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UPDATE 1-American Commercial Q4 profit tops Street; cuts jobs

Wed Mar 4, 2009 5:04pm EST

Stocks

   

* Q4 EPS $0.47, including items

* Q4 rev $289.9 mln vs. est $310.6 mln

* Says cut 15 pct jobs last week

* Says froze salaries for 2009

March 4 (Reuters) - Barge maker and operator American Commercial Lines Inc (ACLI.O) posted a better-than-expected quarterly profit, helped by strength in its transportation segment, and the company said it cut about 15 percent of land-based headcount last week to reduce costs.

The company said it also froze salaries for 2009. It expects to save $9.1 million annually from its cost-cutting measures.

For the fourth quarter, the company reported a flat net income of $23.7 million. Revenue at its transportation segment rose 1 percent while operating income at the unit jumped 20 percent.

Shares of the company closed at $2.58 Wednesday on Nasdaq. (Reporting by Amulya Nagaraj in Bangalore; Editing by Deepak Kannan)



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