Net cash flow from operations was $5.2
million for Fiscal Year 2017
Rand Logistics, Inc. (NASDAQ:RLOG) (“Rand”), a leading provider of
bulk freight shipping services throughout the Great Lakes Region,
today announced its financial results for the fiscal fourth quarter
and fiscal year ended March 31, 2017.
Quarter Ended March 31, 2017 Versus Quarter Ended March
31, 2016 Financial ResultsThe Company’s fleet operates on
a limited basis in its fiscal fourth quarter due to the normal
closing schedule of the locks system and winter weather conditions
on the Great Lakes. Vessel repairs and maintenance are completed in
the Company’s fiscal fourth quarter to prepare the fleet for the
upcoming sailing season. As a result, the Company incurs an
operating loss in its fiscal fourth quarter.
- Freight and related revenue generated from Company-operated
vessels (which excludes fuel and other surcharges) decreased $0.8
million to $4.0 million during the three-month period ended March
31, 2017 compared to approximately $4.8 million during the same
period in 2016.
- Total Sailing Days were 166 compared to 113 in the prior year
period.
- EBITDA equaled a loss of $7.4 million for the quarter ended
March 31, 2017 versus a loss of $5.1 million during the quarter
ended March 31, 2016, which included a one-time gain of $1.7
million related to a favorable time charter contract buyout. A
reconciliation of operating income to EBITDA is attached to this
release.
Fiscal
Year Ended March 31, 2017 Versus Fiscal Year Ended March 31,
2016 Financial Results
- Net loss was $19.9 million, or $1.08 per share on a fully
diluted basis, after incurring approximately $4.9 million of
pre-tax restructuring charges and $4.8 million of lender fees. This
compares to a loss of $5.6 million, or $0.31 per share, in the year
ago period.
- Freight and related revenue generated from Company-operated
vessels (which excludes fuel and other surcharges) decreased $13.1
million to $110.5 million compared to $123.6 million during the
year ago period. On a constant currency basis, freight and related
revenue decreased by $12.3 million. A reconciliation of freight and
other revenue generated to constant currency is attached to this
release.
- Total Sailing Days were 3,601 compared to 3,911 in the prior
year period (excluding outside charter).
- Delay Days decreased by 16.9% to 285 from 343 Delay Days. Delay
Days as a percentage of total Sailing Days was 7.9% compared to
8.8% in Fiscal Year 2016.
- Freight and related revenue per Sailing Day decreased $911, or
2.9%, to $30,690 compared to $31,601 during the year ago
period.
- Vessel operating expenses decreased $16.2 million, or 19.4%, to
$67.2 million compared to $83.4 million during the year ago period.
Vessel operating expenses per Sailing Day decreased $2,657, or
12.5%, to $18,658 from $21,315.
- Vessel margin per day increased $13, or 0.1%, to $11,756 from
$11,743 in the prior year period. On a constant currency
basis, vessel margin per day increased 1.1% or $131.
- Adjusted EBITDA after gain on foreign exchange and before
refinancing and lender fees decreased $2.8 million, or 8.6%, to
$29.7 million from $32.5 million (including a one-time gain of $1.7
million) during the prior year period. A reconciliation of
operating income to Adjusted EBITDA is attached to this
release.
Management Comments:
“We were generally pleased with our operating performance for
the fiscal year ended March 31, 2017,” commented Ed Levy, President
and CEO of Rand. “Vessel margin per day, our key financial metric,
equaled $11,756 for the year ended March 31, 2017, compared to
$11,743 for the prior year and a prior three-year average of
$11,643. On a local currency basis, vessel margin increased
by 2.1% or $279 per day. Our goal is to continue to increase vessel
margin per day 4 to 6% per year on a local currency basis in line
with our historic average. We achieved our $5 million cost savings
objective and successfully renewed nine of ten expiring contracts,
and in all but one renewal were able to maintain or increase our
market share.”
“Because of delays in completing certain of our winter
maintenance projects, we expect to sail approximately 50 less days,
or 3,550 days, in Fiscal Year 2018 versus our previous guidance of
3,600 days and 3,601 in Fiscal Year 2017. For the quarter ended
June 30, 2017, we sailed for 1,005 days compared to 969 days in the
same period in 2016. Thus far in Fiscal Year 2018, we are on track
to reduce general and administrative expenses by approximately $1.5
million versus Fiscal Year 2017. In the current market environment,
our goal is to drive efficiencies by managing our capacity and
operating expenses and capitalize on the improved demand
environment relative to this time last year.”
