Press releases 2005
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TransForce Generates Record Results for Fourth Quarter and Year Ended December 31, 2004

  • Paid $1.2250 per unit to Unitholders in monthly and special distributions

Montreal, February 1, 2005 — TransForce Income Fund (TSX : TIF.UN), the leader in the
Canadian transportation and logistics industry, today announced record revenue and net income for
the fourth quarter and year ending December 31, 2004.


TransForce increased revenues to $339.2 million in the fourth quarter of 2004, a record for the
Fund. Year-over-year revenue growth of 76.1%, from $192.6 million in the fourth quarter of 2003,
was driven by strategic acquisitions completed in 2004 and organic growth across the operating divisions.


EBITDA (equivalent to operating income on TransForce’s financial statements) for the fourth quarter
was $42.5 million, up from $26.1 million a year earlier.


Fully diluted earnings per unit increased to $0.35 for the fourth quarter from $0.22 diluted earnings
per unit in the fourth quarter of 2003.


Cash flow from operating activities before the net change in non-cash working capital balances for
the quarter was $39.7 million, compared with $22.9 million in the same period in 2003.
For the year ended December 31, 2004, TransForce generated revenues of $1.1 billion, up from
$753.7 million for 2003. EBITDA for the year was $141.2 million, compared with $90.2 million a
year earlier. Fully diluted earnings per unit increased to $1.16 in 2004 from $0.71 diluted earnings
per unit in 2003.


Cash flow from operating activities was $125.4 million in 2004, compared with $76.4 million in
2003. TransForce unitholders received 81% of the Fund’s distributable cash in 2004, meeting the
Funds conservative target ratio for distributions declared from cash available for distribution.
On the strength of its enhanced cash generation, TransForce increased its regular monthly
distribution to $0.1025 per trust unit from $0.10 per unit in December, the Fund’s third increase in
monthly distributions in 2004. In addition to the regular monthly distribution, the Fund declared a
special distribution of $0.055 per unit payable to unitholders and tracking shareholders of record as
of December 31, 2004.


“Our commitment to acquiring well-managed autonomous companies while remaining focused on
the successful operation of our operating segments has driven revenue and cash flow to record
levels in 2004,” said TransForce President and CEO Alain Bédard. “Our focused strategy and
profitable growth has enabled TransForce to fund expansion while still providing unitholders with
strong, growing and sustainable distributions.”


In a transaction announced in the third quarter and closed effective October 1, 2004, TransForce
acquired Highland Transport of Markham, Ontario, one of Canada’s largest truckload carriers
operating in nine provinces across Canada and in key areas of the United States. Highland had
revenues of $125 million in its latest fiscal year.


“Highland is a key addition to TransForce as we continue to build a Canada-wide transportation
company with a mix of revenue sources and critical density in targeted markets,” Mr. Bédard said.