Clarke hit hard by economic downturn

by Canadian Shipper

HALIFAX, N.S. — Clarke Inc. reported third quarter net income of just $100,000, down from $30.1 million over the same period in 2007.

For the nine months ended Sept. 30, profit was $10.3 million compared to $70.3 million for the same period in 2007. Third quarter revenue for Clarke was $76.6 million compared to $86.7 million during last year’s Q3.

Most of the decline in profit can be attributed to Clarke’s investment portfolio, the company said in its latest financial report. The freight transportation segment saw revenue increase 21% to $10.7 million in the third quarter “as a direct result of this segment’s efforts to gain new business through increased service offerings.”

The company reported: “Our freight transportation segment continues to deliver exceptional results in spite of the challenges seen in the market. Management has focused on efficiency improvements and initiatives for organic growth, and expects to build on its strong overall financial performance to date during the balance of the year. Management will also review and assess opportunities to participate in strategic transactions to determine whether value can be realized or efficiencies can be gained.”

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