Algoma Central Corporation Operating Results For the Three and Six Months Ended June 30, 2011 and 2010

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[{"type":"text","content":"\n\n\n\n\n\nALC-T\n\n\nTORONTO, Aug. 4, 2011 /CNW/ -\n\n\n(Reported under International Financial Reporting Standards)(In thousand of dollars except per share data)\n\n\n\n\n\n\n\n\nThree Months Ended June 30 \n\n\nSix Months Ended June 30\n\n\n\n\n\n2011\n\n\n2010 \n\n\n2011\n\n\n2010\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue \n\n\n$ 156,220\n\n\n$ 107,852\n\n\n$ 213,406\n\n\n$ 162,617\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet earnings (loss) \n\n\n$ 17,496\n\n\n$ 10,939\n\n\n$ 483\n\n\n$ (6,263)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic earnings (loss) per common share \n\n\n$ 4.50\n\n\n$ 2.81\n\n\n$ 0.12\n\n\n$ (1.61)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividends paid per common share \n\n\n$ 0.45\n\n\n$ 0.45\n\n\n$ 0.90\n\n\n$ 0.90\n\n\n\n\n\nSecond Quarter Results\n\n\nThe Corporation is reporting net earnings for the three months ended\n June 30, 2011 of $17,496 compared to net earnings of $10,939 for the\n same period in 2010.\n\n\nThe increase was due primarily to improved operating results of the\n business units, the acquisition of the non-controlling interest in\n Seaway Marine Transport and increased foreign exchange gains. Partially\n offsetting these improvements were the adverse impact of a non-cash\n mark-to-market adjustment recognizing the fair value of certain foreign\n exchange forward contracts and an increase in financing costs.\n\n\nThe Domestic Dry-Bulk segment's operating earnings net of income tax\n increased from $7,812 to $10,603. The improvement was due primarily to\n the increase in the Corporation's share of earnings in Seaway Marine\n Transport (\"SMT\"). Effective April 14, 2011 the Corporation acquired\n the Upper Lakes Group Inc. (\"ULG\") fleet of domestic dry-bulk vessels\n and its partnership interest in SMT and related entities (\"the ULG\n Transaction\"), resulting in all of the earnings of SMT post acquisition\n being attributable to the Corporation compared to approximately 59% of\n the earnings prior to the acquisition. Higher operating costs on\n certain vessels partially offset the improvement.\n\n\nThe Product Tanker segment operating earnings net of income tax\n increased from $1,694 to $3,640 mainly as a result of more operating\n days due to an increase in market demand and a decrease in direct\n operating expenses.\n\n\nThe operating earnings net of income tax of the Ocean Shipping s...

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