AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except shares and per share amounts)
(Unaudited)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenues
Transportation and
Services $ 151,769 $ 256,456 $ 467,159 $ 689,995
Manufacturing 64,198 57,219 170,348 216,890
---------- ---------- ---------- ----------
Revenues 215,967 313,675 637,507 906,885
---------- ---------- ---------- ----------
Cost of Sales
Transportation and
Services 130,562 203,469 416,316 585,205
Manufacturing 57,172 53,537 147,497 201,441
---------- ---------- ---------- ----------
Cost of Sales 187,734 257,006 563,813 786,646
---------- ---------- ---------- ----------
Gross Profit 28,233 56,669 73,694 120,239
Selling, General and
Administrative Expenses 19,580 20,110 59,434 60,614
---------- ---------- ---------- ----------
Operating Income 8,653 36,559 14,260 59,625
---------- ---------- ---------- ----------
Other Expense (Income)
Interest Expense 10,480 7,469 30,833 20,189
Debt Retirement Expenses 17,659 - 17,659 2,379
Other, Net (328) (401) (809) (1,547)
---------- ---------- ---------- ----------
Other Expenses 27,811 7,068 47,683 21,021
---------- ---------- ---------- ----------
(Loss) Income from
Continuing Operations
before Income Taxes (19,158) 29,491 (33,423) 38,604
Income Taxes (Benefit) (6,991) 11,136 (12,202) 14,582
---------- ---------- ---------- ----------
(Loss) Income from
Continuing Operations (12,167) 18,355 (21,221) 24,022
Discontinued Operations,
Net of Tax (5) (7) (177) 296
---------- ---------- ---------- ----------
Net (Loss) Income $ (12,172) $ 18,348 $ (21,398) $ 24,318
========== ========== ========== ==========
Basic (loss) earnings per
common share:
(Loss) income from
continuing operations $ (0.96) $ 1.45 $ (1.67) $ 1.91
(Loss) income from
discontinued operations,
net of tax - - (0.01) 0.02
---------- ---------- ---------- ----------
Basic (loss) earnings per
common share $ (0.96) $ 1.45 $ (1.68) $ 1.93
========== ========== ========== ==========
(Loss) earnings per common
share - assuming dilution:
(Loss) income from
continuing operations $ (0.96) $ 1.44 $ (1.67) $ 1.89
(Loss) income from
discontinued operations,
net of tax - - (0.01) 0.02
---------- ---------- ---------- ----------
(Loss) earnings per common
share - assuming dilution $ (0.96) $ 1.44 $ (1.68) $ 1.91
========== ========== ========== ==========
Weighted Average Shares
Outstanding:
Basic 12,715,120 12,657,771 12,705,308 12,598,909
Diluted 12,715,120 12,714,207 12,705,308 12,723,276
AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except shares and per share amounts)
September December
30, 31,
2009 2008 (1)
---------- ----------
ASSETS
Current Assets
Cash and Cash Equivalents $ 1,824 $ 1,217
Cash, Restricted 23,000 -
Accounts Receivable, Net 91,986 138,695
Inventory 46,658 69,635
Deferred Tax Asset 3,829 5,173
Assets Held for Sale 2,222 4,577
Prepaid and Other Current Assets 22,847 39,002
---------- ----------
Total Current Assets 192,366 258,299
Properties, Net 525,157 554,580
Investment in Equity Investees 4,251 4,039
Other Assets 45,086 22,333
---------- ----------
Total Assets $ 766,860 $ 839,251
========== ==========
LIABILITIES
Current Liabilities
Accounts Payable $ 36,241 $ 67,719
Accrued Payroll and Fringe Benefits 17,094 25,179
Deferred Revenue 14,796 13,986
Accrued Claims and Insurance Premiums 17,647 22,819
Accrued Interest 6,910 1,237
Current Portion of Long Term Debt 784 1,420
Customer Deposits 3,731 6,682
Other Liabilities 29,128 43,522
---------- ----------
Total Current Liabilities 126,331 182,564
Long Term Debt 412,994 418,550
Pension & Post Retirement Liabilities 44,450 44,140
Deferred Tax Liability 27,393 30,389
Other Long Term Liabilities 4,403 4,899
---------- ----------
Total Liabilities 615,571 680,542
---------- ----------
STOCKHOLDERS' EQUITY
Common stock; authorized 50,000,000 shares at $.01
par value; 15,894,908 and 15,813,746 shares issued
and outstanding as of September 30, 2009 and
December 31, 2008, respectively 159 158
Treasury Stock; 3,178,087 and 3,150,906 shares at
September 30, 2009 and December 31, 2008,
respectively (313,302) (312,886)
Other Capital 298,071 293,493
Retained Earnings 174,522 195,920
Accumulated Other Comprehensive Loss (8,161) (17,976)
---------- ----------
Total Stockholders' Equity 151,289 158,709
---------- ----------
Total Liabilities and Stockholders'
Equity $ 766,860 $ 839,251
========== ==========
