This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rand Logistics Reports First Quarter Fiscal Year 2011 Financial Results

NEW YORK, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand") today announced financial and operational results for the first quarter of fiscal year 2011, ended June 30, 2010.

Quarter Ended June 30, 2010 Financial Highlights Versus Quarter Ended June 30, 2009

  • Marine freight revenue (excluding fuel and other surcharges, and outside charter revenue) was $28.4 million, an increase of $4.3 million or 17.6%, from $24.1 million. This increase was attributable to an increase in the number of sailing days, a continued product mix improvement, a stronger Canadian dollar, improved productivity by several vessels and price increases.  
  • Marine freight revenue per sailing day increased by $1,292 or 4.9%, to $27,767 from $26,475.   
  • Vessel operating expenses per sailing day increased by $3,484 or 17.8%, to $23,096 from $19,612. This increase was primarily attributable to increased fuel costs, increased costs from operating our vessels for 111 additional sailing days and a stronger Canadian dollar.  
  • Operating income plus depreciation, amortization and a one-time amendment fee in fiscal 2010 increased by $1.9 million or 26.8%, to $8.8 million versus $6.9 million.

* Excludes a one-time loan amendment fee of $436,000 in fiscal 2010.

Management Comments

Scott Bravener, President of Lower Lakes, stated, "We experienced an overall increase in demand in our markets during the fiscal first quarter, as compared to the same period last year, when a weakened economy delayed the start of the 2009 sailing season.  A stronger steel industry significantly increased shipments of ore, and to a lesser extent coal and aggregates used by the steel industry in our markets, offset by modest reductions in shipments in our grain and salt markets compared to last year. Overall, we are satisfied with our fiscal first quarter operating performance as we continued to achieve operational improvements within the fleet.  We were, however, disappointed that these improvements were partially offset by a major mechanical incident on one of our vessels.  We incurred approximately $400,000 in excess repair expenses related to this incident.  Of greater impact to the quarterly financial performance was the foregone revenue and profit from the affected vessel not operating for approximately 43 days, as well as the inefficiencies created in our trade patterns resulting from our having to substitute other less optimal vessels into the trade routes."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs