines so far. He said we are working on this problem. The new Transtar's are only plated for 73,280 gross, plus the engines are turned way down that you can't pull in the mountains. I know this might not seem like much money for a company our size, but when you consistently lose money every quarter this adds up.
 
Buckeyedriver7 said:
I heard there is an article in Transport Topics print edition that says Vitran has been put on credit restrictions. I don't subscribe so I can't verify. I also heard that the investors are asking for Rick G. to step down. One of our supervisors at the terminal showed me the latest news on that company website Vitality that our OS&D claims are up 14%. I asked him when are the Master Locks going on the gates, and he replied "that's not going to happen".
Click to expand...

Still cannot come up with any story saying this,,,,,,,,,,, please specify
 
Clarke Inc is a vulture capitalist like Bain Investments. They want to buy the supply chain operations from Vitran. It could also mean a sale of the US operations to the vulture capitalists'.

How do you think ownership by a vulture capitalist will work out for your long term future?
 
Article from Transport Topics:

11/9/2012 9:00:00 AM Clarke Swings to 3Q Profit

Canadian holding company Clarke Inc. posted a third-quarter profit, turning around a loss from a year ago.

Net income was C$11.9 million, or 71 cents a share, compared with a loss of C$16.3 million, or 81 cents, a year ago. Revenue rose to C$71.4 million from C$41.9 million.

Its freight unit’s earnings before interest taxes depreciation and amortization fell to C$5.5 million from $6.5 million, while revenue rose to C$48.5 million, from C$48.1 million.

Ontario-based Clarke, which operates in truckload and less-than-truckload sectors via its Clarke Transport unit, also has a home heating segment.
 
It's a holding company that owns transportation companies. That is what your cut and paste means.
 
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