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Acl I Corp (ACLIC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Acl I Corp

CIK: 1535013 Ticker: ACLIC

Exhibit 99.1

COMMERCIAL BARGE LINE COMPANY ANNOUNCES RESULTS

FOR QUARTER AND YEAR ENDED

DECEMBER 31, 2012

Highlights

 

   

Adjusted EBITDAR of $232.1 million for the year – a 33% increase over prior year

 

   

Operating income of $61.1 million for the year - an increase of $57.4 million compared to prior year

 

   

Cash generated from operating activities of $65.8 million during the quarter

 

   

Net Funded Debt to Adjusted EBITDAR ratio of 2.0 times at year-end

 

   

Strong liquidity with $176.6 million in available borrowing capacity as of December 31, 2012

 

   

Company announces offering of $650 million senior secured term loan. Proceeds to redeem ACL I Notes and Senior Notes of the Company and pay distribution to shareholders

February 25, 2013 - Commercial Barge Line Company (the “Company,”) today announced results for the quarter and year ended December 31, 2012. For the year, the Company reported total revenues of $811.6 million and Adjusted EBITDAR of $232.1 million. Compared to 2011 results, revenues declined $41.4 million, or 4.9%, while Adjusted EBITDAR improved by $57.8 million, or 33.2%. For the quarter, total revenues were $207.9 million compared to $244.5 million in 2011 and Adjusted EBITDAR was $62.8 million compared to $60.3 million in 2011.

Commenting on the results, Mark Knoy, President and Chief Executive Officer, stated, “We are quite pleased with the continued strong operating performance we experienced, despite the challenges we faced due to the drought-related operating conditions as well as its impact on the US grain harvest. While we experienced a decline in transportation segment revenue of over $26 million in the quarter compared to last year, driven by a 27% reduction in grain ton-mile volume, our EBITDAR margin was essentially flat with what we achieved in the prior year and our Adjusted EBITDAR, which adjusts for non-comparable items including our estimate of drought-impact, exceeded last year by $2.5 million, resulting in a 5.6 percentage point increase in our Adjusted EBITDAR margin. For the year, this trend was even more marked, with an improvement in Adjusted EBITDAR of $57.8 million on a transportation revenue base that was nearly $34 million lower, for an Adjusted EBITDAR margin improvement of over 8%. Our ability to continue to deliver improved operating performance and earnings is the direct result of our execution of the operating priorities that we have been driving for the past two years – maintaining a focused distribution footprint within our core operating network, reducing non-value miles, investing wisely to improve the reliability of our equipment and providing a safe environment for our teammates to deliver on our productivity initiatives.”

As previously announced, the Company entered into new contractual agreements with MEG Energy (US) Inc. and SeaRiver Maritime Inc. (a marine affiliate of Exxon Mobil Corporation) (“Exxon”) during the fourth quarter, further extending the Company’s scope within the fast growing petroleum distribution market. Mr. Knoy stated, “We have identified the petroleum market as a significant growth opportunity for the Company, and have aggressively pursued new opportunities in this space. We are excited about working with MEG Energy and Exxon on these new contracts. Bolstered by these new relationships and the anticipated additions of tank barges to our fleet during 2013, we will move more than 60 million barrels of crude oil, refined petroleum products, chemicals and other liquid products on an annualized basis, greatly increasing our market position in this fast-growing sector, and thereby strengthening our business mix and improving our quality of earnings. As we continue to expand in this space, we expect that our liquids business will contribute approximately 60% of our consolidated EBITDAR in the future.”


