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November 5, 2012

Blame it on the rain: ACL posts third quarter losses, cites drought




Jeffboat, ACL’s manufacturing segment, revenues also took a major hit dropping nearly 71 percent to $10.3 million, as 18 barges were sold to third-parties compared to 63 sold in the third quarter 2011.

The company attributed the decline to the shift of Jeffboat’s capacity to the production of barges for its own transportation segment during the third quarter. According to the earnings statement, 15 new liquid barges and 35 new dry hopper barges were placed in service in the third quarter, compared to two oversize liquid tank barges and 30 dry hopper barges in the third quarter in 2011.

During the nine-month period, manufacturing revenues increased slightly, by 3.4 percent to $90.6 million, with 162 total barges sold to third parties, matching last year’s total through nine months.

Operating income decreased by $4.7 million, but was partially offset by an $11.4 million insurance claim to damages from the 2011 flood, according to the earnings statement.

Overall numbers

Despite the losses posted for the quarter — revenues for the third quarter dropped 28 percent compared to the third quarter in 2011— for the year ACL is still posting better net figures than last year.

ACL posted an $11.1 million gain compared to a $24.4 million loss, respectively.

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