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Rand Logistics, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2018 10-Q, filed Feb 15, 2018. Its latest SEC filing is a 15-12G from Mar 9, 2018.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Ships dry bulk commodities between Great Lakes ports for customers in construction, utilities, and food and steel industries.

How Did They Make Money?

The company charges freight by ton based on the route and cargo, spreading each voyage’s charges across its transit time, which averages 2 to 3 days. Fuel surcharges follow the trip; other freight surcharges are charged when related costs arise.

revenue

Who Were Their Customers?

Lower Lakes ships dry bulk commodities for customers in construction, utility, and food and steel industries. With few exceptions, customers have long-term contracts that set annual tonnage ranges, price adjustments, and fuel surcharges.

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q3 FY2018, the three months to Dec 31, 2017
Revenue
▲ +7%
vs $37.8M in Q3 FY2017
Net income
▲ +7577% (Loss)
vs −$189K in Q3 FY2017
  • Mar 1, 2018 American Industrial Partners acquired Rand as it emerged from Chapter 11 Lightship received all new common stock; existing common and preferred shares were cancelled without recovery.
  • Feb 7, 2018 Chief financial officer Mark S. Hiltwein resigned His resignation takes effect when the reorganization plan is consummated.
  • Jan 30, 2018 Rand and certain U.S. subsidiaries filed for Chapter 11 Rand’s Canadian subsidiaries did not file and continued operating in the ordinary course.
  • Jan 4, 2018 Nasdaq ordered Rand’s common stock delisted The trading suspension was set to take effect at the open of business on January 5, 2018.

Shrank. Revenue fell 26% in 4 years, from $156.6M in to $115.5M in , about 7% a year.

Who Did They Compete With?

Competes with Algoma Central and American Steamship

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