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American Commercial Lines Announces Third Quarter Results
Marketwire
Oct 27, 2009
JEFFERSONVILLE, IN -- (Marketwire) -- 10/28/09 -- American Commercial Lines Inc. (NASDAQ: ACLI) ("ACL" or the "Company") today announced results for the quarter and nine months ended September 30, 2009.
Revenues for the quarter ended September 30, 2009 were $216.0 million, a 31.1% decrease compared with $313.7 million for the quarter ended September 30, 2008. The decrease in revenue was primarily due to changes in the mix of commodities shipped by our customers in the respective quarters into lower revenue commodities and to lower volume in the current year. The impact of lower fuel prices which contractually is passed through to our customers in the current year quarter also contributed to the decline in revenue and was partially offset by the increase in manufacturing segment's revenues in the quarter. For the quarter ended September 30, 2009, the Company's net loss was $12.2 million or $0.96 per diluted share, compared to net income of $18.3 million or $1.44 per diluted share for the comparable quarter of 2008. Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") for the third quarter of 2009 was $22.4 million, with an EBITDA margin of 10.4%, compared to $49.6 million for the third quarter of 2008 with an EBITDA margin of 15.8%. The attachment to this press release reconciles net income to EBITDA.
Results for the quarter ended September 30, 2009 were impacted by three significant non-comparable charges: (i) after-tax debt retirement expenses of $11.2 million or $0.88 per diluted share related to the Company's third quarter debt refinancing, (ii) an after-tax charge of $2.8 million or $0.22 per diluted share related to an impairment charge on the intangible assets of the Company's Summit engineering business and (iii) an after-tax charge of $1.5 million or $0.11 per diluted share related to a customer contract dispute in its manufacturing segment. In the third quarter 2009, though average outstanding debt declined from the prior year's third quarter, after-tax interest expenses were $2.0 million higher, negatively impacting the quarter by $0.16 per diluted share. The current quarter also benefitted from higher after-tax net gains from asset management actions of $7.7 million or $0.61 per diluted share.
Commenting on results, Michael P. Ryan, President and Chief Executive Officer, stated, "We have not seen a recovery in our most profitable markets, and we have been negatively impacted by the late grain harvest, which deferred any anticipated benefit from the harvest activity to the fourth quarter and early 2010. We continue to aggressively manage all of our costs, having completed additional reductions in force both at the shipyard and through our transportation operations realignment during the third quarter. We have now reduced total annualized salaried compensation costs by approximately $25 million since May 2008, establishing a more efficient organizational structure through the recent realignment of our barging operations. Additionally, we have reduced our shipyard production headcount by over 10% in the quarter and 30% overall, right sizing the manufacturing workforce. We have succeeded in producing positive cash flow and EBITDA for the quarter and nine months ended September 30, 2009 and have continued to judiciously manage our capital expenditures to position us for improved performance when the transportation markets begin to recover."
Revenues for the nine months ended September 30, 2009 were $637.5 million, a 29.7% decrease compared with $906.9 million for the same period during 2008. Transportation revenues declined by 33.4% while manufacturing revenues fell 21.5%. For the nine months ended September 30, 2009, the Company's net loss was $21.4 million, or $1.68 per diluted share, compared to net income of $24.3 million or $1.91 per diluted share for the same period of 2008. EBITDA for the nine months ended September 30, 2009 was $55.7 million, with an EBITDA margin of 8.7%, compared to $100.3 million for the same period of 2008 with an EBITDA margin of 11.1%.
In addition to the significant non-comparable charges in the quarter, comparison of the nine months ended September 30, 2009 to the comparable period of the prior year is impacted by severance related to current year reductions in force and expenses for the closure of the Houston office that exceeded the severance related to prior year actions by $1.9 million after-tax or $0.15 per diluted share, current year after-tax charges of $0.4 million or $0.03 per diluted share related to a customer's bankruptcy filing and a prior year after-tax benefit of $1.3 million or $0.10 per diluted share related to a pension reversal. Results for the nine months ended September 30, 2009 included after-tax interest expense that was $7.0 million higher than the comparable prior year period, negatively impacting income by $0.55 per diluted share. The nine months ended September 30, 2009 benefitted from higher after-tax net gains from asset management actions of $5.1 million or $0.41 per diluted share.
Transportation Results
The higher margin metals and refined liquid petrochemical products markets remained weak in the third quarter, impacting year-over-year comparisons. While the transportation segment had strong grain and legacy coal volumes, grain rates are significantly lower than the prior year due primarily to the lateness of the 2009 harvest.