Levy concluded, “Looking ahead, our primary focus remains
creating efficient trade patterns to maximize the percentage of
time that our vessels are in revenue generating condition and to
effectively analyze and react to operating data on a real-time
basis to ensure that we are achieving our operational performance
objectives. We are currently operating under a series of waivers
under our credit facilities, which require us, among other things,
to consummate a recapitalization transaction. We are in active
discussions with our second lien lender with respect to such
recapitalization transaction. While these discussions are ongoing,
there is no guaranty that we will be able to reach an agreement
with our second lien lender.”
Conference CallManagement will host a
conference call to discuss the results at 8:30 a.m. ET on Thursday,
July 6, 2017. Interested parties may participate in the conference
call by dialing 1-800-946-0708 (1-719-325-4917 for international
callers), and using Conference ID# 4022941. The conference
call will be webcast simultaneously on the Rand Logistics, Inc.
website at www.randlogisticsinc.com/presentations.html. A
presentation file related to the conference call will be posted to
the same site.
A replay of the conference call will be available at
www.randlogisticsinc.com/presentations.html and will be archived
for 12 months. A replay will also be available until August
6, 2017 by dialing 1-844-512-2921 (1-412-317-6671 for international
callers), and using Conference ID# 4022941.
Non-GAAP Financial Measures/Financial
TablesThis press release contains certain non-GAAP
financial measures. Reconciliations of these and other non-GAAP
measures to the comparable GAAP measures are included in the
attached financial tables.
About Rand Logistics Rand Logistics, Inc.
is a leading provider of bulk freight shipping services throughout
the Great Lakes region. Through its subsidiaries, the Company
operates a fleet of three conventional bulk carriers and twelve
self-unloading bulk carriers including three tug/barge units. The
Company is the only carrier able to offer significant domestic
port-to-port services in both Canada and the U.S. on the Great
Lakes. The Company's vessels operate under the U.S. Jones Act –
which reserves domestic waterborne commerce to vessels that are
U.S. owned, built and crewed – and the Canada Coasting Trade Act –
which reserves domestic waterborne commerce to Canadian registered
and crewed vessels that operate between Canadian ports.
Forward-Looking Statements This press release
contains forward-looking statements which reflect management’s
current views with respect to certain future events and Rand’s
operations, performance and financial condition. Forward-looking
statements are made only as of the date of this press release.
Forward-looking statements include, but are not limited to: Rand’s
future operating or financial results; Rand’s anticipated plans,
goals or objectives of our management for operations and services
including future cost reduction initiatives; Rand’s anticipated
financial position and liquidity, including Rand's ability to
remain in compliance with its debt covenants and consummate a
recapitalization transaction, acquisition and divestiture
opportunities, regulatory and competitive outlook, investment and
expenditure plans, investment results, strategic alternatives,
business strategies, and other similar statements of expectations
or objectives; and Rand’s outlook and financial and other guidance.
For all forward-looking statements, we claim the protection of the
Safe Harbor for Forward-Looking Statements contained in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy or are otherwise beyond
our control and some of which might not even be anticipated. Future
events and actual results, affecting our strategic plan as well as
our financial position, results of operations and cash flows, could
differ materially from those described in or contemplated by the
forward-looking statements.
Important factors that contribute to such risks include, but are
not limited to, the effect of any economic downturn in certain of
our markets; the weather conditions on the Great Lakes; our ability
to maintain and replace our vessels as they age; changes in
customer demand; changes in shipping regulations; fluctuations in
currencies and interest rates; changes in fuel price and fuel
surcharges; adequacy of capital resources, including the ability to
refinance or obtain financing in the future; expectations of
vessels’ useful lives and the estimated obligations, and the timing
thereof, relating to vessel repair or maintenance work; expected
capital spending or operating expenses, including dry-docking and
insurance costs; the ability to comply with or regain compliance
with applicable regulations, Nasdaq listing requirements, and our
debt covenants, including our ability to consummate a
recapitalization transaction; changes in laws, regulations or tax
rates, or the outcome of pending legislative or regulatory
initiatives; and potential liability from pending or future
litigation.
