COMMERCIAL BARGE LINE CO

CIK:0001324482|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues
Revenues	$ 166,885	$ 231,436	$ 603,693	$ 608,433
Cost of Sales
Manufacturing	9,607	34,932	81,247	86,377
Selling, General and Administrative Expenses	11,923	12,276	34,623	42,966
Operating Income (Loss)	7,123	11,856	40,434	(19,212)
Other Expense (Income)
Net (Loss) Income	(297)	5,062	11,100	(24,419)
Successor
Revenues
Transportation and Services	156,588		513,057
Manufacturing	10,297		90,636
Revenues	166,885		603,693
Cost of Sales
Transportation and Services	138,232		447,389
Manufacturing	9,607		81,247
Cost of Sales	147,839		528,636
Gross Profit	19,046		75,057
Selling, General and Administrative Expenses	11,923		34,623
Operating Income (Loss)	7,123		40,434
Other Expense (Income)
Interest Expense	7,874		23,185
Other, Net	(181)		(484)
Other Expense	7,693		22,701
(Loss) Income from Continuing Operations Before Income Taxes	(570)		17,733
Income Taxes (Benefit)	(273)		6,659
(Loss) Income from Continuing Operations	(297)		11,074
Discontinued Operations, Net of Tax			26
Net (Loss) Income	(297)		11,100
Predecessor
Revenues
Transportation and Services		196,350		520,793
Manufacturing		35,086		87,640
Revenues		231,436		608,433
Cost of Sales
Transportation and Services		172,372		498,302
Manufacturing		34,932		86,377
Cost of Sales		207,304		584,679
Gross Profit		24,132		23,754
Selling, General and Administrative Expenses		12,276		42,966
Operating Income (Loss)		11,856		(19,212)
Other Expense (Income)
Interest Expense		7,553		22,645
Other, Net		(188)		(532)
Other Expense		7,365		22,113
(Loss) Income from Continuing Operations Before Income Taxes		4,491		(41,325)
Income Taxes (Benefit)		(486)		(16,784)
(Loss) Income from Continuing Operations		4,977		(24,541)
Discontinued Operations, Net of Tax		85		122
Net (Loss) Income		$ 5,062		$ (24,419)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
OPERATING ACTIVITIES
Net Income (Loss)	$ 11,100	$ (24,419)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	80,353	82,081
Debt Issuance Cost Amortization	(1,796)	(1,988)
Deferred Taxes	1,518	(24,668)
Gain on Property Dispositions	(9,517)	(1,294)
Contributions to Defined Benefit Plan	(7,330)	(7,458)
Share-Based Compensation	105	2,204
Other Operating Activities	(3,479)	(5,646)
Changes in Operating Assets and Liabilities:
Accounts Receivable	9,668	(1,748)
Inventory	165	(24,622)
Other Current Assets	(4,514)	15,676
Accounts Payable	(10,513)	(8,270)
Accrued Interest	(4,745)	(6,082)
Other Current Liabilities	(5,761)	(4,167)
Net Cash Provided by (Used in) Operating Activities	55,254	(10,401)
INVESTING ACTIVITIES
Property Additions	(163,706)	(42,894)
Proceeds from Property Dispositions	15,523	3,383
Impact of Barge Scrapping Operations	33,691	3,377
Other Investing Activities	(2,522)	(5,823)
Net Cash Used in Investing Activities	(117,014)	(41,957)
FINANCING ACTIVITIES
Revolving Credit Facility Borrowings	63,935	55,042
Bank Overdrafts on Operating Accounts	982	1,975
Debt Issuance/Refinancing Costs	(360)	(137)
Short Term Debt Repayments	(590)
Dividends Paid	(478)	(6,531)
Tax Benefit of Share-Based Compensation		213
Net Cash Provided by Financing Activities	63,489	50,562
Net Increase (Decrease) in Cash and Cash Equivalents	1,729	(1,796)
Cash and Cash Equivalents at Beginning of Period	938	3,707
Cash and Cash Equivalents at End of Period	$ 2,667	$ 1,911

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Current Assets
Cash and Cash Equivalents	$ 2,667	$ 938
Accounts Receivable, Net	77,700	87,368
Inventory	62,318	62,483
Prepaid and Other Current Assets	37,299	27,310
Total Current Assets	179,984	178,099
Properties, Net	982,060	935,576
Investment in Equity Investees	6,619	6,470
Accounts Receivable, Related Parties, Net	12,558	12,021
Goodwill	17,692	17,692
Other Assets	37,590	45,521
Total Assets	1,236,503	1,195,379
Current Liabilities
Accounts Payable	39,123	48,653
Accrued Payroll and Fringe Benefits	14,273	20,035
Deferred Revenue	15,252	15,251
Accrued Claims and Insurance Premiums	12,340	13,823
Other Current Liabilities	41,840	41,977
Total Current Liabilities	122,828	139,739
Long Term Debt	443,979	384,225
Pension and Post Retirement Liabilities	62,526	67,531
Deferred Tax Liability	180,665	178,602
Other Long Term Liabilities	35,746	46,335
Total Liabilities	845,744	816,432
SHAREHOLDER'S EQUITY
Other Capital	424,432	424,932
Retained Deficit	(9,727)	(20,826)
Accumulated Other Comprehensive Loss	(23,946)	(25,159)
Total Shareholder's Equity	390,759	378,947
Total Liabilities and Shareholder's Equity	$ 1,236,503	$ 1,195,379