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Rand Logistics Reports First Quarter Fiscal Year 2014 Financial Results

Stocks in this article: RLOG

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.

Management Comments

"We are pleased with our execution in the first quarter," commented Laurence Levy, Executive Chairman of Rand. "We believe that we are starting to see the benefits from investments made over the last two years in our operating procedures and protocols as well as our engineering team. By eliminating lost Sailing Days due to vessel incidents in the quarter and reducing lost time due to mechanical delays by 44.1%, we were able to significantly reduce our vessel costs per day. We reduced the impact of lost iron ore and coal carrying days by substituting other commodities, including salt and aggregates, resulting in a 7.4% increase in our total tonnage hauled."

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