The risks included are not exhaustive. For a
more detailed description of these uncertainties and other factors,
please see the "Risk Factors" section in Rand's Annual Report on
Form 10-K filed with the Securities and Exchange Commission on July
5, 2017.
― financial tables to follow ―
| RAND LOGISTICS, INC. |
|
|
| Consolidated Statements of
Operations |
|
| (U.S. Dollars 000’s except for Shares and Per
Share data) |
|
| |
|
|
|
| |
|
Year ended |
|
Year ended |
| |
|
March 31, 2017 |
|
March 31, 2016 |
|
REVENUE |
|
|
|
|
| |
Freight and related
revenue |
$ |
110,516 |
|
$ |
123,591 |
|
| |
Fuel and other
surcharges |
|
4,935 |
|
|
11,547 |
|
|
|
Outside
voyage charter revenue |
|
— |
|
|
13,306 |
|
| TOTAL REVENUE |
|
115,451 |
|
|
148,444 |
|
| |
|
|
|
|
|
EXPENSES |
|
|
|
|
| |
Outside voyage charter
fees |
|
— |
|
|
13,416 |
|
| |
Vessel operating
expenses |
|
67,186 |
|
|
83,362 |
|
| |
Repairs and
maintenance |
|
5,932 |
|
|
5,849 |
|
| |
General and
administrative |
|
15,486 |
|
|
13,935 |
|
| |
Depreciation |
|
20,908 |
|
|
18,915 |
|
| |
Amortization of drydock
costs |
|
3,104 |
|
|
3,507 |
|
| |
Amortization of
intangibles |
|
1,001 |
|
|
1,081 |
|
| |
(Gain) on foreign
exchange, net |
|
(2,134 |
) |
|
(68 |
) |
| |
Restructuring
charges |
|
2,375 |
|
|
— |
|
|
|
Impairment charges on retired asset |
|
1,872 |
|
|
— |
|
| TOTAL EXPENSES |
|
115,730 |
|
|
139,997 |
|
| OPERATING (LOSS) INCOME |
|
(279 |
) |
|
8,447 |
|
| OTHER
(INCOME) AND EXPENSES |
|
|
|
|
| |
Interest expense |
|
19,463 |
|
|
12,461 |
|
|
|
Interest and other income |
|
(19 |
) |
|
(14 |
) |
| Total Other Income and Expenses |
|
19,444 |
|
|
12,447 |
|
| |
|
|
|
|
| LOSS BEFORE INCOME TAXES |
|
(19,723 |
) |
|
(4,000 |
) |
| (RECOVERY)
PROVISION FOR INCOME TAXES |
|
|
|
|
| |
Current |
|
(36 |
) |
|
51 |
|
|
|
Deferred |
|
(1,459 |
) |
|
181 |
|
| Total (Recovery) Provision for Income Taxes |
|
(1,495 |
) |
|
232 |
|
| NET LOSS BEFORE PREFERRED STOCK DIVIDENDS |
|
(18,228 |
) |
|
(4,232 |
) |
| PREFERRED STOCK DIVIDENDS |
|
1,643 |
|
|
1,333 |
|
| LOSS APPLICABLE TO COMMON STOCKHOLDERS |
$ |
(19,871 |
) |
$ |
(5,565 |
) |
| |
|
|
|
|
| Net
loss income per share basic and diluted |
$ |
(1.08 |
) |
$ |
(0.31 |
) |
| Weighted
average shares basic and diluted |
|
18,411,690 |
|
|
18,045,935 |
|
| |
|
|
|
|
| RAND LOGISTICS, INC. |
|
| Consolidated Balance
Sheets |
|
| (U.S. Dollars 000’s except for Shares and Per
Share data) |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
March 31, 2017 |
|
March 31, 2016 |
|
|
ASSETS |
|
|
|
|
|
|
CURRENT |
|
|
|
|
|
| |
Cash and
cash equivalents |
$ |
335 |
|
$ |
77 |
|
|
| |
Accounts
receivable, net |
|
4,101 |
|
|
2,697 |
|
|
| |
Income
taxes receivable |
|
46 |
|
|
47 |
|
|
|
|
Prepaid
expenses and other current assets |
|
6,209 |
|
|
6,320 |
|
|
| Total
current assets |
|
10,691 |
|
|
9,141 |
|
|
| |
|
|
|
|
|
|
| PROPERTY
AND EQUIPMENT, NET |
|
214,046 |
|
|
228,504 |
|
|
| OTHER
ASSETS |
|
41 |
|
|
102 |
|
|
| DEFERRED
DRYDOCK COSTS, NET |
|
8,802 |
|
|
6,660 |
|
|
| INTANGIBLE
ASSETS, NET |
|
4,827 |
|
|
5,904 |
|
|
| GOODWILL |
|
10,193 |
|
|
10,193 |
|
|
| |
|
|
|
|
|
|
| Total assets |
$ |
248,600 |
|
$ |
260,504 |
|
|
|
LIABILITIES |
|
|
|
|
|
|
CURRENT |
|
|
|
|
|
| |
Accounts
payable |
|
9,070 |
|
|
17,822 |
|
|
| |
Accrued
liabilities |
|
15,220 |
|
|
8,144 |
|
|
| |
Other
current liability |
|
404 |
|
|
776 |
|
|
| |
Income
taxes payable |
|
— |
|
|
34 |
|
|
|
|
Current
portion of deferred payment liability |
