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Rand Logistics Reports Fiscal Year 2013 Financial Results

NEW YORK, June 12, 2013 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand") today announced its financial results for the fiscal year ended March 31, 2013. This includes results for the Company's fiscal fourth quarter, in which, due to the closing of the canal system and winter weather conditions on the Great Lakes, the majority of the Company's fleet does not operate. In addition, repair and maintenance costs are incurred in the fiscal fourth quarter to prepare the fleet for the upcoming sailing season. As a result, fiscal fourth quarter operating results are significantly lower than for the first three quarters of our fiscal year.

Fiscal Year Ended March 31, 2013

Versus Fiscal Year Ended March 31, 2012 Financial Results

  • Total revenue increased by 6.0% to $156.6 million from $147.8 million. This increase was primarily attributable to higher freight revenue, partially offset by reduced fuel surcharges and the effect of the slightly weaker Canadian dollar.
  • Marine freight revenue (excluding fuel and other surcharges, and outside charter revenue) increased by 9.5% to $117.8 million from $107.6 million. This increase was primarily attributable to contractual price increases and 201 net additional sailing days primarily due to the two vessels introduced in the 2012 sailing season.
  • Marine freight revenue per Sailing Day increased by 3.8% to $30,035 from $28,922. This increase was offset by certain delivery pattern inefficiencies and an approximately 34% decrease in salt tonnage hauled due to an abnormally dry 2012 winter in the Great Lakes region. 
  • Vessel operating expenses increased by 7.8% to $104.9 million from $97.3 million. This increase was attributable to three additional vessels acquired in fiscal 2012. 
  • Operating income plus depreciation and amortization decreased by 9.3% to $28.3 million from $31.2 million.

Management Comments

Laurence Levy, Executive Chairman of Rand, commented, "As we have previously discussed, operating incidents on two of our vessels in addition to a nominal contribution from the two vessels we acquired in the third quarter of fiscal 2012 adversely impacted fiscal 2013 results. In the aggregate, however, the operating results of our remaining 12 vessels exceeded their budget and vessel margin per day on all 16 vessels equaled $10,697, the second highest in the Company's history. During fiscal 2013, management has implemented certain action items which included completing the rebuild and expansion of the engineering team in response to the growth of the fleet, implementing and reinforcing a number of best practice operating protocols and designing an incentive program tied to minimizing operating incidents. In light of the disappointing performance, no bonuses were payable for fiscal 2013, compensation for the senior executive team was reduced and base salary increases were capped at no more than 2% in fiscal 2014."

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