Horizon Lines Reports 2Q Results

Friday, 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.

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Pollet to Lead R&D at Coldharbour Marine

Coldharbour Marine Ltd. has appointed Professor Bruno Pollet to head its R&D department.   Bruno Pollet moves to Linby, Nottinghamshire from the University of the Western Cape,

ClassNK Opens R&D Center in Singapore

Classification society ClassNK promoted the activities of its new Global Research and Innovation Center (GRIC) at a press conference held today in Singapore.   Joined

ABS Appoints New Chief Technology Officer

ABS named Howard Fireman as Senior Vice President and Chief Technology Officer (CTO) effective April 20 in a move that strengthens alignment and generates further

Finance

Royal Caribbean Cuts Profit Forecast

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar.   Shares

Baltic Index Up Slightly on Higher Rates for Large Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments.

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | 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: 0.1451 sec (7 req/sec)