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American Commercial Lines Inc. (1324479) SEC Filing 10-Q Quarterly report for the period ending Wednesday, March 31, 2010

American Commercial Lines Inc.

CIK: 1324479
Exhibit 99.1
American Commercial Lines Announces First Quarter 2010 Results
JEFFERSONVILLE, Ind., April 28 /— American Commercial Lines Inc. (Nasdaq: ACLI) (“ACL” or the “Company”) today announced results for the first quarter ended March 31, 2010. Revenues for the quarter were $148.3 million, a 23.0% decrease compared with $192.7 million for the first quarter of 2009. Transportation revenue declined by 13.2% and manufacturing revenue fell 67.5% on fewer units sold. The Company had a loss from continuing operations of $3.5 million or $0.27 per diluted share, compared to a loss from continuing operations of $4.5 million or $0.35 per diluted share for the first quarter of 2009. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from continuing operations for the quarter was $15.1 million with an EBITDA margin of 10.2%, compared to $14.2 million for the first quarter of 2009 with an EBITDA margin of 7.4%. The attachment to this press release reconciles net income to EBITDA.
Results for the first quarter of 2009 included after-tax severance and Houston sales office closure expenses of $2.4 million or $0.19 per share and an after tax charge of $0.4 million or $0.03 per share related to a customer’s bankruptcy filing.
Commenting on first quarter results, Michael P. Ryan, President and Chief Executive Officer, stated, “The difficult economic conditions continue to impact demand for our transportation services and our new barge manufacturing. The excess barge capacity which exists as a result of this lower demand continues to negatively impact pricing strength in our industry. Despite these factors, strong cost controls and higher gains from asset management actions increased our transportation segment’s operating income by $6.2 million. Our heightened focus on safety, as well as early results of our strategic initiatives to improve the cost structure and the fundamentals of our business through realignment of personnel and the sale of non-essential assets are driving our positive year-over-year direction. Transportation SG&A costs decreased by $4.9 million due to lower salaries, benefits, claims and marketing spending in the current quarter and by an additional $4.7 million due to the non-comparable reorganization charges in 2009.
“Our manufacturing segment’s operating income decreased by $3.9 million compared to the prior year driven by 25 weather-related lost production days and an increased focus on building dry barges for ACL to improve our transportation fleet. With the economic recovery beyond our control, we remain focused on improving our business fundamentals, aggressively controlling costs and pursuing our strategy of business mix improvement to prepare our Company to

 


The following information was filed by American Commercial Lines Inc. on Wednesday, April 28, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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CIK: 1324479
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-10-046282
Submitted to the SEC: Fri May 07 2010 2:55:46 PM EST
Accepted by the SEC: Fri May 07 2010
Period: Wednesday, March 31, 2010
Industry: Water Transportation

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