American Commercial Lines Announces 2008 Fourth Quarter and Annual Results
JEFFERSONVILLE, Ind., March 4, 2009 /PRNewswire-FirstCall via COMTEX News Network/ — American Commercial Lines Inc. (Nasdaq: ACLI) (“ACL” or the “Company”) today announced results for the fourth quarter and year ended December 31, 2008.
Fourth Quarter 2008 Results
Revenues for the quarter were $289.9 million, a 4.2% decrease compared with $302.5 million for the fourth quarter of 2007. Income from continuing operations for the quarter was $23.5 million or $0.47 per diluted share, compared to $23.6 million or $0.46 per diluted share for the fourth quarter of 2007. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from continuing operations for the fourth quarter of 2008 was $56.0 million with an EBITDA margin of 19.3% compared to $54.5 million for the fourth quarter of 2007 with an EBITDA margin of 18.0%. The attachment to this press release reconciles net income to EBITDA.
Results for the fourth quarter 2008 included after-tax expenses of $1.0 million or $0.02 per diluted share related to refinancing costs incurred not related to the Company’s extension of its credit facility and after tax expenses of $0.7 million or $0.01 per diluted share related to impairment of goodwill on acquired businesses. Results for the fourth quarter 2007 included an after tax charge of $1.4 million or $0.03 per diluted share related to the decision to withdraw from a multi-employer pension plan for certain represented employees of the Company’s terminal operations and an after tax benefit of $1.8 million or $0.04 per diluted share from the realization of certain deferred tax assets.
Full-Year 2008 Results
Revenues for the year ended December 31, 2008 were $1,196.8 million, a 13.9% increase compared with $1,050.4 million for 2007 due primarily to higher transportation and manufacturing revenue. The increase is also due to revenues from companies acquired in late 2007 and early 2008. Income from continuing operations for the year ended December 31, 2008 was $47.5 million or $0.93 per diluted share, compared to $44.4 million or $0.77 per diluted share for 2007. For the year ended December 31, 2008, EBITDA from continuing operations was $155.8 million compared to $159.9 million for the year ended December 31, 2007.
In addition to the items discussed above in regard to the respective fourth quarters of 2008 and 2007, the full-year results for each year included these additional non-comparable items. Full-year results for 2008 included after-tax debt retirement expenses of $1.5 million or $0.03 per diluted share on the June 2008 amendment of the Company’s credit facility and an after-tax benefit of $1.4 million or $0.03 per diluted share related to the reversal of the prior year charge for withdrawal from a multi-employer pension plan. Full-year results for 2007 included after-tax debt retirement expenses of $16.0 million related to the retirement of the Company’s 9.5% senior notes and the Company’s previous revolving credit facility, which reduced diluted earnings per share by $0.28.

 


The following information was filed by American Commercial Lines Inc. on Wednesday, March 4, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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