Trimac posts Q3 gains, names new CFO

by Canadian Shipper

CALGARY, Alta. — Trimac Income Fund has reported its net earnings for the third quarter increased to $7.6 million from $5.7 million for the same period in 2007.

For the nine months ended Sept. 30, however, net earnings declined in 2008 to $10.8 million compared to $15.1 million the same time last year.

Revenue for the third quarter climbed 0.9% compared to 07, the company reported. Trimac reported its western division experienced a 4.9% increase in revenue and the eastern division achieved a 3.5% revenue increase.

Jeffrey McCaig, chairman, president and CEO of Trimac, said: “As Trimac’s management look ahead to the fourth quarter of 2008 it is aware of the risks presented by the prospect of a slowing global economy. We remain cautious about the prospect of continued strong results due to the potential negative impact that the significant drop in commodity prices and the turbulence in the financial markets may exert on the economy. Trimac’s management will continue to monitor the economic environment and take prudent steps to adjust to market conditions.”

Meanwhile, Trimac Transportation Services has appointed Scott Calver as its new vice-president and chief financial officer. He will take over his new role Dec. 1, the company said. Most recently, Calver served as vice-president, finance with ICS Courier Services.

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