TORONTO, April 30 /CNW/ -
(In thousand of dollars except per share data)
Three Months Ended
Revenue $ 57,844 $ 60,435
Net loss $ 16,937 $ 18,453
Loss per share $ 4.35 $ 4.74
Dividends paid per common share $ 0.45 $ 0.45
The Corporation is reporting a net loss for the three months ended March 31, 2010 of $16,937 compared to a net loss of $18,453 for the same period in 2009. The decrease in the net loss was due primarily to a reduction in the operating loss after income taxes of the Domestic Dry Bulk segment and an increase in foreign exchange gains.
The Domestic Dry-Bulk segment's operating loss net of income tax decreased from $22,999 to $20,654 due primarily to a reduction in repair and maintenance costs, reduced crew costs and higher revenue due to a better mix of business.
The Product Tanker segment operating earnings net of income tax decreased from $200 to a loss of $90 mainly as a result of lower market demand.
The operating earnings net of income tax of the Ocean Shipping segment for the three months ended March 31, 2010 were $3,138 compared to $3,885 for the same period in 2009. An increase in operating earnings due primarily to lower costs for planned regulatory dry-dockings was more than offset with an increase in income tax expense relating to the strengthening Canadian dollar versus the U.S. dollar. An additional factor contributing to the decrease was the conversion of the 2010 results denominated in U.S. dollars to Canadian dollars at a lower average foreign exchange rate.
The Real Estate segment operating earnings net of income tax decreased from $1,110 to $523 due primarily to additional costs incurred with the re-opening of the hotel operations and lower occupancy at the Sault Ste. Marie shopping mall.
On April 30, 2010, the Board of Directors declared a dividend of $0.45 per common share payable on June 1, 2010 to shareholders of record on May 18, 2010.
SOURCE Algoma Central Corporation
For further information: For further information: Greg D. Wight, FCA, President and Chief Executive Officer, (905) 687-7850; David G. Allen, CA, Vice President, Finance and Chief Financial Officer, (905) 687-7897