Rand Logistics, Inc.

CIK:0001294250|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
REVENUE
Freight and related revenue	$ 37,006	$ 35,866	$ 104,297	$ 106,489
Fuel and other surcharges	3,373	1,930	7,891	4,364
TOTAL REVENUE	40,379	37,796	112,188	110,853
EXPENSES
Vessel operating expenses	25,764	22,225	66,314	63,095
Repairs and maintenance	34	27	1,236	1,112
General and administrative	5,829	3,797	14,744	11,527
Depreciation	7,280	5,185	18,814	15,686
Amortization of drydock costs	997	746	2,628	2,353
Amortization of intangibles	255	247	760	752
Loss (gain) on foreign exchange, net	367	357	(2,310)	(1,306)
Restructuring charges	0	0	0	2,375
Impairment charges on retired asset	0	0	0	1,872
TOTAL EXPENSES	40,526	32,584	102,186	97,466
OPERATING INCOME (LOSS)	(147)	5,212	10,002	13,387
OTHER INCOME AND EXPENSES
Interest expense	6,338	5,449	20,066	13,345
Interest and other income	(1)	(15)	(12)	(19)
Goodwill impairment loss	9,021	0	9,021	0
Total Other Income and Expenses	15,358	5,434	29,075	13,326
INCOME (LOSS) BEFORE INCOME TAXES	(15,505)	(222)	(19,073)	61
PROVISION (RECOVERY) OF INCOME TAXES
Current	0	0	120	0
Deferred	(996)	(33)	(1,355)	(164)
Provision (Recovery) for Income Taxes	(996)	(33)	(1,235)	(164)
NET INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDENDS	(14,509)	(189)	(17,838)	225
PREFERRED STOCK DIVIDENDS	518	426	1,470	1,207
LOSS APPLICABLE TO COMMON STOCKHOLDERS	$ (15,027)	$ (615)	$ (19,308)	$ (982)
Net Income (Loss) per share - basic and diluted (in dollars per share)	$ (0.81)	$ (0.03)	$ (1.04)	$ (0.05)
Weighted average shares outstanding - basic and diluted (in shares)	18,561,326	18,445,350	18,549,317	18,381,880

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (17,838)	$ 225
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization of drydock costs	21,442	18,039
Amortization of intangibles and deferred financing costs	4,812	3,412
Deferred income taxes	(1,355)	(164)
Non-cash interest and fees	1,949	608
Goodwill impairment	9,021	0
Impairment charges on retired asset	0	1,872
Equity compensation granted	24	328
Unrealized foreign exchange (gain) loss	(2,568)	1,327
Restructuring charges	0	2,375
Deferred drydock costs paid	(8,398)	(3,063)
Changes in operating assets and liabilities:
Accounts receivable	(11,675)	(13,242)
Prepaid expenses and other current assets	(681)	426
Accounts payable and accrued liabilities	3,572	(3,154)
Other assets and liabilities, net	52	(627)
Income taxes payable, net	(2)	(11)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(1,645)	8,351
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(22,540)	(10,135)
NET CASH USED IN INVESTING ACTIVITIES	(22,540)	(10,135)
CASH FLOWS FROM FINANCING ACTIVITIES
Deferred payment liability obligation		(429)
Proceeds from long-term debt	65,163	35,084
Second lien capitalized fee	3,305	960
Long-term debt repayment	(41,089)	(32,190)
Debt financing cost	(2,480)	(1,233)
Blocked account	(147)	0
NET CASH PROVIDED BY FINANCING ACTIVITIES	24,752	2,192
EFFECT OF FOREIGN EXCHANGE RATES ON CASH	(18)	(173)
NET INCREASE IN CASH AND CASH EQUIVALENTS	549	235
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD	335	77
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	884	312
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for interest	11,241	9,960
Unpaid purchases of property and equipment	1,209	786
Unpaid purchases of deferred drydock costs	60	119
Payment of income taxes	$ 121	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Mar. 31, 2017
CURRENT
Cash and cash equivalents	$ 884	$ 335
Accounts receivable, net	15,776	4,101
Income taxes receivable	48	46
Prepaid expenses and other current assets	6,890	6,209
Restricted Cash and Investments, Current	147	0
Total current assets	23,745	10,691
PROPERTY AND EQUIPMENT, NET	220,363	214,046
OTHER ASSETS	10	41
DEFERRED DRYDOCK COSTS, NET	11,321	8,802
INTANGIBLE ASSETS, NET	4,228	4,827
GOODWILL	0	10,193
Total assets	259,667	248,600
CURRENT
Accounts payable	6,390	9,070
Accrued liabilities	15,598	15,220
Other current liability	425	404
Long-term debt, net, classified as current	147,953	119,702
Subordinated debt, net, classified as current	86,944	80,577
Total current liabilities	257,310	224,973
DEFERRED INCOME TAXES, NET	3,170	4,367
Total liabilities	260,480	229,340
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, Issued and outstanding 295,480 shares at December 31, 2017 and at March 31, 2017 (Note 18)	14,674	14,674
Common stock, $.0001 par value, Authorized 50,000,000 shares, Issued and outstanding 18,633,149 shares at December 31, 2017 and at March 31, 2017 (Note 18)	1	1
Additional paid-in capital	91,372	91,348
Accumulated deficit	(95,716)	(76,408)
Accumulated other comprehensive loss	(11,144)	(10,355)
Total stockholders’ equity	(813)	19,260
Total liabilities and stockholders’ equity	$ 259,667	$ 248,600