April 8, 2008
COO resigns as ACL warns on Q1 EPS
American Commercial Lines Inc. (Nasdaq: ACLI) announced today that it expects net income for the first quarter ended March 31, 2008, to be in the low single-digit cents per diluted share. The company says its performance in the first quarter was primarily impacted by fuel-price inflation and weather-related delays on the waterway and at the shipyard [Jeffboat]. In addition, it said, "the weak U.S. dollar has led to reduced commodity imports. As a result, there is increased hauling capacity in the Gulf and barge price compression."
"We wanted to provide investors and analysts with visibility prior to our May earnings call, considering the difference between Wall Street estimates and our actual results," said President and CEO Michael P. Ryan. "We continue to make progress towards our stated objectives, and we are actively managing costs within our control. Historically, the first quarter of each year tends to be the most volatile. We will provide a full earnings release in early May, as well as additional commentary on our results during our first quarter earnings call."
The company also announced today the resignation of Jerry R. Linzey as Senior VP and COO, effective immediately. Mr. Linzey will continue to serve as an employee of the company through May 24, 2008, to facilitate a smooth transition. Also effective immediately, Norb Whitlock is assuming the role of Executive VP Operations until a new COO has been selected. Mr. Whitlock, a veteran of ACL and the marine transportation industry, has been with the company since 1979. He has held several senior level positions with the company, including COO.
American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine transportation and service company operating in the United States Jones Act trades, with approximately $1 billion in revenues and approximately 3,300 employees as of December 31, 2007