Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'VTNC | ' |
Entity Registrant Name | 'VITRAN CORP INC | ' |
Entity Central Index Key | '0000946823 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 16,432,241 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $49,373 | $49,626 | $146,036 | $143,504 |
Operating expenses: | ' | ' | ' | ' |
Salaries, wages and other employee benefits | 6,637 | 6,396 | 21,446 | 18,693 |
Purchased transportation | 17,018 | 17,814 | 50,659 | 52,004 |
Depreciation and amortization | 769 | 784 | 2,372 | 2,331 |
Maintenance | 1,898 | 2,241 | 6,078 | 7,640 |
Rents and leases | 636 | 694 | 1,950 | 2,084 |
Owner operators | 12,882 | 12,506 | 37,856 | 35,684 |
Fuel and fuel-related expenses | 5,372 | 5,075 | 16,222 | 16,320 |
Other operating expenses | 2,052 | 2,177 | 7,260 | 5,917 |
Other income | -78 | -30 | -262 | -41 |
Total operating expenses | 47,186 | 47,657 | 143,581 | 140,632 |
Income from continuing operations before the undernoted | 2,187 | 1,969 | 2,455 | 2,872 |
Interest expense, net | -655 | -750 | -2,536 | -2,242 |
Income (loss) from continuing operations before income taxes | 1,532 | 1,219 | -81 | 630 |
Income tax expense | 134 | 482 | 51 | 677 |
Net income (loss) from continuing operations | 1,398 | 737 | -132 | -47 |
Discontinued operations, net of income taxes (note 3) | -74,092 | -10,837 | -21,863 | -20,032 |
Net loss | ($72,694) | ($10,100) | ($21,995) | ($20,079) |
Basic and Diluted: | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.09 | $0.04 | ($0.01) | ' |
Discontinued operations loss | ($4.51) | ($0.66) | ($1.33) | ($1.23) |
Net loss | ($4.42) | ($0.62) | ($1.34) | ($1.23) |
Weighted average number of shares: | ' | ' | ' | ' |
Basic | 16,432,241 | 16,399,241 | 16,422,208 | 16,388,569 |
Diluted | 16,432,241 | 16,399,241 | 16,422,208 | 16,388,569 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($72,694) | ($10,100) | ($21,995) | ($20,079) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in foreign currency translation adjustment (net of income tax expense (recovery) of nil and $48 for the three and nine months ended September 30, 2013; 2012 - $1 and ($4)) | 868 | 133 | -1,069 | 84 |
Foreign currency translation reclassified from accumulated other comprehensive income (note 3) | ' | ' | 1,865 | ' |
Other comprehensive income | 868 | 133 | 796 | 84 |
Comprehensive loss | ($71,826) | ($9,967) | ($21,199) | ($19,995) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Tax portion of change in foreign currency translation adjustments | $1 | $48 | ($4) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $25,904 | $233 |
Accounts receivable | 21,406 | 17,988 |
Inventory, deposits and prepaid expenses | 2,921 | 3,505 |
Income taxes recoverable | 323 | ' |
Current assets of discontinued operations | 75,563 | 65,402 |
Deferred income taxes | 89 | 92 |
Total current assets | 126,206 | 87,220 |
Property and equipment | 49,835 | 53,365 |
Goodwill | 5,388 | 5,579 |
Long-term assets of discontinued operations | ' | 92,370 |
Total assets | 181,429 | 238,534 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 26,947 | 24,008 |
Income taxes payable | ' | 554 |
Current liabilities of discontinued operations | 75,563 | 59,810 |
Current portion of long-term debt | 1,333 | 1,333 |
Total current liabilities | 103,843 | 85,705 |
Long-term debt | 47,730 | 58,969 |
Deferred income taxes | 999 | 1,175 |
Long-term liabilities of discontinued operations | ' | 43,028 |
Shareholders' equity: | ' | ' |
Common shares, no par value, unlimited authorized, 16,432,241 and 16,399,241 issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 100,204 | 99,954 |
Additional paid-in capital | 5,857 | 5,708 |
Accumulated deficit | -82,884 | -60,889 |
Accumulated other comprehensive income | 5,680 | 4,884 |
Total shareholders' equity | 28,857 | 49,657 |
Contingent liabilities (note 5) | ' | ' |
Total liabilities and shareholders' equity | $181,429 | $238,534 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common shares, no par value | ' | ' |
Common shares, issued | 16,432,241 | 16,399,241 |
Common shares, outstanding | 16,432,241 | 16,399,241 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes In Shareholders' Equity (USD $) | Total | Common Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $84,973 | $99,746 | $5,334 | ($24,914) | $4,807 |
