The company's net revenue for the quarter ended 30 September 2009 fell to $92.8million from $117.6million for the same period, 2008. Net income was $9.2million compared with $4.2million for third quarter 2008. Adjusted earnings (EBITDA) increased to $19.6million ($19.1million in 2008),
Net revenues for the nine months ended 30 September 2009 fell by 18.8% to $284.1m from $350.0m for the nine months ended 30 September 2008. Net income for the nine months ended 30 September 2009 was $8.0m from $10.5m for the same nine months period of 2008.
The firm's adjusted earnings (EBITDA) for the nine-month period this year was $55.6m compared to $57.3m in 2008.
Alliance CEO Thomas F. L'Esperance said that, excluding the impact of the unfavourable $13.6m non-cash, mark-to-market adjustment related to the company's new asset-backed facility, the 14.9% fall in revenues was in line with expectations.
“Cost controls delivered bottom-line results that slightly exceeded our expectations. We have adjusted our operations appropriately for the current economic environment. Although market conditions continue to be difficult, we expect strong earnings performance for the balance of 2009 as our lower costs read through.”
