Rand Logistics, Inc. (NASDAQ:RLOG) posted its third fiscal quarter results
above street consensus on Monday. The Company reported third fiscal quarter net
revenue of $36.61 million, down 1.90% year over year from $37.32 million in the
same quarter last year, above the analysts' estimate of $33.1 million.
Excluding fuel and other surcharges, and outside charter revenue, Marine freight
revenue of $27.3 million has been recorded, down 4.4% year over year from $28.6
million. This decrease is the results of 15 less sailing days and both less
favorable weather conditions and commodity mix, partially offset by a stronger
Canadian dollar. Net income of $3.2 million or 24 cents a share has been
recorded for the quarter, up 10.34% from $2.9 million or 22 cents a share for
the same quarter last year. Analysts on an average were expecting to post EPS of
17 cents a share. Looking ahead, for fiscal 2012, the company revised its
guidance & said that it expects free cash flow of $1.15 to $1.30 per share from
previous guidance of $0.90 to $1.00 per share for the year ending March 31,
2012. The Company also announced that it has acquired two Jones Act compliant,
self-unloading integrated tug/barge units from KK Integrated Shipping (KKIS).
The acquisition was structured with $35.5 million cash paid at closing
(including $31.0 million financed with third party debt), $5.1 million of
attractively priced junior seller paper and 1,305,963 shares of the Companys
common stock. Shares of a shipping company engaged in the operation of bulk
carriers on the Great Lakes gained $1.01 or 19.09% to trade close at $6.30 after
the company announced its third quarter results above analysts' expectation.
The stock touched the new annual high of $7.10, its annual low being $4.00. It
opened at $5.65 and traded with volume of 196,370 shares. The market
capitalization of the stock stands at $84.84 million with P/E of 96.63 and beta
of 0.66. The Company through its subsidiary, Lower Lakes Towing Ltd. (Lower
Lakes Towing), provides bulk freight shipping services throughout the Great
Lakes region and operated eight vessels (the Core Vessels). Rand's shipping
business is operated in Canada by Lower Lakes Towing and in the United States by
Lower Lakes Transportation Company (Lower Lakes Transportation). Disclaimer: The
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