Beginning Balance, Shares at Dec. 31, 2011 | ' | 16,331,241 | ' | ' | ' |
Shares issued upon exercise of employee stock options | 151 | 208 | -57 | ' | ' |
Shares issued upon exercise of employee stock options, Shares | ' | 68,000 | ' | ' | ' |
Net loss | -20,079 | ' | ' | -20,079 | ' |
Other comprehensive income | 84 | ' | ' | ' | 84 |
Share-based compensation | 329 | ' | 329 | ' | ' |
Ending Balance at Sep. 30, 2012 | 65,458 | 99,954 | 5,606 | -44,993 | 4,891 |
Ending Balance, Shares at Sep. 30, 2012 | ' | 16,399,241 | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 49,657 | 99,954 | 5,708 | -60,889 | 4,884 |
Beginning Balance, Shares at Dec. 31, 2012 | ' | 16,399,241 | ' | ' | ' |
Shares issued upon exercise of employee stock options | 170 | 250 | -80 | ' | ' |
Shares issued upon exercise of employee stock options, Shares | ' | 33,000 | ' | ' | ' |
Net loss | -21,995 | ' | ' | -21,995 | ' |
Other comprehensive income | 796 | ' | ' | ' | 796 |
Share-based compensation | 229 | ' | 229 | ' | ' |
Ending Balance at Sep. 30, 2013 | $28,857 | $100,204 | $5,857 | ($82,884) | $5,680 |
Ending Balance, Shares at Sep. 30, 2013 | ' | 16,432,241 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operations: | ' | ' | ' | ' |
Net loss | ($72,694) | ($10,100) | ($21,995) | ($20,079) |
Items not involving cash from operations: | ' | ' | ' | ' |
Depreciation and amortization | 769 | 784 | 2,372 | 2,331 |
Deferred income taxes | ' | 7 | -178 | -38 |
Gain on sale of property and equipment | -78 | -30 | -262 | -41 |
Share-based compensation expense | 42 | 102 | 229 | 329 |
Loss from discontinued operations (note 3) | 74,092 | 10,837 | 21,863 | 20,032 |
Change in non-cash working capital components | 146 | -125 | -1,001 | -1,971 |
Continuing operations | 2,277 | 1,475 | 1,028 | 563 |
Discontinued operations | -18,205 | -4,915 | -49,179 | -6,512 |
Net cash used in operating activities | -15,928 | -3,440 | -48,151 | -5,949 |
Investments: | ' | ' | ' | ' |
Advance on sale of business (note 3) | 400 | ' | 400 | ' |
Proceeds from sale of business, net of cash divested | ' | ' | 94,102 | ' |
Purchases of property and equipment | -118 | -2,347 | -661 | -5,656 |
Proceeds on sale of property and equipment | 78 | 33 | 262 | 77 |
Continuing operations | 360 | -2,314 | 94,103 | -5,579 |
Discontinued operations | 1,490 | -3,600 | 1,181 | -6,311 |
Net cash provided by (used) in investing activities | 1,850 | -5,914 | 95,284 | -11,890 |
Financing: | ' | ' | ' | ' |
Change in revolving credit facility and bank overdraft | ' | 2,021 | -8,500 | 2,121 |
Repayment of long-term debt | -274 | -243 | -843 | -726 |
Repayment of capital leases | -41 | -41 | -123 | -126 |
Financing costs | ' | ' | -121 | ' |
Issue of common shares upon exercise of employee stock options | ' | ' | 170 | 151 |
Continuing operations | -315 | 1,737 | -9,417 | 1,420 |
Discontinued operations | -1,674 | 6,507 | -12,492 | 15,435 |
Net cash provided by (used in) financing activities | -1,989 | 8,244 | -21,909 | 16,855 |
Effect of foreign exchange translation on cash | 736 | -201 | 447 | -220 |
Increase (decrease) in cash and cash equivalents | -15,331 | -1,311 | 25,671 | -1,204 |
Cash and cash equivalents, beginning of period | 41,235 | 1,311 | 233 | 1,204 |
Cash and cash equivalents, end of period | 25,904 | ' | 25,904 | ' |
Change in non-cash working capital components: | ' | ' | ' | ' |
Accounts receivable | -728 | -2,183 | -3,368 | -4,914 |
Inventory, deposits and prepaid expenses | -208 | -174 | 705 | 196 |
Income taxes recoverable/payable | -58 | 58 | -877 | -497 |
Accounts payable and accrued liabilities | 1,140 | 2,174 | 2,539 | 3,244 |
Change in non-cash working capital components | 146 | -125 | -1,001 | -1,971 |
Supplemental disclosure of non-cash transactions: | ' | ' | ' | ' |
Capital lease additions | ' | $4,099 | ' | $5,745 |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
1. Accounting Policies | |
The accompanying interim consolidated financial statements include the accounts of Vitran Corporation Inc. and its wholly-owned subsidiaries (together, “Vitran” or the “Company” ). All material intercompany transactions and balances have been eliminated on consolidation. | |
