AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except shares and per share amounts)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenues
Transportation and
Services $ 153,815 $ 227,085 $ 315,390 $ 433,539
Manufacturing 70,916 95,609 106,150 159,671
---------- ---------- ---------- ----------
Revenues 224,731 322,694 421,540 593,210
---------- ---------- ---------- ----------
Cost of Sales
Transportation and
Services 141,414 200,698 285,754 381,736
Manufacturing 59,889 88,059 90,325 147,904
---------- ---------- ---------- ----------
Cost of Sales 201,303 288,757 376,079 529,640
---------- ---------- ---------- ----------
Gross Profit 23,428 33,937 45,461 63,570
Selling, General and
Administrative Expenses 17,121 20,431 39,854 40,504
---------- ---------- ---------- ----------
Operating Income 6,307 13,506 5,607 23,066
---------- ---------- ---------- ----------
Other Expense (Income)
Interest Expense 11,812 5,988 20,353 12,720
Debt Retirement
Expenses - 2,379 - 2,379
Other, Net (202) (296) (481) (1,146)
---------- ---------- ---------- ----------
Other Expenses 11,610 8,071 19,872 13,953
---------- ---------- ---------- ----------
(Loss) Income from
Continuing Operations
before Income Taxes (5,303) 5,435 (14,265) 9,113
Income Taxes (Benefit) (1,707) 2,071 (5,211) 3,446
---------- ---------- ---------- ----------
(Loss) Income from
Continuing Operations (3,596) 3,364 (9,054) 5,667
Discontinued Operations,
Net of Tax (172) 291 (172) 303
---------- ---------- ---------- ----------
Net (Loss) Income $ (3,768) $ 3,655 $ (9,226) $ 5,970
========== ========== ========== ==========
Basic (loss) earnings per
common share:
(Loss) income from
continuing operations $ (0.28) $ 0.27 $ (0.71) $ 0.45
(Loss) income from
discontinued operations,
net of tax (0.02) 0.02 (0.02) 0.02
---------- ---------- ---------- ----------
Basic (loss) earnings per
common share $ (0.30) $ 0.29 $ (0.73) $ 0.47
========== ========== ========== ==========
(Loss) earnings per common
share - assuming dilution:
(Loss) income from
continuing operations $ (0.28) $ 0.27 $ (0.71) $ 0.45
(Loss) income from
discontinued operations,
net of tax (0.02) 0.02 (0.02) 0.02
---------- ---------- ---------- ----------
(Loss) earnings per common
share - assuming dilution $ (0.30) $ 0.29 $ (0.73) $ 0.47
========== ========== ========== ==========
Weighted Average Shares
Outstanding:
Basic 12,712,985 12,619,346 12,700,403 12,569,478
Diluted 12,712,985 12,724,390 12,700,403 12,727,810
AMERICAN COMMERCIAL LINES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except shares and per share amounts)
June 30, December 31,
2009 2008 (1)
------------ ------------
ASSETS
Current Assets
Cash and Cash Equivalents $ 1,914 $ 1,217
Accounts Receivable, Net 94,643 138,695
Inventory 60,042 69,635
Deferred Tax Asset 3,547 5,173
Assets Held for Sale 3,344 4,577
Prepaid and Other Current Assets 26,753 39,002
------------ ------------
Total Current Assets 190,243 258,299
Properties, Net 539,972 554,580
Investment in Equity Investees 4,073 4,039
Other Assets 40,357 22,333
------------ ------------
Total Assets $ 774,645 $ 839,251
============ ============
LIABILITIES
Current Liabilities
Accounts Payable $ 40,098 $ 67,719
Accrued Payroll and Fringe Benefits 16,531 25,179
Deferred Revenue 13,798 13,986
Accrued Claims and Insurance Premiums 18,609 22,819
Accrued Interest 3,398 1,237
Current Portion of Long Term Debt 970 1,420
Customer Deposits 5,487 6,682
Other Liabilities 32,090 43,522
------------ ------------
Total Current Liabilities 130,981 182,564
Long Term Debt 406,100 418,550
Pension & Post Retirement Liabilities 45,133 44,140
Deferred Tax Liability 29,696 30,389
Other Long Term Liabilities 4,541 4,899
------------ ------------
Total Liabilities 616,451 680,542
------------ ------------
STOCKHOLDERS' EQUITY
Common stock; authorized 50,000,000 shares at
$.01 par value; 15,891,120 and 15,813,746
shares issued and outstanding as of
June 30, 2009 and December 31, 2008,
respectively 159 633
Treasury Stock; 3,177,023 and 3,150,906 shares
at June 30, 2009 and December 31, 2008,
respectively (313,278) (312,886)
