AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except shares and per share amounts)
(Unaudited)
Quarter Ended Dec. 31, Year Ended Dec. 31,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenues
Transportation and
Services $ 181,713 $ 233,657 $ 630,481 $ 905,126
Manufacturing 45,198 37,904 215,546 254,794
---------- ---------- ---------- ----------
Revenues 226,911 271,561 846,027 1,159,920
---------- ---------- ---------- ----------
Cost of Sales
Transportation and
Services 138,480 168,861 532,224 737,665
Manufacturing 42,068 40,868 189,565 242,309
---------- ---------- ---------- ----------
Cost of Sales 180,548 209,729 721,789 979,974
---------- ---------- ---------- ----------
Gross Profit 46,363 61,832 124,238 179,946
Selling, General and
Administrative Expenses 14,490 19,808 70,082 77,536
Goodwill Impairment - 855 - 855
---------- ---------- ---------- ----------
Operating Income 31,873 41,169 54,156 101,555
---------- ---------- ---------- ----------
Other Expense (Income)
Interest Expense 10,129 6,664 40,932 26,829
Debt Retirement Expenses - - 17,659 2,379
Other, Net (408) (764) (1,259) (2,279)
---------- ---------- ---------- ----------
Other Expenses 9,721 5,900 57,332 26,929
---------- ---------- ---------- ----------
Income (Loss) from
Continuing Operations
before Income Taxes 22,152 35,269 (3,176) 74,626
Income Taxes (Benefit) 8,001 12,363 (1,148) 27,243
---------- ---------- ---------- ----------
Income (Loss) from
Continuing Operations 14,151 22,906 (2,028) 47,383
Discontinued Operations,
Net of Tax (4,811) 787 (10,030) 628
---------- ---------- ---------- ----------
Net Income (Loss) $ 9,340 $ 23,693 $ (12,058) $ 48,011
========== ========== ========== ==========
Basic earnings (loss) per
common share:
Income (loss) from
continuing operations $ 1.11 $ 1.81 $ (0.16) $ 3.76
(Loss) income from
discontinued operations,
net of tax (0.38) 0.06 (0.79) 0.05
---------- ---------- ---------- ----------
Basic earnings (loss) per
common share $ 0.73 $ 1.87 $ (0.95) $ 3.81
========== ========== ========== ==========
Earnings (loss) per common
share - assuming dilution:
Income (loss) from
continuing operations $ 1.09 $ 1.81 $ (0.16) $ 3.73
(Loss) income from
discontinued operations,
net of tax (0.37) 0.06 (0.79) 0.05
---------- ---------- ---------- ----------
Earnings (loss) per common
share - assuming dilution $ 0.72 $ 1.87 $ (0.95) $ 3.78
========== ========== ========== ==========
Weighted Average Shares
Outstanding:
Basic 12,718,041 12,662,471 12,708,492 12,614,799
Diluted 12,939,401 12,662,471 12,708,492 12,708,074
AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except shares and per share amounts)
December 31, December 31,
2009 2008 (1)
------------ ------------
ASSETS
Current Assets
Cash and Cash Equivalents $ 1,198 $ 1,217
Accounts Receivable, Net 93,295 138,695
Inventory 39,070 69,635
Deferred Tax Asset 3,791 5,173
Assets Held for Sale 3,531 4,577
Prepaid and Other Current Assets 23,879 39,002
------------ ------------
Total Current Assets 164,764 258,299
Properties, Net 521,068 554,580
Investment in Equity Investees 4,522 4,039
Other Assets 42,635 22,333
------------ ------------
Total Assets $ 732,989 $ 839,251
============ ============
LIABILITIES
Current Liabilities
Accounts Payable $ 34,163 $ 67,719
Accrued Payroll and Fringe Benefits 18,283 25,179
Deferred Revenue 13,928 13,986
Accrued Claims and Insurance Premiums 16,947 22,819
Accrued Interest 13,098 1,237
Current Portion of Long Term Debt 114 1,420
Customer Deposits 1,309 6,682
Other Liabilities 31,825 43,522
------------ ------------
Total Current Liabilities 129,667 182,564
Long Term Debt 354,518 418,550
Pension and Post Retirement Liabilities 31,514 44,140
Deferred Tax Liability 40,133 30,389
Other Long Term Liabilities 6,567 4,899
------------ ------------
Total Liabilities 562,399 680,542
------------ ------------
STOCKHOLDERS' EQUITY
Common stock; authorized 50,000,000 shares at
$.01 par value; 15,898,596 and 15,813,746
shares issued and outstanding as of December
31, 2009 and 2008, respectively 159 158
Treasury Stock; 3,179,274 and 3,150,906 shares
at December 31, 2009 and 2008, respectively (313,328) (312,886)
Other Capital 299,486 293,493
Retained Earnings 183,862 195,920
Accumulated Other Comprehensive Income (Loss) 411 (17,976)
------------ ------------
Total Stockholders' Equity 170,590 158,709
------------ ------------
Total Liabilities and