(1) The Consolidated Balance Sheet at December 31, 2008 has been derived
from the audited consolidated financial statements at that date, but
does not included 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 Nine Months Ended
Sept. 30, Sept. 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Net (Loss) Income from
Continuing Operations $ (12,167) $ 18,355 $ (21,221) $ 24,022
Discontinued Operations, Net of
Income Taxes (5) (7) (177) 296
--------- --------- --------- ---------
Consolidated Net (Loss) Income $ (12,172) $ 18,348 $ (21,398) $ 24,318
--------- --------- --------- ---------
Adjustments from Continuing
Operations:
Interest Income (1) (30) (13) (92)
Interest Expense 10,480 7,469 30,833 20,189
Debt Retirement Expenses 17,659 - 17,659 2,379
Depreciation and
Amortization 13,390 12,626 40,664 38,760
Taxes (6,991) 11,136 (12,202) 14,582
Adjustments from Discontinued
Operations:
Interest Income - (6) - (38)
Taxes - 13 170 178
EBITDA from Continuing
Operations 22,370 49,556 55,720 99,840
EBITDA from Discontinued
Operations (5) - (7) 436
--------- --------- --------- ---------
Consolidated EBITDA $ 22,365 $ 49,556 $ 55,713 $ 100,276
========= ========= ========= =========
EBITDA from Continuing
Operations by Segment:
Transportation Net (Loss)
Income $ (10,909) $ 15,756 $ (32,176) $ 11,298
Interest Income (1) (27) (12) (85)
Interest Expense 10,470 7,414 30,803 20,134
Debt Retirement Expenses 17,659 - 17,659 2,379
Depreciation and
Amortization 12,068 11,338 36,622 35,477
Taxes (6,991) 11,136 (12,223) 14,582
--------- --------- --------- ---------
Transportation EBITDA $ 22,296 $ 45,617 $ 40,673 $ 83,785
========= ========= ========= =========
Manufacturing Net Income $ 4,224 $ 3,384 $ 18,972 $ 13,698
Depreciation and
Amortization 891 725 2,642 2,073
--------- --------- --------- ---------
Total Manufacturing EBITDA 5,115 4,109 21,614 15,771
Intersegment Profit - (306) - (540)
--------- --------- --------- ---------
External Manufacturing EBITDA $ 5,115 $ 3,803 $ 21,614 $ 15,231
========= ========= ========= =========
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
--------------------
Transpor- Manufactu- All Other Intersegment
tation ring Segments Elimination Total
--------- ---------- --------- --------- ---------
Quarter ended
September 30, 2009
Total revenue $ 142,231 $ 68,304 $ 9,656 $ (4,224) $ 215,967
Intersegment
revenues 106 4,106 12 (4,224) -
--------- ---------- --------- --------- ---------
Revenue from
external customers 142,125 64,198 9,644 - 215,967
Operating expense
Materials, supplies
and other 58,939 - - - 58,939
Rent 5,379 - - - 5,379
Labor and fringe
benefits 28,249 - - - 28,249
Fuel 28,134 - - - 28,134
Depreciation and
amortization 12,068 - - - 12,068
Taxes, other than
income taxes 3,329 - - - 3,329
Gain on
disposition of
equipment (18,333) - - - (18,333)
Cost of goods sold - 57,172 12,797 - 69,969
--------- ---------- --------- --------- ---------
Total cost of
sales 117,765 57,172 12,797 - 187,734
Selling, general &
administrative 14,444 2,853 2,283 - 19,580
--------- ---------- --------- --------- ---------
Total operating
expenses 132,209 60,025 15,080 - 207,314
--------- ---------- --------- --------- ---------
Operating income
(loss) $ 9,916 $ 4,173 $ (5,436) $ - $ 8,653
========= ========== ========= ========= =========
Quarter ended
September 30, 2008
Total revenue $ 244,100 $ 58,426 $ 13,181 $ (2,032) $ 313,675
Intersegment
revenues 117 1,207 708 (2,032) -
--------- ---------- --------- --------- ---------
Revenue from
external customers 243,983 57,219 12,473 - 313,675
Operating expense
Materials,
supplies and
other 83,087 - - - 83,087
Rent 5,772 - - - 5,772
Labor and fringe
benefits 30,306 - - - 30,306
Fuel 59,590 - - - 59,590
Depreciation and
amortization 11,338 - - - 11,338
Taxes, other than
income taxes 3,473 - - - 3,473
Gain on
disposition of
equipment (360) - - - (360)
Cost of goods sold - 53,537 10,263 - 63,800
--------- ---------- --------- --------- ---------
Total cost of
sales 193,206 53,537 10,263 - 257,006
Selling, general &
administrative 16,757 649 2,704 - 20,110
--------- ---------- --------- --------- ---------
Total operating
expenses 209,963 54,186 12,967 - 277,116
--------- ---------- --------- --------- ---------
Operating income
(loss) $ 34,020 $ 3,033 $ (494) $ - $ 36,559
========= ========== ========= ========= =========
AMERICAN COMMERCIAL LINES INC.
