Algoma Central Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported revenue of CAD 66,131,000 compared to revenue of CAD 57,186,000 for the same period a year ago. Loss before other items was CAD 28,357,000 compared to CAD 16,505,000 last year. Loss before income tax recovery was CAD 43,984,000 compared to CAD 24,888,000 last year. Net loss was CAD 31,140,000 or CAD 8.00 per basic and diluted share against CAD 17,013,000 or CAD 4.37 per basic and diluted share a year ago. Net cash used in operating activities was CAD 3,207,000 compared to net cash generated from operating activities of CAD 6,447,000 last year. Additions to property, plant and equipment and investment properties were CAD 15,156,000 compared to CAD 9,116,000 last year. The Corporation has commitments for capital expenditures and other commitments at March 31, 2012 of CAD 250,382. The commitments relate primarily to the purchase of four new maximum seaway size self-unloading and two gearless bulker vessels and commitments relating to required payments for its employee future benefit plans. The company expects that cash and cash equivalents on hand at March 31, 2012 of CAD 113,390, credit facilities and projected cash from operations for the remainder of 2012 will be sufficient to meet the Corporation's planned operating and capital requirements and other contractual obligations for the year.