Business
Algoma Central Corporation - Operating results to December 31, 2006 and 2005
Algoma Central Corporation - Operating results to December 31, 2006 and 2005.
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, March 1 /CNW/ -\n\n\n Algoma Central Corporation -\n Operating results to December 31, 2006 and 2005\n (in thousands of dollars except per share figures)\n\n Three Months Ended Twelve Months Ended\n December 31 December 31\n 2006 2005 2006 2005\n\nRevenue from continuing\n operations $163,620 $154,149 $548,552 $508,993\n\nNet earnings (loss):\n Continuing operations $18,874 $14,258 $41,575 $30,856\n Discontinued operations (194) 192 484 620\n Total $18,680 $14,450 $42,059 $31,476\n\nEarnings per share (loss)\n Continuing operations $4.85 $3.66 $10.69 $7.93\n Discontinued operations (0.05) 0.05 0.12 0.16\n Total $4.80 $3.71 $10.81 $8.09\n\nDividends paid per common share: $0.35 $0.25 $1.30 $1.00\n\n\nThe Corporation is reporting earnings from continuing operations for the\nthree months ended December 31, 2006 of $18,874 compared to $14,258 for the\nsame period in 2005, and earnings from continuing operations for the twelve\nmonths ended December 31, 2006 of $41,575 compared to $30,856 for the same\nperiod in 2005.\n\n\nThe increase in net earnings from continuing operations of $4,616 for the\nthree months ended December 31, 2006 when compared to the prior period was due\nprincipally to a improvement in earnings of the domestic dry-bulk fleet\nsegment due mainly to increases in freight rates, improved recovery of higher\nfuel costs and improved fall weather conditions. This increase was partially\noffset by a reduction in the earnings of the ocean shipping segment due to\nfewer operating days resulting from the scheduled dry-docking of one vessel,\nand an increase in foreign exchange losses due primarily to the weakening of\nthe Canadian dollar relative to the U.S. dollar.\n\n\nFor the twelve months ended December 31, 2006 when compared to the same\nperiod in 2005, earnings from continuing operations increased by $10,719 over\nthe prior period. The increase was primarily due to the following:\n\n\n- The product tanker segment earnings improved principally due to the\n addition of the Algosea and Amalienborg and reduced earnings for the\n twelve months ended December 31, 2005 due to costs associated with\n the wind-up of U.S. operations relating to the transfer of\n registration of a tanker vessel from U.S. to Canadian flag.\n\n- The domestic dry-bulk segment earnings improved due mainly to\n increases in freight r...