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American Commercial Lines Inc. (1324479) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

American Commercial Lines Inc.

CIK: 1324479
 

Exhibit 99.1
JEFFERSONVILLE, Ind., Feb 18, 2008 /PRNewswire-FirstCall via COMTEX News Network/ — The Board of Directors of American Commercial Lines Inc. (Nasdaq: ACLI) (“ACL” or the “Company”) today announced the appointment of Michael P. Ryan, the Company’s Senior Vice President of Sales and Marketing, to President and Chief Executive Officer. ACL also announced its fourth quarter and year-end financial results for 2007.
Effective March 1, 2008, Ryan will succeed Mark Holden in the role of President and Chief Executive Officer. Mr. Ryan will also fill Mr. Holden’s seat on the Company’s Board of Directors. Holden, who has led the Company since January, 2005, informed the Board of his desire to pursue other opportunities. Chairman of the Board, Clayton Yeutter, commented on the transition by saying, “Mike has been an instrumental member of ACL’s senior management team, and has taken an active role in developing and executing the Company’s strategy. We are confident that under his leadership the Company will continue to grow and improve. Yeutter added, “On behalf of the Board and ACL we thank Mark for his dedication and service, and for putting a strong management team in place. We wish him well in his future endeavors.”
Ryan has 27 years of experience in the transportation industry, with assignments in the truck, Class 1 rail and barge sectors. He has held senior leadership positions in all of these units, including top positions directing several commercial business units with CSX Transportation. Since joining ACL in 2005, he has designed the Company’s shift toward a stronger, more reliable portfolio base. Ryan built a new Sales and Customer Service Program over the past two years, which is focusing on business retention and organic growth, expanding ACL’s market share in more ratable lines of business. Ryan successfully built and led similar programs in the LTL truck and Class 1 rail venues.
Mr. Ryan stated, “We will maintain our current strategy of taking every opportunity, both in transportation and in manufacturing, to stabilize our revenue stream with more predictable, ratable and profitable business. We launched this effort in 2006 with new contract agreements in our transportation segment, and we will continue this initiative in transportation as well as manufacturing. Our industry is subject to external forces, and we will continue to take aggressive steps to neutralize those effects on our revenue base and profitability.”
Financial Results
Fourth Quarter 2007 Results
Revenues for the quarter were $302.5 million, a 13.8% increase compared with $265.9 million for the fourth quarter of 2006. Net income for the quarter was $23.7 million or $0.46 per diluted share, a 32.3% decrease compared to $35.0 million or $0.56 per diluted share for the fourth quarter of 2006. Results for the fourth quarter 2007 included an after-tax charge of $1.4 million or $0.03 per diluted share for the withdrawal from a multi-employer pension plan for represented employees of the Company’s terminal operations and a $1.8 million or $0.04 per diluted share favorable tax adjustment related to realization of certain deferred tax assets. Results for the fourth quarter 2006 included a gain of $4.8 million (net of tax) or $0.08 per diluted share

 


The following information was filed by American Commercial Lines Inc. on Tuesday, February 19, 2008 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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SEC Filing Tools
CIK: 1324479
Form Type: 10-K Annual Report
Accession Number: 0000950137-08-002838
Submitted to the SEC: Wed Feb 27 2008 2:40:11 PM EST
Accepted by the SEC: Wed Feb 27 2008
Period: Monday, December 31, 2007
Industry: Water Transportation

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