Business
Algoma Central Corporation - Operating results to September 30, 2007 and 2006
TORONTO, Nov. 7 /CNW/ - Algoma Central Corporation Operating results to September 30, 2007 and 2006
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 7 /CNW/ -\n\n\n Algoma Central Corporation\n Operating results to September 30, 2007 and 2006\n (in thousands of dollars except per share figures)\n\n Three Months Ended Nine Months Ended\n September 30 September 30\n 2007 2006 2007 2006\n\nRevenue from continuing\n operations: $ 180,248 $ 169,484 $ 395,412 $ 384,932\n\nNet earnings :\n Continuing operations $ 21,580 $ 17,717 $ 26,366 $ 22,701\n Discontinued operations 0 (47) 0 678\n Total $ 21,580 $ 17,670 $ 26,366 $ 23,379\n\nEarnings per share:\n Continuing operations $ 5.55 $ 4.56 $ 6.78 $ 5.84\n Discontinued operations 0.00 (0.02) 0.00 0.17\n Total $ 5.55 $ 4.54 $ 6.78 $ 6.01\n\nDividends paid per\n common share: $ 0.35 $ 0.35 $ 1.05 $ 0.95\n\n\nThe Corporation is reporting net earnings for the three months ended\nSeptember 30, 2007 of $21,580 compared to net earnings of $17,670 for the same\nperiod in 2006, an increase of $3,910.\n\n\nNet earnings for the nine months ended September 30, 2007 were $26,366\ncompared to net earnings of $23,379 for the same period in 2006, an increase\nof $2,987. Included in the net earnings for the nine months ended\nSeptember 30, 2006 was a decrease in income tax expense of $2,805 due to the\n2006 announcement by the Federal government concerning future corporate tax\nrate reductions. Excluding this item in 2006, net earnings for the nine months\nended September 30, 2007 were better than the comparable period by $5,792.\n\n\nThe increases in net earnings of $3,910 for the three months ended\nSeptember 30, 2007 and $5,792 (after the impact of the 2006 corporate tax rate\nadjustment) for the nine months ended September 30, 2007 when compared to the\nsame prior year periods were due primarily to the following:\n\n\n- Improved earnings for the ocean shipping segment due mainly to fewer\n out-of-service days to September 30, 2007 compared to the\n corresponding period in 2006 due to reduced regulatory planned dry-\n dockings, the addition of the Honourable Henry Jackman which entered\n service on August 1, 2007 and strong earnings from positioning cargos\n for a vessel going to and returning from a scheduled regulatory dry-\n docking in China.\n\n- Improved earnings for the domestic dry-bulk segment due mainly to\n improved revenue levels and fuel surcharge recoveries.\n\n- A reduction in amortization expense due to changes ...