The segment's revenues were $142.1 million in the third quarter and $443.4 million in the nine months ended September 30, 2009, a decrease of 41.7% from the third quarter of 2008 and 33.4% from the first nine months of the prior year or 35.3% and 28.1%, respectively, on a fuel-neutral basis. Ton-mile volumes decreased approximately 12% from the prior year quarter to 8.7 billion ton-miles and 7.5% from the prior year for the first nine months. During the quarter ended September 30, 2009, three boats that did not fit within the Company's new strategic power model were sold producing $23 million of cash proceeds. Also in the quarter impairment charges were incurred for certain other boats that have been identified as surplus. The net gain from the sale and the additional impairment was partially offset by $2.7 million and $9.4 million in lower margins from scrapping of surplus barges when compared to the prior year third quarter and nine months ended September 30, 2008, respectively.
The mix shift into lower margin commodities and lower grain pricing drove total dry portfolio fuel-neutral pricing down 25% from the prior year quarter and down 24% for the three quarters. The grain revenue price variance of negative $19.0 million in the quarter and negative $37.6 million in the first three quarters drove much of the dry portfolio decline. Liquid portfolio fuel-neutral pricing was down 8% for the quarter and up 3% from the prior year's first nine months. Higher margin liquid and bulk affreightment volumes decreased 35% and 26% in the quarter and 41% and 27% for the first nine months, respectively, from the prior year levels. Lower margin grain and legacy coal volumes increased 25% and 27% in the quarter and 41% and 39% in the first three quarters over the prior year periods.
For the current quarter and first nine months, the negative impact of volume, price, and mix significantly impacted margins. Operating income was negatively impacted by higher costs of relocating empty barges due to the current year imbalance of north and south bound freight, estimated at $6.4 million in the quarter and $16.1 million in the nine month period, and lower scrapping activity. These items were only partially offset by higher boat productivity, net gains on asset management described above and favorable SG&A. Additionally, the delayed harvest in 2009 significantly lowered normal September grain volumes. The average number of liquid barges in charter/day rate service decreased in the third quarter by 38 barges or 25% from the prior year quarter. The transportation segment's operating income in the quarter was $9.9 million compared to operating income of $34.0 million in the third quarter of 2008. The operating ratios for the third quarter of 2009 and 2008 were 93.0% and 86.1%, respectively.
Manufacturing Results
Manufacturing segment revenues of $64.2 million in the quarter ended September 30, 2009 were $7.0 million higher, or 12.2% above the prior-year, primarily due to the number of barges built and relative steel pricing, with 53 dry hoppers produced in the current year compared to 19 in the prior year. Nine liquid tankers and one special vessel were sold this quarter versus 12 tankers and 10 hybrid barges in last year's quarter. In the nine months ended September 30, 2009, manufacturing segment revenues were $46.5 million lower on fewer barges produced for external customers, with 72 dry hoppers produced in the current year compared to 191 in the prior year. In the first nine months of 2009 39 liquid tankers and three special vessels were sold versus 38 tankers, three special vessels and 10 hybrid barges in last year's first nine months.
The manufacturing segment's EBITDA increased 34.5% for the quarter and 41.9% for the nine months ended September 30, 2009, despite a $2.3 million charge related to a contract dispute. This improvement resulted from a better mix of higher margin barges sold year-to-date and improved productivity. EBITDA margin for the quarter was 8.0% and for the nine months ended September 30, 2009 was 12.7%.
Manufacturing operating profit improved by $1.1 million quarter-over-quarter and $5.8 million for the first nine months on the better mix of barges, improved productivity and safe operations, as the shipyard is approaching two million hours worked without a lost time injury in the fourth quarter of 2009. The higher provision for the customer dispute negatively impacted quarterly performance.
The manufacturing backlog has not been robust, though relatively low steel prices are stimulating a higher level of quote activity. In July, in order to right size the workforce, the shipyard headcount was reduced by approximately 10% in response to reduced demand. New orders for 25 dry cargo barges and five liquid tank barges were added to our manufacturing backlog during the quarter and 50 new dry cargo barges will be built in 2010 for our transportation segment.
