NEW YORK, Feb. 14, 2011 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand") today announced financial and operational results for the third quarter of fiscal 2011 ended December 31, 2010.
Quarter Ended December 31, 2010 Financial Highlights Versus Quarter Ended December 31, 2009
- Marine freight revenue (excluding fuel and other surcharges, and outside charter revenue) was $27.3 million, a decrease of 4.4% from $28.6 million. The decrease in marine freight revenue was primarily attributable to 15 less sailing days and both less favorable weather conditions and commodity mix. The decrease was partially offset by a stronger Canadian dollar.
- Marine freight revenue per sailing day decreased by $823, or 3.1%, to $26,030 from $26,853. This decrease was attributable to inefficiencies in our trade patterns that resulted from the mechanical incidents in the prior quarter.
- Vessel operating expenses per sailing day increased by $476, or 2.2%, to $22,275 from $21,799. This increase was primarily attributable to higher fuel costs and a stronger Canadian dollar.
- Operating income plus depreciation and amortization decreased by $470,000 to $7.9 million from $8.4 million.
Nine Months Ended December 31, 2010 Financial Highlights Versus Nine Months Ended December 31, 2009
- Marine freight revenue (excluding fuel and other surcharges, and outside charter revenue) was $86.0 million, an increase of 6.4% from $80.9 million. The increase in marine freight revenue was primarily attributable to 177 more sailing days in the nine month period this year versus last year, price increases and a stronger Canadian dollar, partially offset by inefficiencies in trade patterns resulting from the major mechanical incidents experienced in the first half of the year.
- Marine freight revenue per sailing day increased by $113 or 0.4%, to $27,281 from $27,168, as a result of a stronger Canadian dollar. This increase was partially offset by inefficiencies in trade patterns due to mechanical incidents that occurred in the first half of the year.
- Vessel operating expenses per sailing day increased by $2,788, or 13.7%, to $23,181 from $20,393. The increase was primarily attributable to repair costs below the insurance deductible and associated inefficiencies due to the mechanical incidents on five of our vessels, a one-time insurance assessment, an increase in fuel expense and a stronger Canadian dollar.
- Operating income plus depreciation and amortization (excluding a GE Amendment Fee of $446,000 in fiscal 2010) decreased $2.6 million to $24.9 million from $27.5 million. The reduction in operating income resulting from the previously disclosed operational incidents totaled $4.9 million, including $1.1 million repair costs below insurance deductibles, $2.5 million of lost margin resulting from 113 days of downtime and a one-time insurance assessment of $1.3 million.
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