Other Capital 296,310 293,018
Retained Earnings 186,694 195,920
Accumulated Other Comprehensive Loss (11,691) (17,976)
------------ ------------
Total Stockholders' Equity 158,194 158,709
------------ ------------
Total Liabilities and Stockholders'
Equity $ 774,645 $ 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 Six Months Ended
June 30, June 30,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Net (Loss) Income from
Continuing Operations $ (3,596) $ 3,364 $ (9,054) $ 5,667
Discontinued Operations,
Net of Income Taxes (172) 291 (172) 303
---------- ---------- ---------- ----------
Consolidated Net (Loss)
Income $ (3,768) $ 3,655 $ (9,226) $ 5,970
---------- ---------- ---------- ----------
Adjustments from Continuing
Operations:
Interest Income (5) (12) (12) (62)
Interest Expense 11,812 5,988 20,353 12,720
Debt Retirement Expenses - 2,379 - 2,379
Depreciation and
Amortization 13,734 13,488 27,274 26,134
Taxes (1,707) 2,071 (5,211) 3,446
Adjustments from
Discontinued Operations:
Interest Income - (13) - (32)
Taxes 170 158 170 165
EBITDA from Continuing
Operations 20,238 27,278 33,350 50,284
EBITDA from Discontinued
Operations (2) 436 (2) 436
---------- ---------- ---------- ----------
Consolidated EBITDA $ 20,236 $ 27,714 $ 33,348 $ 50,720
========== ========== ========== ==========
EBITDA from Continuing
Operations by Segment:
Transportation Net (Loss)
Income $ (13,153) $ (3,448) $ (21,267) $ (4,458)
Interest Income (5) (10) (11) (58)
Interest Expense 11,802 5,988 20,333 12,720
Debt Retirement Expenses - 2,379 - 2,379
Depreciation and
Amortization 12,419 12,232 24,554 24,139
Taxes (1,707) 2,071 (5,232) 3,446
---------- ---------- ---------- ----------
Transportation EBITDA $ 9,356 $ 19,212 $ 18,377 $ 38,168
========== ========== ========== ==========
Manufacturing Net Income $ 10,596 $ 6,807 $ 14,748 $ 10,314
Depreciation and
Amortization 885 694 1,751 1,348
---------- ---------- ---------- ----------
Total Manufacturing EBITDA 11,481 7,501 16,499 11,662
Intersegment Profit - (87) - (234)
---------- ---------- ---------- ----------
External Manufacturing
EBITDA $ 11,481 $ 7,414 $ 16,499 $ 11,428
========== ========== ========== ==========
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,
2009
Total revenue $ 145,868 $ 78,987 $ 8,063 $ (8,187) $224,731
Intersegment
revenues 87 8,071 29 (8,187) -
------------- ------------- -------- ----------- --------
Revenue from
external
customers 145,781 70,916 8,034 - 224,731
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 6,770 - 66,659
------------- ------------- -------- ----------- --------
Total
cost of
sales 134,644 59,889 6,770 - 201,303
Selling,
general
&
adminis-
trative 14,354 483 2,284 - 17,121
------------- ------------- -------- ----------- --------
Total
operating
expenses 148,998 60,372 9,054 - 218,424
------------- ------------- -------- ----------- --------
Operating
(loss)
income $ (3,217) $ 10,544 $ (1,020) $ - $ 6,307
============= ============= ======== =========== ========
Quarter ended
June 30,
2008
Total revenue $ 217,527 $ 96,104 $ 10,161 $ (1,098) $322,694
Intersegment
revenues 340 495 263 (1,098) -
------------- ------------- -------- ----------- --------
Revenue from
external
customers 217,187 95,609 9,898 - 322,694
Operating
expense
Materials,
supplies
and other 77,392 - - - 77,392
Rent 5,731 - - - 5,731
Labor
and
fringe
benefits 28,988 - - - 28,988
Fuel 65,270 - - - 65,270
Depreciation
and
amortization 12,232 - - - 12,232
Taxes, other
than
income
taxes 3,765 - - - 3,765
Gain on
disposition
of
equipment 75 - - - 75
Cost of
goods
sold - 88,059 7,245 - 95,304
------------- ------------- -------- ----------- --------
Total
cost
of
sales 193,453 88,059 7,245 - 288,757
Selling,
general
&
adminis-
trative 17,020 872 2,539 - 20,431
------------- ------------- -------- ----------- --------
Total
operating
expenses 210,473 88,931 9,784 - 309,188
------------- ------------- -------- ----------- --------
Operating
income $ 6,714 $ 6,678 $ 114 $ - $ 13,506
============= ============= ======== =========== ========
AMERICAN COMMERCIAL LINES INC.