|
— |
|
|
564 |
|
|
|
|
Current
portion of long-term debt, net |
|
119,702 |
|
|
— |
|
|
|
|
Current
portion of subordinated debt |
|
80,577 |
|
|
— |
|
|
| Total
current liabilities |
|
224,973 |
|
|
27,340 |
|
|
| LONG-TERM
DEBT |
|
— |
|
|
112,426 |
|
|
|
SUBORDINATED DEBT |
|
— |
|
|
75,317 |
|
|
| DEFERRED INCOME TAXES |
|
4,367 |
|
|
5,825 |
|
|
| |
|
|
|
|
|
|
| Total liabilities |
|
229,340 |
|
|
220,908 |
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
| |
Preferred
stock, $.0001 par value, |
|
|
|
|
|
| |
Authorized 1,000,000 shares, Issued and outstanding 295,480 shares
at December 31, 2016 and at March 31, 2016 |
|
14,674 |
|
|
14,674 |
|
|
| |
Common
stock, $.0001 par value, |
|
|
|
|
|
| |
Authorized 50,000,000 shares, Issuable and outstanding 18,633,149
shares at March 31, 2017 and 18,359,397 shares at March 31,
2016 |
|
1 |
|
|
1 |
|
|
| |
Additional paid-in capital |
|
91,348 |
|
|
90,993 |
|
|
| |
Accumulated deficit |
|
(76,408 |
) |
|
(56,537 |
) |
|
|
|
Accumulated other comprehensive loss |
|
(10,355 |
) |
|
(9,535 |
) |
|
| |
|
|
|
|
|
|
| Total stockholders’ equity |
|
19,260 |
|
|
39,596 |
|
|
| |
|
|
|
|
|
|
| Total liabilities and stockholders’ equity |
$ |
248,600 |
|
$ |
260,504 |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| RAND LOGISTICS,
INC |
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
Financial Measures / Financial Tables |
|
FY2017 - Q4 |
|
|
|
| (U.S. Dollars
000's except for Shares and Per Share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2017 Actual |
FY2016 Actual |
Increase/(Decrease) |
FX Impact (Unfavorable)/Favorable |
Constant Currency Increase/(Decrease)
1 |
|
|
|
|
|
|
|
|
Change $ |
Change % |
Change $ |
Change $ |
Change % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Fx Rate |
|
|
0.756 |
|
0.728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sailing Days |
|
|
166 |
|
113 |
|
|
53 |
|
46.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights (US$ '000s) |
|
|
|
|
|
|
|
|
|
|
|
|
Freight and Related Revenue |
|
$ |
4,027 |
$ |
4,860 |
|
-$ |
833 |
|
-17.1 |
% |
$ |
62 |
-$ |
895 |
-18.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel and Other Surcharges |
|
$ |
571 |
$ |
403 |
|
$ |
168 |
|
41.7 |
% |
$ |
19 |
$ |
149 |
36.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
$ |
4,598 |
$ |
5,922 |
|
-$ |
1,324 |
|
-22.3 |
% |
$ |
82 |
-$ |
1,405 |
-23.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operation Expenses |
|
$ |
4,091 |
$ |
2,406 |
|
$ |
1,685 |
|
70.0 |
% |
$ |
90 |
$ |
1,595 |
66.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Margin |
|
-$ |
4,313 |
-$ |
1,875 |
|
-$ |
2,438 |
|
130.0 |
% |
-$ |
67 |
-$ |
2,371 |
126.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General & Admin Expense |
|
$ |
3,959 |
$ |
3,725 |
|
$ |
234 |
|
6.3 |
% |
$ |
6 |
$ |
228 |
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on foreign exchange |
|
-$ |
828 |
-$ |
465 |
|
-$ |
363 |
|
77.9 |
% |
-$ |
69 |
-$ |
294 |
63.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
-$ |
8,272 |
-$ |
5,614 |
|
-$ |
2,657 |
|
47.3 |
% |
-$ |
72 |
-$ |
2,585 |
46.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA 4 |
|
-$ |
7,444 |
-$ |
5,149 |
|
-$ |
2,295 |
|
44.6 |
% |
-$ |
3 |
-$ |
2,291 |
44.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Day Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
Marine Freight Revenue/Day |
|
$ |
24,260 |
$ |
43,009 |
|
-$ |
18,749 |
|
-43.6 |
% |
$ |
375 |
-$ |
19,123 |
