Revenue during the year dropped 22.23 percent to $115.45 million from $148.44 million in the previous year. Operating margin for the year stood at negative 0.24 percent as compared to a positive 5.69 percent for the previous year.

Operating loss for the year was $0.28 million, compared with an operating income of $8.45 million in the previous year.

However, the adjusted EBITDA for the year stood at negative $8.27 million compared to negative $5.61 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 7.16 percent for the year compared to negative 3.78 percent in the last year.

"We were generally pleased with our operating performance for the fiscal year ended March 31, 2017," commented Ed Levy, president and chief executive officer of Rand. "Vessel margin per day, our key financial metric, equaled $11,756 for the year ended March 31, 2017, compared to $11,743 for the prior year and a prior three-year average of $11,643. On a local currency basis, vessel margin increased by 2.1% or $279 per day. Our goal is to continue to increase vessel margin per day 4 to 6% per year on a local currency basis in line with our historic average. We achieved our $5 million cost savings objective and successfully renewed nine of ten expiring contracts, and in all but one renewal were able to maintain or increase our market share."