Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 17, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'VTNC | ' | ' |
Entity Registrant Name | 'VITRAN CORP INC | ' | ' |
Entity Central Index Key | '0000946823 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 16,465,241 | ' |
Entity Public Float | ' | ' | $80,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $14,176 | $233 |
Accounts receivable | 17,873 | 17,925 |
Inventory, deposits and prepaid expenses | 1,920 | 3,506 |
Income taxes recoverable | 1,764 | ' |
Current assets of discontinued operations (note 2) | ' | 65,402 |
Deferred income taxes (note 6) | 105 | 92 |
Total current assets | 35,838 | 87,158 |
Property and equipment (note 3) | 52,521 | 53,365 |
Goodwill (note 4) | 5,219 | 5,579 |
Long-term assets of discontinued operations (note 2) | ' | 92,370 |
Total assets | 93,578 | 238,472 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities (note 1(q)) | 22,818 | 24,146 |
Income taxes payable | ' | 554 |
Current liabilities of discontinued operations (note 2) | ' | 59,610 |
Current portion of long-term debt (note 5) | 1,846 | 1,333 |
Total current liabilities | 24,664 | 85,643 |
Long-term debt (note 5) | 50,251 | 58,969 |
Deferred income taxes (note 6) | 270 | 1,175 |
Long-term liabilities of discontinued operations (note 2) | ' | 43,028 |
Shareholders' equity: | ' | ' |
Common shares, no par value, unlimited authorized, 16,465,241 and 16,399,241 issued and outstanding in 2013 and 2012, respectively (note 7) | 100,427 | 99,954 |
Additional paid-in capital | 5,837 | 5,708 |
Accumulated deficit | -84,106 | -60,889 |
Accumulated other comprehensive income (loss) | -3,765 | 4,884 |
Total shareholders' equity | 18,393 | 49,657 |
Lease commitments (note 10) | ' | ' |
Contingent liabilities (note 12) | ' | ' |
Subsequent events (note 13) | ' | ' |
Total liabilities and shareholders' equity | $93,578 | $238,472 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common shares, no par value | ' | ' |
Common shares, issued | 16,465,241 | 16,399,241 |
Common shares, outstanding | 16,465,241 | 16,399,241 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $193,389 | $193,943 | $192,315 |
Salaries, wages and other employee benefits | 27,544 | 24,973 | 24,697 |
Purchased transportation | 67,119 | 70,416 | 69,850 |
Depreciation and amortization | 3,154 | 3,155 | 3,197 |
Maintenance | 7,995 | 10,164 | 10,957 |
Rents and leases | 2,599 | 2,788 | 2,663 |
Owner operators | 50,426 | 48,345 | 46,905 |
Fuel and fuel related expenses | 21,899 | 21,956 | 20,361 |
Other operating expenses | 14,071 | 8,044 | 8,398 |
Other income | -310 | -43 | -61 |
Total operating expenses | 194,497 | 189,798 | 186,967 |
Income (loss) from continuing operations before the undernoted | -1,108 | 4,145 | 5,348 |
Interest on long-term debt | -3,733 | -3,124 | -5,498 |
Interest income | 182 | ' | ' |
Interest expense, net | -3,551 | -3,124 | -5,498 |
Income (loss) from continuing operations before income taxes | -4,659 | 1,021 | -150 |
Income tax expense (recovery) (note 6) | -1,633 | 1,240 | 1,168 |
Net loss from continuing operations | -3,026 | -219 | -1,318 |
Discontinued operations, net of income taxes (note 2) | -20,191 | -35,756 | -12,695 |
Net loss | ($23,217) | ($35,975) | ($14,013) |
Basic and Diluted: | ' | ' | ' |
Loss from continuing operations | ($0.18) | ($0.01) | ($0.08) |
Loss from discontinued operations | ($1.23) | ($2.18) | ($0.78) |
Net loss | ($1.41) | ($2.19) | ($0.86) |
Weighted average number of shares: | ' | ' | ' |
Basic and Diluted | 16,426,455 | 16,391,252 | 16,326,760 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net loss | ($23,217) | ($35,975) | ($14,013) |
Other comprehensive income (loss): | ' | ' | ' |
Change in foreign currency translation adjustment (net of income tax expense (recovery) of $7, ($7) and ($333) for the years ended December 31, 2013, 2012 and 2011, respectively) | -1,938 | 77 | -818 |
Foreign currency translation reclassified from accumulated other comprehensive income (loss) (note 2) | -6,711 | ' | ' |
Change in unrealized fair value of derivatives designated as cash flow hedges (net of income tax expense of $146) | ' | ' | 373 |
Other comprehensive income (loss) | -8,649 | 77 | -445 |
Comprehensive loss | ($31,866) | ($35,898) | ($14,458) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Tax portion of change in foreign currency translation adjustments | $7 | ($7) | ($333) |
Tax portion of change in unrealized fair value of derivatives designated as cash flow hedges | ' | ' | $146 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2010 | $98,847 | $99,658 | $4,838 | ($10,901) | $5,252 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 16,300,041 | ' | ' | ' |
Shares issued upon exercise of employee stock options | 83 | 88 | -5 | ' | ' |
Shares issued upon exercise of employee stock options, Shares | ' | 31,200 | ' | ' | ' |
Net loss | -14,013 | ' | ' | -14,013 | ' |
Other comprehensive income (loss) | -445 | ' | ' | ' | -445 |
Share-based compensation (note 7) | 501 | ' | 501 | ' | ' |
Ending Balance at Dec. 31, 2011 | 84,973 | 99,746 | 5,334 | -24,914 | 4,807 |
Ending 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 | 68,000 | ' | ' | ' |
Net loss | -35,975 | ' | ' | -35,975 | ' |
Other comprehensive income (loss) | 77 | ' | ' | ' | 77 |
Share-based compensation (note 7) | 431 | ' | 431 | ' | ' |
Ending Balance at Dec. 31, 2012 | 49,657 | 99,954 | 5,708 | -60,889 | 4,884 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 16,399,241 | ' | ' | ' |
Shares issued upon exercise of employee stock options | 332 | 473 | -141 | ' | ' |
Shares issued upon exercise of employee stock options, Shares | 66,000 | 66,000 | ' | ' | ' |
Net loss | -23,217 | ' | ' | -23,217 | ' |
Other comprehensive income (loss) | -8,649 | ' | ' | ' | -8,649 |
Share-based compensation (note 7) | 270 | ' | 270 | ' | ' |
Ending Balance at Dec. 31, 2013 | $18,393 | $100,427 | $5,837 | ($84,106) | ($3,765) |
Ending Balance, Shares at Dec. 31, 2013 | ' | 16,465,241 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows(USD ($)) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operations: | ' | ' | ' |
Net loss | ($23,217) | ($35,975) | ($14,013) |
Items not involving cash from operations: | ' | ' | ' |
Depreciation and amortization | 3,154 | 3,155 | 3,197 |
Deferred income taxes | -923 | 10 | 288 |
Gain on sale of property and equipment | -310 | -43 | -61 |
Share-based compensation expense | 270 | 431 | 501 |
Loss on discontinued operations | 20,191 | 35,756 | 12,695 |
Change in non-cash working capital components | -1,837 | 725 | 1,663 |
Continuing operations | -2,672 | 4,059 | 4,270 |
Discontinued operations | -51,050 | -13,445 | 1,667 |
Net cash provided by (used) in operating activities | -53,722 | -9,386 | 5,937 |
Investments: | ' | ' | ' |
Proceeds from sale of businesses, net of cash divested | 88,883 | ' | ' |
Purchases of property and equipment | -726 | -7,737 | -897 |
Proceeds on sale of property and equipment | 306 | 80 | 65 |
Continuing operations | 88,463 | -7,657 | -832 |
Discontinued operations | 1,181 | -7,680 | -603 |
Net cash provided by (used) in investing activities | 89,644 | -15,337 | -1,435 |
Financing: | ' | ' | ' |
Change in revolving credit facility and bank overdraft | -8,500 | 7,990 | 16,310 |
Repayment of long-term debt | -1,125 | -990 | -16,000 |
Proceeds from long-term debt | ' | 5,506 | ' |
Repayment of capital leases | -229 | -167 | ' |
Financing costs | -121 | -150 | -2,286 |
Issue of common shares upon exercise of stock options | 332 | 151 | 83 |
Continuing Operations | -9,643 | 12,340 | -1,893 |
Discontinued Operations | -12,608 | 11,502 | -1,000 |
Net cash provided by (used in) financing activities | -22,251 | 23,842 | -2,893 |
Effect of foreign exchange translation on cash | 272 | -90 | -405 |
Increase (decrease) in cash and cash equivalents | 13,943 | -971 | 1,204 |
Cash and cash equivalents, beginning of year | 233 | 1,204 | ' |
Cash and cash equivalents, end of year | 14,176 | 233 | 1,204 |
Change in non-cash working capital components: | ' | ' | ' |
Accounts receivable | 102 | -508 | 2,309 |
Inventory, deposits and prepaid expenses | 1,707 | 370 | 1,179 |
Income taxes recoverable/payable | -2,318 | -397 | 652 |
Accounts payable and accrued liabilities | -1,328 | 1,260 | -2,477 |
Change in non-cash working capital components | -1,837 | 725 | 1,663 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid | 4,256 | 4,452 | 5,104 |
Income taxes paid | 2,094 | 3,677 | 2,410 |
Supplemental disclosure of non-cash transactions: | ' | ' | ' |
Capital lease additions | $4,988 | $5,745 | $1,317 |
Significant_accounting_policie
Significant accounting policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant accounting policies | ' | ||||||||
1 | Significant accounting policies: | ||||||||
(a) | Description of the business: | ||||||||
Vitran Corporation Inc. (“Vitran” or the “Company”) is a provider of freight services to a wide variety of companies and industries. Vitran offers less-than-truckload (“LTL”) services throughout Canada. | |||||||||
On December 9, 2013 , Vitran entered into a definitive agreement with 2398946 Ontario Inc. and North Channel of Georgian Bay Holdings Ltd. (collectively, “Manitoulin Transport”) pursuant to which Manitoulin Transport agreed to acquire all of the outstanding common shares of Vitran for $6.00 in cash per share. Subsequently, on December 20, 2013, the board of directors of Vitran determined that a proposal for $6.50 in cash per share received from TransForce Inc. (“TransForce”) was a “superior proposal” for the purposes of the arrangement agreement (the “Manitoulin Agreement”) among Vitran, and Manitoulin Transport. | |||||||||
On December 30, 2013, Manitoulin Transport waived its right to match the TransForce proposal. Vitran and Manitoulin Transport agreed to terminate the Manitoulin Agreement concurrent with the entering into of a definitive arrangement agreement with TransForce (the “TransForce Agreement”) and the termination fee of $4.0 million payable to Manitoulin Transport was paid by Vitran. On December 30, 2013, Vitran entered into a definitive arrangement agreement with TransForce pursuant to which TransForce has agreed to acquire all of the outstanding common shares of Vitran not already owned by TransForce for $6.50 in cash per share. | |||||||||
The transaction with TransForce is structured as a Plan of Arrangement under the Business Corporations Act (Ontario) (the “Arrangement”). The Arrangement has been unanimously approved by the board of directors of Vitran and was subject to approval by the shareholders of Vitran at a special meeting to be held on March 5, 2014 (the “Special Meeting”). The proposal to approve the Arrangement was voted on and approved at the Special Meeting. The Arrangement was also subject to final approval of the Ontario Superior Court of Justice following the Special Meeting, which was granted by Order of the Court on March 6, 2014. Refer to Note 13 “Subsequent events”. The Arrangement remains subject to the receipt of applicable regulatory approvals (including approval under the Competition Act), and to satisfaction of other customary closing conditions. The Arrangement is not conditional on TransForce obtaining financing or on completion of due diligence. The TransForce Agreement contains customary non-solicitation provisions and provides that the board of directors of Vitran may, under certain circumstances, terminate the TransForce Agreement in order to accept an unsolicited superior proposal, subject to a matching right in favour of TransForce. If the TransForce Agreement is terminated in certain circumstances, including if Vitran accepts a superior proposal, TransForce is entitled to a termination payment of $4.0 million. The Arrangement is expected to close in March 2014. An information circular (the “Information Circular”) outlining details of the Arrangement and Special Meeting was mailed to shareholders in February 2014. Copies of the Information Circular are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. | |||||||||
