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Analysts: Flooding to sap barge builder

Jennifer Whitson
June 18, 2008
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Flooding on the Mississippi River will wipe out second-quarter profit for American Commercial Lines Inc., analysts at Stifel Nicolaus said in a report yesterday.

Stifel Nicolaus had anticipated profit of 10 cents a share; now, the analysts expect the company to only break even.

American Commercial Lines, which is headquartered in the Ohio River town of Jeffersonville, builds barges and ships ethanol and other products.

In the first quarter, the company turned a $2.3 million profit on revenue of $270.5 million.

Flooding has forced the closure of many locks on the upper Mississippi - affecting 10 percent to 15 percent of the company's fleet of dry-cargo barges, Stifel Nicolaus said.

The firm maintained its "buy" rating but decreased the target price of its stock by $1, to $18 per share.

Shares fell 3.9 percent this morning to $11.95.

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

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