Barge line reports $5 million profit
American Commercial Lines said it had a profit of $5.1 million in the three months ending Sept. 30, compared to a $12.7 million loss in the same 2009 period.
The barge line had revenue of $207.3 million in the quarter slightly less than the $207.9 million in the third quarter of 2009.
Michael P. Ryan, president and chief executive officer, said “the third quarter’s 23.5 percent comparative improvement in grain pricing, and a modest return of our volumes in bulk commodities and in liquid shipments, helped drive a $10.8 million improvement in our transportation operating income.”
Meanwhile, the company is being sued by a shareholder in Delaware Chancery Court who claims the company’s directors breached their fiduciary duty by agreeing to a deal to sell American Commercial Lines to Finn Holding Corp., an affiliate of Platinum Equity. He said the offered prices are unfair and inadequate.
Barge line reports $5 million profit
