American Commercial Lines Announces 2009 Fourth Quarter and Annual Results
JEFFERSONVILLE, Ind., February 9 /PRNewswire-FirstCall/ American Commercial Lines Inc. (Nasdaq:
ACLI) (ACL or the Company) today announced results for the fourth quarter and year ended
December 31, 2009.
Fourth Quarter 2009 Results
Revenues for the quarter were $226.9 million, a 16.4% decrease compared with $271.6 million for the
fourth quarter of 2008. The decrease in revenue in 2009 was primarily due to changes in the mix of
commodities shipped by our transportation customers, decreased towing revenue, lower grain freight
rates and lower fuel prices (which are generally passed through to our customers). Total ton-mile
volume declined by 1.4% compared to the fourth quarter 2008.
Income from continuing operations for the quarter was $14.2 million or $1.09 per diluted share,
compared to $22.9 million or $1.81 per diluted share for the fourth quarter of 2008. Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA) from continuing operations for the
fourth quarter of 2009 were $45.2 million with an EBITDA margin of 19.9%, compared to $54.5 million
for the fourth quarter of 2008 with an EBITDA margin of 20.1%. The attachment to this press
release reconciles net income to EBITDA.
The impact of non-comparable items on income from continuing operations in the respective quarters
was insignificant. After-tax interest expense for the fourth quarter 2009 increased $2.1 million
or $0.16 per diluted share despite lower average debt levels.
Net income for the fourth quarter 2009 was impacted by an after-tax loss of $4.8 million or $0.37
per diluted share on the previously announced sale of Summit Contracting. The results of
operations and the sale of Summit Contracting are reflected as discontinued operations for all
Full-Year 2009 Results
Revenues for the year ended December 31, 2009 were $846.0 million compared with $1,159.9 million
for 2008, a 27.1% decrease, due primarily to lower transportation revenues largely attributable to
the items noted in the quarter discussion above. Manufacturing revenues were also lower as 81
fewer barges were built in 2009. The loss from continuing operations for the year ended December
31, 2009 was $2.0 million or $0.16 per diluted share, compared to income from continuing operations
of $47.4 million or $3.73 per diluted share for 2008. For the year ended December 31, 2009, EBITDA
from continuing operations was $107.8 million compared to $154.1 million for the year ended
December 31, 2008. EBITDA margin declined by 0.6 points to 12.7% in 2009.
For the year ended December 31, 2009, significant non-comparable items which impacted the loss from
continuing operations included the following after-tax items: (i) debt retirement expenses of $11.3
million or $0.89 per diluted share related to the Companys third quarter debt refinancing, (ii)
charges of $2.7 million or $0.21 per diluted share related to manufacturing segment contract
disputes and settlements, (iii) non-cash charges related to the Houston office closure of $2.3
million or $0.18 per diluted share, (iv) severance charges of $2.0 million or $0.17 per diluted
share and (v) charges of $0.4 million or $0.04 per diluted share related to the