Rand Logistics Q3 revenue up

Rand Logistics, a provider of bulk freight shipping services, has reported total revenue of $49.33m for the third quarter ended 31 December 2011, compared to $36.61m for the same period in 2010.

General and administrative expenses were $2.55m for the third quarter of 2011, compared to $2.41m for the same period in 2010.

For the third quarter of 2011 the company posted operating income of $10m, compared to $5m for the same period prior year.

For the nine months ended 31 December 2011, the company posted a total revenue of $140m, compared to $112.21m for the same period in 2010.

The company recorded general and administrative expenses of $7.98m for the nine months of 2011, compared to $7.08m for the same period prior year.

Operating income was $25.95m for the nine months of 2011, compared to $16.54m for the same period in 2010.

Rand Logistics chairman and CEO Laurence Levy said the company is pleased with the approximately 52% growth in operating income plus depreciation and amortization that we have achieved thus far in the fiscal year as compared to last year.

"We estimate that approximately 46% of this earnings growth was organic and the remainder resulted from the February 2011 acquisition," Levy said.

"We have again shown our ability to effectively integrate acquired assets into our business, achieve the projections on which our capital investments were predicated and grow our core business at an attractive rate.

"Neither of these vessels, nor the single vessel acquisition completed in July 2011, contributed to our 2011 sailing season results.

"Based on current economic conditions and assuming a full year of operations of the two vessels that we recently acquired, we are preliminarily projecting operating income plus depreciation and amortization to be $42m for our fiscal year ending 31 March 2013."