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Commercial Barge Line Company Announces Results for Second Quarter 2012
Adjusted EBITDAR for the trailing twelve month period ended June 30, 2012 was $220.1 million a 26% increase over Adjusted EBITDAR for the year ended December 31, 2011.
Adjusted EBITDAR of $53.4 million for the current quarter increased 33% from prior quarter.
Operating income of $17.8 million in the current quarter improved by $33.7 million over prior quarter.
Net barrel capacity of our liquid fleet increased by over 6% as a result of the addition of 16 tank barges to our liquid fleet during the current six month period which included eight Jeffboat-built tank barges and the acquisition of eight tank barges.
Strong liquidity with $240.4 million in available borrowing capacity.
Ratio of Net Funded Debt to trailing twelve month Adjusted EBITDAR reduced to 1.8 times at quarter-end.
JEFFERSONVILLE, IN(Marketwire August 7, 2012)- Commercial Barge Line Company (the Company,) today announced results for the quarter and six months ended June 30, 2012. Revenues for the current quarter increased 9% over the prior years second quarter to $218.7 million. Revenues for the current six month period increased 16% over the prior six month period to $436.8 million. For the current quarter, Adjusted EBITDAR was $53.4 million, a 33% increase over $40.2 million for the prior quarter. On a trailing-twelve month basis, Adjusted EBITDAR was $220.1 million, an increase of 26% over Adjusted EBITDAR of $174.3 million for the year ended December 31, 2011.
Commenting on the results, Mark Knoy, President and Chief Executive Officer, stated, We continue to see solid year-over-year improvements in our financial performance as a result of our focus on safe and efficient operating practices and cost control. We have also enjoyed a robust demand for our liquid transportation services and reasonably good operating conditions to date. As a result, our trailing twelve-months Adjusted EBITDAR has increased 26% over full year 2011 results to $220.1 million. This progress was made despite a challenging dry cargo market, where the market has endured rate pressure resulting from weak domestic coal demand, uncertainties in the grain markets linked to the developing drought and the overall sluggishness of the US economic recovery. Our employees have responded well to these challenges to date and have been successful in offsetting much of these pressures with solid execution, creativity, good customer service and hard work.
The following information was filed by Acl I Corp (ACLIC) on Thursday, August 9, 2012 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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