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Rand Logistics Reports Third Quarter Fiscal Year 2014 Financial Results

NEW YORK, Feb. 5, 2014 (GLOBE NEWSWIRE) -- February 5, 2014 - Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand") today announced its financial results for its fiscal year 2014 third quarter ended December 31, 2013.

Quarter Ended December 31, 2013

Versus Quarter Ended December 31, 2012 Financial Results

  • Marine freight revenue (excluding fuel and other surcharges) increased by 6.8% to $39.9 million from $37.3 million. Excluding the impact of currency, marine freight revenue increased 10.4%. This increase was primarily attributable to a 3.4% increase in tonnage carried, 11 additional Sailing Days and contractual price increases. 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 5.9% to $29,101 from $27,480. This increase was somewhat offset by a weaker Canadian dollar and a shift in commodity mix.
  • Total revenue was up marginally to $49.9 million from $49.5 million. Reduced fuel surcharges, the effect of the weaker Canadian dollar and a mix shift to lower revenue generating commodities were offset by increased tonnage carried and increased prices.
  • Vessel operating expenses decreased by 5.6% to $32.7 million from $34.7 million. This decrease was primarily attributable to a weaker Canadian dollar, reduced fuel prices and a reduction in vessel incident costs, partially offset by a greater number of Sailing Days. Due in part to improved cost controls, vessel operating expenses per Sailing Day declined by 6.4%, or $1,629 per day, to $23,901 from $25,530.
  • Operating income plus depreciation and amortization increased by 15.3% to $13.1 million from $11.3 million. The weaker Canadian dollar negatively impacted operating income plus depreciation and amortization by $497,000.

Nine Months Ended December 31, 2013

Versus Nine Months Ended December 31, 2012 Financial Results

  • Marine freight revenue (excluding fuel and other surcharges) increased by 8.6% to $122.4 million from $112.7 million. Excluding the impact of currency, marine freight revenue increased 11.0%. Total Sailing Days were 3,918 compared to 3,718 in the prior year.
  • Marine freight revenue per Sailing Day increased by 3.1% to $31,248 compared to $30,315 per Sailing Day.
  • Total revenue declined by 0.6% to $148.8 million from $149.7 million. Reduced fuel surcharges, the effect of the weaker Canadian dollar and a mix shift to lower revenue generating commodities were partially offset by increased tonnage carried and increased prices. A 6.7% increase in tonnage carried and a 5.4% increase in Sailing Days helped to mitigate the impact of the mix shift.
  • Vessel operating expenses decreased by 2.8% to $97.0 million from $99.8 million. This decrease was primarily attributable to a weaker Canadian dollar, reduced fuel prices and a reduction in vessel incident costs, partially offset by a greater number of Sailing Days. Due in part to improved cost controls, vessel operating expenses per Sailing Day declined by 7.8%, or $2,087 per day, to $24,766 from $26,853.
  • Operating income plus depreciation and amortization increased by 6.0% to $40.7 million from $38.3 million. The weaker Canadian dollar negatively impacted operating income plus depreciation and amortization by $1.0 million.

Management Comments

Scott Bravener, President of Lower Lakes, commented, "We were pleased with our execution of the controllable aspects of our business during the 2013 sailing season. Investments that we made over the last two years are having a positive impact on vessel performance. Year over year, we increased our tonnage carried by 6.7%, reduced lost Sailing Days due to incidents by approximately 85%, reduced lost time due to mechanical delays by 33%, and fully integrated into our fleet network the new vessel that we introduced into service in October 2012."

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