AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except shares and per share amounts)
(Unaudited)
Quarter Ended June 30, Six Months Ended June 30,
---------------------- ------------------------
2010 2009 2010 2009
---------- ---------- ----------- -----------
Revenues
Transportation and
Services $ 152,422 $ 147,607 $ 289,276 $ 305,078
Manufacturing 11,879 70,916 23,321 106,150
---------- ---------- ----------- -----------
Revenues 164,301 218,523 312,597 411,228
---------- ---------- ----------- -----------
Cost of Sales
Transportation and
Services 135,245 135,319 258,297 275,385
Manufacturing 11,462 59,889 21,994 90,325
---------- ---------- ----------- -----------
Cost of Sales 146,707 195,208 280,291 365,710
---------- ---------- ----------- -----------
Gross Profit 17,594 23,315 32,306 45,518
Selling, General and
Administrative Expenses 10,565 15,979 22,185 37,292
---------- ---------- ----------- -----------
Operating Income 7,029 7,336 10,121 8,226
---------- ---------- ----------- -----------
Other Expense (Income)
Interest Expense 9,766 11,802 19,619 20,333
Other, Net (107) (211) (161) (487)
---------- ---------- ----------- -----------
Other Expense 9,659 11,591 19,458 19,846
---------- ---------- ----------- -----------
Loss from Continuing
Operations before Income
Taxes (2,630) (4,255) (9,337) (11,620)
Income Tax Benefit (1,267) (1,318) (4,494) (4,209)
---------- ---------- ----------- -----------
Loss from Continuing
Operations (1,363) (2,937) (4,843) (7,411)
Discontinued Operations,
Net of Tax (2) (831) (2) (1,815)
---------- ---------- ----------- -----------
Net Loss $ (1,365) $ (3,768) $ (4,845) $ (9,226)
========== ========== =========== ===========
Basic loss per common
share:
Loss from continuing
operations $ (0.11) $ (0.23) $ (0.38) $ (0.58)
Loss from discontinued
operations, net of tax - (0.07) - (0.15)
---------- ---------- ----------- -----------
Basic loss per common
share $ (0.11) $ (0.30) $ (0.38) $ (0.73)
========== ========== =========== ===========
Loss per common share -
assuming dilution:
Loss from continuing
operations $ (0.11) $ (0.23) $ (0.38) $ (0.58)
Loss from discontinued
operations, net of tax - (0.07) - (0.15)
---------- ---------- ----------- -----------
Loss per common share -
assuming dilution $ (0.11) $ (0.30) $ (0.38) $ (0.73)
========== ========== =========== ===========
Weighted Average Shares
Outstanding:
Basic 12,810,811 12,712,985 12,786,314 12,700,403
Diluted 12,810,811 12,712,985 12,786,314 12,700,403
AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except shares and per share amounts)
June 30, December 31,
2010 2009 (1)
------------ ------------
ASSETS
Current Assets
Cash and Cash Equivalents $ 1,490 $ 1,198
Accounts Receivable, Net 64,580 93,295
Inventory 57,127 39,070
Deferred Tax Asset 3,897 3,791
Assets Held for Sale 1,703 3,531
Prepaid Expenses and Other Current Assets 35,782 23,879
------------ ------------
Total Current Assets 164,579 164,764
Properties, Net 516,038 521,068
Investment in Equity Investees 4,534 4,522
Other Assets 30,689 33,536
------------ ------------
Total Assets $ 715,840 $ 723,890
============ ============
LIABILITIES
Current Liabilities
Accounts Payable $ 25,996 $ 34,163
Accrued Payroll and Fringe Benefits 15,563 18,283
Deferred Revenue 14,023 13,928
Accrued Claims and Insurance Premiums 12,171 16,947
Accrued Interest 12,207 13,098
Current Portion of Long Term Debt 114 114
Customer Deposits 1,000 1,309
Other Liabilities 26,647 31,825
------------ ------------
Total Current Liabilities 107,721 129,667
Long Term Debt 350,202 345,419
Pension and Post Retirement Liabilities 32,439 31,514
Deferred Tax Liability 55,205 40,133
Other Long Term Liabilities 6,201 6,567
------------ ------------
Total Liabilities 551,768 553,300
------------ ------------
STOCKHOLDERS' EQUITY
Common stock; authorized 50,000,000 shares at
$.01 par value; 16,044,025 and 15,898,596
shares issued and outstanding as of June 30,
2010 and December 31, 2009, respectively 160 159
Treasury Stock; 3,210,897 and 3,179,274 shares
at June 30, 2010 and December 31, 2009,
respectively (314,049) (313,328)
Other Capital 300,295 299,486
Retained Earnings 179,017 183,862
Accumulated Other Comprehensive (Loss) Income (1,351) 411
------------ ------------
Total Stockholders' Equity 164,072 170,590
------------ ------------
Total Liabilities and Stockholders'
Equity $ 715,840 $ 723,890
============ ============
(1) The Consolidated Balance Sheet at December 31, 2009 has been derived
from the audited consolidated financial statements at that date, but does
not include all the information and footnotes required by generally
accepted accounting principles.
