(TSX : ALC)
ST. CATHARINES, ON, May 10,
2016 /CNW/ - Algoma Central Corporation ("Algoma" –
www.algonet.com) today announced results for its 2016 first
quarter.
The Company is reporting 2016 first quarter revenues of
$40,477 compared to $43,909 for the same period in 2015. The Domestic
Dry-Bulk segment saw a decline in revenue due primarily to lower
volumes in the salt sector as a result of a milder 2015-2016
winter. The Product Tanker segment revenue decreased due primarily
to diminished volumes on the East Coast. Partially offsetting these
decreases was a increase in the Ocean Shipping segment revenue in
the 2016 first quarter compared to 2015 due primarily to more
revenue days resulting from the addition of two vessels to the
fleet in early January and the impact of a 2015 regulatory
dry-docking on one of its vessels.
The segment operating loss after income taxes in 2016 includes a
gain on shipbuilding contracts in the amount of $16,196. Excluding this item from the segment
results, the loss for the first quarter of 2016 would have been
$24,708 which compares to a loss for
the 2015 first quarter of $21,784.
Net loss and basic loss per share from continuing operations for
the 2016 first quarter were $7,959
and $0.20 respectively, compared to
$23,776 and $0.61, respectively, for the same period last
year.
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Revenues
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2016
|
2015
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Domestic
Dry-Bulk
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$ 11,659
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$ 18,923
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Product
Tankers
|
8,515
|
18,645
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Ocean
Shipping
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20,303
|
6,341
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$ 40,477
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$ 43,909
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Net Loss from
Continuing Operations
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2016
|
2015
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Operating (loss)
earnings net of income tax
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Domestic
Dry-Bulk
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$ (27,715)
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$ (24,092)
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Gain on shipbuilding
contracts
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16,196
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—
|
|
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(11,519)
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(24,092)
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Product
Tankers
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(1,508)
|
3,719
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Ocean
Shipping
|
7,268
|
1,220
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Global Short Sea
Shipping
|
490
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—
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Corporate
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(3,243)
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(2,631)
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(8,512)
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(21,784)
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Not specifically
identifiable to segments
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|
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Net (loss) gain on
foreign currency translation
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(25)
|
332
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Interest
expense
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(2,936)
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(2,629)
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Interest
income
|
487
|
434
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Income tax
recovery
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3,027
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(129)
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$ (7,959)
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$ (23,776)
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Additional details on the results can be found in the Company's
Interim Condensed Consolidated Financial Statements and
Management's Discussion and Analysis for the period.
Cash Dividends
The Board of Directors has authorized payment of a quarterly
cash dividend to shareholders of $0.07 per common share. The cash dividend
will be paid on June 1, 2016 to
shareholders of record on May 18,
2016.
About Algoma Central Corporation
Algoma Central Corporation operates the largest Canadian flag
fleet of dry and liquid bulk carriers on the Great Lakes - St.
Lawrence Waterway, including 13 self-unloading dry-bulk carriers,
seven gearless dry bulk carriers and six product tankers. The
Company has construction contracts for seven new Equinox Class
domestic dry-bulk vessels as part of its on-going fleet renewal
program. Algoma also owns four ocean dry-bulk vessels operating in
international markets, has a 50% interest in three other ocean
dry-bulk vessels and has a 50% interest in a cement carrier
fleet supporting infrastructure projects world-wide. Algoma
provides ship management services for other ship owners and owns a
diversified ship repair and steel fabricating facility active in
the Great Lakes and St. Lawrence
regions of Canada.
SOURCE Algoma Central Corporation