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TROPICAL REPORTS HIGHER SALES, STABLE OPERATING PROFIT Tropical Shipping increased its revenue by 26 percent during the third quarter, to $66.6 million, but its operating income remained
virtually unchanged, at $4.4 million. The results compare with a revenue of $52.7 million and operating income of $4.3 million in the third quarter of 2001. For the nine months ended
Sept. 30 of this year, operating income increased to $11.2 million, from $11.1 million in 2001, as revenue rose to $191.6 million, from $165.7 million. Tropical shipped higher volumes
following previously announced acquisitions, but it experienced lower average prices and higher operating expenses relating to acquisition transition costs. In April, Tropical acquired
certain assets of Tecmarine Lines Inc. and TMX Logistics Inc. Nicor Inc., the parent company of Tropical, also announced that it would restate its group financial results for 1999, 2000
and 2001 following accounting irregularities found in its gas business. TO CONTINUE READING THIS ARTICLE... ALREADY HAVE AN ACCOUNT? SIGN IN CREATE A FREE ACCOUNT No payment required NEED
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