-44.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue/Day |
|
$ |
27,702 |
$ |
52,407 |
|
-$ |
24,705 |
|
-47.1 |
% |
$ |
491 |
-$ |
25,197 |
-48.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Margin/Day |
|
-$ |
25,985 |
-$ |
16,593 |
|
-$ |
9,391 |
|
56.6 |
% |
-$ |
404 |
-$ |
8,988 |
54.2 |
% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation (US$ '000s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel margin |
|
-$ |
4,313 |
-$ |
1,875 |
|
|
|
|
|
|
|
|
|
Outside Charter net margin |
|
$ |
0 |
-$ |
14 |
|
|
|
|
|
|
|
|
|
General & Admin Expense |
|
$ |
3,959 |
$ |
3,725 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA 3 |
|
-$ |
8,272 |
-$ |
5,614 |
|
|
|
|
|
|
|
|
|
Gain on foreign exchange 2 |
|
-$ |
828 |
-$ |
465 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA after gain on foreign exchange |
|
-$ |
7,444 |
-$ |
5,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time equity based severance costs |
|
$ |
0 |
$ |
558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Amortization of Dry-dock & Intangibles |
|
$ |
6,222 |
$ |
5,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
-$ |
13,666 |
-$ |
11,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
|
|
| 1. The constant currency information presented is calculated
by translating current period results using prior period foreign
currency exchange rates. |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 2. Gain on foreign exchange during the three month period
ended March 31, 2017 includes a non-cash loss on translation of
approximately $41.6 million USD denominated debt incurred in March
2014 and carried on the balance sheet of the Canadian
subsidiary. |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 3. Adjusted EBITDA is calculated as operating income plus
depreciation, amortization of drydock costs, amortization of
intangibles, gain on foreign exchange, restructuring charges &
impairment charges on retired vessel. |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 4. Prior Year EBITDA includes a one-time gain of $1.7m related
to a favorable time charter buy-out. |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| RAND LOGISTICS,
INC |
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
Financial Measures / Financial Tables |
|
FY2017 - March 2017 YTD |
|
|
|
| (U.S. Dollars
000's except for Shares and Per Share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2017 Actual |
FY2016 Actual |
Increase/(Decrease) |
FX Impact (Unfavorable)/Favorable |
Constant Currency Increase/(Decrease)
1 |
|
|
|
|
|
|
|
|
Change $ |
Change % |
Change $ |
Change $ |
Change % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Fx Rate |
|
|
0.762 |
|
0.764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sailing Days |
|
|
3,601 |
|
3,911 |
|
|
(310) |
|
-7.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights (US$ '000s) |
|
|
|
|
|
|
|
|
|
|
|
|
Freight and Related Revenue |
|
$ |
110,516 |
$ |
123,591 |
|
-$ |
13,075 |
|
-10.6 |
% |
-$ |
781 |
-$ |
12,294 |
-9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel and Other Surcharges |
|
$ |
4,935 |
$ |
11,547 |
|
-$ |
6,612 |
|
-57.3 |
% |
-$ |
29 |
-$ |
6,583 |
-57.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
$ |
115,451 |
$ |
148,444 |
|
-$ |
32,993 |
|
-22.2 |
% |
-$ |
810 |
-$ |
32,183 |
-21.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Operating Expenses |
|
$ |
67,186 |
$ |
83,362 |
|
-$ |
16,176 |
|
-19.4 |
% |
-$ |
415 |
-$ |
15,761 |