Stockholders' Equity $ 732,989 $ 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 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 Dec. 31, Year Ended Dec. 31,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Net Income (Loss) from
Continuing Operations $ 14,151 $ 22,906 $ (2,028) $ 47,383
Discontinued Operations,
Net of Income Taxes (4,811) 787 (10,030) 628
---------- ---------- ---------- ----------
Consolidated Net Income
(Loss) $ 9,340 $ 23,693 $ (12,058) $ 48,011
---------- ---------- ---------- ----------
Adjustments from Continuing
Operations:
Interest Income (54) (61) (66) (148)
Interest Expense 10,129 6,664 40,932 26,829
Debt Retirement Expenses - - 17,659 2,379
Depreciation and
Amortization 12,960 12,646 52,475 50,446
Taxes 8,001 12,363 (1,148) 27,243
Adjustments from
Discontinued Operations:
Interest Income - (3) (1) (46)
Interest Expense - 11 30 35
Depreciation and
Amortization 214 470 1,363 1,430
Taxes (2,728) 508 (5,611) 388
EBITDA from Continuing
Operations 45,187 54,518 107,824 154,132
EBITDA from Discontinued
Operations (7,325) 1,773 (14,249) 2,435
---------- ---------- ---------- ----------
Consolidated EBITDA $ 37,862 $ 56,291 $ 93,575 $ 156,567
========== ========== ========== ==========
EBITDA from Continuing
Operations by Segment:
Transportation Net Income
(Loss) $ 10,468 $ 27,015 $ (24,761) $ 38,015
Interest Income (54) (60) (66) (145)
Interest Expense 10,129 6,654 40,932 26,788
Debt Retirment Expenses - - 17,659 2,379
Depreciation and
Amortization 11,993 11,778 48,615 47,255
Taxes 8,022 12,234 (1,148) 27,114
---------- ---------- ---------- ----------
Transportation EBITDA $ 40,558 $ 57,621 $ 81,231 $ 141,406
========== ========== ========== ==========
Manufacturing Net Income $ 2,610 $ 2,879 $ 21,582 $ 16,577
Depreciation and
Amortization 882 785 3,524 2,858
---------- ---------- ---------- ----------
Total Manufacturing EBITDA 3,492 3,664 25,106 19,435
Intersegment Profit - (6,299) - (6,839)
---------- ---------- ---------- ----------
External Manufacturing
EBITDA $ 3,492 $ (2,635) $ 25,106 $ 12,596
========== ========== ========== ==========
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
----------------------
Transport- Manufactu- All Other Intersegment
ation ring Segments Elimination Total
---------- ---------- ---------- ---------- ----------
Quarter ended
December 31,
2009
Total revenue $ 177,921 $ 55,726 $ 4,253 $ (10,989) $ 226,911
Intersegment
revenues 454 10,528 7 (10,989) -
---------- ---------- ---------- ---------- ----------
Revenue from
external
customers 177,467 45,198 4,246 - 226,911
Operating
expense
Materials,
supplies and
other 55,207 - - - 55,207
Rent 5,381 - - - 5,381
Labor and
fringe
benefits 29,506 - - - 29,506
Fuel 30,700 - - - 30,700
Depreciation
and
amortization 11,993 - - - 11,993
Taxes, other
than income
taxes 3,564 - - - 3,564
Gain on
disposition
of equipment 348 - - - 348
Cost of goods
sold - 42,068 1,781 - 43,849
---------- ---------- ---------- ---------- ----------
Total cost
of sales 136,699 42,068 1,781 - 180,548
Selling,
general &
administrative 12,507 571 1,412 - 14,490
---------- ---------- ---------- ---------- ----------
Total
operating
expenses 149,206 42,639 3,193 - 195,038
---------- ---------- ---------- ---------- ----------
Operating
income $ 28,261 $ 2,559 $ 1,053 $ - $ 31,873
========== ========== ========== ========== ==========
Quarter ended
December 31,
2008
Total revenue $ 231,281 $ 65,191 $ 2,451 $ (27,362) $ 271,561
Intersegment
revenues - 27,287 75 (27,362) -
---------- ---------- ---------- ---------- ----------
Revenue from
external
customers 231,281 37,904 2,376 - 271,561
Operating
expense
Materials,
supplies and
other 66,952 - - - 66,952
Rent 5,637 - - - 5,637
Labor and
fringe
benefits 32,394 - - - 32,394
Fuel 48,389 - - - 48,389
Depreciation
and
amortization 11,778 - - - 11,778
Taxes, other
than income
taxes 3,473 - - - 3,473
Gain on
disposition
of equipment (310) - - - (310)
Cost of goods
sold - 40,868 548 - 41,416
---------- ---------- ---------- ---------- ----------
Total cost
of sales 168,313 40,868 548 - 209,729
Selling,
general &
administrative 17,896 389 1,523 - 19,808
Goodwill
Impairment - - 855 - 855
---------- ---------- ---------- ---------- ----------
Total
operating
expenses 186,209 41,257 2,926 - 230,392
---------- ---------- ---------- ---------- ----------
Operating
income (loss) $ 45,072 $ (3,353) $ (550) $ - $ 41,169
========== ========== ========== ========== ==========
AMERICAN COMMERCIAL LINES INC.
