NEW YORK, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand") today announced financial and operational results for the first quarter of fiscal year 2011, ended June 30, 2010. Quarter Ended June 30, 2010 Financial Highlights Versus Quarter Ended June 30, 2009
- Marine freight revenue (excluding fuel and other surcharges, and outside charter revenue) was $28.4 million, an increase of $4.3 million or 17.6%, from $24.1 million. This increase was attributable to an increase in the number of sailing days, a continued product mix improvement, a stronger Canadian dollar, improved productivity by several vessels and price increases.
- Marine freight revenue per sailing day increased by $1,292 or 4.9%, to $27,767 from $26,475.
- Vessel operating expenses per sailing day increased by $3,484 or 17.8%, to $23,096 from $19,612. This increase was primarily attributable to increased fuel costs, increased costs from operating our vessels for 111 additional sailing days and a stronger Canadian dollar.
- Operating income plus depreciation, amortization and a one-time amendment fee in fiscal 2010 increased by $1.9 million or 26.8%, to $8.8 million versus $6.9 million.