EXHIBIT 99.1
American Commercial Lines Announces Second Quarter Results
JEFFERSONVILLE, IN, July 28, 2009 (MARKETWIRE via COMTEX) — American Commercial Lines Inc. (NASDAQ: ACLI) (“ACL” or the “Company”) today announced results for the quarter and six months ended June 30, 2009.
Revenues for the quarter ended June 30, 2009 were $224.7 million, a 30.4% decrease compared with $322.7 million for the quarter ended June 30, 2008. Segment revenue for transportation, manufacturing and services declined in the quarter by 32.9%, 25.8% and 18.8%, respectively. For the quarter ended June 30, 2009, the Company’s net loss was $3.8 million or $0.30 per share, compared to net income of $3.7 million or $0.29 per diluted share for the same quarter of 2008. Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for the second quarter of 2009 was $20.2 million, with an EBITDA margin of 9.0%, compared to $27.7 million for the second quarter of 2008 with an EBITDA margin of 8.6%. The attachment to this press release reconciles net income to EBITDA.
Results for the second quarter of 2009 included after-tax interest costs that were $4.3 million or $0.34 per share higher than the prior year quarter, due to higher effective interest rates than in the prior year, and despite an average outstanding debt balance approximately $40 million lower than in the prior year quarter. Results of the quarter ended June 30, 2008 included after-tax debt retirement expenses of $1.5 million or $0.12 per diluted share due to the amendment of the Company’s credit facility in place during that quarter.
Revenues for the six months ended June 30, 2009 were $421.5 million, a 28.9% decrease compared with $593.2 million for the same period during 2008. Transportation revenue declined by 28.6% and manufacturing revenue fell 33.5% on fewer units sold. Services revenue for the six months ended June 30, 2009 increased by 22.5% due to the inclusion of the environmental and civil engineering company acquired in April of 2008 for the full six months in 2009. For the six months ended June 30, 2009, the Company’s net loss was $9.2 million, or $0.73 per share, compared to net income of $6.0 million or $0.47 per diluted share for the same period of 2008. EBITDA for the six months ended June 30, 2009 was $33.3 million, with an EBITDA margin of 7.9%, compared to $50.7 million for the same period of 2008 with an EBITDA margin of 8.6%.
Results for the six months ended June 30, 2009 included severance related to current year reductions in force (“RIF”) and expenses for the closure of the Houston office that exceeded the severance related to prior year actions by $1.6 million after-tax, or $0.13 per share, higher after-tax interest costs of $5.0 million, or $0.40 per share, and after-tax charges of $0.4 million, or $0.03 per share, related to a customer’s bankruptcy filing.
In July 2009, the Company refinanced its debt structure, issuing $200 million in senior notes due 2017 and obtaining a new four-year $390 million asset based revolving credit facility. On a blended basis, at existing borrowing levels, the new debt structure will result in a lower cost of debt compared to our prior agreement.
Commenting on results, Michael P. Ryan, President and Chief Executive Officer, stated, “The impact of the recession on customer freight demand continues to greatly impact our business. Freight demand is down and our highest volumes are coming from our lowest margin commodities. We are aggressively managing every aspect of our business that we can, and as a result, we have positive cash flow and EBITDA for the quarter and six months ended June 30, 2009. In addition the new credit facility provides us with a solid, long-term capital structure; a lower cost of debt and the flexibility to execute on our strategy.”

 


The following information was filed by American Commercial Lines Inc. on Wednesday, July 29, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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