The following information was filed by Acl I Corp (ACLIC) on Monday, February 25, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts - Schedule Of Valuation And Qualifying Accounts (detail)
Schedule Ii - Valuation And Qualifying Accounts - Schedule Of Valuation And Qualifying Accounts (parenthetical) (detail)
Consolidated Balance Sheets
Consolidated Statement Of Shareholder's Equity
Consolidated Statement Of Shareholder's Equity (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accounting Policies
Accounting Policies (policies)
Accounting Policies (tables)
Accounting Policies - Additional Information (detail)
Accounting Policies - Schedule Of Inventory (detail)
Accounting Policies - Schedule Of Inventory (parenthetical) (detail)
Accounting Policies - Summary Of Accounts Receivable (detail)
Accounting Policies - Summary Of Future Intangible Amortization Expense (detail)
Accounting Policies - Summary Of Intangible Assets (detail)
Accounting Policies - Summary Of Properties (detail)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income (loss) - Accumulated Other Comprehensive Income (loss) (detail)
Accumulated Other Comprehensive Income (loss) - Accumulated Other Comprehensive Income (loss) (parenthetical) (detail)
Acquisitions, Dispositions And Impairment
Acquisitions, Dispositions And Impairment (tables)
Acquisitions, Dispositions And Impairment - Additional Information (detail)
Acquisitions, Dispositions And Impairment - Summary Of Allocation Of Purchase Price (detail)
Acquisitions, Dispositions And Impairment - Summary Of Consideration Paid (detail)
Acquisitions, Dispositions And Impairment - Summary Of Dispositions And Impairments (detail)
Business Segments
Business Segments (tables)
Business Segments - Additional Information (detail)
Business Segments - Schedule Of Segment Reporting Information By Segment (detail)
Contingencies
Contingencies - Additional Information (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Schedule Of Debt (detail)
Debt - Schedule Of Maturities Of Long Term Debt (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Discontinued Operations - Summary Of Discontinued Operations Net Of Tax (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (detail)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income (detail)
Employee Benefit Plans - Components Of Weighted-average Assumptions (detail)
Employee Benefit Plans - Fair Value Of Plan Assets By Asset Category (detail)
Employee Benefit Plans - Multi-employer Defined Benefit Pension Plan (detail)
Employee Benefit Plans - Multi-employer Defined Benefit Pension Plan (parenthetical) (detail)
Employee Benefit Plans - Schedule Of Changes In Level 3 Fair Value Measurements (detail)
Employee Benefit Plans - Schedule Of Expected Payments To Plan Participants (detail)
Employee Benefit Plans - Schedule Of Post Retirement Benefit Obligation (detail)
Employee Benefit Plans - Summary Of Pension And Post-retirement Plan Components (detail)
Exit Activities
Exit Activities - Additional Information (detail)
Financial Instruments And Risk Management
Financial Instruments And Risk Management (tables)
Financial Instruments And Risk Management - Additional Information (detail)
Financial Instruments And Risk Management - Summary Of Carrying Amount And Fair Values Of Cbl's Financial Instruments (detail)
Financial Instruments And Risk Management - Summary Of Carrying Amount And Fair Values Of Financial Instruments (detail)
Financial Instruments And Risk Management - Summary Of Quantity Hedged And Fuel Price (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Reconciliation Of Tax Of Income Before Income Taxes And Total Tax Expense (detail)
Income Taxes - Schedule Of Components Of Deferred Income Taxes (detail)
Income Taxes - Schedule Of Components Of Income Tax Expense Exclusive Of Income Tax Expense Associated With Discontinued Operations (detail)
Lease Obligations
Lease Obligations (tables)
Lease Obligations - Additional Information (detail)
Lease Obligations - Summary Of Operating Leases Obligations With Initial Or Non-cancellable Lease Terms Longer Than One Year (detail)
Quarterly Data (unaudited)
Quarterly Data (unaudited) (tables)
Quarterly Data - Reclassification Of Summit And Ebdg To Discontinued Operations (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Share -based Compensation - Additional Information (detail)
Share-based Compensation
Subsequent Events
Subsequent Events - Additional Information (detail)
Valuation And Qualifying Accounts
Ticker: ACLIC
CIK: 1535013
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-134252
Submitted to the SEC: Fri Mar 29 2013 1:30:05 PM EST
Accepted by the SEC: Fri Mar 29 2013
Period: Monday, December 31, 2012
Industry: Water Transportation

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