Rand Logistics, a provider of bulk freight shipping services throughout the Great Lakes region, recorded a net loss of $615,000 for its fiscal 2017 third quarter, which ended Dec. 31, 2016.
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Rand Logistics posted an EBITDA of $11.39 million for the quarter ending Dec. 31, 2016.
Bulk freight shipping services provider Rand Logistics, Inc. had a net loss of $615,000 for its fiscal 2017 third quarter, which ended Dec. 31, 2016, compared to a net loss of $4.20 million for the same quarter a year prior, according to the company’s latest financial statements.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter surged 26.7 percent year-over-year to $11.39 million, which Rand Logistics President and CEO Ed Levy attributed to improved demand conditions in the quarter, including incremental business generated from new and existing customers.
Total revenues for the quarter stood at $37.80 million, a 17.4 percent year-over-year decline.
For the nine months ended Dec. 31, 2016, Rand Logistics recorded a net loss of $982,000, compared to a net income of $9.95 million for the corresponding period a year prior. Revenues for the nine months ended Dec. 31, 2016 totaled $110.85 million, down 22.2 percent year-over-year.
“We are finalizing our nominations for the upcoming sailing season. Consistent with the last four months, we believe that demand will be firmer this year versus last year at this time. Many of our customers are expressing a higher confidence level in their business and are indicating that their requirements for the upcoming sailing season are based on orders that they have already been awarded versus their expectation of demand,” Levy said. “Our intention for the 2017 sailing season is to continue to drive efficiencies by managing our capacity and operating expenses. This will position us to leverage vessel margin per day with improvements in the demand environment.”
Rand Logistics is based out of Jersey City, N.J. and provides bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, Rand Logistics operates a fleet of three conventional bulk carriers and 12 self-unloading bulk carriers, including three tug/barge units.