(b) | Basis of presentation: | ||||||||
These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated on consolidation. | |||||||||
These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Canadian Securities regulations allow issuers that are required to file reports with the Securities and Exchange Commission in the United States to file financial statements under United States GAAP to meet their continuous disclosure obligations in Canada. All amounts in these consolidated financial statements are expressed in United States dollars, unless otherwise stated. | |||||||||
(c) | 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. | |||||||||
(d) | Foreign currency translation: | ||||||||
A majority of the Company’s shareholders and industry analysts are located in the United States. Accordingly, the Company has adopted the United States dollar as its reporting currency. | |||||||||
The Canadian dollar is the functional currency of the Company’s Canadian operations. In respect of transactions denominated in currencies other than the Canadian dollar, the monetary assets and liabilities of the Company are translated at the year-end rates. Revenue and expenses are translated at rates of exchange prevailing on the transaction dates. All of the exchange gains or losses resulting from these transactions are recognized in income. | |||||||||
For reporting purposes, the consolidated operations are translated into United States dollars using the current rate method. Under this method, all assets and liabilities are translated at the period-end rate of exchange and all revenue and expense items are translated at the average rate of exchange for the period. The resulting translation adjustment is recorded as a separate component of shareholders’ equity. | |||||||||
(e) | Revenue recognition: | ||||||||
The Company recognizes revenue upon the delivery of the related freight and direct shipment costs as incurred. Revenue for transportation services not completed at the end of a reporting period is recognized based on relative transit time in each period with expenses recognized as incurred. | |||||||||
Revenue adjustments are estimated at the end of each quarterly reporting period. These adjustments result from several factors, including weight and freight classification verifications, shipper bill of lading errors, pricing discounts and other miscellaneous revenue adjustments. Revenue adjustments are recorded as a reduction in revenue from operations and accrued for as part of the allowance for doubtful accounts. Allowance for doubtful accounts is recorded as a contra-account to accounts receivable. | |||||||||
Historical experience, trends and current information are used to update and evaluate the estimate. As at December 31, 2013, revenue adjustments as a percentage of revenue were not material. | |||||||||
(f) | Accounts receivable: | ||||||||
Accounts receivable are presented, net of allowance for doubtful accounts of $0.4 million at December 31, 2013 (2012—$0.4 million). | |||||||||
(g) | Cash and cash equivalents: | ||||||||
Cash and cash equivalents include cash on account and short-term investments with original maturities of three months or less and are stated at cost, which approximates fair value. | |||||||||
(h) | Inventory: | ||||||||
Inventory consists of tires and spare parts and is valued at the lower of average cost and replacement cost. | |||||||||
(i) | Property and equipment: | ||||||||
Property and equipment are recorded at cost. Depreciation of property and equipment is provided on a straight-line basis from the date assets are put in service over their estimated useful lives as follows: | |||||||||
Buildings | 30 years | ||||||||
Leasehold interests and improvements | Over term of lease | ||||||||
Vehicles: | |||||||||
Trailers and containers | 12 years | ||||||||
Trucks | 8 years | ||||||||
Machinery and equipment | 4 - 10 years | ||||||||
Tires purchased as part of a vehicle are capitalized as a cost to the vehicle. Replacement tires are expensed when placed in service. | |||||||||
(j) | Goodwill: | ||||||||
FASB Accounting Standards Codification (“ASC”) 350 requires that goodwill be assessed for impairment on an annual basis and, more frequently, if indicators of impairment exist. In the event goodwill is determined to be impaired, a charge to earnings would be required. FASB ASU No. 2011-08, Testing Goodwill for Impairment, permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. As at September 30, 2013, the Company completed its annual goodwill impairment test and concluded that there was no impairment. At December 31, 2013, the Company has not identified any indicators that would require re-testing for impairment. | |||||||||
(k) | Income taxes: | ||||||||
The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Significant judgment is required in determining whether deferred tax assets will be realized in full or in part. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the date of enactment. FASB ASC 740-10, Accounting for Uncertainty in Income Taxes, requires that uncertain tax positions are evaluated in a two-step process, whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with the related tax authority. | |||||||||
(l) | Share-based compensation: | ||||||||
Under the Company’s stock option plan, options to purchase common shares of the Company may be granted to key employees, officers and directors of the Company by the Board of Directors or by the Company’s Compensation Committee. There are 557,750 options outstanding under the plan. The term of each option is 10 years and the vesting period is five years. The exercise price for options is the trading price of the common shares of the Company on The Toronto Stock Exchange on the day of the grant. Note 7, “Common shares” provides supplemental disclosure for the Company’s stock options. | |||||||||
(m) | Advertising costs: | ||||||||
Advertising costs are expensed as incurred. Advertising costs amounted to $417 in 2013 (2012—$264; 2011—$397). | |||||||||
(n) | Impairment of long-lived assets: | ||||||||
An impairment is recognized when the carrying amount of a long-lived asset to be held and used exceeds the sum of undiscounted cash flows expected from its use and disposal, and is measured as the amount by which the carrying amount of an asset exceeds its fair value. A long-lived asset should be tested when events or circumstances indicate that its carrying amount may not be recoverable. During the third quarter of 2013, the Company recorded an impairment charge of $49.7 million on the carrying amount of its U.S. LTL business unit in discontinued operations. Refer to Note 2 “Discontinued operations”. | |||||||||
(o) | Derivative instruments: | ||||||||
Derivative instruments are recognized on the consolidated balance sheets at fair value based on quoted market prices and are recorded in either current or non-current assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in income or other comprehensive income, based on whether the instrument is designated as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income are reclassified to income in the period the hedged item affects income. If the underlying hedged transaction ceases to exist, any associated amounts reported in other comprehensive income are reclassified into income at that time. Any ineffectiveness is recognized in income in the current year. | |||||||||
The Company formally documents all significant relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or anticipated transactions. The Company assesses all hedging relationships to determine whether the criteria for hedge accounting are met. To qualify for hedge accounting, the hedging relationship must be appropriately documented at inception of the hedge and there must be reasonable assurance, both at the inception and throughout the term of the hedge, that the hedging relationship will be effective. Effectiveness requires a high degree of correlation of changes in fair values or cash flows between the hedged item and the hedging instrument. Effectiveness is assessed on an ongoing basis through the term of the hedge in order to determine if hedge accounting remains appropriate. The Company did not have any derivative instruments as at December 31, 2013. | |||||||||
(p) | Claims and insurance accruals: | ||||||||
Claims and insurance accruals reflect the estimated total cost of claims, including amounts for claims incurred but not reported, for cargo loss and damage, bodily injury and property damage, workers’ compensation, long-term disability and group health. The Company has self-insurance retention amounts per incident for auto liability, casualty and cargo claims. In establishing these accruals, management evaluates and monitors each claim individually, and uses factors, such as historical experience, known trends and third party estimates to determine the appropriate reserves for potential liability. | |||||||||
(q) | Accounts payable and accrued liabilities: | ||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 15,439 | $ | 18,398 | |||||
Accrued wages and benefits | 1,302 | 1,452 | |||||||
Accrued claims, self-insurance and workers’ compensation | 844 | 698 | |||||||
Other | 5,233 | 3,598 | |||||||
$ | 22,818 | $ | 24,146 | ||||||
(r) | Deferred share units: | ||||||||
The Company maintains a deferred share unit (“DSU”) plan for all directors. Under this plan, all directors receive units at the end of each quarter based on the market price of common shares equivalent to the director’s entitlement. The entitlement amount varies based on the director’s position on the Board. The maximum entitlement amount varies between CAD$35,000.00 and CAD$60,000.00 per annum. The Company records compensation expense and the corresponding liability each period based on the market price of common shares. | |||||||||
In addition to the directors’ DSU plan, the Company has adopted a DSU plan for senior executives. Under this plan, eligible senior executives receive units at the end of each quarter based on the market price of common shares equivalent to the senior executive’s entitlement. The entitlement amount varies based on the senior executive’s position in the Company and the years of eligible service. The maximum entitlement amount varies between $2,500.00 and $20,000.00 per annum. The Company records compensation expense and the corresponding liability each period based on the market price of common shares. | |||||||||
(s) | Use of estimates: | ||||||||
The preparation of financial statements in accordance with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Significant estimates are used in determining, but not limited to, the allowance for doubtful accounts, deferred tax assets, claims and insurance accruals, share-based compensation and fair value measurements. Actual results could differ from those estimates. |
Discontinued_operations
Discontinued operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
2 | 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 $98.8 million, including an adjustment on account of working capital. As of December 31, 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 funded $1.4 million of cash deficits incurred by U.S. LTL between September 23, 2013 and October 7, 2013. Prior to closing the sale, the Company agreed to capitalize U.S. LTL with cash of $5.0 million. As of December 31, 2013, the Company paid $5.2 million related to the sale of U.S. LTL, which includes cash divested of $0.4 million and direct selling costs of $3.2 million. The operating results and loss on sale of U.S. LTL have been recorded as a discontinued operation. | |||||||||||||