AMERICAN COMMERCIAL LINES INC.
NET INCOME TO EBITDA RECONCILIATION
(Dollars in thousands)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2010 2009 2010 2009
--------- --------- --------- ---------
Net Loss from Continuing
Operations $ (1,363) $ (2,937) $ (4,843) $ (7,411)
Discontinued Operations, Net of
Income Taxes (2) (831) (2) (1,815)
--------- --------- --------- ---------
Consolidated Net Loss $ (1,365) $ (3,768) $ (4,845) $ (9,226)
--------- --------- --------- ---------
Adjustments from Continuing
Operations:
Interest Income - (5) (1) (11)
Interest Expense 9,766 11,802 19,619 20,333
Depreciation and Amortization 11,912 13,389 23,911 26,473
Taxes (1,267) (1,318) (4,494) (4,209)
Adjustments from Discontinued
Operations:
Interest Income - - - (1)
Interest Expense - 10 - 20
Depreciation and Amortization - 345 - 801
Taxes - (219) - (832)
EBITDA from Continuing
Operations 19,048 20,931 34,192 35,175
EBITDA from Discontinued
Operations (2) (695) (2) (1,827)
--------- --------- --------- ---------
Consolidated EBITDA $ 19,046 $ 20,236 $ 34,190 $ 33,348
========= ========= ========= =========
EBITDA from Continuing
Operations by Segment:
Transportation Net Loss $ (1,229) $ (13,542) $ (4,974) $ (22,269)
Interest Income - (5) (1) (11)
Interest Expense 9,766 11,802 19,619 20,333
Depreciation and Amortization 11,000 12,419 22,074 24,554
Taxes (1,267) (1,318) (4,494) (4,230)
--------- --------- --------- ---------
Transportation EBITDA $ 18,270 $ 9,356 $ 32,224 $ 18,377
========= ========= ========= =========
Manufacturing Net (Loss) Income $ (214) $ 10,596 $ 14 $ 14,748
Depreciation and Amortization 828 885 1,669 1,751
--------- --------- --------- ---------
Total Manufacturing EBITDA 614 11,481 1,683 16,499
Intersegment Profit - - - -
--------- --------- --------- ---------
External Manufacturing EBITDA $ 614 $ 11,481 $ 1,683 $ 16,499
========= ========= ========= =========
Management considers EBITDA to be a meaningful indicator of operating
performance and uses it as a measure to assess the operating performance of
the Company's business segments. EBITDA provides us with an understanding
of one aspect of earnings before the impact of investing and financing
transactions and income taxes. EBITDA should not be construed as a
substitute for net income or as a better measure of liquidity than cash
flow from operating activities, which is determined in accordance with
generally accepted accounting principles ("GAAP"). EBITDA excludes
components that are significant in understanding and assessing our results
of operations and cash flows. In addition, EBITDA is not a term defined by
GAAP and as a result our measure of EBITDA might not be comparable to
similarly titled measures used by other companies.
