Business
Revised: Algoma Central Corporation - Operating Results
Please note that the below release contains the complete results from operations table inc...
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\nPlease note that the below release contains the complete results from\n operations table including the column headers \"Three Months Ended June 30\" and \" Six Months Ended June 30\".\n\n\n(In thousand of dollars except per share data)\n\n\n\nFor the Three and Six Months Ended June 30, 2014 and 2013 \n\n\nALC-T\n\n\nST. CATHARINES, ON, Aug. 6, 2014 /CNW/ - The Corporation is reporting\n second quarter revenues of $138,333 compared to $144,930 for the same\n period in 2013. Increases in the Ocean Shipping and Real Estate\n segments were more than offset by reductions in the Domestic Dry-Bulk\n and Product Tankers segments related to the delayed start and difficult\n operating conditions at the beginning of the 2014 navigation season.\n\n\nSegment earnings after income taxes were $16,641 compared to $20,953 for\n the second quarter in 2013. All segments are reporting decreased second\n quarter earnings, most significantly in the Domestic Dry-Bulk segment.\n The harsh winter conditions and extensive ice coverage lasting into May\n affected the start of the 2014 navigation season, causing significant\n schedule disruptions, delays, and extended trip times.\n\n\nNet earnings and basic earnings per share were $14,946 and $0.38,\n respectively, compared to $19,381 and $0.50, respectively, for the same\n period last year.  The lower net earnings were driven by the lower\n segment earnings.\n\n\nSix Month Results\n\n\nThe Corporation is reporting revenues for the 2014 six month period of\n $190,071 compared to $195,687 for the first six months of 2013.  The\n decrease was driven by the domestic fleets as a result of fewer\n domestic dry-bulk and domestic tanker operating days during the winter\n months in 2014, and a slower start to their respective seasons this\n year.\n\n\nThe segment loss after income taxes was $3,670 for the 2014 six month\n period compared to a loss of $5,258 for the first six months of 2013. \n Improved earnings for the Domestic Dry-Bulk segment as a result of\n reduced spending on winter maintenance more than offset lower earnings\n in the Product Tankers, Ocean Shipping and Real Estate segments\n year-over-year.\n\n\nThe net loss and basic loss per share were $6,920 and $0.18,\n respectively, compared to $9,254 and $0.24, respectively, for the same\n period last year.  The net loss for 2...