The interim consolidated financial statements have been prepared in accordance with the rules prescribed for filing interim financial statements and accordingly, do not contain all the disclosures that may be necessary for complete financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”). The interim consolidated financial statements have been prepared in accordance with instructions to Quarterly Report on Form 10-Q. The interim consolidated financial statements should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K. The interim consolidated financial statements follow the same accounting principles and methods of application as the most recent annual consolidated financial statements, except as noted in Note 2. | |
These interim consolidated financial statements reflect all adjustments which are, in the opinion of Management, necessary for a fair presentation of the results of the interim period presented. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2013. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
Financial Accounting Standards Board (“FASB”) Accounting Standard Update (“ASU”) No. 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” requires expanded disclosures for amounts reclassified out of accumulated other comprehensive income by component. The guidance requires the presentation of amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, a cross-reference to other disclosures that provide additional detail about those amounts is required. The guidance is to be applied prospectively for reporting periods beginning after December 15, 2012. ASU No. 2013-02 was adopted by the Company on January 1, 2013. The new guidance affects disclosures only and did not have an impact on the Company’s results of operations or financial position. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
3. Discontinued Operations | |||||||||||||||||
On March 4, 2013, the Company completed the sale of its Supply Chain Operation business unit (“SCO”), which was previously a reportable segment. The proceeds from the transaction were $97.0 million, plus an adjustment of $1.8 million on account of working capital. As of September 30, 2013, the Company has received net cash proceeds of $94.1 million, net of cash divested of $0.4 million, direct selling costs of $2.9 million and income taxes of $1.4 million. The Company used the proceeds to reduce its outstanding debt under its revolving credit facility. The operating results and gain on sale of SCO have been recorded as a discontinued operation. | |||||||||||||||||
On September 23, 2013, the Company entered into an agreement to sell the shares of its U.S. Less-Than-Truckload business unit (“U.S. LTL”) to Data Processing LLC, a company owned by Matthew Moroun, for cash consideration of $2.0 million and the assumption of $32.8 million of real estate and capital lease debt by the purchaser. In addition, the purchaser agreed to fund cash deficits incurred by U.S. LTL from September 23, 2013 through to the date of closing of the transaction. The transaction closed on October 7, 2013 and the purchaser has funded $1.4 million of cash deficits incurred by U.S. LTL between September 23, 2013 and October 7, 2013. As of September 30, 2013, the Company had received funding of $0.4 million for cash deficits incurred between September 23, 2013 and September 30, 2013. Prior to closing the sale, the Company agreed to capitalize U.S. LTL with cash of $5.0 million. | |||||||||||||||||
At September 30, 2013, the financial results of U.S. LTL have been recorded as a discontinued operation. As required by U.S. GAAP, the Company compared the fair value less costs to sell of the net assets of U.S. LTL to its carrying value. As a result of the comparison, the Company recorded a $49.7 million non-cash write-down in discontinued operations to write-down the U.S. LTL net assets to zero. The write-down was recorded as a reduction in property and equipment within “current assets of discontinued operations” on the consolidated balance sheet. | |||||||||||||||||
The following table summarizes the operations for all periods presented to classify U.S. LTL and SCO operations as discontinued operations for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three months | Three months | Nine months | Nine months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
