The “pick up, drop off” parcel company reported revenue of nearly C$314,000 during the three months ended May 31, 2020 compared to the C$215,000 it reported during the same quarter a year ago.
Toronto-based PUDO said the revenue boost was due to new partner volumes and the successful sale of additional services to other partners.
PUDO derives its revenue from receiving the parcel and arranging for its transportation to a regional cross-dock for sorting and then transportation from the distribution center to the chosen PUDOpoint, and holding the parcel for pick-up. Its PUDOpoint counters are strategically located in corner stores throughout Canada and the US.
The firm said that courier pickup service at PUDOpoint locations increased by 313% compared to 1Q 2020 as a result of an unnamed large customer expanding its use of its counters as drop off locations.
Third-party logistics parcels increased by 64% over the comparable quarter as partners increased the volume of parcel shipments that utilize PUDO’s preferred shipping rates.
Failed first attempts parcels decreased by 9% relative to 1Q 2020 due to the impact of the coronavirus pandemic, which lessened the need for pickup points as more people were at home to accept their deliveries.
"I am very pleased that, COVID-19-related parcel volume issues notwithstanding, the company showed impressive growth in key areas that demonstrate the strategic wisdom of our growth and expansion plan," PUDO CEO Frank Coccia said in a statement.
"It was no small feat for our home office and PUDOpoint operators to maintain service and performance levels and the confidence of new partners, while the economy overall was very hesitant. I am very proud of how the company performed during the crisis.”
The firm narrowed its net loss to $329,000 or C$0.01 per share compared to $600,000 (C$0.03 per share) during the same year-ago quarter, attributable to a reduction in administrative expenses as a result of a decrease in salaries due to changes in senior management and the non-cash expense related to share-based compensation.
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