At the end of the third quarter of 2013, 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 amount. 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. During the fourth quarter of 2013, the Company recorded the sale of U.S. LTL. The total net loss of $45.9 million is recorded in discontinued operations. | |||||||||||||
The following table summarizes the operations for all periods presented to classify U.S. LTL and SCO operations as discontinued operations: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | $ | 350,241 | $ | 628,714 | $ | 613,283 | |||||||
Loss from discontinued operations | (58,434 | ) | (34,255 | ) | (10,974 | ) | |||||||
Income tax expense | (433 | ) | (1,501 | ) | (1,721 | ) | |||||||
Loss from discontinued operations, net of income tax | (58,867 | ) | (35,756 | ) | (12,695 | ) | |||||||
Gain on sale of SCO | 87,892 | — | — | ||||||||||
Income tax expense (note 6) | (19,019 | ) | — | — | |||||||||
Utilization of net operating loss carry-forwards (note 6) | 17,613 | — | — | ||||||||||
86,486 | — | — | |||||||||||
Reclassification of foreign currency translation from accumulated other comprehensive income | (1,865 | ) | — | — | |||||||||
Net gain on sale of SCO | 84,621 | — | — | ||||||||||
Loss on sale of U.S. LTL | (54,521 | ) | — | — | |||||||||
Income tax recovery (note 6) | 21,743 | — | — | ||||||||||
Valuation allowance (note 6) | (21,743 | ) | — | — | |||||||||
(54,521 | ) | — | — | ||||||||||
Reclassification of foreign currency translation from accumulated other comprehensive income | 8,576 | — | — | ||||||||||
Net loss on sale of U.S. LTL | (45,945 | ) | — | — | |||||||||
Net loss from discontinued operations | $ | (20,191 | ) | $ | (35,756 | ) | $ | (12,695 | ) | ||||
The following table summarizes the assets and liabilities from discontinued operations: | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable | $ | — | $ | 57,587 | |||||||||
Income taxes recoverable | — | 157 | |||||||||||
Inventory, deposits and prepaid expenses | — | 7,658 | |||||||||||
Property and equipment | — | 79,910 | |||||||||||
Intangible assets | — | 3,457 | |||||||||||
Goodwill | — | 8,872 | |||||||||||
Deferred income taxes | — | 64,048 | |||||||||||
Deferred income taxes valuation allowance | — | (63,917 | ) | ||||||||||
Total assets from discontinued operations | $ | — | $ | 157,772 | |||||||||
Accounts payable and accrued liabilities | $ | — | $ | 57,604 | |||||||||
Real estate debt and capital leases | — | 45,034 | |||||||||||
Total liabilities from discontinued operations | $ | — | $ | 102,638 | |||||||||
Property_and_equipment
Property and equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and equipment | ' | ||||||||
3 | Property and equipment: | ||||||||
2013 | 2012 | ||||||||
Land | $ | 14,549 | $ | 15,449 | |||||
Buildings | 35,606 | 37,570 | |||||||
Leasehold interests and improvements | 240 | 284 | |||||||
Vehicles | 26,693 | 27,135 | |||||||
Machinery and equipment | 3,581 | 7,838 | |||||||
80,669 | 88,276 | ||||||||
Less accumulated depreciation | 28,148 | 34,911 | |||||||
$ | 52,521 | $ | 53,365 | ||||||
Depreciation expense was $3.2 million in 2013 (2012—$3.2 million; 2011—$ 3.2 million). |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill | ' | ||||||||
4 | Goodwill: | ||||||||
2013 | 2012 | ||||||||
Balance at January 1 | $ | 5,579 | $ | 5,458 | |||||
Foreign exchange | (360 | ) | 121 | ||||||
Balance at December 31 | $ | 5,219 | $ | 5,579 | |||||
Longterm_debt
Long-term debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
5 | Long-term debt: | ||||||||
2013 | 2012 | ||||||||
Revolving credit facility (a) | $ | — | $ | 8,500 | |||||
Canadian real estate facilities (b) | 46,144 | 50,495 | |||||||
Capital leases (c) | 5,953 | 1,307 | |||||||
52,097 | 60,302 | ||||||||
Less current portion | 1,846 | 1,333 | |||||||
$ | 50,251 | $ | 58,969 | ||||||
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 provided up to $50.0 million of borrowing capacity, 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 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. The amended credit facility provided $26.3 million of availability, which was 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 remained guaranteed by the Company. However, the purchaser agreed to reduce such letters of credit to zero within 90 days from the date of closing of the sale. As of December 31, 2013, $0.6 million in letters of credit were outstanding. As a result of the amendment, the Company wrote off $0.4 million of previously capitalized financing fees. This non-cash expense was recorded within interest expense on the consolidated statements of income (loss). On January 21, 2014, the credit facility was terminated. Refer to Note 13 “Subsequent events.” | |||||||||
On November 1, 2012, the Company entered into a new real estate term facility for CAD $5.5 million. The facility is secured by the Company’s transportation facility in Winnipeg, Manitoba and matures on November 30, 2018. | |||||||||
On November 30, 2011, the Company entered into a new three-year bank syndicated asset based revolving credit agreement which provided up to $85.0 million of borrowing capacity. In addition, on November 30, 2011, the Company entered into a new seven-year CAD $45.7 million real estate term credit facility, secured by specific real estate in Canada. The proceeds from the new credit facilities were used to extinguish the previous senior term and revolving credit facilities which were to mature in July 2012. Deferred financing costs of $1.0 million related to the previous credit agreement were written off in 2011. This non-cash expense was recorded within interest expense on the consolidated statements of income (loss). | |||||||||
(a) | The Company’s asset based revolving credit facility was secured by accounts receivable, certain equipment and general security agreements covering the assets of the Company and all of its subsidiaries. The provisions of the revolving credit facility imposed certain financial maintenance tests if availability falls below a certain threshold. At December 31, 2013, the Company was not required to measure these covenants. Refer to Note 13 “Subsequent events”. | ||||||||
(b) | The Company’s Canadian real estate term credit facility is secured by five transportation terminals in Canada and matures on November 30, 2018. The Company has CAD $49.1 million outstanding at December 31, 2013 (2012 – CAD $50.2 million), bearing interest at 4.30% to 4.75% (2012 – 4.30% to 4.75%). | ||||||||
(c) | During 2013, the Company financed certain equipment by entering into additional capital leases of CAD $5.3 million. The Company had CAD $6.3 million (2012 – CAD $1.3 million) of capital leases remaining at December 31, 2013. | ||||||||
At December 31, 2013, the required future principal repayments on all long-term debt and capital leases are as follows: | |||||||||
Year ending December 31: | |||||||||
2014 | $ | 1,846 | |||||||
2015 | 1,938 | ||||||||
2016 | 2,031 | ||||||||
2017 | 2,138 | ||||||||
2018 | 2,384 | ||||||||
Thereafter | 41,760 | ||||||||
$52,097 | |||||||||
Income_taxes
Income taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income taxes | ' | ||||||||||||
6 | Income taxes: | ||||||||||||
Income tax expense (recovery) differs from the amount that would be obtained by applying statutory federal, and provincial income tax rates to the respective year’s income (loss) from continuing operations before income taxes as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Effective statutory federal, state and provincial income tax rate | 26.5 | % | 26.5 | % | 28.25 | % | |||||||
Effective tax expense (recovery) on income (loss) from continuing operations before income taxes | $ | (1,235 | ) | $ | 271 | $ | (42 | ) | |||||
Increase (decrease) results from: | |||||||||||||
Non-deductible share-based compensation expense | 69 | 114 | 141 | ||||||||||
Income taxed at different rates in foreign jurisdictions | 33 | 38 | (1,395 | ) | |||||||||
Tax benefit on capital loss | (461 | ) | — | — | |||||||||
Income from discontinued operations | 84 | 762 | 2,345 | ||||||||||
Other | (123 | ) | 55 | 119 | |||||||||
Income tax expense (recovery) from continuing operations | $ | (1,633 | ) | $ | 1,240 | $ | 1,168 | ||||||
Income tax expense (recovery): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income tax expense (recovery): | |||||||||||||
Canada: | |||||||||||||
Federal | $ | (404 | ) | $ | 699 | $ | 454 | ||||||
Provincial | (304 | ) | 530 | 319 | |||||||||
Other | (2 | ) | 1 | 107 | |||||||||
$ | (710 | ) | $ | 1,230 | $ | 880 | |||||||
Deferred income tax expense (recovery): | |||||||||||||
Canada: | |||||||||||||
Federal | (526 | ) | 6 | 169 | |||||||||
Provincial | (397 | ) | 4 | 119 | |||||||||
$ | (923 | ) | $ | 10 | $ | 288 | |||||||
$ | (1,633 | ) | $ | 1,240 | $ | 1,168 | |||||||
A summary of the principal components of deferred income tax assets and liabilities is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Current deferred income tax assets: | |||||||||||||
Financing costs | $ | 105 | $ | 92 | |||||||||
Non-current deferred income tax assets: | |||||||||||||
Loss carry-forwards | $ | 21,130 | $ | — | |||||||||
Other timing differences | 390 | 386 | |||||||||||
Valuation allowance | (20,480 | ) | — | ||||||||||
1,040 | 386 | ||||||||||||
Non-current deferred income tax liabilities: | |||||||||||||
Property and equipment | (1,305 | ) | (1,481 | ) | |||||||||
Financing costs | (5 | ) | (80 | ) | |||||||||
(1,310 | ) | (1,561 | ) | ||||||||||
$ | (270 | ) | $ | (1,175 | ) | ||||||||
In accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“FASB ASC”) 740-10, the Company had recorded a valuation allowance for all U.S. deferred tax assets. The sale of SCO resulted in a taxable gain in the United States, which the Company was able to offset with the utilization of its available net operating loss carry forwards from previous years of $17.6 million. Subsequent to the sale of SCO the Company sold its U.S. LTL business and therefore, recorded the impact on its U.S. deferred tax assets and valuation allowance in discontinued operations. | |||||||||||||
In Canada, the Company incurred a capital loss of approximately CAD $85.6 million from the sale of U.S. LTL. A valuation allowance of $21.7 million was recorded as it is uncertain whether the capital losses will be utilized to offset future capital gains. The Company utilized CAD $3.7 million of the aforementioned capital losses as it is allowed to carry back current tax losses three years to offset previous year capital gains. The Company recognized a tax benefit of $0.5 million in income tax expense from continuing operations as a result of the allowable carry-back. As at December 31, 2013, the valuation allowance recorded was $20.5 million. The capital losses would expire upon the completion of the Arrangement with TransForce (Note 1). | |||||||||||||
In Canada, the Company has CAD $2.6 million of net operating loss carry-forwards available to reduce future years’ taxable income. The net operating losses were recognized as a deferred income tax asset and expire between 2032 and 2033 if not utilized. Management believes the Company will generate sufficient taxable income to use these losses in the future. |
Common_shares
Common shares | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Common shares | ' | ||||||||||||||||||||||||
7 | Common shares: | ||||||||||||||||||||||||