Cash Flow and Debt
At September 30, 2009, the Company had $413.8 million in total debt outstanding. In the nine months ended September 30, 2009, the Company generated $83.8 million of cash flow from operations, compared to $75.4 million in the prior year. The increase, on lower net income, was primarily due to working capital changes, mainly lower accounts receivable. At September 30, 2009, the Company had approximately $196 million in available liquidity under its revolver, considering quarter-end temporarily restricted cash of $23 million which was used in October to reduce outstanding debt balances. During the first nine months of 2009 the Company had $20.1 million of capital expenditures primarily related to costs of new tank barges begun in the fourth quarter of 2008, boat and barge maintenance, improvements to the shipyard and software.
Quarter and Nine Months Ended September 30, 2009 Earnings Conference Call
ACL will conduct a conference call to discuss the Company's quarter and nine months ended September 30, 2009 earnings on October 29, 2009 at 10:00 a.m. Eastern time. ACL's live webcast, featuring a slide presentation, may be accessed at www.aclines.com. The telephone numbers to access the conference call are: Domestic (866) 700-6979; International (617) 213-8836; and the Participant Passcode is 32576935. For those unable to participate in the live call or webcast, the ACL Conference Call will be archived at www.aclines.com within three hours of the conclusion of the live call and will remain available through December 29, 2009. The slide presentation will remain archived at www.aclines.com.
American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine transportation and service company operating in the United States Jones Act trades, with approximately $1.2 billion in revenues and approximately 3,400 employees as of December 31, 2008. For more information about American Commercial Lines Inc., visit www.aclines.com.
Forward-Looking Statements
This release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to risks, uncertainty and changes in circumstance. Important factors could cause actual results to differ materially from those expressed or implied by the forward-looking statements and should be considered in evaluating the outlook of American Commercial Lines Inc. Risks and uncertainties are detailed from time to time in American Commercial Lines Inc.'s filings with the SEC, including the Form 10-K, as amended, for the year ended December 31, 2008 and our most recent Form 10-Q. American Commercial Lines Inc. is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of changes, new information, subsequent events or otherwise.
AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except shares and per share amounts)
(Unaudited)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenues
Transportation and
Services $ 151,769 $ 256,456 $ 467,159 $ 689,995
Manufacturing 64,198 57,219 170,348 216,890
---------- ---------- ---------- ----------
Revenues 215,967 313,675 637,507 906,885
---------- ---------- ---------- ----------
Cost of Sales
Transportation and
Services 130,562 203,469 416,316 585,205
Manufacturing 57,172 53,537 147,497 201,441
---------- ---------- ---------- ----------
Cost of Sales 187,734 257,006 563,813 786,646
---------- ---------- ---------- ----------
Gross Profit 28,233 56,669 73,694 120,239
Selling, General and
Administrative Expenses 19,580 20,110 59,434 60,614
---------- ---------- ---------- ----------
Operating Income 8,653 36,559 14,260 59,625
---------- ---------- ---------- ----------
Other Expense (Income)
Interest Expense 10,480 7,469 30,833 20,189
Debt Retirement Expenses 17,659 - 17,659 2,379
Other, Net (328) (401) (809) (1,547)
---------- ---------- ---------- ----------
Other Expenses 27,811 7,068 47,683 21,021
---------- ---------- ---------- ----------
(Loss) Income from
Continuing Operations
before Income Taxes (19,158) 29,491 (33,423) 38,604
Income Taxes (Benefit) (6,991) 11,136 (12,202) 14,582
---------- ---------- ---------- ----------
(Loss) Income from
Continuing Operations (12,167) 18,355 (21,221) 24,022
Discontinued Operations,
Net of Tax (5) (7) (177) 296
---------- ---------- ---------- ----------
Net (Loss) Income $ (12,172) $ 18,348 $ (21,398) $ 24,318
========== ========== ========== ==========
Basic (loss) earnings per
common share:
(Loss) income from
continuing operations $ (0.96) $ 1.45 $ (1.67) $ 1.91
(Loss) income from
discontinued operations,
net of tax - - (0.01) 0.02
---------- ---------- ---------- ----------
Basic (loss) earnings per
common share $ (0.96) $ 1.45 $ (1.68) $ 1.93
========== ========== ========== ==========
(Loss) earnings per common
share - assuming dilution:
(Loss) income from
continuing operations $ (0.96) $ 1.44 $ (1.67) $ 1.89
(Loss) income from
discontinued operations,
net of tax - - (0.01) 0.02
---------- ---------- ---------- ----------
(Loss) earnings per common
share - assuming dilution $ (0.96) $ 1.44 $ (1.68) $ 1.91
========== ========== ========== ==========