However, the Company believes that EBITDA is relevant and useful
information, which is often reported and widely used by analysts, investors
and other interested parties in our industry. Accordingly, the Company is
disclosing this information to permit a more comprehensive analysis of its
operating performance.
AMERICAN COMMERCIAL LINES INC.
Statement of Operating Income by Reportable Segment
(Dollars in thousands)
(Unaudited)
Reportable Segments
---------------------- All Other Intersegment
Transportation Manufacturing Segments Elimination Total
--------- ------------ ---------- ----------- ---------
Quarter ended
June 30, 2010
Total revenue $ 150,578 $ 19,015 $ 2,024 $ (7,316) $ 164,301
Intersegment
revenues 180 7,136 - (7,316) -
--------- ------------ ---------- ----------- ---------
Revenue from
external
customers 150,398 11,879 2,024 - 164,301
Operating expense
Materials,
supplies and
other 52,602 - - - 52,602
Rent 5,151 - - - 5,151
Labor and
fringe
benefits 31,038 - - - 31,038
Fuel 31,122 - - - 31,122
Depreciation
and
amortization 11,000 - - - 11,000
Taxes, other
than income
taxes 3,216 - - - 3,216
Loss on
disposition of
equipment 278 - - - 278
Cost of goods
sold - 11,462 838 - 12,300
--------- ------------ ---------- ----------- ---------
Total cost of
sales 134,407 11,462 838 - 146,707
Selling,
general &
administrative 8,834 625 1,106 - 10,565
--------- ------------ ---------- ----------- ---------
Total
operating
expenses 143,241 12,087 1,944 - 157,272
--------- ------------ ---------- ----------- ---------
Operating income
(loss) $ 7,157 $ (208) $ 80 $ - $ 7,029
========= =========== ========== =========== =========
Quarter ended
June 30, 2009
Total revenue $ 145,781 $ 78,987 $ 1,838 $ (8,083) $ 218,523
Intersegment
revenues - 8,071 12 (8,083) -
--------- ------------ ---------- ----------- ---------
Revenue from
external
customers 145,781 70,916 1,826 - 218,523
Operating expense
Materials,
supplies and
other 54,678 - - - 54,678
Rent 5,380 - - - 5,380
Labor and
fringe
benefits 27,090 - - - 27,090
Fuel 31,602 - - - 31,602
Depreciation
and
amortization 12,419 - - - 12,419
Taxes, other
than income
taxes 3,668 - - - 3,668
Gain on
disposition of
equipment (193) - - - (193)
Cost of goods
sold - 59,889 675 - 60,564
--------- ------------ ---------- ----------- ---------
Total cost of
sales 134,644 59,889 675 - 195,208
Selling,
general &
administrative 14,354 483 1,142 - 15,979
--------- ------------ ---------- ----------- ---------
Total
operating
expenses 148,998 60,372 1,817 - 211,187
--------- ------------ ---------- ----------- ---------
Operating (loss)
income $ (3,217) $ 10,544 $ 9 $ - $ 7,336
========= =========== ========== =========== =========
AMERICAN COMMERCIAL LINES INC.
