American Commercial earnings off

American Commercial earnings off    American Commercial Lines said it had fourth quarter net profit of $9.3 million, a 61 percent drop from the $23.7 million it made in the fourth quarter of 2008.
   Revenue for the period decreased 16.4 percent to $226.9 million from $271.6 million for the fourth quarter of 2008. The company said the 2009 revenue decrease was primarily due to changes in the mix of commodities shipped by transportation customers, decreased towing revenue, lower grain freight rates and lower fuel prices.
   Total ton-mile volume declined 1.4 percent compared to the fourth quarter 2008.
   The company had a net loss of $12.1 million in 2009, said Michael P. Ryan, president and chief executive officer. The company was “finishing 2009 on a positive note after a second straight year of difficult economic conditions. Our earnings power was greatly impacted this year as our clients shipped less to their customers, and to their own production facilities. With the economy beyond our control, we focused on improving the fundamentals of our business. We aggressively improved our cost structure and productivity by realigning and reducing our assets and personnel. These actions will stabilize our program in the near term and position us to reap greater financial dividends in the coming years.”