Rand Logistics (RLOG) a provider of marine shipping services, reported a wider-than-expected loss in the full fiscal year due to harsh winter.
The New York-based company said its fleet did not operate in the fiscal fourth-quarter due to the normal closing schedule of the locks system and winter weather conditions on the Great Lakes.
Net loss for the full fiscal year ended March 31 expanded to $7.9 million, or $0.44 loss per diluted share, from a loss of $6.9 million, or $0.39 loss per diluted share, in the previous fiscal year. Full-year revenue decreased to $155.8 million from $156.6 million.
Two analysts had predicted $0.23 loss per diluted share on revenue of $154.7 million for the full fiscal year, according to Capital IQ estimates.
Rand said fiscal fourth-quarter operating results “are significantly lower than the results for the first three quarters of our fiscal year.”
The company said its business began to return to normal during the first week of May as ice conditions on the lower lakes abated and the Coast Guard allowed vessels to operate unescorted on Lake Superior.
Shares closed up 1.2% at $6.15 on Wednesday, stretching rally over the past 12 months to 12%.