Thursday, November 5th, 2009
Horizon North Logistics reports Q3 loss as revenue falls compared with year ago
CALGARY - Horizon North Logistics Inc. (TSX:HNL) said Thursday that it lost $105,000 in its latest quarter as revenue dropped compared with a year ago.
The provider of services to the resources industry said it broke even on a per share basis for the quarter ended Sept. 30 compared with a profit of $5 million or five cents per share a year ago. Revenue totalled $32 million, down from $53.7 million.
In its outlook, the company said its businesses are continuing to experience the impact of the global recession through reduced activity levels and margin contraction as competitors vie for fewer jobs.
The company also announced Thursday that Bob German will move from chief financial officer to assume the role of president and chief executive.
German takes over the top job as Ric Peterson, who has been chief executive and chairman, moves to the role of executive chairman
Scott Matson, the company's controller, will move to chief financial officer.
Shares in the company, which reported its results after the close of markets, were up five cents at $1.55 on the Toronto Stock Exchange on Thursday.