Weighted Average Shares
Outstanding:
Basic 12,715,120 12,657,771 12,705,308 12,598,909
Diluted 12,715,120 12,714,207 12,705,308 12,723,276
AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except shares and per share amounts)
September December
30, 31,
2009 2008 (1)
---------- ----------
ASSETS
Current Assets
Cash and Cash Equivalents $ 1,824 $ 1,217
Cash, Restricted 23,000 -
Accounts Receivable, Net 91,986 138,695
Inventory 46,658 69,635
Deferred Tax Asset 3,829 5,173
Assets Held for Sale 2,222 4,577
Prepaid and Other Current Assets 22,847 39,002
---------- ----------
Total Current Assets 192,366 258,299
Properties, Net 525,157 554,580
Investment in Equity Investees 4,251 4,039
Other Assets 45,086 22,333
---------- ----------
Total Assets $ 766,860 $ 839,251
========== ==========
LIABILITIES
Current Liabilities
Accounts Payable $ 36,241 $ 67,719
Accrued Payroll and Fringe Benefits 17,094 25,179
Deferred Revenue 14,796 13,986
Accrued Claims and Insurance Premiums 17,647 22,819
Accrued Interest 6,910 1,237
Current Portion of Long Term Debt 784 1,420
Customer Deposits 3,731 6,682
Other Liabilities 29,128 43,522
---------- ----------
Total Current Liabilities 126,331 182,564
Long Term Debt 412,994 418,550
Pension & Post Retirement Liabilities 44,450 44,140
Deferred Tax Liability 27,393 30,389
Other Long Term Liabilities 4,403 4,899
---------- ----------
Total Liabilities 615,571 680,542
---------- ----------
STOCKHOLDERS' EQUITY
Common stock; authorized 50,000,000 shares at $.01
par value; 15,894,908 and 15,813,746 shares issued
and outstanding as of September 30, 2009 and
December 31, 2008, respectively 159 158
Treasury Stock; 3,178,087 and 3,150,906 shares at
September 30, 2009 and December 31, 2008,
respectively (313,302) (312,886)
Other Capital 298,071 293,493
Retained Earnings 174,522 195,920
Accumulated Other Comprehensive Loss (8,161) (17,976)
---------- ----------
Total Stockholders' Equity 151,289 158,709
---------- ----------
Total Liabilities and Stockholders'
Equity $ 766,860 $ 839,251
========== ==========
(1) The Consolidated Balance Sheet at December 31, 2008 has been derived
from the audited consolidated financial statements at that date, but
does not included all the information and footnotes required by
generally accepted accounting principles.
AMERICAN COMMERCIAL LINES INC.
NET INCOME TO EBITDA RECONCILIATION
(Dollars in thousands)
(Unaudited)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Net (Loss) Income from
Continuing Operations $ (12,167) $ 18,355 $ (21,221) $ 24,022
Discontinued Operations, Net of
Income Taxes (5) (7) (177) 296
--------- --------- --------- ---------
Consolidated Net (Loss) Income $ (12,172) $ 18,348 $ (21,398) $ 24,318
--------- --------- --------- ---------
Adjustments from Continuing
Operations:
Interest Income (1) (30) (13) (92)
Interest Expense 10,480 7,469 30,833 20,189
Debt Retirement Expenses 17,659 - 17,659 2,379
Depreciation and
Amortization 13,390 12,626 40,664 38,760
Taxes (6,991) 11,136 (12,202) 14,582
Adjustments from Discontinued
Operations:
Interest Income - (6) - (38)
Taxes - 13 170 178
EBITDA from Continuing
Operations 22,370 49,556 55,720 99,840
EBITDA from Discontinued
Operations (5) - (7) 436
--------- --------- --------- ---------
Consolidated EBITDA $ 22,365 $ 49,556 $ 55,713 $ 100,276
========= ========= ========= =========
EBITDA from Continuing
Operations by Segment:
Transportation Net (Loss)
Income $ (10,909) $ 15,756 $ (32,176) $ 11,298
Interest Income (1) (27) (12) (85)
Interest Expense 10,470 7,414 30,803 20,134
Debt Retirement Expenses 17,659 - 17,659 2,379
Depreciation and
Amortization 12,068 11,338 36,622 35,477
Taxes (6,991) 11,136 (12,223) 14,582
--------- --------- --------- ---------
Transportation EBITDA $ 22,296 $ 45,617 $ 40,673 $ 83,785
========= ========= ========= =========
Manufacturing Net Income $ 4,224 $ 3,384 $ 18,972 $ 13,698
Depreciation and
Amortization 891 725 2,642 2,073
--------- --------- --------- ---------
Total Manufacturing EBITDA 5,115 4,109 21,614 15,771
Intersegment Profit - (306) - (540)
--------- --------- --------- ---------
External Manufacturing EBITDA $ 5,115 $ 3,803 $ 21,614 $ 15,231
========= ========= ========= =========
Management considers EBITDA to be a meaningful indicator of operating
performance and uses it as a measure to assess the operating performance of
the Company’s business segments. EBITDA provides us with an understanding
of one aspect of earnings before the impact of investing and financing
transactions and income taxes. EBITDA should not be construed as a
substitute for net income or as a better measure of liquidity than cash
flow from operating activities, which is determined in accordance with
generally accepted accounting principles ("GAAP"). EBITDA excludes
components that are significant in understanding and assessing our results
of operations and cash flows. In addition, EBITDA is not a term defined by
GAAP and as a result our measure of EBITDA might not be comparable to
similarly titled measures used by other companies.
