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Velocity Reduces Loss.(Velocity Express )(Financial report)(Brief article)
BYLINE: Thomas L. Gallagher
Velocity Express reduced its losses in the fourth quarter as it continued to struggle with a shifting market for some of its services, customer attrition and a slow economy.
Revenue for the quarter ended December 29 was $86.1 million, down 16 percent compared with $102.3 million in the corresponding quarter a year ago. Velocity reduced operating expenses from $25.5 million a year ago to $22.1 million in the fourth quarter of 2007. Net loss for the quarter was $8.9 million, 33 percent better than the $13.4 million loss a year ago.
The company was frank about the reasons for its lower revenue. Although new business starts …
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