The Company provides a stock option plan to key employees, officers and directors to encourage executives to acquire a meaningful equity ownership interest in the Company over a period of time and, as a result, reinforce executives’ attention on the long-term interest of the Company and its shareholders. Under the plan, options to purchase common shares of the Company may be granted to key employees, officers and directors of the Company by the Board of Directors or by the Company’s Compensation Committee. There are 557,750 options outstanding under the plan. The term of each option is 10 years and the vesting period is five years. The exercise price for options is the trading price of the common shares of the Company on The Toronto Stock Exchange on the day of the grant. The weighted average estimated fair value at the date of the grant for the options granted during 2013 was $3.82 (2012—$3.54; 2011—$2.96) per share. | |||||||||||||||||||||||||
The fair value of each option granted was estimated on the date of grant using the Black-Scholes-Merton fair value option pricing model with the following assumptions: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Risk-free interest rate | 1.54% | 1.52% – 1.74% | 1.67% – 2.91% | ||||||||||||||||||||||
Volatility factor of the future expected market price of the Company’s common shares | 61.32% | 56.40% – 57.20% | 49.18% – 56.29% | ||||||||||||||||||||||
Expected life of the options | 6 years | 6 years | 6 years | ||||||||||||||||||||||
Details of stock options are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Number | Weighted | Number | Weighted | ||||||||||||||||||||||
average | average | ||||||||||||||||||||||||
exercise | exercise | ||||||||||||||||||||||||
price | price | ||||||||||||||||||||||||
Outstanding, beginning of year | 742,800 | $ | 11.8 | 841,900 | $ | 11.7 | |||||||||||||||||||
Granted | 41,100 | 6.51 | 67,000 | 6.52 | |||||||||||||||||||||
Forfeited | (160,150 | ) | 12.67 | (98,100 | ) | 14.01 | |||||||||||||||||||
Exercised | (66,000 | ) | 5.25 | (68,000 | ) | 2.2 | |||||||||||||||||||
Outstanding, end of year | 557,750 | $ | 11.93 | 742,800 | $ | 11.8 | |||||||||||||||||||
Exercisable, end of year | 419,080 | $ | 13.7 | 468,960 | $ | 14.44 | |||||||||||||||||||
At December 31, 2013, the range of exercise prices, the weighted average exercise price and the weighted average remaining contractual life are as follows: | |||||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||||
Range of exercise prices | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
outstanding | average | average | exercisable | average | average | ||||||||||||||||||||
remaining | exercise | remaining | exercise | ||||||||||||||||||||||
contractual | price | contractual | price | ||||||||||||||||||||||
life (years) | life (years) | ||||||||||||||||||||||||
$5.25 - $8.45 | 168,650 | 8.12 | $ | 5.87 | 47,840 | 7.98 | $ | 5.61 | |||||||||||||||||
$9.80 - $18.99 | 389,100 | 2.9 | $ | 14.56 | 371,240 | 2.73 | $ | 14.75 | |||||||||||||||||
$5.25 - $18.99 | 557,750 | 4.48 | $ | 11.93 | 419,080 | 3.32 | $ | 13.7 | |||||||||||||||||
Compensation expense related to stock options was $270 for the year ended December 31, 2013 (2012—$431; 2011—$501). |
Computation_of_loss_per_share
Computation of loss per share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of loss per share | ' | ||||||||||||
8 | Computation of loss per share: | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net loss from continuing operations | $ | (3,026 | ) | $ | (219 | ) | $ | (1,318 | ) | ||||
Net loss from discontinued operations | (20,191 | ) | (35,756 | ) | (12,695 | ) | |||||||
Net loss | (23,217 | ) | (35,975 | ) | (14,013 | ) | |||||||
Denominator: | |||||||||||||
Basic and dilutive weighted average shares outstanding | 16,426,455 | 16,391,252 | 16,326,760 | ||||||||||
Basic and diluted loss per share from continuing operations | (0.18 | ) | (0.01 | ) | (0.08 | ) | |||||||
Basic and diluted loss per share from discontinued operations | (1.23 | ) | (2.18 | ) | (0.78 | ) | |||||||
Basic and diluted loss per share | (1.41 | ) | (2.19 | ) | (0.86 | ) | |||||||
Diluted loss per share excludes the effect of 557,750 anti-dilutive options for the year ended December 31, 2013 (2012 – 742,800; 2011 – 773,900). Due to the net loss for the years ended December 31, 2012 and 2011, dilutive shares of 3,494 and 46,100, respectively, have no effect on the loss per share. |
Financial_instruments
Financial instruments | 12 Months Ended | |
Dec. 31, 2013 | ||
Investments All Other Investments [Abstract] | ' | |
Financial instruments | ' | |
9 | Financial instruments: | |
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 December 31, 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. |
Lease_commitments
Lease commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Lease commitments | ' | ||||
10 | Lease commitments: | ||||
At December 31, 2013, future minimum rental payments relating to operating leases for premises and equipment are as follows: | |||||
Year ending December 31: | |||||
2014 | $ | 1,936 | |||
2015 | 1,598 | ||||
2016 | 789 | ||||
2017 | 484 | ||||
2018 | 397 | ||||
Thereafter | 434 | ||||
$5,638 | |||||
Total rental expense under operating leases was $2.3 million for the year ended December 31, 2013 (2012 - $2.5 million; 2011 - $2.3 million). |
Employee_benefits
Employee benefits | 12 Months Ended | |
Dec. 31, 2013 | ||
Compensation And Retirement Disclosure [Abstract] | ' | |
Employee benefits | ' | |
11 | Employee benefits: | |
The Company sponsors defined contribution plans in Canada. The Company matches the employee’s contribution to their registered retirement savings plan up to a maximum contribution. The expense related to the plan was $0.5 million for the year ended December 31, 2013 (2012—$0.5 million; 2011—$0.5 million). |
Contingent_liabilities
Contingent liabilities | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingent liabilities | ' | |
12 | 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 consolidated financial position, results of operations or cash flows. Legal costs are expensed as incurred. | ||
The Company has corporate guarantees outstanding of approximately $ 15.5 million as at December 31, 2013, for certain operating leases previously entered into by the former SCO business unit. The Company is in the process of being removed as guarantor under these leases and is fully indemnified by the purchaser for any losses incurred under the guarantees. |
Subsequent_events
Subsequent events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent events | ' | |
13 | Subsequent events: | |
In January 2014, the remaining outstanding letters of credit were returned and cancelled by the lending group and on January 21, 2014 the Company’s senior revolving credit agreement was terminated and all security held by the lending group was released. | ||
The Arrangement was approved by the shareholders of Vitran at a special meeting held on March 5, 2014 with approximately 94.9% of the votes cast at the meeting voting in favour of the Arrangement. In addition, approximately 93.1% of the votes cast by disinterested shareholders, being shareholders other than TransForce and its affiliates, were voted in favour of the Arrangement. Approval of the Arrangement was granted by Order of the Court on March 6, 2014. The Arrangement remains subject to the receipt of applicable regulatory approvals (including approval under the Competition Act), and to satisfaction of other customary closing conditions. |
Consolidated_Supplemental_Sche
Consolidated Supplemental Schedule of Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Consolidated Supplemental Schedule of Quarterly Financial Information | ' | ||||||||||||||||
Consolidated Supplemental Schedule of Quarterly Financial Information | |||||||||||||||||
(In thousands of United States dollars, except per share amounts where noted) | |||||||||||||||||
Years ended December 31, 2013 and 2012 | |||||||||||||||||
2013 (Unaudited) | First | Second | Third | Fourth | |||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
Revenue | $ | 47,038 | $ | 49,625 | $ | 49,373 | $ | 47,353 | |||||||||
Income (loss) from continuing operations after depreciation and amortization | $ | 365 | $ | (97 | ) | $ | 2,187 | $ | (3,563 | ) | |||||||
Net income (loss) from continuing operations | (821 | ) | (709 | ) | 1,398 | (2,894 | ) | ||||||||||
Income (loss) from discontinued operations | $ | 68,493 | $ | (16,264 | ) | $ | (74,092 | ) | $ | 1,672 | |||||||
Net income (loss) | 67,672 | (16,973 | ) | (72,694 | ) | (1,222 | ) | ||||||||||
Income (loss) per share: | |||||||||||||||||
Basic and Diluted | $ | (0.05 | ) | $ | (0.04 | ) | $ | 0.09 | $ | (0.18 | ) | ||||||
– continuing operations | |||||||||||||||||
2012 (Unaudited) | First | Second | Third | Fourth | |||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
Revenue | $ | 45,683 | $ | 48,195 | $ | 49,626 | $ | 50,439 | |||||||||
Income (loss) from continuing operations after depreciation and amortization | $ | (88 | ) | $ | 991 | $ | 1,969 | $ | 1,273 | ||||||||
Net income (loss) from continuing operations | (812 | ) | 28 | 737 | (172 | ) | |||||||||||
Loss from discontinued operations | $ | (5,004 | ) | $ | (4,191 | ) | $ | (10,837 | ) | $ | (15,724 | ) | |||||
Net loss | (5,816 | ) | (4,163 | ) | (10,100 | ) | (15,896 | ) | |||||||||
Income (loss) per share: | |||||||||||||||||
Basic and Diluted | $ | (0.05 | ) | $ | 0 | $ | 0.04 | $ | (0.01 | ) | |||||||
– continuing operations |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | |||||||||||||||||
Vitran Corporation Inc. | |||||||||||||||||
Three years ended December 31, 2013 | |||||||||||||||||
The following is presented for continuing operations. | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
(in thousands of dollars) | Balance at | Charges to | Deductions | Balance | |||||||||||||
Description | beginning | costs and | at end | ||||||||||||||
of year | expenses | of year | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Accounts receivable allowances for revenue adjustments and doubtful accounts | $ | 449 | $ | 9 | $ | (68 | ) | $ | 390 | ||||||||
Year ended December 31, 2012 | |||||||||||||||||
Accounts receivable allowances for revenue adjustments and doubtful accounts | $ | 390 | $ | 211 | $ | (180 | ) | $ | 421 | ||||||||
Year ended December 31, 2013 | |||||||||||||||||
Accounts receivable allowances for revenue adjustments and doubtful accounts | $ | 421 | $ | 183 | $ | (212 | ) | $ | 392 | ||||||||
Deferred Tax Valuation Allowance | |||||||||||||||||
(in thousands of dollars) | Balance at | Charges to | Deductions | Balance | |||||||||||||
Description | beginning | costs and | at end | ||||||||||||||
of year | expenses | of year | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Deferred tax asset valuation allowance | $ | — | $ | 21,743 | $ | 1,263 | $ | 20,480 |
Significant_accounting_policie1
Significant accounting policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Description of the business | ' | ||||||||
(a) | Description of the business: | ||||||||
Vitran Corporation Inc. (“Vitran” or the “Company”) is a provider of freight services to a wide variety of companies and industries. Vitran offers less-than-truckload (“LTL”) services throughout Canada. | |||||||||
On December 9, 2013 , Vitran entered into a definitive agreement with 2398946 Ontario Inc. and North Channel of Georgian Bay Holdings Ltd. (collectively, “Manitoulin Transport”) pursuant to which Manitoulin Transport agreed to acquire all of the outstanding common shares of Vitran for $6.00 in cash per share. Subsequently, on December 20, 2013, the board of directors of Vitran determined that a proposal for $6.50 in cash per share received from TransForce Inc. (“TransForce”) was a “superior proposal” for the purposes of the arrangement agreement (the “Manitoulin Agreement”) among Vitran, and Manitoulin Transport. | |||||||||
