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.