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Tuesday, September 27, 2016

Horizon Lines Reports 2Q Results

July 27, 2007

Horizon Lines, Inc. reported solid earnings for the second quarter of 2007. Net income for the second quarter of 2007 was $9.6m or $.28 per diluted share compared to net income of $6.4m or $.19 per diluted share for the second quarter of 2006. After adjustment to exclude the non-recurring loss on extinguishment of debt in 2007 and secondary offering expenses in 2006, and to retroactively apply tonnage tax to 2006, adjusted net income was $10.0 million or $.29 per diluted share in 2007's second quarter, versus $9.7 million or $.29 per diluted share in the second quarter of 2006. Operating revenue grew by $5.9 million or 2.0% in the second quarter of 2007 to $295.7 million, compared to $289.8 million for the second quarter of 2006. Operating income in the second quarter of 2007 was $22.9 million versus $22.4 million in 2006's second quarter. Absent non-recurring secondary offering expenses, adjusted operating income in the second quarter of 2006 would have been $23.3 million.

Earnings before net interest expense, taxes, depreciation and amortization (EBITDA) was $39.5 million for the second quarter of 2007 compared to $39.8 million for the 2006 second quarter. Excluding the non-recurring loss on extinguishment of debt in 2007 and secondary offering expenses in 2006, adjusted EBITDA would have been $40.0 million in the second quarter of 2007 in contrast to $40.7 million for the second quarter of 2006.



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