Trailer Bridge Reports 3Q Results

Monday, November 18, 2002
Trailer Bridge, Inc. reported financial results for the third quarter ended September 30, 2002 highlighted by significantly reduced losses and an improved financial condition. The effects from what is anticipated to be continuing improvements in market conditions in the Puerto Rico lane is having a more pronounced effect on fourth quarter results than in the third quarter. The discontinuance of the direct Northeast service at the end of last year, while significantly reducing costs, reduced revenues in Q3 2002 and led to an overall reduction in vessel capacity deployed of 20.4% this quarter when compared to the third quarter of 2001. Total revenue for the three months ended September 30, 2002 was $18,488,328, a decrease of $1,563,808, or 7.8%, compared to the prior year period; revenues in the third quarter of 2001 included sales related to the now terminated Northeast service. The company’s total volume of freight moving to and from Puerto Rico decreased 9 percent compared to the year earlier period. Due to the discontinuance of the Northeast service, the Company believes that volume and yield comparisons solely related to freight moving via Jacksonville are most relevant. For the three months ended September 30, 2002, total southbound volume over Jacksonville increased 8.1% compared to the year earlier period and 3.5% sequentially from the second quarter of 2002. Northbound, total volume through Jacksonville increased 5.2% from the year ago period and 4.2% sequentially from the second quarter. The effective yield of all of the southbound freight moving via Jacksonville represented an increase of 0.6% from the year earlier period and a decrease of 1.5% sequentially from the second quarter. Northbound, the effective yield on all cargo moving via Jacksonville increased 2.9% from the year ago period and decreased 7.7% sequentially from the second quarter of 2002. Trailer Bridge’s deployed vessel capacity utilization overall during the third quarter of 2002 was 79.3% to Puerto Rico and 22.6% from Puerto Rico, compared to 69.5% and 19.1% overall, respectively, during the third quarter of 2001. Compared sequentially, the third quarter of 2002 capacity utilization figures represented increases southbound and northbound from the second quarter when deployed vessels were utilized 75.5% southbound and 21.3% northbound. The Company had an average of 198 tractor units operating on the mainland during the quarter, generating an average of 9,349 miles per month of which 80.2% were loaded, an improvement in both productivity and efficiency from the year earlier period (8,829 miles and 79.0% loaded, respectively) and a slight reduction sequentially from the second quarter of 2002 (9,383 miles and 82.1% loaded, respectively). The Company’s operating loss for the third quarter ended September 30, 2002 narrowed significantly to $1,519,385 from an operating loss of $4,851,420 in the year earlier period. This improvement was due to increased volume in Jacksonville, discontinuing the direct Northeast service, reductions in headcount and equipment and other cost-cutting initiatives. Compared sequentially to the second quarter of 2002, the operating loss increased by $1,057,436 primarily due to a difference in revenue mix, higher purchased transportation costs resulting from that difference and slight reductions in average revenue per actual trailer southbound and northbound. Total new car revenue for the third quarter was $1,185,567 less than the second quarter. The incremental costs associated with new car revenue are less than the incremental costs associated with trailers. In addition, part of the decrease in new car revenue included a non-recurring movement of new cars that moved northbound during the second quarter. All of Trailer Bridge’s new car revenue results from contracts where Trailer Bridge is the exclusive carrier. As a result of the above, Trailer Bridge had an operating ratio of 108.2% during the third quarter of 2002 compared to 124.2% during the year earlier period and 102.5% compared sequentially to the second quarter. Net interest expense of $758,010 was down slightly from the year earlier period. Trailer Bridge also realized a net gain of $14,923 from equipment sales and other non-operating items during the quarter compared to a net gain of $38,157 from equipment sales during the year earlier quarter.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

Asia Tanker, VLCC Rates Could Climb

Charterers to release 30 Middle East VLCC cargoes next week. VLCC market buoyed by upbeat Suezmax, Aframax sectors. Rates for very large crude carriers (VLCCs)

BG Group's Queensland Curtis LNG to Ship First Cargo

BG Group is set to ship the first cargo of liquefied natural gas from its flagship gas project Queensland Curtis LNG on Dec. 20, a source familiar with the matter told Reuters.

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1459 sec (7 req/sec)