Sept 30, 2013 | Sept 30, 2012 | Sept 30, 2013 | Sept 30, 2012 | ||||||||||||||
Revenue | $ | 101,663 | $ | 156,594 | $ | 350,241 | $ | 483,561 | |||||||||
Loss from discontinued operations | (24,225 | ) | (10,477 | ) | (56,144 | ) | (18,881 | ) | |||||||||
Income tax expense | (180 | ) | (360 | ) | (653 | ) | (1,151 | ) | |||||||||
Loss from discontinued operations, net of income tax | (24,405 | ) | (10,837 | ) | (56,797 | ) | (20,032 | ) | |||||||||
Gain on sale of SCO | — | — | 87,892 | — | |||||||||||||
Income tax expense | — | — | (19,019 | ) | — | ||||||||||||
Utilization of net operating loss carry-forwards | — | — | 17,613 | — | |||||||||||||
— | — | 86,486 | — | ||||||||||||||
Reclassification of foreign currency translation from accumulated other comprehensive income | — | — | (1,865 | ) | — | ||||||||||||
Net gain on sale of SCO | — | — | 84,621 | — | |||||||||||||
Write-down of U.S. LTL net assets | (49,687 | ) | — | (49,687 | ) | — | |||||||||||
Net loss from discontinued operations | $ | (74,092 | ) | $ | (10,837 | ) | $ | (21,863 | ) | $ | (20,032 | ) | |||||
The following table summarizes the assets and liabilities of discontinued operations: | |||||||||||||||||
Sept 30, 2013 | Dec 31, 2012 | ||||||||||||||||
Accounts receivable | $ | 45,946 | $ | 57,587 | |||||||||||||
Income taxes recoverable | — | 157 | |||||||||||||||
Inventory, deposits and prepaid expenses | 8,419 | 7,658 | |||||||||||||||
Property and equipment | 19,790 | 79,910 | |||||||||||||||
Intangible assets | 1,408 | 3,457 | |||||||||||||||
Goodwill | — | 8,872 | |||||||||||||||
Deferred income taxes | 61,895 | 64,048 | |||||||||||||||
Deferred income taxes valuation allowance | (61,895 | ) | (63,917 | ) | |||||||||||||
Total assets from discontinued operations | $ | 75,563 | $ | 157,772 | |||||||||||||
Accounts payable and accrued liabilities | $ | 42,616 | $ | 57,804 | |||||||||||||
Income taxes payable | 11 | — | |||||||||||||||
Real estate debt and capital leases | 32,936 | 45,034 | |||||||||||||||
Total liabilities from discontinued operations | $ | 75,563 | $ | 102,838 | |||||||||||||
Computation_of_Income_Loss_per
Computation of Income (Loss) per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Income (Loss) per Share | ' | ||||||||||||||||
4. Computation of Income (Loss) per Share | |||||||||||||||||
Three months | Three months | Nine months | Nine months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
Sept 30, 2013 | Sept 30, 2012 | Sept 30, 2013 | Sept 30, 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) from continuing operations | $ | 1,398 | $ | 737 | $ | (132 | ) | $ | (47 | ) | |||||||
Net loss from discontinued operations | (74,092 | ) | (10,837 | ) | (21,863 | ) | (20,032 | ) | |||||||||
Net loss | (72,694 | ) | (10,100 | ) | (21,995 | ) | (20,079 | ) | |||||||||
Denominator: | |||||||||||||||||
Basic weighted-average shares outstanding | 16,432,241 | 16,399,241 | 16,422,208 | 16,388,569 | |||||||||||||
Dilutive weighted-average shares outstanding | 16,432,241 | 16,399,241 | 16,422,208 | 16,388,569 | |||||||||||||
Basic and diluted income (loss) per share from continuing operations | $ | 0.09 | $ | 0.04 | $ | (0.01 | ) | $ | — | ||||||||
Basic and diluted loss per share from discontinued operations | (4.51 | ) | (0.66 | ) | (1.33 | ) | (1.23 | ) | |||||||||
Basic and diluted loss per share | (4.42 | ) | (0.62 | ) | (1.34 | ) | (1.23 | ) | |||||||||
Contingent_Liabilities
Contingent Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingent Liabilities | ' |
5. Contingent Liabilities | |
The Company is subject to legal proceedings that arise in the ordinary course of business. In the opinion of Management, the aggregate liability, if any, with respect to these actions, will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Legal costs are expensed as incurred. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
6. Long-Term Debt | |
On March 4, 2013, in conjunction with the sale of SCO, the Company amended its senior asset based revolving credit facility. The amended credit facility provides up to $50.0 million, compared to $85.0 million previously. As a result of the amendment, the Company wrote off $0.4 million of previously capitalized financing fees. This non-cash expense was recorded in interest expense in the first quarter of 2013 on the consolidated statements of income (loss). | |