However, the Company believes that EBITDA is relevant and useful
information, which is often reported and widely used by analysts, investors
and other interested parties in our industry. Accordingly, the Company is
disclosing this information to permit a more comprehensive analysis of its
operating performance.
AMERICAN COMMERCIAL LINES INC.
Statement of Operating Income by Reportable Segment
(Dollars in thousands)
(Unaudited)
Reportable Segments
--------------------
Transpor- Manufactu- All Other Intersegment
tation ring Segments Elimination Total
--------- ---------- --------- --------- ---------
Quarter ended
September 30, 2009
Total revenue $ 142,231 $ 68,304 $ 9,656 $ (4,224) $ 215,967
Intersegment
revenues 106 4,106 12 (4,224) -
--------- ---------- --------- --------- ---------
Revenue from
external customers 142,125 64,198 9,644 - 215,967
Operating expense
Materials, supplies
and other 58,939 - - - 58,939
Rent 5,379 - - - 5,379
Labor and fringe
benefits 28,249 - - - 28,249
Fuel 28,134 - - - 28,134
Depreciation and
amortization 12,068 - - - 12,068
Taxes, other than
income taxes 3,329 - - - 3,329
Gain on
disposition of
equipment (18,333) - - - (18,333)
Cost of goods sold - 57,172 12,797 - 69,969
--------- ---------- --------- --------- ---------
Total cost of
sales 117,765 57,172 12,797 - 187,734
Selling, general &
administrative 14,444 2,853 2,283 - 19,580
--------- ---------- --------- --------- ---------
Total operating
expenses 132,209 60,025 15,080 - 207,314
--------- ---------- --------- --------- ---------
Operating income
(loss) $ 9,916 $ 4,173 $ (5,436) $ - $ 8,653
========= ========== ========= ========= =========
Quarter ended
September 30, 2008
Total revenue $ 244,100 $ 58,426 $ 13,181 $ (2,032) $ 313,675
Intersegment
revenues 117 1,207 708 (2,032) -
--------- ---------- --------- --------- ---------
Revenue from
external customers 243,983 57,219 12,473 - 313,675
Operating expense
Materials,
supplies and
other 83,087 - - - 83,087
Rent 5,772 - - - 5,772
Labor and fringe
benefits 30,306 - - - 30,306
Fuel 59,590 - - - 59,590
Depreciation and
amortization 11,338 - - - 11,338
Taxes, other than
income taxes 3,473 - - - 3,473
Gain on
disposition of
equipment (360) - - - (360)
Cost of goods sold - 53,537 10,263 - 63,800
--------- ---------- --------- --------- ---------
Total cost of
sales 193,206 53,537 10,263 - 257,006
Selling, general &
administrative 16,757 649 2,704 - 20,110
--------- ---------- --------- --------- ---------
Total operating
expenses 209,963 54,186 12,967 - 277,116
--------- ---------- --------- --------- ---------
Operating income
(loss) $ 34,020 $ 3,033 $ (494) $ - $ 36,559
========= ========== ========= ========= =========
AMERICAN COMMERCIAL LINES INC.
