Business
Algoma Central Corporation - Operating Results For the Three and Nine Months Ended September 30, 2008 and 2007
ALC-T TORONTO, Nov. 5 /CNW/ - ALGOMA CENTRAL CORPORATION
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nALC-T\n\n\nTORONTO, Nov. 5 /CNW/ -\n\n\n ALGOMA CENTRAL CORPORATION\n\n Operating Results\n\n For the Three and Nine Months Ended September 30, 2008 and 2007\n\n (In thousand of dollars except per share data)\n\n\n Three Months Ended Nine Months Ended\n September 30 September 30\n 2008 2007 2008 2007\n\n\nRevenue $ 226,836 $ 180,248 $ 492,512 $ 395,412\n\nNet earnings $ 18,523 $ 21,580 $ 24,448 $ 26,366\n\nEarnings per share $ 4.76 $ 5.55 $ 6.28 $ 6.78\n\nDividends paid per\n common share $ 0.45 $ 0.35 $ 1.25 $ 1.05\n\n\nThe Corporation is reporting net earnings for the three months ended\nSeptember 30, 2008 of $18,523 compared to $21,580 for the same period in 2007.\nThe decrease in the net earnings for the third quarter ended September 30,\n2008 of $3,057 when compared to the same prior year period was due primarily\nto the following:\n\n\n- Decrease in net foreign exchange gains of $7,918. In the third quarter\n of 2008, the Corporation incurred net foreign exchange losses of\n $6,273 due mainly to the translation to Canadian dollars of Euro\n denominated short term cash deposits and U.S. dollar denominated debt.\n The losses were due to the strengthening of the Canadian dollar\n against the Euro and the weakening of the Canadian dollar relative to\n the U.S. dollar. In the third quarter of 2007, the Corporation had net\n foreign exchange gains of $1,645 on the translation of foreign-\n denominated net liabilities resulting from the strengthening of the\n Canadian dollar against the U.S. dollar.\n\n- Decrease in earnings of the Product Tankers segment of $658 due\n primarily to fewer operating and in-charter days and increased\n variable costs.\n\nThe above decreases in earnings were partially offset primarily by the\nfollowing:\n\n- Improved earnings of the Domestic Dry-Bulk segment of $1,689, net of\n minority interest, as a result of higher rates and additional\n operating days.\n\n- Improved earnings in Ocean Shipping of $3,614 due largely to improved\n results of the CSL International commercial arrangement, the addition\n of three ocean bulkers, additional operating days in 2008 due the\n addition of the Honourable Henry Jackman during the third quarter of\n 2007 and no planned regulatory dry-dockings compared to the same\n quarter in 2007.\n\nFor the nine months ended September 30, 2008 net earnings were $24,44...