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Rand Logistics Reports Third Quarter Fiscal Year 2013 Financial Results

NEW YORK, Feb. 7, 2013 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand") today announced financial and operational results for its fiscal year 2013 third quarter ended December 31, 2012.

Three Months Ended December 31, 2012 Financial Highlights Versus Three Months Ended December 31, 2011

  • Marine freight revenue (excluding fuel and other surcharges, and outside charter revenue) increased by $1.4 million, or 4.0%, to $37.3 million from $35.9 million. This increase was primarily attributable to a stronger Canadian dollar and contractual price increases.
  • Total revenue increased by $0.2 million, or 0.4%, to $49.5 million from $49.3. This increase was primarily attributable to a stronger Canadian dollar and higher freight revenue, offset by reduced fuel surcharges.
  • Marine freight revenue per Sailing Day decreased by $2,203, or 7.4%, to $27,480 per Sailing Day compared to $29,683 per Sailing Day. This decrease was attributable to unfavorable weather conditions, including Hurricane Sandy (resulting in a cumulative loss of 30 Sailing Days), low water levels, uneven customer demand, and a reduction in salt tonnage due to an abnormally dry winter in the Great Lakes region. These events impacted the efficiency of our trade patterns.
  • Vessel operating expenses increased by $2.6 million, or 8.2%, to $34.7 million from $32.1 million. This increase was primarily due to increased Sailing Days attributable to two additional vessels sailed in the quarter but not sailed in the comparable quarter last year and to operating inefficiencies associated with the start up of a vessel introduced into service during the quarter. These cost increases were partially offset by lower fuel prices.
  • Operating income decreased by $3.9 million to $6.1 million from $10.0 million.
  • Operating income plus depreciation and amortization decreased by $2.7 million, or 19.2%, to $11.3 million from $14.0 million.

Nine Months Ended December 31, 2012 Financial Highlights Versus Nine Months Ended December 31, 2011

  • Marine freight revenue (excluding fuel and other surcharges, and outside charter revenue) increased by $10.9 million, or 10.7%, to $112.7 million from $101.8 million. This increase in revenue was attributable to contractual price increases and 253 net additional Sailing Days. The net additional Sailing Days were comprised of the addition of 267 Sailing Days from the two vessels acquired during the nine month period ended December 31, 2011, offset by a loss of 14 Sailing Days on the balance of the fleet.
  • Marine freight revenue per Sailing Day increased by $943, or 3.2%, to $30,315 per Sailing Day compared to $29,372 per Sailing Day. This increase was somewhat offset by unfavorable weather conditions, including Hurricane Sandy and low water levels, a weaker Canadian dollar, an approximately 29% year-to-date decrease in salt tonnage hauled versus the same year-ago period due to an abnormally dry winter in the Great Lakes region, and inconsistent customer demand which impacted the efficiency of our trade patterns.
  • Operating income decreased by $2.4 million, or 9.3%, to $23.5 million compared to $25.9 million.
  • Operating income plus depreciation and amortization increased by $0.5 million, or 1.3%, or to $38.3 million from $37.8 million.

Management Comments

Scott Bravener, President of Lower Lakes, stated, "As we have previously described, we experienced significant incidents on two of our vessels during the 2012 sailing season – one in the first fiscal quarter and one at the end of the second fiscal quarter. Combined, these incidents resulted in 123 lost Sailing Days. In total, these two incidents resulted in a decline in our reported results for the nine months ended December 31, 2012 of approximately $4.0 million as compared to the nine month period ended December 31, 2011."

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