Business
Algoma Central Corporation - Operating results to June 30, 2007 and 2006
Algoma Central Corporation - Operating results to June 30, 2007 and 2006.
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 8 /CNW/ -\n\n\n Algoma Central Corporation\n Operating results to June 30, 2007 and 2006\n (in thousands of dollars ,except per share figures)\n\n Three Months Ended Six Months Ended\n June 30 June 30\n 2007 2006 2007 2006\n\nRevenue from continuing\n Operations: $163,136 $162,671 $215,164 $215,448\n\nNet earnings:\n Continuing operations $16,522 $17,873 $4,786 $4,984\n Discontinued operations 0 725 0 725\n Total $16,522 $18,598 $4,786 $5,709\n\nEarnings per share:\n Continuing operations $4.25 $4.59 $1.23 $1.28\n Discontinued operations 0.00 0.19 0.00 0.19\n Total $4.25 $4.78 $1.23 $1.47\n\nDividends paid per common\n share: $0.35 $0.35 $0.70 $0.60\n\n\nThe Corporation is reporting net earnings for the three months ended June\n30, 2007 of $16,522 compared to net earnings of $18,598 for the same period in\n2006, a decrease of $2,076. Included in the 2006 second quarter net earnings\nwas a decrease in income tax expense of $2,805 due to the announcement by the\nFederal government concerning future corporate tax rate reductions. Excluding\nthis item in 2006, net earnings for the 2007 second quarter were better than\nthe comparable period by $729.\n\n\nNet earnings for the six months ended June 30, 2007 were $4,786 compared\nto net earnings of $5,709 for the same period in 2006, a decrease of $923.\nExcluding the decrease in income tax expense of $2,805 mentioned above, net\nearnings for the six months ended June 30, 2007 were better than the\ncomparable period by $1,882.\n\n\nThe increases in net earnings, excluding the income tax adjustment in\n2006, of $729 for the three months ended June 30, 2007 and $1,882 for the six\nmonths ended June 30, 2007 when compared to the same prior year periods were\ndue primarily to the following:\n\n\n- Improved earnings for the ocean shipping segment due mainly to fewer\n out-of-service days to June 30 2007 compared to the corresponding\n period in 2006 due to regulatory planned dry-dockings.\n\n- Reduction in amortization expense due to changes in the remaining\n estimated lives of certain capital assets.\n\nThe above increases in net earnings were partially offset with the\nfollowing:\n\n- Decreased operating earnings of the tanker fleet due primarily to\n fewer operating days due to the sale of the Algonova in January\n 2007.\n\n- The impact of the deferral of earnings o...