Statement of Operating Income by Reportable Segment
(Dollars in thousands)
(Unaudited)
Reportable Segments
--------------------
Transpor- Manufactu- All Other Intersegment
tation ring Segments Elimination Total
--------- ---------- --------- --------- ---------
Nine Months ended
September 30, 2009
Total revenue $ 443,690 $ 184,159 $ 23,878 $ (14,220) $ 637,507
Intersegment
revenues 297 13,811 112 (14,220) -
--------- ---------- --------- --------- ---------
Revenue from
external customers 443,393 170,348 23,766 - 637,507
Operating expense
Materials, supplies
and other 170,440 - - - 170,440
Rent 16,334 - - - 16,334
Labor and fringe
benefits 86,492 - - - 86,492
Fuel 92,052 - - - 92,052
Depreciation and
amortization 36,622 - - - 36,622
Taxes, other than
income taxes 10,508 - - - 10,508
Gain on
disposition of
equipment (20,630) - - - (20,630)
Cost of goods
sold - 147,497 24,498 - 171,995
--------- ---------- --------- --------- ---------
Total cost of
sales 391,818 147,497 24,498 - 563,813
Selling, general
& administrative 48,233 4,008 7,193 - 59,434
--------- ---------- --------- --------- ---------
Total operating
expenses 440,051 151,505 31,691 - 623,247
--------- ---------- --------- --------- ---------
Operating income
(loss) $ 3,342 $ 18,843 $ (7,925) $ - $ 14,260
========= ========== ========= ========= =========
Nine Months ended
September 30, 2008
Total revenue $ 666,564 $ 219,083 $ 25,272 $ (4,034) $ 906,885
Intersegment
revenues 573 2,193 1,268 (4,034) -
--------- ---------- --------- --------- ---------
Revenue from
external customers 665,991 216,890 24,004 - 906,885
Operating expense
Materials, supplies
and other 237,906 - - - 237,906
Rent 17,708 - - - 17,708
Labor and fringe
benefits 86,343 - - - 86,343
Fuel 179,100 - - - 179,100
Depreciation and
amortization 35,477 - - - 35,477
Taxes, other than
income taxes 11,382 - - - 11,382
Gain on
disposition of
equipment (644) - - - (644)
Cost of goods
sold - 201,441 17,933 - 219,374
--------- ---------- --------- --------- ---------
Total cost of
sales 567,272 201,441 17,933 - 786,646
Selling, general
& administrative 51,597 2,409 6,608 - 60,614
--------- ---------- --------- --------- ---------
Total operating
expenses 618,869 203,850 24,541 - 847,260
--------- ---------- --------- --------- ---------
Operating income
(loss) $ 47,122 $ 13,040 $ (537) $ - $ 59,625
========= ========== ========= ========= =========
AMERICAN COMMERCIAL LINES INC.
SELECTED FINANCIAL AND NONFINANCIAL DATA
(Dollars in thousands except where noted)
(Unaudited)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
------------------- -------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Consolidated EBITDA $ 22,365 $ 49,556 $ 55,713 $ 100,276
Transportation Revenue and EBITDA
Revenue $ 142,125 $ 243,983 $ 443,393 $ 665,991
EBITDA 22,296 45,617 40,673 83,785
Manufacturing Revenue and EBITDA
(External and Internal)
Revenue $ 68,304 $ 58,426 $ 184,159 $ 219,083
EBITDA 5,115 4,109 21,614 15,771
Manufacturing External Revenue and
EBITDA
Revenue $ 64,198 $ 57,219 $ 170,348 $ 216,890
EBITDA 5,115 3,803 21,614 15,231
Average Domestic Barges Operated
Dry 2,173 2,321 2,209 2,372
Liquid 367 382 376 384
--------- --------- --------- ---------
Total 2,540 2,703 2,585 2,756
========= ========= ========= =========
Fuel Price (Average Dollars per
gallon) $ 2.01 $ 3.60 $ 1.95 $ 3.27
Capital Expenditures (including
software) $ 6,754 $ 30,903 $ 20,160 $ 56,952
Management considers EBITDA to be a meaningful indicator of operating
performance and uses it as a measure to assess the operating performance of
the Company’s business segments. EBITDA provides us with an understanding
of the Company’s revenues before the impact of investing and financing
transactions and income taxes. EBITDA should not be construed as a
substitute for net income or as a better measure of liquidity than cash
flow from operating activities, which is determined in accordance with
generally accepted accounting principles ("GAAP"). EBITDA excludes
components that are significant in understanding and assessing our results
of operations and cash flows. In addition, EBITDA is not a term defined by
GAAP and as a result our measure of EBITDA might not be comparable to
similarly titled measures used by other companies.
However, the Company believes that EBITDA is relevant and useful
information, which is often reported and widely used by analysts, investors
and other interested parties in our industry. Accordingly, the Company is
disclosing this information to permit a more comprehensive analysis of its
operating performance.
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