Sailing Days Increased by 7.5% on Elimination of Vessel Incidents;
Mechanical Delays Reduced by 44.1%; Tonnage Hauled Increased by 7.4%
NEW YORK, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand") today announced its financial results for its fiscal year 2014 first quarter ended June 30, 2013.Quarter Ended June 30, 2013 Versus Quarter Ended June 30, 2012 Financial Results
- Marine freight revenue (excluding fuel and other surcharges) increased by 9.0% to $39.6 million from $36.3 million. This increase was primarily attributable to contractual price increases and 88 additional Sailing Days. In addition, certain customer contract renewals included a reset of the base fuel price to reflect prevailing market conditions for fuel, resulting in an increase in marine freight revenue and an equivalent reduction in fuel surcharges.
- Marine freight revenue per Sailing Day increased by 1.4% to $31,383 from $30,943. This increase was offset by a weaker Canadian dollar and a shift in Sailing Days to aggregates from iron ore and coal.
- Total revenue declined by 2.4% to $48.4 million from $49.6 million. This decrease was primarily attributable to reduced fuel surcharges and a mix shift from iron ore and coal to lower revenue generating commodities. A 7.4% increase in tons hauled and a 7.5% increase in days sailed helped to mitigate the impact of the mix shift.
- Vessel operating expenses decreased by 1.4% to $32.7 million from $33.2 million. This decrease was primarily attributable to a reduction in vessel incident costs, partially offset by a greater number of Sailing Days. Due in part to improved cost control, vessel operating expenses per Sailing Day declined by 8.3%, or $2,345 per day, to $25,898 from $28,243.
- Operating income plus depreciation and amortization decreased by 2.6% to $12.0 million from $12.3 million. The weaker Canadian dollar comprised $0.2 million of this reduction in operating income plus depreciation and amortization.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV