Highlights for the second quarter: • Effective July 3rd, printing of The Toronto Star was successfully transitioned to Transcontinental Printing. The sale process for the printing facility and land in Vaughan is well underway and we have been pleased with the level of interest and progress thus far. • Ended the second quarter of 2016 with $42.9 million of cash and cash equivalents and restricted cash; Torstar has no bank indebtedness. • Our net loss from continuing operations was $24.3 million ($0.30 per share) in the second quarter of 2016. This compares to a net loss of $1.1 million ($0.01 per share) in the second quarter of 2015. The second quarter of 2016 included $26.5 million of additional non-cash amortization and depreciation expense associated with our investment in VerticalScope as well as $4.5 million of additional non-cash amortization and depreciation expense of equipment related to the transition of printing of the Toronto Star to Transcontinental Printing.
-Expansion more than triples size of ground sortation and distribution hub to over 1 million square feet, nearly doubling package sorting capacity
-Adds even more support for express service packages routed to UPS’s nearby Worldport® air hub at Louisville Muhammad Ali International Airport
-Business and retail customers gain speed-to-market and enhanced flexibility from highly automated “super hub”
UPS has completed the multi-phase expansion of its Louisville Centennial ground package sortation and distribution facility. The project has created 300 new full- and part-time jobs and features UPS’s advanced package processing technologies.
“Tripling the size of our Centennial hub provides companies with distribution centers and operations in Kentucky and the surrounding areas with more opportunities to better serve their customers,” said Joe Boyle, president of UPS’s Ohio Valley District. “UPS is grateful for the strong relationship we have built with the city of Louisville and the Commonwealth of Kentucky. And we appreciate the Louisville Renaissance Zone Corporation’s support in making this a successful project. It’s an exciting time to be a partner in the economic growth of this region.”
“We are excited to mark the opening of the Centennial hub, part of the continued investment UPS makes in our community. UPS has been a valuable corporate partner for decades, participating in the SummerWorks and Metropolitan College programs, and as UPS grows, so does our city,” said Louisville Mayor Greg Fischer. “Its presence has attracted more than 200 companies to the Louisville region, creating thousands of jobs and bringing in millions of investment dollars. Congratulations to UPS on its latest expansion.”
The Louisville super hub’s strategic proximity to UPS’s Worldport air hub at Louisville International Airport supports end-of-runway express services like UPS Next Day Air® and UPS eFulfillment that many e-commerce companies demand. The Centennial hub can insert packages into UPS’s air operations as late as 1:30 a.m. for delivery across the country the same day.
“UPS is building innovative solutions to serve small, medium and large businesses in Louisville, throughout the Ohio Valley, across the United States and around the world,” said Boyle. “This expansion is part of how UPS is enabling companies of all sizes to deliver products when, where and how their customers want.”
Now covering more than 19 football fields, the expanded facility can process approximately 85,000 packages per hour via nearly 25 miles of conveyors using highly automated processing equipment. Six-sided laser label decode tunnels will rapidly capture package information from address labels. High speed label applicators will place UPS “smart labels” on packages at a rate of 3 per second, providing UPS personnel instructions for proper routing and loading into waiting trailers headed to destinations across the country, or into package delivery vehicles bound for Louisville-area businesses and residents.
“Super hubs” like Centennial increase the speed and flexibility of packages moving through UPS’s smart global logistics network. They also have a significantly higher package processing capacity than most other package operations facilities.
The Louisville hub expansion project is part of a multi-year UPS investment plan to modernize and expand the company’s global network, including addition of several new facilities and acquisition of new cargo aircraft.