On October 7, 2013, in conjunction with the sale of U.S. LTL, the Company further amended its senior asset based revolving credit facility. Refer to Note 8 “Subsequent Events”. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
7. Fair Value Measurements | |
The fair values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their carrying values because of the short-term nature of these financial instruments. The fair value of the Company’s long-term debt, determined based on the future cash flows associated with each debt instrument discounted using an estimate of the Company’s current borrowing rate for similar debt instruments of comparable maturity, is approximately equal to their carrying value at September 30, 2013 and December 31, 2012. | |
FASB ASC 820-10-05 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value of the Company’s cash and cash equivalents and long-term debt are classified as Level 1 and Level 2 measurements, respectively. The fair values of accounts receivable and accounts payable and accrued liabilities are classified as Level 2 measurements. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
8. Subsequent Events | |
On September 23, 2013, the Company reached an agreement to sell the shares of its U.S. LTL business unit to Data Processing LLC, a company owned by Matthew Moroun. The sale was completed on October 7, 2013. The operating results of U.S. LTL have been recorded as a discontinued operation. Refer to Note 3 “Discontinued Operations”. | |
On October 7, 2013, in conjunction with the sale of U.S. LTL, the Company amended its senior asset based revolving credit facility. The amended credit facility provides $26.3 million of availability, which is the amount of the letters of credit outstanding for the U.S. LTL business unit as of October 7, 2013. As part of the sale transaction, the obligations under the letters of credit remain guaranteed by the Company. However, the purchaser has agreed to reduce such letters of credit to zero within 90 days from the date of closing of the sale. The maturity date of the credit facility is also amended to January 6, 2014 and the Company may not draw any additional funds or request the issuance of any additional letters of credit. In addition, the Company is required to maintain $8.0 million in cash over the next 90 days from the date of sale, which may be transferred to the lending group as cash collateral if the combined calculated availability of the Company and U.S. LTL under the credit agreement is equal to or less than $25.0 million or the total cash on hand of the Company is less than $12.0 million. Should a triggering event occur requiring the $8.0 million to be transferred to the lending group as cash collateral, the funds would be returned to the Company, in whole or in part, upon the letters of credit outstanding being reduced below $8.0 million. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' |
Financial Accounting Standards Board (“FASB”) Accounting Standard Update (“ASU”) No. 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” requires expanded disclosures for amounts reclassified out of accumulated other comprehensive income by component. The guidance requires the presentation of amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, a cross-reference to other disclosures that provide additional detail about those amounts is required. The guidance is to be applied prospectively for reporting periods beginning after December 15, 2012. ASU No. 2013-02 was adopted by the Company on January 1, 2013. The new guidance affects disclosures only and did not have an impact on the Company’s results of operations or financial position. | |
Fair Value Measurement | ' |
FASB ASC 820-10-05 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value of the Company’s cash and cash equivalents and long-term debt are classified as Level 1 and Level 2 measurements, respectively. The fair values of accounts receivable and accounts payable and accrued liabilities are classified as Level 2 measurements. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups Including Discontinued Operations Income Statement | ' | ||||||||||||||||
