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Commercial Barge Line Company Announces Results for Third Quarter 2012
Adjusted EBITDAR for the trailing twelve month period ended September 30, 2012 was $229.5 million, including a year-to-date adjustment of $26.7 million for weather-related costs a 31.7% increase over Adjusted EBITDAR for the year ended December 31, 2011.
Adjusted EBITDAR of $55.1 million for the current quarter, including an adjustment of $24.2 million for weather-related costs, increased 14.5% from prior year quarter.
Operating income of $7.1 million in the current quarter was down $4.7 million but up $59.6 million for the nine months ended September 30, 2012 compared to the comparable prior year periods.
Strong liquidity with $169.7 million in available borrowing capacity.
JEFFERSONVILLE, IN November 1, 2012 Commercial Barge Line Company (the Company,) today announced results for the quarter and nine months ended September 30, 2012. Revenues for the current quarter decreased 27.9% over the prior years third quarter to $166.9 million reflecting the challenging operating conditions on the Mississippi River resulting from the current years extraordinary drought. Revenues for the current nine month period were relatively flat versus the prior nine month period at $603.7 million. For the current quarter, Adjusted EBITDAR, which reflects adjustments for losses associated with the current operating conditions, was $55.1 million, a 14.5% increase from $48.1 million for the prior quarter. Adjusted EBITDAR for the third quarter 2012 reflects $24.2 million of the adjustment related to lower revenue and higher costs incurred as a result of the drought. On a trailing-twelve month basis, Adjusted EBITDAR was $229.5 million, an increase of 31.7% 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, The low water levels on the Mississippi River and the extreme drought conditions during the third quarter have resulted in some of the most challenging conditions our industry has experienced in nearly a half century in terms of severity, duration and the impact on the agriculture industry. Current operating conditions and the droughts impact on what had previously been expected to be an all-time record US corn harvest have led to lower revenues and higher costs in the short-term. Initial USDA forecasts, had suggested harvest levels that would have resulted in corn exports through the Gulf at levels nearly twice what we currently expect them to be. In those conditions, the $21 million of revenue we actually realized in grain transport during the third quarter would have been significantly improved.
Mr. Knoy went on to say, While the current quarters events have set the industry back in the near-term, transportation of commodities via the inland waterways continues to be the most cost effective and environmentally friendly mode of transport and we believe the fundamentals of our business are strong. Industry sources project an increase in demand for covered hopper transport
The following information was filed by Acl I Corp (ACLIC) on Thursday, November 1, 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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