Statement of Operating Income by Reportable Segment
(Dollars in thousands)
(Unaudited)
Reportable Segments
--------------------
Transpor- Manufactu- All Other Intersegment
tation ring Segments Elimination Total
--------- ---------- --------- --------- ---------
Nine Months ended
September 30, 2009
Total revenue $ 443,690 $ 184,159 $ 23,878 $ (14,220) $ 637,507
Intersegment
revenues 297 13,811 112 (14,220) -
--------- ---------- --------- --------- ---------
Revenue from
external customers 443,393 170,348 23,766 - 637,507
Operating expense
Materials, supplies
and other 170,440 - - - 170,440
Rent 16,334 - - - 16,334
Labor and fringe
benefits 86,492 - - - 86,492
Fuel 92,052 - - - 92,052
Depreciation and
amortization 36,622 - - - 36,622
Taxes, other than
income taxes 10,508 - - - 10,508
Gain on
disposition of
equipment (20,630) - - - (20,630)
Cost of goods
sold - 147,497 24,498 - 171,995
--------- ---------- --------- --------- ---------
Total cost of
sales 391,818 147,497 24,498 - 563,813
Selling, general
& administrative 48,233 4,008 7,193 - 59,434
--------- ---------- --------- --------- ---------
Total operating
expenses 440,051 151,505 31,691 - 623,247
--------- ---------- --------- --------- ---------
Operating income
(loss) $ 3,342 $ 18,843 $ (7,925) $ - $ 14,260
========= ========== ========= ========= =========
Nine Months ended
September 30, 2008
Total revenue $ 666,564 $ 219,083 $ 25,272 $ (4,034) $ 906,885
Intersegment
revenues 573 2,193 1,268 (4,034) -
--------- ---------- --------- --------- ---------
Revenue from
external customers 665,991 216,890 24,004 - 906,885
Operating expense
Materials, supplies
and other 237,906 - - - 237,906
Rent 17,708 - - - 17,708
Labor and fringe
benefits 86,343 - - - 86,343
Fuel 179,100 - - - 179,100
Depreciation and
amortization 35,477 - - - 35,477
Taxes, other than
income taxes 11,382 - - - 11,382
Gain on
disposition of
equipment (644) - - - (644)
Cost of goods
sold - 201,441 17,933 - 219,374
--------- ---------- --------- --------- ---------
Total cost of
sales 567,272 201,441 17,933 - 786,646
Selling, general
& administrative 51,597 2,409 6,608 - 60,614
--------- ---------- --------- --------- ---------
Total operating
expenses 618,869 203,850 24,541 - 847,260
--------- ---------- --------- --------- ---------
Operating income
(loss) $ 47,122 $ 13,040 $ (537) $ - $ 59,625
========= ========== ========= ========= =========
AMERICAN COMMERCIAL LINES INC.
SELECTED FINANCIAL AND NONFINANCIAL DATA
(Dollars in thousands except where noted)
(Unaudited)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
------------------- -------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Consolidated EBITDA $ 22,365 $ 49,556 $ 55,713 $ 100,276
Transportation Revenue and EBITDA
Revenue $ 142,125 $ 243,983 $ 443,393 $ 665,991
EBITDA 22,296 45,617 40,673 83,785
Manufacturing Revenue and EBITDA
(External and Internal)
Revenue $ 68,304 $ 58,426 $ 184,159 $ 219,083
EBITDA 5,115 4,109 21,614 15,771
Manufacturing External Revenue and
EBITDA
Revenue $ 64,198 $ 57,219 $ 170,348 $ 216,890
EBITDA 5,115 3,803 21,614 15,231
Average Domestic Barges Operated
Dry 2,173 2,321 2,209 2,372
Liquid 367 382 376 384
--------- --------- --------- ---------
Total 2,540 2,703 2,585 2,756
========= ========= ========= =========
Fuel Price (Average Dollars per
gallon) $ 2.01 $ 3.60 $ 1.95 $ 3.27
Capital Expenditures (including
software) $ 6,754 $ 30,903 $ 20,160 $ 56,952
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