Conforce International Inc. (fka CFRI)

[charhorse]

Oceanex..Freight Volume and revenue numbers

--------------------------------------------------------------------------------

These figures are from Oceanex report
2006 RESULTS
They may be small in relation to the shipping business
but they are not small potatoes
Volume for the year was 86,407 TEUs, 0.3% more than 2005 volume of
86,135 TEUs(1). Volume to Newfoundland was up 0.7%: Montreal, with two
additional sailings, increased 1.5% whereas Halifax, with eight fewer
sailings, was down 0.7%. Return traffic was lower on both services for an
overall reduction of 1.3%. Motor vehicle shipments from Halifax increased by
842 units or 4.5% to 19,585 units compared to 2005.
Revenue for the year was $124.3 million, an increase of $5.8 million or
4.9% compared to 2005 revenue of $118.5 million. The increase was attributable
to higher freight rates, inclusive of fuel surcharge, and an increased
proportion of higher revenue Montreal volume. Revenue for 2006 included an
insurance recovery of $0.5 million while the Cabot was in dry dock; in 2005,
$1.2 million was included in revenue for a similar insurance recovery related
to the Sanderling.
Operating expenses were $99.2 million, $2.4 million or 2.4% higher than
2005. Higher vessel costs were due to operating a four-vessel fleet for eleven
months in 2006 compared to seven months in 2005, and increased insurance and
fuel costs. Higher vessel operating costs were, however, partially offset by
the reversal of a $1.4 million dry dock provision due to the sale of the
Cicero and an insurance recovery of $0.75 million for repairs that had been
included in the 2005 additional Cabot dry dock costs of $4 million. Increased
equipment maintenance, container refurbishment and additional inland costs
incurred for the shipment of time sensitive cargo by road during dry dock
periods also contributed to the increase in operating expenses.
Selling and administrative expenses were $8.1 million, $0.8 million or
10.3% higher than 2005. The increase was due to higher professional fees,
corporate expenses and severance costs due to employment terminations.
Amortization of capital assets and deferred financing fees was $6.9 million
compared to $6.0 million in 2005; the increase is mostly due to the
acquisition of the Avalon in May 2005 and the amortization of deferred
financing fees related to the vessel loan.

http://www.oceanex.com/en/about.html