-18.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Margin |
|
$ |
42,333 |
$ |
45,927 |
|
-$ |
3,594 |
|
-7.8 |
% |
-$ |
426 |
-$ |
3,168 |
-6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General & Admin Expense |
|
$ |
15,486 |
$ |
13,377 |
|
$ |
2,109 |
|
15.8 |
% |
-$ |
54 |
$ |
2,163 |
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA 4 |
|
$ |
24,734 |
$ |
31,950 |
|
-$ |
7,216 |
|
-22.6 |
% |
-$ |
4,615 |
-$ |
2,601 |
-8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Day Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
Marine Freight Revenue/Day |
|
$ |
30,690 |
$ |
31,601 |
|
-$ |
911 |
|
-2.9 |
% |
-$ |
217 |
-$ |
694 |
-2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue/Day |
|
$ |
32,061 |
$ |
37,956 |
|
-$ |
5,895 |
|
-15.5 |
% |
-$ |
225 |
-$ |
5,670 |
-14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Operating Expenses/Day |
|
$ |
18,658 |
$ |
21,315 |
|
-$ |
2,657 |
|
-12.5 |
% |
-$ |
115 |
-$ |
2,542 |
-11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Margin/Day |
|
$ |
11,756 |
$ |
11,743 |
|
$ |
13 |
|
0.1 |
% |
-$ |
118 |
$ |
131 |
1.1 |
% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation (US$ '000s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel margin |
|
$ |
42,333 |
$ |
45,927 |
|
|
|
|
|
|
|
|
|
Outside Charter net margin |
|
$ |
0 |
-$ |
110 |
|
|
|
|
|
|
|
|
|
General & Admin Expense |
|
$ |
15,486 |
$ |
13,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA 3 |
|
$ |
26,847 |
$ |
32,440 |
|
|
|
|
|
|
|
|
|
Refinance Fees |
|
$ |
700 |
$ |
0 |
|
|
|
|
|
|
|
|
|
Gain on foreign exchange 2 |
|
-$ |
2,134 |
-$ |
68 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA after gain on foreign exchange & before
Refinance Fees |
|
$ |
29,681 |
$ |
32,508 |
|
|
|
|
|
|
|
|
|
Restructuring Related Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
Impairment Charges on Assets held for Sale |
|
$ |
1,872 |
$ |
0 |
|
|
|
|
|
|
|
|
|
Restructuring Charges |
|
$ |
2,375 |
$ |
0 |
|
|
|
|
|
|
|
|
|
Refinance Fees |
|
$ |
700 |
$ |
0 |
|
|
|
|
|
|
|
|
|
Total Restucturing Related Charges |
|
$ |
4,947 |
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time equity based severance costs |
|
$ |
0 |
$ |
558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Amortization of Dry-dock & Intangibles |
|
$ |
25,013 |
$ |
23,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
-$ |
279 |
$ |
8,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
|
|
| 1. The constant currency information presented is calculated
by translating current period results using prior period foreign
currency exchange rates. |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 2. Gain on foreign exchange during the fiscal year ended March
31, 2016 includes a non-cash loss on translation of approximately
$41.6 million USD denominated debt incurred in March 2014 and
carried on the balance sheet of the Canadian subsidiary. |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 3. Adjusted EBITDA is calculated as operating income plus
depreciation, amortization of drydock costs, amortization of
intangibles, gain on foreign exchange, restructuring charges &
impairment charges on retired vessel. |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| 4. Prior Year EBITDA includes a one-time gain of $1.7m related
to a favorable time charter buy-out. |
|
|
|
| |
|
|
|
CONTACT:
Rand Logistics, Inc.
Annemarie Dobler, Corporate Communications Director
(212) 863-9429
apdobler@randlogisticsinc.com