Six months into his first year with Port Freeport, Executive Port Director/CEO Glenn Carlson received some very good news: Port Freeport’s financial results continue to meet or exceed our financial plan for fiscal year 2013.
“ We have not only retained our “A” credit rating, but have posted strong financial results from Port operations. For example, over the last five years our operating margins driven by our core business activities have produced an average 18.5% return on investment. Additionally we have very strong reserves which we will utilize to fund future equipment purchases, allowing us to continue terminal development and make additional capital investments to continue to support our current as well as future customers, ” Carlson said.
“We maintain strong debt service coverage which runs 2 to 1 or better based on net operating revenues helping ensure we have adequate funds to pay our outstanding debt obligations, ” stated Port Freeport CFO Jeff Strader . “ Given the level of new business opportunities we are currently working on and the 9% growth in operating revenues over the preceding year, our expectations are high that we will meet or exceed our financial goals for the year.”
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Press Release, April 12, 2013