Exhibit 99.1
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 periods presented.
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 Company’s 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

 


The following information was filed by American Commercial Lines Inc. on Tuesday, February 9, 2010 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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