Statement of Operating Income by Reportable Segment
(Dollars in thousands)
(Unaudited)
Reportable Segments All
--------------------------- Other Intersegment
Transportation Manufacturing Segments Eliminaion Total
------------ ------------- -------- --------- --------
Six Months ended
June 30, 2009
Total revenue $ 301,458 $ 115,855 $ 14,222 $ (9,995) $421,540
Intersegment
revenues 190 9,705 100 (9,995) -
------------ ------------- -------- --------- --------
Revenue from
external
customers 301,268 106,150 14,122 - 421,540
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 11,701 - 102,026
------------ ------------- -------- --------- --------
Total cost
of sales 274,053 90,325 11,701 - 376,079
Selling,
general &
administrative 33,789 1,155 4,910 - 39,854
------------ ------------- -------- --------- --------
Total
operating
expenses 307,842 91,480 16,611 - 415,933
------------ ------------- -------- --------- --------
Operating (loss)
income $ (6,574) $ 14,670 $ (2,489) $ - $ 5,607
============ ============= ======== ========= ========
Six Months ended
June 30, 2008
Total revenue $ 422,464 $ 160,657 $ 12,091 $ (2,002) $593,210
Intersegment
revenues 456 986 560 (2,002) -
------------ ------------- -------- --------- --------
Revenue from
external
customers 422,008 159,671 11,531 - 593,210
Operating
expense
Materials,
supplies
and other 154,819 - - - 154,819
Rent 11,936 - - - 11,936
Labor and
fringe
benefits 56,037 - - - 56,037
Fuel 119,510 - - - 119,510
Depreciation
and
amortization 24,139 - - - 24,139
Taxes, other
than income
taxes 7,909 - - - 7,909
Gain on
disposition
of
equipment (284) - - - (284)
Cost of goods
sold - 147,904 7,670 - 155,574
------------ ------------- -------- --------- --------
Total cost
of sales 374,066 147,904 7,670 - 529,640
Selling,
general &
administrative 34,840 1,760 3,904 - 40,504
------------ ------------- -------- --------- --------
Total
operating
expenses 408,906 149,664 11,574 - 570,144
------------ ------------- -------- --------- --------
Operating income
(loss) $ 13,102 $ 10,007 $ (43) $ - $ 23,066
============ ============= ======== ========= ========
AMERICAN COMMERCIAL LINES INC.
SELECTED FINANCIAL AND NONFINANCIAL DATA
(Dollars in thousands except where noted)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Consolidated EBITDA $ 20,236 $ 27,714 $ 33,348 $ 50,720
Transportation Revenue and EBITDA
Revenue $ 145,781 $ 217,187 $ 301,268 $ 422,008
EBITDA 9,356 19,212 18,377 38,168
Manufacturing Revenue and EBITDA
(External and Internal)
Revenue $ 78,987 $ 96,104 $ 115,855 $ 160,657
EBITDA 11,481 7,501 16,499 11,662
Manufacturing External Revenue and
EBITDA
Revenue $ 70,916 $ 95,609 $ 106,150 $ 159,671
EBITDA 11,481 7,414 16,499 11,428
Average Domestic Barges Operated
Dry 2,195 2,359 2,219 2,389
Liquid 376 384 381 386
--------- --------- --------- ---------
Total 2,571 2,743 2,600 2,775
========= ========= ========= =========
Fuel Price (Average Dollars per
gallon) $ 1.86 $ 3.44 $ 1.92 $ 3.12
Capital Expenditures (including
software) $ 4,528 $ 13,455 $ 13,376 $ 26,049
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