The following table summarizes the operations for all periods presented to classify U.S. LTL and SCO operations as discontinued operations for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three months | Three months | Nine months | Nine months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
Sept 30, 2013 | Sept 30, 2012 | Sept 30, 2013 | Sept 30, 2012 | ||||||||||||||
Revenue | $ | 101,663 | $ | 156,594 | $ | 350,241 | $ | 483,561 | |||||||||
Loss from discontinued operations | (24,225 | ) | (10,477 | ) | (56,144 | ) | (18,881 | ) | |||||||||
Income tax expense | (180 | ) | (360 | ) | (653 | ) | (1,151 | ) | |||||||||
Loss from discontinued operations, net of income tax | (24,405 | ) | (10,837 | ) | (56,797 | ) | (20,032 | ) | |||||||||
Gain on sale of SCO | — | — | 87,892 | — | |||||||||||||
Income tax expense | — | — | (19,019 | ) | — | ||||||||||||
Utilization of net operating loss carry-forwards | — | — | 17,613 | — | |||||||||||||
— | — | 86,486 | — | ||||||||||||||
Reclassification of foreign currency translation from accumulated other comprehensive income | — | — | (1,865 | ) | — | ||||||||||||
Net gain on sale of SCO | — | — | 84,621 | — | |||||||||||||
Write-down of U.S. LTL net assets | (49,687 | ) | — | (49,687 | ) | — | |||||||||||
Net loss from discontinued operations | $ | (74,092 | ) | $ | (10,837 | ) | $ | (21,863 | ) | $ | (20,032 | ) | |||||
Summary of Assets and Liabilities of Discontinued Operations | ' | ||||||||||||||||
The following table summarizes the assets and liabilities of discontinued operations: | |||||||||||||||||
Sept 30, 2013 | Dec 31, 2012 | ||||||||||||||||
Accounts receivable | $ | 45,946 | $ | 57,587 | |||||||||||||
Income taxes recoverable | — | 157 | |||||||||||||||
Inventory, deposits and prepaid expenses | 8,419 | 7,658 | |||||||||||||||
Property and equipment | 19,790 | 79,910 | |||||||||||||||
Intangible assets | 1,408 | 3,457 | |||||||||||||||
Goodwill | — | 8,872 | |||||||||||||||
Deferred income taxes | 61,895 | 64,048 | |||||||||||||||
Deferred income taxes valuation allowance | (61,895 | ) | (63,917 | ) | |||||||||||||
Total assets from discontinued operations | $ | 75,563 | $ | 157,772 | |||||||||||||
Accounts payable and accrued liabilities | $ | 42,616 | $ | 57,804 | |||||||||||||
Income taxes payable | 11 | — | |||||||||||||||
Real estate debt and capital leases | 32,936 | 45,034 | |||||||||||||||
Total liabilities from discontinued operations | $ | 75,563 | $ | 102,838 | |||||||||||||
Computation_of_Income_Loss_per1
Computation of Income (Loss) per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Income (Loss) per Share | ' | ||||||||||||||||
Three months | Three months | Nine months | Nine months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
Sept 30, 2013 | Sept 30, 2012 | Sept 30, 2013 | Sept 30, 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) from continuing operations | $ | 1,398 | $ | 737 | $ | (132 | ) | $ | (47 | ) | |||||||
Net loss from discontinued operations | (74,092 | ) | (10,837 | ) | (21,863 | ) | (20,032 | ) | |||||||||
Net loss | (72,694 | ) | (10,100 | ) | (21,995 | ) | (20,079 | ) | |||||||||
Denominator: | |||||||||||||||||
Basic weighted-average shares outstanding | 16,432,241 | 16,399,241 | 16,422,208 | 16,388,569 | |||||||||||||
Dilutive weighted-average shares outstanding | 16,432,241 | 16,399,241 | 16,422,208 | 16,388,569 | |||||||||||||
Basic and diluted income (loss) per share from continuing operations | $ | 0.09 | $ | 0.04 | $ | (0.01 | ) | $ | — | ||||||||
Basic and diluted loss per share from discontinued operations | (4.51 | ) | (0.66 | ) | (1.33 | ) | (1.23 | ) | |||||||||
Basic and diluted loss per share | (4.42 | ) | (0.62 | ) | (1.34 | ) | (1.23 | ) | |||||||||
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Oct. 07, 2013 | |
U.S. LTL [Member] | Subsequent Event [Member] | |||||
U.S. LTL [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from transaction | ' | ' | $97,000,000 | ' | ' | ' |
Additional proceeds received, working capital adjustment | ' | ' | 1,800,000 | ' | ' | ' |
Cash proceeds from discontinued operations | ' | ' | 94,100,000 | ' | ' | ' |
Cash divested | ' | ' | 400,000 | ' | ' | ' |
Direct selling costs attributable to the sale of a component of the entity | ' | ' | 2,900,000 | ' | ' | ' |
Income taxes attributable to the sale of component of the entity | ' | ' | 1,400,000 | ' | ' | ' |
