Business
Algoma Central Corporation - Operating Results to March 31, 2008 and 2007
ALC-T TORONTO, April 30 /CNW/ - ALGOMA CENTRAL CORPORATION
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nALC-T\n\n\nTORONTO, April 30 /CNW/ -\n\n\n ALGOMA CENTRAL CORPORATION\n Operating Results to March 31, 2008 and 2007\n\n (In thousand of dollars except per share data)\n\n\n Three Months Ended\n March 31\n 2008 2007\n\nRevenue $ 68,707 $ 52,028\n\nNet loss $ 8,271 $ 11,736\n\nLoss per share $ 2.13 $ 3.02\n\nDividends paid per common share $ 0.35 $ 0.35\n\n\nThe Corporation is reporting a net loss for the three months ended\nMarch 31, 2008 of $8,271 compared to a net loss of $11,736 for the same period\nin 2007, a decrease of $3,465.\n\n\nThe decrease in the net loss for the three months ended March 31, 2008\nwhen compared to the same prior year period was due primarily to the\nfollowing:\n\n\n- Improved earnings for the Ocean Shipping segment due mainly to\n additional operating days as a result of the addition of the\n Honourable Henry Jackman on August 1 ,2007, and improved results of\n the CSL International commercial arrangement. These improved results\n were partially offset with reduced earnings of the Nelvana due to a\n planned regulatory dry-docking.\n\n- Improved earnings of the Domestic Dry-Bulk segment as a result of\n additional operating days.\n\n- Improved earnings for the Real Estate segment due primarily to a gain\n realized on the sale of one of its light industrial properties in\n St. Catharines, Ontario.\n\n- Increase in foreign exchange gains of $6,587 resulting from the\n translation to Canadian dollars of a short term cash deposit\n denominated in a foreign currency and the recognition of an\n unrealized gain on a foreign currency forward contract that was\n adjusted to market value at March 31, 2008. The unrealized gain on\n the foreign exchange forward contract is recognized in earnings due\n to the fact it is not eligible for hedge accounting because of a\n timing difference between the contract maturity and the underlying\n commitment the foreign exchange forward contract was hedged for due\n to the delay in the expected delivery of the vessel.\n\nThe above decreases in the net loss were partially offset with the\nfollowing:\n\n- Repair and maintenance costs associated with the increased winter\n works program of the Domestic Dry-Bulk segment.\n\n- Decrease in the earnings of the Product Tanker segment due to\n additional income tax expense.\n\n\nOn April 30, 2008, the Board of Directors declare...