Rand Logistics Unit 10/26/08 (MM) (NASDAQ:RLOGU)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Rand Logistics Unit 10/26/08 (MM) Charts. Click Here for more Rand Logistics Unit 10/26/08 (MM) Charts.](/p.php?pid=staticchart&s=N%5ERLOGU&p=8&t=15)
Rand Logistics Inc. (Nasdaq: RLOG; RLOGW; RLOGU) (“Rand”)
today announced financial and operational results for the fiscal 2009
first quarter ended June 30, 2008.
Quarter ended June 30, 2008 Financial Highlights
Versus Quarter ended June 30, 2007
Marine freight revenue (excluding fuel surcharge, outside charter and
other surcharges) increased by 39.2% to $27.3 million, from $19.6
million.
Marine freight revenue per day per vessel increased by 18.8% to
$28,586, from $24,059.
Vessel margin1 (after expensed winter work)
increased by 125.2%, to $11.0 million, from $4.9 million.
EBITDA1 increased by 180.2%, to $8.2 million
from $2.9 million.
Scott Bravener, President and CEO of Lower Lakes, stated, “We
are very pleased with the significant marine freight revenue and EBITDA
growth enjoyed during the quarter, and feel our financial results have
demonstrated the significant earning power of our assets. The growth was
driven by a number of factors, including increased freight rates,
enhanced vessel utilization and significant improvement in boat
operating metrics, particularly on the five recently acquired vessels.
We are confident that our operations for the second quarter will trend
as favorably. As we continue to leverage our operating efficiencies to
improve vessel performance, I believe that we will extract the
additional profit enhancement inherent in our business model.”
Outlook
Laurence S. Levy, Chairman and CEO of Rand, commented, “The
second fiscal quarter ending on September 30, 2008, which is typically
the strongest quarter for Rand and the industry as a whole, will be the
first during which all of our vessels will be fully operational and
engaged in trade patterns that best utilize their capabilities. As a
result of our operating performance thus far in fiscal year 2009 and
based on our confidence in the inherent strength of our business,
highlighted by continued strong demand for our services, we are
increasing our projected fiscal year 2009 EBITDA to the $18 to $19.5
million range. We look forward to keeping you apprised of Rand’s
continued development.”
Rand Logistics, Inc.
Summary Statement of Operations (Unaudited)
(U.S. Dollars 000’s except for
Earnings (Loss) Per Share figures)
Three months ended
Three months ended
June 30, 2008
June 30, 2007 *
Revenue
43,406
25,230
43,406
25,230
Expenses
Outside voyage charter fees
6,246
2,137
Vessel operating expenses
25,555
17,317
Repairs and maintenance
888
94
32,689
19,548
Income before general and administrative, depreciation, amortization
of drydock costs and intangibles, other income and expenses and
income taxes
10,717
5,682
General and administrative
2,469
1,941
Depreciation and amortization of drydock costs and intangibles
2,616
2,308
Loss (gain) on foreign exchange
2
(173
)
5,087
4,076
Income before interest, other income and expenses and income taxes
5,630
1,606
Net income (loss)
2,316
(1,154
)
Net earnings (loss) per share – basic
$
0.19
$
(0.12
)
Net earnings (loss) per share – diluted
$
0.18
$
(0.12
)
* The statement of operations as of June 30, 2007 includes the
results of WMS, as it was a VIE at that time.
Conference Call
Management will host a conference call to discuss the results at 8:30
a.m. ET on Thursday, August 14, 2008. Interested parties may participate
in the conference call by dialing 800-218-0530 (303-262-2131 for
international callers). When prompted, ask for the "Rand Logistics First
Quarter Fiscal 2009 Earnings Conference Call."
A phone replay will be available from 10:30 a.m. ET on Thursday, August
14, 2008, until 11:59 p.m. ET on Saturday, August 23, 2008. Dial
800-405-2236 (305-590-3000 for international callers) and enter the code
11118111# to access the phone replay.
The conference call will be webcast simultaneously on the Rand Logistics
Inc. website at www.randlogisticsinc.com
under Investors: Webcasts & Presentations. The webcast replay will be
archived for 12 months.
Reconciliation of Non-GAAP Measure to GAAP
EBITDA represents earnings before interest, income tax expense,
depreciation and amortization, loss on asset disposal, and loss (gain)
on foreign exchange. EBITDA is not a measure of performance or liquidity
calculated in accordance with generally accepted accounting principles (“GAAP”),
is unaudited and should not be considered an alternative to, or more
meaningful than, net income or income from operations as an indicator of
our operating performance, or cash flows from operating activities, as
measures of liquidity. EBITDA has been presented as a supplemental
disclosure because it is a widely used measure of performance and basis
for valuation. A reconciliation of GAAP net income to EBITDA is included
in the financial tables accompanying this release.
About Rand Logistics
Rand Logistics, Inc. is a leading provider of bulk freight shipping
services throughout the Great Lakes region. Through its subsidiaries,
the Company operates a fleet of ten self-unloading bulk carriers,
including eight River Class vessels and one River Class integrated
tug/barge unit, and three conventional bulk carriers, of which one is
operated under a contract of affreightment. The Company is the only
carrier able to offer significant domestic port-to-port services in both
Canada and the U.S. on the Great Lakes. The Company’s
vessels operate under the U.S. Jones Act –
which dictates that only ships that are built, crewed and owned by U.S.
citizens can operate between U.S. ports – and
the Canada Marine Act – which requires
Canadian commissioned ships to operate between Canadian ports.