Cash proceeds from discontinued operations | ' | ' | 94,102,000 | ' | ' | 2,000,000 |
Real estate debt and capital leases assumed by buyer | ' | ' | ' | ' | ' | 32,800,000 |
Cash deficits funded by buyer prior to sale closing | ' | ' | ' | ' | 400,000 | 1,400,000 |
Capitalization of component of the entity | ' | ' | ' | ' | ' | 5,000,000 |
Non-cash Write-down of U.S. LTL net assets | $49,687,000 | ' | $49,687,000 | ' | ' | $49,700,000 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of U.S. LTL and SCO Operations as Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Revenue | $101,663 | $156,594 | $350,241 | $483,561 |
Loss from discontinued operations | -24,225 | -10,477 | -56,144 | -18,881 |
Income tax expense | -180 | -360 | -653 | -1,151 |
Loss from discontinued operations, net of income tax | -24,405 | -10,837 | -56,797 | -20,032 |
Gain on sale of SCO | ' | ' | 87,892 | ' |
Income tax expense | ' | ' | -19,019 | ' |
Utilization of net operating loss carry-forwards | ' | ' | 17,613 | ' |
Discontinued Operations, sale net of tax | ' | ' | 86,486 | ' |
Reclassification of foreign currency translation from accumulated other comprehensive income | ' | ' | -1,865 | ' |
Net gain on sale of SCO | ' | ' | 84,621 | ' |
Non-cash write-down of U.S. LTL net assets | -49,687 | ' | -49,687 | ' |
Net loss from discontinued operations | ($74,092) | ($10,837) | ($21,863) | ($20,032) |
Discontinued_Operations_Summar1
Discontinued Operations - Summary of Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Discontinued Operations And Disposal Groups [Abstract] | ' | ' |
Accounts receivable | $45,946 | $57,587 |
Income taxes recoverable | ' | 157 |
Inventory, deposits and prepaid expenses | 8,419 | 7,658 |
Property and equipment | 19,790 | 79,910 |
Intangible assets | 1,408 | 3,457 |
Goodwill | ' | 8,872 |
Deferred income taxes | 61,895 | 64,048 |
Deferred income taxes valuation allowance | -61,895 | -63,917 |
Total assets from discontinued operations | 75,563 | 157,772 |
Accounts payable and accrued liabilities | 42,616 | 57,804 |
Income taxes payable | 11 | ' |
Real estate debt and capital leases | 32,936 | 45,034 |
Total liabilities from discontinued operations | $75,563 | $102,838 |
Computation_of_Income_Loss_per2
Computation of Income (Loss) per Share - Computation of Income (Loss) per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) from continuing operations | $1,398 | $737 | ($132) | ($47) |
Net loss from discontinued operations | -74,092 | -10,837 | -21,863 | -20,032 |
Net loss | ($72,694) | ($10,100) | ($21,995) | ($20,079) |
Denominator: | ' | ' | ' | ' |
Basic weighted-average shares outstanding | 16,432,241 | 16,399,241 | 16,422,208 | 16,388,569 |
Dilutive weighted-average shares outstanding | 16,432,241 | 16,399,241 | 16,422,208 | 16,388,569 |
Basic and diluted income (loss) per share from continuing operations | $0.09 | $0.04 | ($0.01) | ' |
Basic and diluted loss per share from discontinued operations | ($4.51) | ($0.66) | ($1.33) | ($1.23) |
Basic and diluted loss per share | ($4.42) | ($0.62) | ($1.34) | ($1.23) |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 04, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Amended maximum borrowing capacity | ' | $50 |
Maximum borrowing capacity | ' | 85 |
Capitalized financing fees written off | $0.40 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Mar. 04, 2013 | Oct. 07, 2013 | Oct. 07, 2013 |
In Millions, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | |
U.S. LTL [Member] | U.S. LTL [Member] | ||
Maximum [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Amended maximum borrowing capacity | $50 | $26.30 | ' |
Timeline of purchaser to guarantee letters of credit | ' | '90 days | ' |
Amended maturity date of the credit facility | ' | 6-Jan-14 | ' |
Cash provided as collateral to the lender | ' | 8 | ' |
Period for funding collateral requirement | ' | '90 days | ' |
Minimum combined calculated availability required | ' | ' | 25 |
Minimum cash on hand required | ' | ' | $12 |
Cash provided as collateral to the lender | ' | 'Should a triggering event occur requiring the $8.0 million to be transferred to the lending group as cash collateral, the funds would be returned to the Company, in whole or in part, upon the letters of credit outstanding being reduced below $8.0 million. | ' |