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Rand Logistics Reports Third Quarter Fiscal Year 2013 Financial Results

The conference call will be webcast simultaneously on the Rand Logistics, Inc. website at www.randlogisticsinc.com/presentations.html . The webcast replay will be archived for 12 months.

Forward-Looking Statements

This press release contains forward-looking statements. For all forward-looking statements, we claim the protection of the Safe Harbor for Forward-Looking Statements contained in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated.  Future events and actual results, affecting our strategic plan as well as our financial position, results of operations and cash flows, could differ materially from those described in or contemplated by the forward-looking statements.  Important factors that contribute to such risks include, but are not limited to, the effect of the economic downturn in our markets; the weather conditions on the Great Lakes; and our ability to maintain and replace our vessels as they age.

For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Rand's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on June 8, 2012.

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 four conventional bulk carriers and twelve self-unloading bulk carriers including four tug/barge units. 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 reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed, – and the Canada Coasting Trade Act – which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports.

 
RAND LOGISTICS, INC. 
Consolidated Statements of Operations (Unaudited)
(U.S. Dollars 000's except for Shares and Per Share data)
         
         
  Three months ended Three months ended Nine months ended Nine months ended
  December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
REVENUE         
Freight and related revenue  $ 37,345  $ 35,917  $ 112,712  $ 101,775
Fuel and other surcharges  11,994  12,800  35,576  36,972
Outside voyage charter revenue  203  619  1,437  1,321
TOTAL REVENUE  49,542  49,336  149,725  140,068
         
EXPENSES        
Outside voyage charter fees   202  615  1,447  1,312
Vessel operating expenses  34,695  32,076  99,838  91,907
Repairs and maintenance  110  36  767  1,068
General and administrative   3,145  2,558  9,290  7,987
Depreciation  4,075  2,903  11,186  8,636
Amortization of drydock costs  878  792  2,630  2,263
Amortization of intangibles  330  322  984  991
Loss (gain) on foreign exchange  48  16  34  (51)
   43,483  39,318  126,176  114,113
OPERATING INCOME  6,059  10,018  23,549  25,955
         
OTHER (INCOME) AND EXPENSES        
Interest expense   2,705  2,346  7,645  6,786
Interest income  (1)  (2)  (7)  (4)
Gain on interest rate swap contracts  (282)  (397)  (824)  (488)
Loss on extinguishment of debt  --   --   3,339  -- 
   2,422  1,947  10,153  6,294
         
INCOME BEFORE INCOME TAXES   3,637  8,071  13,396  19,661
PROVISION (RECOVERY) FOR INCOME TAXES         
Current  (49)  95  (49)  417
Deferred  270  618  4,052  2,079
   221  713  4,003  2,496
NET INCOME BEFORE PREFERRED STOCK DIVIDENDS  3,416  7,358  9,393  17,165
PREFERRED STOCK DIVIDENDS  804  715  2,344  2,069
NET INCOME APPLICABLE TO COMMON STOCKHOLDERS   $ 2,612  $ 6,643  $ 7,049  $ 15,096
         
Net income per share basic  $ 0.15  $ 0.38  $ 0.40  $ 0.95
Net income per share diluted  $ 0.15  $ 0.37  $ 0.40  $ 0.93
Weighted average shares basic   17,726,879  17,671,114  17,723,793  15,894,463
Weighted average shares diluted  17,726,879  20,141,349  17,723,793  18,399,571
 
 
RAND LOGISTICS, INC. 
Consolidated Balance Sheets (Unaudited)
(U.S. Dollars 000's except for Shares and Per Share data)
     
     
  December 31, March 31,
  2012 2012
ASSETS    
CURRENT    
Cash and cash equivalents  $ 4,737  $ 5,563
Accounts receivable   23,850  5,343
Income tax receivable   33  -- 
Prepaid expenses and other current assets  6,782  6,510
Deferred income taxes   265  284
Total current assets  35,667  17,700
     
PROPERTY AND EQUIPMENT, NET   216,320  200,862
LOAN TO EMPLOYEE  250  250
OTHER ASSETS  1,003  1,528
DEFERRED INCOME TAXES   448  1,318
DEFERRED DRYDOCK COSTS, NET   9,675  9,879
INTANGIBLE ASSETS, NET   13,248  16,101
GOODWILL   10,193  10,193
     
Total assets   $ 286,804  $ 257,831
LIABILITIES    
CURRENT    
Bank indebtedness   $ 10,021  $ -- 
Accounts payable  15,459  19,301
Accrued liabilities   19,893  18,175
Interest rate swap contracts   264  1,088
Income taxes payable  3  76
Deferred income taxes   354  418
Current portion of deferred payment liability  431  431
Current portion of long-term debt   3,658  9,686
Total current liabilities  50,083  49,175
LONG-TERM PORTION OF DEFERRED PAYMENT LIABILITY  1,742  2,063
LONG-TERM DEBT   141,739  123,915
OTHER LIABILITIES  242  242
DEFERRED INCOME TAXES   6,337  3,091
     
Total liabilities  200,143  178,486
     
COMMITMENTS AND CONTINGENCIES     
STOCKHOLDERS' EQUITY    
Preferred stock, $.0001 par value,   14,900  14,900
Authorized 1,000,000 shares, Issued and outstanding 300,000 shares     
Common stock, $.0001 par value,   1  1
Authorized 50,000,000 shares, Issuable and outstanding 17,729,826 shares     
Additional paid-in capital  88,306  87,853
Accumulated deficit  (18,300)  (25,349)
Accumulated other comprehensive income   1,754  1,940
     
Total stockholders' equity  86,661  79,345
     
Total liabilities and stockholders' equity  $ 286,804  $ 257,831
CONTACT: Rand Logistics, Inc.
         Laurence S. Levy, Chairman & CEO
         Edward Levy, President
         (212) 644-3450
         
         -OR-
         
         INVESTOR RELATIONS COUNSEL:
         Lesley Snyder
         (212) 863-9413
         LSnyder@randlogisticsinc.com

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