Statement of Operating Income by Reportable Segment
(Dollars in thousands)
(Unaudited)
Reportable Segments
---------------------- All Other Intersegment
Transportation Manufacturing Segments Elimination Total
--------- ------------ ---------- ----------- ---------
Six Months ended
June 30, 2010
Total revenue $285,642 $ 44,500 $ 3,956 $ (21,501) $ 312,597
Intersegment
revenues 322 21,179 - (21,501) -
--------- ------------ ---------- ----------- ---------
Revenue from
external
customers 285,320 23,321 3,956 - 312,597
Operating expense
Materials,
supplies and
other 102,423 - - - 102,423
Rent 10,389 - - - 10,389
Labor and fringe
benefits 60,077 - - - 60,077
Fuel 59,009 - - - 59,009
Depreciation and
amortization 22,074 - - - 22,074
Taxes, other than
income taxes 6,334 - - - 6,334
Gain on
disposition of
equipment (3,593) - - - (3,593)
Cost of goods
sold - 21,994 1,584 - 23,578
--------- ------------ ---------- ----------- ---------
Total cost of
sales 256,713 21,994 1,584 - 280,291
Selling,
general &
administrative 18,641 1,289 2,255 - 22,185
--------- ------------ ---------- ----------- ---------
Total
operating
expenses 275,354 23,283 3,839 - 302,476
--------- ------------ ---------- ----------- ---------
Operating income $ 9,966 $ 38 $ 117 $ - $ 10,121
========= ============ ========== =========== =========
Six Months ended
June 30, 2009
Total revenue $301,268 $ 115,855 $ 3,887 $ (9,782) $ 411,228
Intersegment
revenues - 9,705 77 (9,782) -
--------- ------------ ---------- ----------- ---------
Revenue from
external
customers 301,268 106,150 3,810 - 411,228
Operating expense
Materials,
supplies and
other 111,501 - - - 111,501
Rent 10,955 - - - 10,955
Labor and fringe
benefits 58,243 - - - 58,243
Fuel 63,918 - - - 63,918
Depreciation and
amortization 24,554 - - - 24,554
Taxes, other than
income taxes 7,179 - - - 7,179
Gain on
disposition of
equipment (2,297) - - - (2,297)
Cost of goods
sold - 90,325 1,332 - 91,657
--------- ------------ ---------- ----------- ---------
Total cost of
sales 274,053 90,325 1,332 - 365,710
Selling,
general &
administrative 33,789 1,155 2,348 - 37,292
--------- ------------ ---------- ----------- ---------
Total
operating
expenses 307,842 91,480 3,680 - 403,002
--------- ------------ ---------- ----------- ---------
Operating (loss)
income $ (6,574) $ 14,670 $ 130 $ - $ 8,226
========= ============ ========== =========== =========
AMERICAN COMMERCIAL LINES INC.
SELECTED FINANCIAL AND NONFINANCIAL DATA
(Dollars in thousands except where noted)
(Unaudited)
Quarter Ended Six Months Ended
Dec. 31, Dec. 31,
------------------- -------------------
2010 2009 2010 2009
--------- --------- --------- ---------
Consolidated EBITDA $ 19,046 $ 20,236 $ 34,190 $ 33,348
Transportation Revenue and EBITDA
Revenue $ 150,398 $ 145,781 $ 285,320 $ 301,268
EBITDA 18,270 9,356 32,224 18,377
Manufacturing Revenue and EBITDA
(External and Internal)
Revenue $ 19,015 $ 78,987 $ 44,500 $ 115,855
EBITDA 614 11,481 1,683 16,499
Manufacturing External Revenue and
EBITDA
Revenue $ 11,879 $ 70,916 $ 23,321 $ 106,150
EBITDA 614 11,481 1,683 16,499
Average Domestic Barges Operated
Dry 2,141 2,195 2,142 2,219
Liquid 341 376 349 381
--------- --------- --------- ---------
Total 2,482 2,571 2,491 2,600
========= ========= ========= =========
Fuel Price (Average Dollars per
gallon) $ 2.22 $ 1.86 $ 2.15 $ 1.92
Capital Expenditures (including
software) $ 6,520 $ 4,528 $ 22,196 $ 13,376
Management considers EBITDA to be a meaningful indicator of operating
performance and uses it as a measure to assess the operating performance of
the Company's business segments. EBITDA provides us with an understanding
of the Company's revenues before the impact of investing and financing
transactions and income taxes. EBITDA should not be construed as a
substitute for net income or as a better measure of liquidity than cash
flow from operating activities, which is determined in accordance with
generally accepted accounting principles ("GAAP"). EBITDA excludes
components that are significant in understanding and assessing our results
of operations and cash flows. In addition, EBITDA is not a term defined by
GAAP and as a result our measure of EBITDA might not be comparable to
similarly titled measures used by other companies.
However, the Company believes that EBITDA is relevant and useful
information, which is often reported and widely used by analysts, investors
and other interested parties in our industry. Accordingly, the Company is
disclosing this information to permit a more comprehensive analysis of its
operating performance.
Contact Information: Contact: David T. Parker Vice President, Investor Relations & Corp. Communications (800) 842-5491