On December 30, 2013, Manitoulin Transport waived its right to match the TransForce proposal. Vitran and Manitoulin Transport agreed to terminate the Manitoulin Agreement concurrent with the entering into of a definitive arrangement agreement with TransForce (the “TransForce Agreement”) and the termination fee of $4.0 million payable to Manitoulin Transport was paid by Vitran. On December 30, 2013, Vitran entered into a definitive arrangement agreement with TransForce pursuant to which TransForce has agreed to acquire all of the outstanding common shares of Vitran not already owned by TransForce for $6.50 in cash per share. | |||||||||
The transaction with TransForce is structured as a Plan of Arrangement under the Business Corporations Act (Ontario) (the “Arrangement”). The Arrangement has been unanimously approved by the board of directors of Vitran and was subject to approval by the shareholders of Vitran at a special meeting to be held on March 5, 2014 (the “Special Meeting”). The proposal to approve the Arrangement was voted on and approved at the Special Meeting. The Arrangement was also subject to final approval of the Ontario Superior Court of Justice following the Special Meeting, which was granted by Order of the Court on March 6, 2014. Refer to Note 13 “Subsequent events”. The Arrangement remains subject to the receipt of applicable regulatory approvals (including approval under the Competition Act), and to satisfaction of other customary closing conditions. The Arrangement is not conditional on TransForce obtaining financing or on completion of due diligence. The TransForce Agreement contains customary non-solicitation provisions and provides that the board of directors of Vitran may, under certain circumstances, terminate the TransForce Agreement in order to accept an unsolicited superior proposal, subject to a matching right in favour of TransForce. If the TransForce Agreement is terminated in certain circumstances, including if Vitran accepts a superior proposal, TransForce is entitled to a termination payment of $4.0 million. The Arrangement is expected to close in March 2014. An information circular (the “Information Circular”) outlining details of the Arrangement and Special Meeting was mailed to shareholders in February 2014. Copies of the Information Circular are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. | |||||||||
Basis of presentation | ' | ||||||||
(b) | Basis of presentation: | ||||||||
These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated on consolidation. | |||||||||
These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Canadian Securities regulations allow issuers that are required to file reports with the Securities and Exchange Commission in the United States to file financial statements under United States GAAP to meet their continuous disclosure obligations in Canada. All amounts in these consolidated financial statements are expressed in United States dollars, unless otherwise stated. | |||||||||
New accounting pronouncements | ' | ||||||||
(c) | 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. | |||||||||
Foreign currency translation | ' | ||||||||
(d) | Foreign currency translation: | ||||||||
A majority of the Company’s shareholders and industry analysts are located in the United States. Accordingly, the Company has adopted the United States dollar as its reporting currency. | |||||||||
The Canadian dollar is the functional currency of the Company’s Canadian operations. In respect of transactions denominated in currencies other than the Canadian dollar, the monetary assets and liabilities of the Company are translated at the year-end rates. Revenue and expenses are translated at rates of exchange prevailing on the transaction dates. All of the exchange gains or losses resulting from these transactions are recognized in income. | |||||||||
For reporting purposes, the consolidated operations are translated into United States dollars using the current rate method. Under this method, all assets and liabilities are translated at the period-end rate of exchange and all revenue and expense items are translated at the average rate of exchange for the period. The resulting translation adjustment is recorded as a separate component of shareholders’ equity. | |||||||||
Revenue recognition | ' | ||||||||
(e) | Revenue recognition: | ||||||||
The Company recognizes revenue upon the delivery of the related freight and direct shipment costs as incurred. Revenue for transportation services not completed at the end of a reporting period is recognized based on relative transit time in each period with expenses recognized as incurred. | |||||||||
Revenue adjustments are estimated at the end of each quarterly reporting period. These adjustments result from several factors, including weight and freight classification verifications, shipper bill of lading errors, pricing discounts and other miscellaneous revenue adjustments. Revenue adjustments are recorded as a reduction in revenue from operations and accrued for as part of the allowance for doubtful accounts. Allowance for doubtful accounts is recorded as a contra-account to accounts receivable. | |||||||||
Historical experience, trends and current information are used to update and evaluate the estimate. As at December 31, 2013, revenue adjustments as a percentage of revenue were not material. | |||||||||
Accounts receivable | ' | ||||||||
(f) | Accounts receivable: | ||||||||
Accounts receivable are presented, net of allowance for doubtful accounts of $0.4 million at December 31, 2013 (2012—$0.4 million). | |||||||||
Cash and cash equivalents | ' | ||||||||
(g) | Cash and cash equivalents: | ||||||||
Cash and cash equivalents include cash on account and short-term investments with original maturities of three months or less and are stated at cost, which approximates fair value. | |||||||||
Inventory | ' | ||||||||
(h) | Inventory: | ||||||||
Inventory consists of tires and spare parts and is valued at the lower of average cost and replacement cost. | |||||||||
Property and equipment | ' | ||||||||
(i) | Property and equipment: | ||||||||
Property and equipment are recorded at cost. Depreciation of property and equipment is provided on a straight-line basis from the date assets are put in service over their estimated useful lives as follows: | |||||||||
Buildings | 30 years | ||||||||
Leasehold interests and improvements | Over term of lease | ||||||||
Vehicles: | |||||||||
Trailers and containers | 12 years | ||||||||
Trucks | 8 years | ||||||||
Machinery and equipment | 4 - 10 years | ||||||||
Tires purchased as part of a vehicle are capitalized as a cost to the vehicle. Replacement tires are expensed when placed in service. | |||||||||
Goodwill | ' | ||||||||
(j) | Goodwill: | ||||||||
FASB Accounting Standards Codification (“ASC”) 350 requires that goodwill be assessed for impairment on an annual basis and, more frequently, if indicators of impairment exist. In the event goodwill is determined to be impaired, a charge to earnings would be required. FASB ASU No. 2011-08, Testing Goodwill for Impairment, permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. As at September 30, 2013, the Company completed its annual goodwill impairment test and concluded that there was no impairment. At December 31, 2013, the Company has not identified any indicators that would require re-testing for impairment. | |||||||||
Income taxes | ' | ||||||||
(k) | Income taxes: | ||||||||
The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Significant judgment is required in determining whether deferred tax assets will be realized in full or in part. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the date of enactment. FASB ASC 740-10, Accounting for Uncertainty in Income Taxes, requires that uncertain tax positions are evaluated in a two-step process, whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with the related tax authority. | |||||||||
Share-based compensation | ' | ||||||||
(l) | Share-based compensation: | ||||||||
Under the Company’s stock option plan, options to purchase common shares of the Company may be granted to key employees, officers and directors of the Company by the Board of Directors or by the Company’s Compensation Committee. There are 557,750 options outstanding under the plan. The term of each option is 10 years and the vesting period is five years. The exercise price for options is the trading price of the common shares of the Company on The Toronto Stock Exchange on the day of the grant. Note 7, “Common shares” provides supplemental disclosure for the Company’s stock options. | |||||||||
Advertising costs | ' | ||||||||
(m) | Advertising costs: | ||||||||
Advertising costs are expensed as incurred. Advertising costs amounted to $417 in 2013 (2012—$264; 2011—$397). | |||||||||
Impairment of long-lived assets | ' | ||||||||
(n) | Impairment of long-lived assets: | ||||||||
An impairment is recognized when the carrying amount of a long-lived asset to be held and used exceeds the sum of undiscounted cash flows expected from its use and disposal, and is measured as the amount by which the carrying amount of an asset exceeds its fair value. A long-lived asset should be tested when events or circumstances indicate that its carrying amount may not be recoverable. During the third quarter of 2013, the Company recorded an impairment charge of $49.7 million on the carrying amount of its U.S. LTL business unit in discontinued operations. Refer to Note 2 “Discontinued operations”. | |||||||||
Derivative instruments | ' | ||||||||
(o) | Derivative instruments: | ||||||||
Derivative instruments are recognized on the consolidated balance sheets at fair value based on quoted market prices and are recorded in either current or non-current assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in income or other comprehensive income, based on whether the instrument is designated as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income are reclassified to income in the period the hedged item affects income. If the underlying hedged transaction ceases to exist, any associated amounts reported in other comprehensive income are reclassified into income at that time. Any ineffectiveness is recognized in income in the current year. | |||||||||
The Company formally documents all significant relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or anticipated transactions. The Company assesses all hedging relationships to determine whether the criteria for hedge accounting are met. To qualify for hedge accounting, the hedging relationship must be appropriately documented at inception of the hedge and there must be reasonable assurance, both at the inception and throughout the term of the hedge, that the hedging relationship will be effective. Effectiveness requires a high degree of correlation of changes in fair values or cash flows between the hedged item and the hedging instrument. Effectiveness is assessed on an ongoing basis through the term of the hedge in order to determine if hedge accounting remains appropriate. The Company did not have any derivative instruments as at December 31, 2013. | |||||||||
Claims and insurance accruals | ' | ||||||||
(p) | Claims and insurance accruals: | ||||||||
Claims and insurance accruals reflect the estimated total cost of claims, including amounts for claims incurred but not reported, for cargo loss and damage, bodily injury and property damage, workers’ compensation, long-term disability and group health. The Company has self-insurance retention amounts per incident for auto liability, casualty and cargo claims. In establishing these accruals, management evaluates and monitors each claim individually, and uses factors, such as historical experience, known trends and third party estimates to determine the appropriate reserves for potential liability. | |||||||||