Statement of Operating Income by Reportable Segment
(Dollars in thousands)
(Unaudited)
Reportable Segments
----------------------
Transport- Manufactu- All Other Intersegment
ation ring Segments Elimination Total
---------- ---------- ---------- ---------- ----------
Year ended
December 31,
2009
Total revenue $ 621,611 $ 239,885 $ 9,715 $ (25,184) $ 846,027
Intersegment
revenues 751 24,339 94 (25,184) -
---------- ---------- ---------- ---------- ----------
Revenue from
external
customers 620,860 215,546 9,621 - 846,027
Operating
expense
Materials,
supplies and
other 225,647 - - - 225,647
Rent 21,715 - - - 21,715
Labor and
fringe
benefits 115,998 - - - 115,998
Fuel 122,752 - - - 122,752
Depreciation
and
amortization 48,615 - - - 48,615
Taxes, other
than income
taxes 14,072 - - - 14,072
Gain on
disposition
of equipment (20,282) - - - (20,282)
Cost of goods
sold - 189,565 3,707 - 193,272
---------- ---------- ---------- ---------- ----------
Total cost
of sales 528,517 189,565 3,707 - 721,789
Selling,
general &
administrative 60,740 4,579 4,763 - 70,082
---------- ---------- ---------- ---------- ----------
Total
operating
expenses 589,257 194,144 8,470 - 791,871
---------- ---------- ---------- ---------- ----------
Operating
income $ 31,603 $ 21,402 $ 1,151 $ - $ 54,156
========== ========== ========== ========== ==========
Year ended
December 31,
2008
Total revenue $ 897,272 $ 284,274 $ 8,617 $ (30,243) $1,159,920
Intersegment
revenues - 29,480 763 (30,243) -
---------- ---------- ---------- ---------- ----------
Revenue from
external
customers 897,272 254,794 7,854 - 1,159,920
Operating
expense
Materials,
supplies and
other 304,858 - - - 304,858
Rent 23,345 - - - 23,345
Labor and
fringe
benefits 118,737 - - - 118,737
Fuel 227,489 - - - 227,489
Depreciation
and
amortization 47,255 - - - 47,255
Taxes, other
than income
taxes 14,855 - - - 14,855
Gain on
disposition
of equipment (954) - - - (954)
Cost of goods
sold - 242,309 2,080 - 244,389
---------- ---------- ---------- ---------- ----------
Total cost
of sales 735,585 242,309 2,080 - 979,974
Selling,
general &
administrative 69,493 2,798 5,245 - 77,536
Goodwill
Impairment - - 855 - 855
---------- ---------- ---------- ---------- ----------
Total
operating
expenses 805,078 245,107 8,180 - 1,058,365
---------- ---------- ---------- ---------- ----------
Operating
income (loss) $ 92,194 $ 9,687 $ (326) $ - $ 101,555
========== ========== ========== ========== ==========
AMERICAN COMMERCIAL LINES INC.
SELECTED FINANCIAL AND NONFINANCIAL DATA
(Dollars in thousands except where noted)
(Unaudited)
Quarter Ended Dec. 31, Year Ended Dec. 31,
----------------------- -----------------------
2009 2008 2009 2008
----------- ---------- ----------- -----------
Consolidated EBITDA $ 37,862 $ 56,291 $ 93,575 $ 156,567
Transportation Revenue and
EBITDA
Revenue $ 177,467 $ 231,281 $ 620,860 $ 897,272
EBITDA 40,558 57,621 81,231 141,406
Manufacturing Revenue and
EBITDA (External and
Internal)
Revenue $ 55,726 $ 65,191 $ 239,885 $ 284,274
EBITDA 3,492 3,664 25,106 19,435
Manufacturing External
Revenue and EBITDA
Revenue $ 45,198 $ 37,904 $ 215,546 $ 254,794
EBITDA 3,492 (2,635) 25,106 12,596
Average Domestic Barges
Operated
Dry 2,156 2,278 2,202 2,347
Liquid 362 386 376 390
----------- ---------- ----------- -----------
Total 2,518 2,664 2,578 2,737
=========== ========== =========== ===========
Fuel Price (Average Dollars
per gallon) $ 1.95 $ 2.86 $ 1.95 $ 3.17
Capital Expenditures
(including software) $ 15,847 $ 43,115 $ 36,007 $ 100,067
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 and Corporate Communications (800) 842-5491