ACL Announces First Quarter Results

Wednesday, April 25, 2007
American Commercial Lines Inc. (ACL) announced results for the first quarter ended March 31, 2007. Revenues for the quarter were $228.2 million, a 15.6 percent increase compared with $197.5m for the first quarter of 2006. Net loss for the quarter was $1.1 million or $0.02 per diluted share, compared to net income of $11.1m or $0.18 per diluted share for the first quarter of 2006. Results for the first quarter of 2007 included debt retirement expenses of $21.7 million on the retirement of the Company’s 9.5 percent senior notes which reduced earnings per share by $0.22. The transportation segment’s revenues increased 2.6% over the prior year to $176.1 million in the first quarter, driven by average fuel neutral rate increases of 1.8% on our dry freight business and 16.2% on our liquid freight business compared to the first quarter of 2006. The fuel neutral rate on our dry freight business was impacted by 12% lower spot grain rates. Volume measured in ton-miles declined in the first quarter to 10.2 billion from 10.8 billion in the same period of the prior year, a decrease of 5.3%. On average, 7.0% fewer barges operated in the first quarter of this year compared to the first quarter of last year. Last year’s first quarter volumes were benefited both by favorable weather conditions and carryover grain demand as a result of the 2005 hurricanes. The manufacturing segment’s revenues, inclusive of barges manufactured for internal use by ACL, were $52.7m in the first quarter compared to $50.5m during the same period last year. No barges were built for internal use in the first quarter of 2007, driving external revenue of $52.1m compared to $25.7m during the first quarter last year. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the first quarter of 2007 were $35.3 million with an EBITDA margin of 15.5% compared to $34.7 million for the first quarter of 2006 with an EBITDA margin of 17.5%. The attachment to this press release reconciles net income to EBITDA.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Completes Horizon Lines Acquisition

Matson, Inc. has completed the acquisition of Horizon Lines, Inc. which includes Horizon's Alaska operations and the assumption of all non-Hawaii business liabilities.

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

BWTS Newcomer Sees Early Success

Norwegian manufacturer of ballast water treatment systems MMC Green Technology reports it has sold more than 70 systems since going commercial with its MMC BWMS two years ago,

Finance

US Oil Contango Vanishing as Supply Glut Shifts Abroad

The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1864 sec (5 req/sec)