Accounts payable and accrued liabilities | ' | ||||||||
(q) | Accounts payable and accrued liabilities: | ||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 15,439 | $ | 18,398 | |||||
Accrued wages and benefits | 1,302 | 1,452 | |||||||
Accrued claims, self-insurance and workers’ compensation | 844 | 698 | |||||||
Other | 5,233 | 3,598 | |||||||
$ | 22,818 | $ | 24,146 | ||||||
Deferred share units | ' | ||||||||
(r) | Deferred share units: | ||||||||
The Company maintains a deferred share unit (“DSU”) plan for all directors. Under this plan, all directors receive units at the end of each quarter based on the market price of common shares equivalent to the director’s entitlement. The entitlement amount varies based on the director’s position on the Board. The maximum entitlement amount varies between CAD$35,000.00 and CAD$60,000.00 per annum. The Company records compensation expense and the corresponding liability each period based on the market price of common shares. | |||||||||
In addition to the directors’ DSU plan, the Company has adopted a DSU plan for senior executives. Under this plan, eligible senior executives receive units at the end of each quarter based on the market price of common shares equivalent to the senior executive’s entitlement. The entitlement amount varies based on the senior executive’s position in the Company and the years of eligible service. The maximum entitlement amount varies between $2,500.00 and $20,000.00 per annum. The Company records compensation expense and the corresponding liability each period based on the market price of common shares. | |||||||||
Use of estimates | ' | ||||||||
(s) | Use of estimates: | ||||||||
The preparation of financial statements in accordance with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Significant estimates are used in determining, but not limited to, the allowance for doubtful accounts, deferred tax assets, claims and insurance accruals, share-based compensation and fair value measurements. Actual results could differ from those estimates. |
Significant_accounting_policie2
Significant accounting policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Estimated Useful Lives of Property and Equipment | ' | ||||||||
Depreciation of property and equipment is provided on a straight-line basis from the date assets are put in service over their estimated useful lives as follows: | |||||||||
Buildings | 30 years | ||||||||
Leasehold interests and improvements | Over term of lease | ||||||||
Vehicles: | |||||||||
Trailers and containers | 12 years | ||||||||
Trucks | 8 years | ||||||||
Machinery and equipment | 4 - 10 years | ||||||||
Summary of Accounts Payable and Accrued Liabilities | ' | ||||||||
Accounts payable and accrued liabilities: | |||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 15,439 | $ | 18,398 | |||||
Accrued wages and benefits | 1,302 | 1,452 | |||||||
Accrued claims, self-insurance and workers’ compensation | 844 | 698 | |||||||
Other | 5,233 | 3,598 | |||||||
$ | 22,818 | $ | 24,146 | ||||||
Discontinued_operations_Tables
Discontinued operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | $ | 350,241 | $ | 628,714 | $ | 613,283 | |||||||
Loss from discontinued operations | (58,434 | ) | (34,255 | ) | (10,974 | ) | |||||||
Income tax expense | (433 | ) | (1,501 | ) | (1,721 | ) | |||||||
Loss from discontinued operations, net of income tax | (58,867 | ) | (35,756 | ) | (12,695 | ) | |||||||
Gain on sale of SCO | 87,892 | — | — | ||||||||||
Income tax expense (note 6) | (19,019 | ) | — | — | |||||||||
Utilization of net operating loss carry-forwards (note 6) | 17,613 | — | — | ||||||||||
86,486 | — | — | |||||||||||
Reclassification of foreign currency translation from accumulated other comprehensive income | (1,865 | ) | — | — | |||||||||
Net gain on sale of SCO | 84,621 | — | — | ||||||||||
Loss on sale of U.S. LTL | (54,521 | ) | — | — | |||||||||
Income tax recovery (note 6) | 21,743 | — | — | ||||||||||
Valuation allowance (note 6) | (21,743 | ) | — | — | |||||||||
(54,521 | ) | — | — | ||||||||||
Reclassification of foreign currency translation from accumulated other comprehensive income | 8,576 | — | — | ||||||||||
Net loss on sale of U.S. LTL | (45,945 | ) | — | — | |||||||||
Net loss from discontinued operations | $ | (20,191 | ) | $ | (35,756 | ) | $ | (12,695 | ) | ||||
Summary of Assets and Liabilities from Discontinued Operations | ' | ||||||||||||
The following table summarizes the assets and liabilities from discontinued operations: | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable | $ | — | $ | 57,587 | |||||||||
Income taxes recoverable | — | 157 | |||||||||||
Inventory, deposits and prepaid expenses | — | 7,658 | |||||||||||
Property and equipment | — | 79,910 | |||||||||||
Intangible assets | — | 3,457 | |||||||||||
Goodwill | — | 8,872 | |||||||||||
Deferred income taxes | — | 64,048 | |||||||||||
Deferred income taxes valuation allowance | — | (63,917 | ) | ||||||||||
Total assets from discontinued operations | $ | — | $ | 157,772 | |||||||||
Accounts payable and accrued liabilities | $ | — | $ | 57,604 | |||||||||
Real estate debt and capital leases | — | 45,034 | |||||||||||
Total liabilities from discontinued operations | $ | — | $ | 102,638 | |||||||||
Property_and_equipment_Tables
Property and equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
2013 | 2012 | ||||||||
Land | $ | 14,549 | $ | 15,449 | |||||
Buildings | 35,606 | 37,570 | |||||||
Leasehold interests and improvements | 240 | 284 | |||||||
Vehicles | 26,693 | 27,135 | |||||||
Machinery and equipment | 3,581 | 7,838 | |||||||
80,669 | 88,276 | ||||||||
Less accumulated depreciation | 28,148 | 34,911 | |||||||
$ | 52,521 | $ | 53,365 | ||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill Roll Forward | ' | ||||||||
2013 | 2012 | ||||||||
Balance at January 1 | $ | 5,579 | $ | 5,458 | |||||
Foreign exchange | (360 | ) | 121 | ||||||
Balance at December 31 | $ | 5,219 | $ | 5,579 | |||||
Longterm_debt_Tables
Long-term debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
2013 | 2012 | ||||||||
Revolving credit facility (a) | $ | — | $ | 8,500 | |||||
Canadian real estate facilities (b) | 46,144 | 50,495 | |||||||
Capital leases (c) | 5,953 | 1,307 | |||||||
52,097 | 60,302 | ||||||||
Less current portion | 1,846 | 1,333 | |||||||
$ | 50,251 | $ | 58,969 | ||||||
Future Principal Repayments on Long-Term Debt and Capital Leases | ' | ||||||||
At December 31, 2013, the required future principal repayments on all long-term debt and capital leases are as follows: | |||||||||
Year ending December 31: | |||||||||
2014 | $ | 1,846 | |||||||
2015 | 1,938 | ||||||||
2016 | 2,031 | ||||||||
2017 | 2,138 | ||||||||
2018 | 2,384 | ||||||||
Thereafter | 41,760 | ||||||||
$52,097 | |||||||||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Expense (Recovery) Summary | ' | ||||||||||||
Income tax expense (recovery) differs from the amount that would be obtained by applying statutory federal, and provincial income tax rates to the respective year’s income (loss) from continuing operations before income taxes as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Effective statutory federal, state and provincial income tax rate | 26.5 | % | 26.5 | % | 28.25 | % | |||||||
Effective tax expense (recovery) on income (loss) from continuing operations before income taxes | $ | (1,235 | ) | $ | 271 | $ | (42 | ) | |||||
Increase (decrease) results from: | |||||||||||||
Non-deductible share-based compensation expense | 69 | 114 | 141 | ||||||||||
Income taxed at different rates in foreign jurisdictions | 33 | 38 | (1,395 | ) | |||||||||
Tax benefit on capital loss | (461 | ) | — | — | |||||||||
Income from discontinued operations | 84 | 762 | 2,345 | ||||||||||
Other | (123 | ) | 55 | 119 | |||||||||
Income tax expense (recovery) from continuing operations | $ | (1,633 | ) | $ | 1,240 | $ | 1,168 | ||||||
Current Income Tax Expense (Recovery)/ Deferred Income Tax Expense (Recovery) by Jurisdiction | ' | ||||||||||||
Income tax expense (recovery): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income tax expense (recovery): | |||||||||||||
Canada: | |||||||||||||
Federal | $ | (404 | ) | $ | 699 | $ | 454 | ||||||
Provincial | (304 | ) | 530 | 319 | |||||||||
Other | (2 | ) | 1 | 107 | |||||||||
$ | (710 | ) | $ | 1,230 | $ | 880 | |||||||
Deferred income tax expense (recovery): | |||||||||||||
Canada: | |||||||||||||
Federal | (526 | ) | 6 | 169 | |||||||||
Provincial | (397 | ) | 4 | 119 | |||||||||
$ | (923 | ) | $ | 10 | $ | 288 | |||||||
$ | (1,633 | ) | $ | 1,240 | $ | 1,168 | |||||||
Summary of Components of Deferred Income Tax Assets and Liabilities | ' | ||||||||||||
A summary of the principal components of deferred income tax assets and liabilities is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Current deferred income tax assets: | |||||||||||||
Financing costs | $ | 105 | $ | 92 | |||||||||
Non-current deferred income tax assets: | |||||||||||||
Loss carry-forwards | $ | 21,130 | $ | — | |||||||||
Other timing differences | 390 | 386 | |||||||||||
Valuation allowance | (20,480 | ) | — | ||||||||||
1,040 | 386 | ||||||||||||
Non-current deferred income tax liabilities: | |||||||||||||
Property and equipment | (1,305 | ) | (1,481 | ) | |||||||||
Financing costs | (5 | ) | (80 | ) | |||||||||
(1,310 | ) | (1,561 | ) | ||||||||||
$ | (270 | ) | $ | (1,175 | ) | ||||||||
Common_shares_Tables
Common shares (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Fair Value Option Pricing Model | ' | ||||||||||||||||||||||||
The fair value of each option granted was estimated on the date of grant using the Black-Scholes-Merton fair value option pricing model with the following assumptions: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Risk-free interest rate | 1.54% | 1.52% – 1.74% | 1.67% – 2.91% | ||||||||||||||||||||||
Volatility factor of the future expected market price of the Company’s common shares | 61.32% | 56.40% – 57.20% | 49.18% – 56.29% | ||||||||||||||||||||||
Expected life of the options | 6 years | 6 years | 6 years | ||||||||||||||||||||||
Summary of Stock Options | ' | ||||||||||||||||||||||||
Details of stock options are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Number | Weighted | Number | Weighted | ||||||||||||||||||||||
average | average | ||||||||||||||||||||||||
exercise | exercise | ||||||||||||||||||||||||
price | price | ||||||||||||||||||||||||
Outstanding, beginning of year | 742,800 | $ | 11.8 | 841,900 | $ | 11.7 | |||||||||||||||||||
Granted | 41,100 | 6.51 | 67,000 | 6.52 | |||||||||||||||||||||
Forfeited | (160,150 | ) | 12.67 | (98,100 | ) | 14.01 | |||||||||||||||||||
Exercised | (66,000 | ) | 5.25 | (68,000 | ) | 2.2 | |||||||||||||||||||
Outstanding, end of year | 557,750 | $ | 11.93 | 742,800 | $ | 11.8 | |||||||||||||||||||
Exercisable, end of year | 419,080 | $ | 13.7 | 468,960 | $ | 14.44 | |||||||||||||||||||
Summary of Range of Exercise Prices, Weighted Average Exercise Price and Weighted Average Remaining Contractual Life | ' | ||||||||||||||||||||||||
At December 31, 2013, the range of exercise prices, the weighted average exercise price and the weighted average remaining contractual life are as follows: | |||||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||||
Range of exercise prices | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
outstanding | average | average | exercisable | average | average | ||||||||||||||||||||
remaining | exercise | remaining | exercise | ||||||||||||||||||||||
contractual | price | contractual | price | ||||||||||||||||||||||
life (years) | life (years) | ||||||||||||||||||||||||
