American Commercial Lines (ACLI) Guides Q3 EPS Above The Street

September 16, 2008 6:56 AM EDT

American Commercial Lines Inc. (Nasdaq: ACLI) expects its third quarter EPS to be in the range of $0.32 to $0.36. The Wall Street consensus is $0.26.

ACL also announced that it has received a preliminary independent appraisal of its fleet in connection with its previously disclosed intention to refinance its current credit facility. The value of ACL's fleet reflected in the preliminary independent appraisal as of August 15, 2008 was in excess of $1 billion.

American Commercial Lines also provided an update on discussions with its insurance brokers and insurance carriers following the July 23, 2008 oil spill related to a collision involving one of the Company's barges. The company's insurance companies continue to fund the cleanup to date. The company is in confirmatory discussions with our insurance brokers regarding documentation issues on excess coverage and have assurances from a substantial majority of insurance companies on the excess layer. The company continues to believe they have satisfactory insurance coverage, when combined with other legal remedies, to cover the cost of cleanup and other potential liabilities arising from the incident.

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