Forward-Looking Statements
This press release may contain forward-looking statements (within the
meaning of the Private Securities Litigation Reform Act of 1995)
concerning the Company and its operating subsidiaries. Forward-looking
statements are statements that are not historical facts, but instead
statements based upon the current beliefs and expectations of management
of the Company. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ from the
results included in such forward-looking statements.
RAND LOGISTICS, INC.
Consolidated Statements of Operations (Unaudited)
(U.S. Dollars 000’s except for
Earnings (Loss) Per Share figures)
Three Months Ended
Three months Ended
June 30, 2008
June 30, 2007 *
REVENUE
$
43,406
$
25,230
EXPENSES
Outside voyage charter fees
6,246
2,137
Vessel operating expenses
25,555
17,317
Repairs and maintenance
888
94
General and administrative
2,469
1,941
Depreciation
1,618
1,543
Amortization of drydock costs
567
358
Amortization of intangibles
431
358
Amortization of chartering agreement costs
-
49
(Gain) loss on foreign exchange
2
(173)
37,776
23,624
INCOME BEFORE OTHER INCOME AND EXPENSES AND INCOME TAXES
5,630
1,606
OTHER INCOME AND EXPENSES
Interest expense
1,674
1,012
Interest income
(5)
(65)
Interest rate swap contract
(1,234)
(79)
435
868
INCOME BEFORE INCOME TAXES
5,195
738
PROVISION (RECOVERY) FOR INCOME TAXES
Current
-
(43)
Deferred
2,516
361
NET INCOME BEFORE MINORITY INTEREST
2,679
420
MINORITY INTEREST
-
321
NET INCOME
2,679
99
PREFERRED STOCK DIVIDENDS
363
296
STOCK WARRANT INDUCEMENT DISCOUNT
-
957
NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS
$
2,316
$
(1,154)
Net earnings (loss) per share basic
$
0.19
$
(0.12)
Net earnings (loss) per share diluted
$
0.18
$
(0.12)
Weighted average shares basic
12,105,051
9,312,241
Weighted average shares diluted
14,796,536
9,312,241
* The statement of operations as of June 30, 2007 includes the
results of WMS, as it was a VIE at that time.
Rand Logistics, Inc.
Selected Financial Information
Reconciliation of Income before Interest, Other Income and
Expenses and Income Taxes to EBITDA
(U.S. Dollars 000’s)
Three Months ended June 30, 2008
Three Months ended June 30, 2007
Rand Logistics
Impact of
Rand Logistics
Impact of
Inc.
FIN46R
Consolidated
Inc.
FIN46R
Consolidated
Income before interest, other income and expenses and income taxes
5,630
-
5,630
1,123
483
1,606
Loss (gain) on foreign exchange
2
-
2
(173
)
-
(173
)
Depreciation and amortization of drydock costs and intangibles
2,616
-
2,616
1,994
314
2,308
EBITDA
8,248
-
8,248
2,944
797
3,741
RAND LOGISTICS, INC.
Consolidated Balance Sheets (Unaudited)
(U.S. Dollars 000’s except for
Earnings (Loss) Per Share figures)
June 30,
March 31,
2008
2008
ASSETS
CURRENT
Cash and cash equivalents
$
7,354
$
5,626
Accounts receivable, net
20,888
3,468
Prepaid expenses and other current assets
4,806
3,122
Income taxes receivable
193
193
Interest rate swap contract
335
-
Deferred income taxes
444
1,355
Total current assets
34,020
13,764
PROPERTY AND EQUIPMENT, NET
101,322
96,349
DEFERRED INCOME TAXES
19,317
20,318
DEFERRED DRYDOCK COSTS, NET
8,906
9,082
INTANGIBLE ASSETS, NET
17,542
17,979
GOODWILL
10,193
10,193
Total assets
$
191,300
$
167,685
LIABILITIES
CURRENT
Bank indebtedness
$
18,055
$
269
Accounts payable
17,520
14,985
Accrued liabilities
7,748
7,243
Acquired Management Bonus Program
3,000
3,000
Interest rate swap contract
382
1,274
Income taxes payable
422
422
Deferred income taxes
1,416
1,508
Current portion of long-term debt
4,716
3,521
Total current liabilities
53,259
32,222
LONG-TERM DEBT
66,024
66,896
OTHER LIABILITES
232
-
DEFERRED INCOME TAXES
15,419
14,703
Total liabilities
134,934
113,821
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.0001 par value,
Authorized 1,000,000 shares, Issued and outstanding 300,000 shares
14,900
14,900
Common stock, $.0001 par value
Authorized 50,000,000 shares, Issued and outstanding 12,105,051
shares
1
1
Additional paid-in capital
58,416
58,350
Accumulated deficit
(18,149)
(20,465)
Accumulated other comprehensive income (loss)
1,198
1,078
Total stockholders’ equity
56,366
53,864
Total liabilities and stockholders’ equity
$
191,300
$
167,685
1 Vessel Margin and EBITDA for the quarter
ended June 30, 2007 excludes the results of the previously consolidated
VIE, for which Rand received no economic benefit from earnings.