$5.25 - $8.45 | 168,650 | 8.12 | $ | 5.87 | 47,840 | 7.98 | $ | 5.61 | |||||||||||||||||
$9.80 - $18.99 | 389,100 | 2.9 | $ | 14.56 | 371,240 | 2.73 | $ | 14.75 | |||||||||||||||||
$5.25 - $18.99 | 557,750 | 4.48 | $ | 11.93 | 419,080 | 3.32 | $ | 13.7 | |||||||||||||||||
Computation_of_loss_per_share_
Computation of loss per share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of Loss per Share | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net loss from continuing operations | $ | (3,026 | ) | $ | (219 | ) | $ | (1,318 | ) | ||||
Net loss from discontinued operations | (20,191 | ) | (35,756 | ) | (12,695 | ) | |||||||
Net loss | (23,217 | ) | (35,975 | ) | (14,013 | ) | |||||||
Denominator: | |||||||||||||
Basic and dilutive weighted average shares outstanding | 16,426,455 | 16,391,252 | 16,326,760 | ||||||||||
Basic and diluted loss per share from continuing operations | (0.18 | ) | (0.01 | ) | (0.08 | ) | |||||||
Basic and diluted loss per share from discontinued operations | (1.23 | ) | (2.18 | ) | (0.78 | ) | |||||||
Basic and diluted loss per share | (1.41 | ) | (2.19 | ) | (0.86 | ) |
Lease_commitments_Tables
Lease commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Summary of Future Minimum Rental Payments Related to Operating Leases | ' | ||||
At December 31, 2013, future minimum rental payments relating to operating leases for premises and equipment are as follows: | |||||
Year ending December 31: | |||||
2014 | $ | 1,936 | |||
2015 | 1,598 | ||||
2016 | 789 | ||||
2017 | 484 | ||||
2018 | 397 | ||||
Thereafter | 434 | ||||
$5,638 | |||||
Consolidated_Supplemental_Sche1
Consolidated Supplemental Schedule of Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
2013 (Unaudited) | First | Second | Third | Fourth | |||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
Revenue | $ | 47,038 | $ | 49,625 | $ | 49,373 | $ | 47,353 | |||||||||
Income (loss) from continuing operations after depreciation and amortization | $ | 365 | $ | (97 | ) | $ | 2,187 | $ | (3,563 | ) | |||||||
Net income (loss) from continuing operations | (821 | ) | (709 | ) | 1,398 | (2,894 | ) | ||||||||||
Income (loss) from discontinued operations | $ | 68,493 | $ | (16,264 | ) | $ | (74,092 | ) | $ | 1,672 | |||||||
Net income (loss) | 67,672 | (16,973 | ) | (72,694 | ) | (1,222 | ) | ||||||||||
Income (loss) per share: | |||||||||||||||||
Basic and Diluted | $ | (0.05 | ) | $ | (0.04 | ) | $ | 0.09 | $ | (0.18 | ) | ||||||
– continuing operations | |||||||||||||||||
2012 (Unaudited) | First | Second | Third | Fourth | |||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
Revenue | $ | 45,683 | $ | 48,195 | $ | 49,626 | $ | 50,439 | |||||||||
Income (loss) from continuing operations after depreciation and amortization | $ | (88 | ) | $ | 991 | $ | 1,969 | $ | 1,273 | ||||||||
Net income (loss) from continuing operations | (812 | ) | 28 | 737 | (172 | ) | |||||||||||
Loss from discontinued operations | $ | (5,004 | ) | $ | (4,191 | ) | $ | (10,837 | ) | $ | (15,724 | ) | |||||
Net loss | (5,816 | ) | (4,163 | ) | (10,100 | ) | (15,896 | ) | |||||||||
Income (loss) per share: | |||||||||||||||||
Basic and Diluted | $ | (0.05 | ) | $ | 0 | $ | 0.04 | $ | (0.01 | ) | |||||||
– continuing operations |
Significant_accounting_policie3
Significant accounting policies - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 30, 2013 | Dec. 09, 2013 | Dec. 30, 2013 | Dec. 20, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | Director [Member] | Director [Member] | Senior Executive [Member] | Senior Executive [Member] | Manitoulin Transport [Member] | Manitoulin Transport [Member] | TransForce [Member] | TransForce [Member] | U.S. LTL [Member] | |
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
CAD | CAD | USD ($) | USD ($) | |||||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | $6.50 | ' |
Termination fee | ' | ' | ' | ' | ' | ' | ' | $4,000,000 | ' | $4,000,000 | ' | ' |
Net allowance for doubtful accounts | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's stock option outstanding | 557,750 | 742,800 | 841,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of option | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising costs | 417,000 | 264,000 | 397,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge on long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,700,000 |
Deferred share unit, entitlement amount | ' | ' | ' | 35,000 | 60,000 | $2,500 | $20,000 | ' | ' | ' | ' | ' |
Significant_accounting_policie4
Significant accounting policies - Summary of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Leasehold interests and improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | 'Over term of lease |
Vehicles - Trailers and containers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '12 years |
Vehicles - Trucks [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '8 years |
Minimum [Member] | Machinery and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '4 years |
Maximum [Member] | Machinery and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Significant_accounting_policie5
Significant accounting policies - Summary of Accounts Payable and Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Accounts payable | $15,439 | $18,398 |
Accrued wages and benefits | 1,302 | 1,452 |
Accrued claims, self-insurance and workers' compensation | 844 | 698 |
Other | 5,233 | 3,598 |
Total | $22,818 | $24,146 |
Discontinued_operations_Additi
Discontinued operations - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Cash proceeds from discontinued operations | $88,883,000 |
SCO [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Proceeds from transaction | 98,800,000 |
Cash proceeds from discontinued operations | 94,100,000 |
Cash divested | 400,000 |
Direct selling costs | 2,900,000 |
Income taxes attributable to the sale of component of the entity | 1,400,000 |
U.S. LTL [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Cash divested | 400,000 |
Direct selling costs | 3,200,000 |
Cash proceeds from discontinued operations | 2,000,000 |
Real estate debt and capital leases assumed by buyer | 32,800,000 |
Cash deficits funded by buyer prior to sale closing | 1,400,000 |
Capitalization of component of the entity | 5,000,000 |
Net cash divested related to sale of U.S. LTL | 5,200,000 |
Non-cash write-down of U.S. LTL net assets | 49,700,000 |
Net loss in discontinued operations | ($45,945,000) |
Discontinued_operations_Schedu
Discontinued operations - Schedule of Disposal Groups Including Discontinued Operations Income Statement (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $350,241 | $628,714 | $613,283 |
Loss from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -58,434 | -34,255 | -10,974 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -433 | -1,501 | -1,721 |
Loss from discontinued operations, net of income tax | ' | ' | ' | ' | ' | ' | ' | ' | -58,867 | -35,756 | -12,695 |
Reclassification of foreign currency translation from accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -6,711 | ' | ' |
Net loss from discontinued operations | 1,672 | -74,092 | -16,264 | 68,493 | -15,724 | -10,837 | -4,191 | -5,004 | -20,191 | -35,756 | -12,695 |
SCO [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 87,892 | ' | ' |
Income tax (expense)/ recovery (note 6) | ' | ' | ' | ' | ' | ' | ' | ' | -19,019 | ' | ' |
Utilization of net operating loss carry-forwards (note 6) | ' | ' | ' | ' | ' | ' | ' | ' | 17,613 | ' | ' |
Discontinued Operations, sale net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 86,486 | ' | ' |
Reclassification of foreign currency translation from accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -1,865 | ' | ' |
Net gain (loss) on sale of discontinued 0perations | ' | ' | ' | ' | ' | ' | ' | ' | 84,621 | ' | ' |
U.S. LTL [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -54,521 | ' | ' |
Income tax (expense)/ recovery (note 6) | ' | ' | ' | ' | ' | ' | ' | ' | 21,743 | ' | ' |
Valuation allowance (note 6) | ' | ' | ' | ' | ' | ' | ' | ' | -21,743 | ' | ' |
Discontinued Operations, sale net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -54,521 | ' | ' |
Reclassification of foreign currency translation from accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 8,576 | ' | ' |
Net gain (loss) on sale of discontinued 0perations | ' | ' | ' | ' | ' | ' | ' | ' | ($45,945) | ' | ' |
Discontinued_operations_Summar
Discontinued operations - Summary of Assets and Liabilities from Discontinued Operations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Discontinued Operations And Disposal Groups [Abstract] | ' | ' |
Accounts receivable | ' | $57,587 |
Income taxes recoverable | ' | 157 |
Inventory, deposits and prepaid expenses | ' | 7,658 |
Property and equipment | ' | 79,910 |
Intangible assets | ' | 3,457 |
Goodwill | ' | 8,872 |
Deferred income taxes | ' | 64,048 |
Deferred income taxes valuation allowance | ' | -63,917 |
Total assets from discontinued operations | ' | 157,772 |
Accounts payable and accrued liabilities | ' | 57,604 |
Real estate debt and capital leases | ' | 45,034 |
Total liabilities from discontinued operations | ' | $102,638 |
Property_and_equipment_Propert
Property and equipment - Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $80,669 | $88,276 |
Less accumulated depreciation | 28,148 | 34,911 |
Property, Plant and Equipment, Net, Total | 52,521 | 53,365 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 14,549 | 15,449 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 35,606 | 37,570 |
Leasehold interests and improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 240 | 284 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 26,693 | 27,135 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $3,581 | $7,838 |
Property_and_equipment_Additio
Property and equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $3.20 | $3.20 | $3.20 |
Goodwill_Goodwill_Roll_Forward
Goodwill - Goodwill Roll Forward (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Balance at January 1 | $5,579 | $5,458 |
Foreign exchange | -360 | 121 |
Balance at December 31 | $5,219 | $5,579 |
Longterm_debt_LongTerm_Debt_De
Long-term debt - Long-Term Debt (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CAD | USD ($) | CAD | Revolving credit facility [Member] | Revolving credit facility [Member] | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | ' | ' | ' | ' | ' | $8,500 | $46,144 | $50,495 |
Capital leases | 5,953 | 6,300 | 1,307 | 1,300 | ' | ' | ' | ' |
Total | 52,097 | ' | 60,302 | ' | ' | ' | ' | ' |
Less current portion | 1,846 | ' | 1,333 | ' | ' | ' | ' | ' |
Long-term debt excluding current | $50,251 | ' | $58,969 | ' | ' | ' | ' | ' |
Longterm_debt_Additional_Infor
Long-term debt - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Oct. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Mar. 04, 2013 | Nov. 30, 2011 | Nov. 01, 2012 | Nov. 30, 2011 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] | Revolving credit facility [Member] | U.S. LTL [Member] | SCO [Member] | |
CAD | CAD | USD ($) | USD ($) | USD ($) | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended maximum borrowing capacity | $26.30 | $0.60 | ' | $50 | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | 85 | ' | ' | 85 | ' | ' |
Capitalized financing fees written off | ' | ' | 1 | ' | ' | ' | ' | ' | 0.4 | 0.4 |
Number of days within which letters of credit reduce to zero | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility termination date | ' | 21-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' |
New Canadian real estate facilities | ' | ' | ' | ' | ' | 5.5 | 45.7 | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | 30-Nov-18 | 30-Nov-18 | ' | ' | ' |
Debt Instruments, term | ' | ' | ' | ' | ' | ' | '7 years | '3 years | ' | ' |
