Algoma Central Corporation - Operating Results For the Three Months Ended March 31, 2009 and 2008

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[{"type":"text","content":"\n\n\n\nALC-T\n\n\nTORONTO, May 7 /CNW/ -\n\n\n ALGOMA CENTRAL CORPORATION\n\n Operating Results\n\n For the Three Months Ended March 31, 2009 and 2008\n\n (In thousand of dollars except per share data)\n\n Three Months Ended\n March 31\n 2009 2008\n\nRevenue $60,435 $68,707\n\nNet loss $18,453 $ 8,271\n\nLoss per share $ 4.74 $ 2.13\n\nDividends paid per common share $ 0.45 $ 0.35\n\n\nThe Corporation is reporting a net loss for the three months ended March\n31, 2009 of $18,453 compared to a net loss of $8,271 for the same period in\n2008. The increase in the net loss was due primarily to net foreign exchange\ngains in the 2008 similar period and decreases in operating earnings net of\nincome tax of all our business units.\n\n\nIn 2008, the Corporation reported net foreign exchange gains of $6,843 on\nthe translation of foreign denominated assets and liabilities and in 2009 we\nare reporting a net foreign exchange loss of $189. The decrease of $7,032 is\ndue primarily to gains in 2008 on the translation to Canadian dollars of a\nEuro denominated short-term cash deposit due to the weakening of the Canadian\ndollar.\n\n\nThe Domestic Dry-Bulk segment's operating loss net of income tax\nincreased from $39,239 to $41,587 due primarily to fewer operating days and an\nincrease in repair and maintenance costs.\n\n\nThe Product Tanker segment operating earnings net of income tax decreased\nfrom $2,415 to $200 mainly as a result of increased repair and maintenance\ncosts due to two dry-dockings in the first quarter of 2009 when compared to\nnone in the similar 2008 period and higher amortization expense due to the\naddition of the Algonova and the AlgoCanada.\n\n\nThe operating earnings net of income tax of the Ocean Shipping segment\nfor the three months ended March 31, 2009 were $3,885 compared to $4,933 for\nthe same period in 2008. The decrease resulted primarily from reduced results\nof the CSL International commercial arrangement due to the North American\nrecession and an increase in re-positioning costs related to a planned\nregulatory dry-docking.\n\n\nThe Real Estate segment's operating earnings net of income tax decreased\nfrom $1,540 to $1,110 due primarily to a gain realized on the sale of a\nbuilding in 2008.\n\n\nOn May 7, 2009, the Board of Directors declared a dividend of $0.45 per\ncommon share payable on June 1, 2009 ...

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