Longterm_debt_LongTerm_Debt_Pa
Long-term debt - Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Nov. 01, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | CAD | USD ($) | USD ($) | CAD | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] | Canadian Real Estate Facilities [Member] | |
CAD | CAD | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||
Terminal | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of transportation terminals | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' |
Canadian real estate outstanding amount | ' | ' | ' | ' | ' | ' | ' | 49,100,000 | 50,200,000 | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | 4.30% | 4.75% | 4.75% |
Maturity date | ' | ' | ' | ' | ' | 30-Nov-18 | 30-Nov-18 | ' | ' | ' | ' | ' | ' |
Capital lease Additions, consolidated | 4,988,000 | 5,300,000 | 5,745,000 | 1,317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease remaining | $5,953,000 | 6,300,000 | $1,307,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_debt_Future_Principal
Long-term debt - Future Principal Repayments on Long-Term Debt and Capital Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $1,846 | ' |
2015 | 1,938 | ' |
2016 | 2,031 | ' |
2017 | 2,138 | ' |
2018 | 2,384 | ' |
Thereafter | 41,760 | ' |
Total | $52,097 | $60,302 |
Income_taxes_Income_Tax_Expens
Income taxes - Income Tax Expense (Recovery) Summary (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective statutory federal, state and provincial income tax rate | 26.50% | 26.50% | 28.25% |
Effective tax expense (recovery) on income (loss) from continuing operations before income taxes | ($1,235) | $271 | ($42) |
Increase (decrease) results from: | ' | ' | ' |
Non-deductible share-based compensation expense | 69 | 114 | 141 |
Income taxed at different rates in foreign jurisdictions | 33 | 38 | -1,395 |
Tax benefit on capital loss | -461 | ' | ' |
Income from discontinued operations | 84 | 762 | 2,345 |
Other | -123 | 55 | 119 |
Income tax expense (recovery) from continuing operations | ($1,633) | $1,240 | $1,168 |
Income_taxes_Current_Income_Ta
Income taxes - Current Income Tax Expense (Recovery)/ Deferred Income Tax Expense (Recovery) by Jurisdiction (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income tax expense (recovery): | ' | ' | ' |
Current income tax expense (recovery) | ($710) | $1,230 | $880 |
Deferred income tax expense (recovery): | ' | ' | ' |
Deferred income tax expense (recovery) | -923 | 10 | 288 |
Income tax expense (recovery) from continuing operations | -1,633 | 1,240 | 1,168 |
Canada [Member] | ' | ' | ' |
Current income tax expense (recovery): | ' | ' | ' |
Federal | -404 | 699 | 454 |
Provincial | -304 | 530 | 319 |
Deferred income tax expense (recovery): | ' | ' | ' |
Federal | -526 | 6 | 169 |
Provincial | -397 | 4 | 119 |
Other [Member] | ' | ' | ' |
Current income tax expense (recovery): | ' | ' | ' |
Other | ($2) | $1 | $107 |
Income_taxes_Summary_of_Compon
Income taxes - Summary of Components of Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current deferred income tax assets: | ' | ' |
Financing costs | $105 | $92 |
Non-current deferred income tax assets: | ' | ' |
Loss carry-forwards | 21,130 | ' |
Other timing differences | 390 | 386 |
Valuation allowance | -20,480 | ' |
Non-current deferred income tax assets | 1,040 | 386 |
Non-current deferred income tax liabilities: | ' | ' |
Property and equipment | -1,305 | -1,481 |
Financing costs | -5 | -80 |
Deferred Tax Liabilities, Gross, Total | -1,310 | -1,561 |
Non-current deferred income tax, net | ($270) | ($1,175) |
Income_taxes_Additional_Inform
Income taxes - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | Canada [Member] | Canada [Member] | |
USD ($) | CAD | ||
Income Tax Examination [Line Items] | ' | ' | ' |
Net operating loss carry forwards utilized on sale of SCO | $17.60 | ' | ' |
Capital loss from sale of business | ' | ' | -85.6 |
Valuation allowance recorded for capital losses | ' | 21.7 | ' |
Capital loss utilized | ' | ' | 3.7 |
Capital losses carry back period | ' | '3 years | '3 years |
Tax benefit recognized as a result of allowable carry back | ' | 0.5 | ' |
Valuation allowance recorded | 20.5 | ' | ' |
Net operating loss carry forward | ' | ' | 2.6 |
Net operating loss expiration period range start | ' | '2032 | '2032 |
Net operating loss expiration period range end | ' | '2033 | '2033 |
Common_shares_Additional_Infor
Common shares - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Options outstanding | 557,750 | 742,800 | 841,900 |
Term of option | '10 years | ' | ' |
Vesting period | '5 years | ' | ' |
Weighted average estimated fair value at the date of the grant for the options granted during respective period | $3.82 | $3.54 | $2.96 |
Compensation expense related to stock options | $270 | $431 | $501 |
Common_shares_Summary_of_Fair_
Common shares - Summary of Fair Value Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.54% | ' | ' |
Volatility factor of the future expected market price of the Company's common shares | 61.32% | ' | ' |
Expected life of the options | '6 years | '6 years | '6 years |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | ' | 1.52% | 1.67% |
Volatility factor of the future expected market price of the Company's common shares | ' | 56.40% | 49.18% |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | ' | 1.74% | 2.91% |
Volatility factor of the future expected market price of the Company's common shares | ' | 57.20% | 56.29% |
Common_shares_Summary_of_Stock
Common shares - Summary of Stock Options (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ' | ' |
Outstanding, beginning of year, Shares | 742,800 | 841,900 |
Granted, Shares | 41,100 | 67,000 |
Forfeited, Shares | -160,150 | -98,100 |
Exercised, Shares | -66,000 | -68,000 |
Outstanding, ending of year, Shares | 557,750 | 742,800 |
Exercisable, end of year, Shares | 419,080 | 468,960 |
Outstanding, beginning of year, Weighted average exercise price | $11.80 | $11.70 |
Granted, Weighted average exercise price | $6.51 | $6.52 |
Forfeited, Weighted average exercise price | $12.67 | $14.01 |
Exercised, Weighted average exercise price | $5.25 | $2.20 |
Outstanding, end of year, Weighted average exercise price | $11.93 | $11.80 |
Exercisable, end of year, Weighted average exercise price | $13.70 | $14.44 |
Common_shares_Summary_of_Range
Common shares - Summary of Range of Exercise Prices, Weighted Average Exercise Price and Weighted Average Remaining Contractual Life (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices lower | $5.25 |
Range of exercise prices upper | $18.99 |
Number of options outstanding | 557,750 |
Weighted average remaining contract life (years) | '4 years 5 months 23 days |
Weighted average exercise price | $11.93 |
Number of options exercisable | 419,080 |
Weighted average remaining contract life (years) | '3 years 3 months 26 days |
Weighted average exercise price | $13.70 |
Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices lower | $5.25 |
Range of exercise prices upper | $8.45 |
Number of options outstanding | 168,650 |
Weighted average remaining contract life (years) | '8 years 1 month 13 days |
Weighted average exercise price | $5.87 |
Number of options exercisable | 47,840 |
Weighted average remaining contract life (years) | '7 years 11 months 23 days |
Weighted average exercise price | $5.61 |
Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of exercise prices lower | $9.80 |
Range of exercise prices upper | $18.99 |
Number of options outstanding | 389,100 |
Weighted average remaining contract life (years) | '2 years 10 months 24 days |
Weighted average exercise price | $14.56 |
Number of options exercisable | 371,240 |
Weighted average remaining contract life (years) | '2 years 8 months 23 days |
Weighted average exercise price | $14.75 |
Computation_of_loss_per_share_1
Computation of loss per share - Computation of Loss per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss from continuing operations | ($2,894) | $1,398 | ($709) | ($821) | ($172) | $737 | $28 | ($812) | ($3,026) | ($219) | ($1,318) |
Net loss from discontinued operations | 1,672 | -74,092 | -16,264 | 68,493 | -15,724 | -10,837 | -4,191 | -5,004 | -20,191 | -35,756 | -12,695 |
Net loss | ($1,222) | ($72,694) | ($16,973) | $67,672 | ($15,896) | ($10,100) | ($4,163) | ($5,816) | ($23,217) | ($35,975) | ($14,013) |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and dilutive weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 16,426,455 | 16,391,252 | 16,326,760 |
Basic and diluted loss per share from continuing operations | ($0.18) | $0.09 | ($0.04) | ($0.05) | ($0.01) | $0.04 | $0 | ($0.05) | ($0.18) | ($0.01) | ($0.08) |
Basic and diluted loss per share from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ($1.23) | ($2.18) | ($0.78) |
Basic and diluted loss per share | ' | ' | ' | ' | ' | ' | ' | ' | ($1.41) | ($2.19) | ($0.86) |
Computation_of_loss_per_share_2
Computation of loss per share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Dilutive shares | ' | 3,494 | 46,100 |
Equity Option [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive options | 557,750 | 742,800 | 773,900 |
Lease_commitments_Summary_of_F
Lease commitments - Summary of Future Minimum Rental Payments Related to Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $1,936 |
2015 | 1,598 |
2016 | 789 |
2017 | 484 |
2018 | 397 |
Thereafter | 434 |
Total | $5,638 |
Lease_commitments_Additional_I
Lease commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rental expense under operating leases | $2.30 | $2.50 | $2.30 |
Employee_benefits_Additional_I
Employee benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Expense related to retirement savings plan | $0.50 | $0.50 | $0.50 |
Contingent_liabilities_Additio
Contingent liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Corporate guarantees outstanding | $15.50 |
Subsequent_events_Additional_I
Subsequent events - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 05, 2014 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Senior revolving credit agreement termination date | 21-Jan-14 | ' |
Percentage of votes cast in favour of the Arrangement | ' | 94.90% |
Percentage of votes cast by disinterested shareholders in favour of the Arrangement | ' | 93.10% |
Consolidated_Supplemental_Sche2
Consolidated Supplemental Schedule of Quarterly Financial Information - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $47,353 | $49,373 | $49,625 | $47,038 | $50,439 | $49,626 | $48,195 | $45,683 | $193,389 | $193,943 | $192,315 |
Income (loss) from continuing operations after depreciation and amortization | -3,563 | 2,187 | -97 | 365 | 1,273 | 1,969 | 991 | -88 | -1,108 | 4,145 | 5,348 |
Net income (loss) from continuing operations | -2,894 | 1,398 | -709 | -821 | -172 | 737 | 28 | -812 | -3,026 | -219 | -1,318 |
Income (loss) from discontinued operations | 1,672 | -74,092 | -16,264 | 68,493 | -15,724 | -10,837 | -4,191 | -5,004 | -20,191 | -35,756 | -12,695 |
Net income (loss) | ($1,222) | ($72,694) | ($16,973) | $67,672 | ($15,896) | ($10,100) | ($4,163) | ($5,816) | ($23,217) | ($35,975) | ($14,013) |
Income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and Diluted - continuing operations | ($0.18) | $0.09 | ($0.04) | ($0.05) | ($0.01) | $0.04 | $0 | ($0.05) | ($0.18) | ($0.01) | ($0.08) |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | $421 | $390 | $449 |
Charges to costs and expenses | 183 | 211 | 9 |
Deductions | -212 | -180 | -68 |
Balance at end of year | 392 | 421 | 390 |
Deferred Tax Valuation Allowance [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | ' | ' | ' |
Charges to costs and expenses | 21,743 | ' | ' |
Deductions | 1,263 | ' | ' |
Balance at end of year | $20,480 | ' | ' |