Horizon Lines Reports 3Q Results

Wednesday, November 02, 2005
Horizon Lines, Inc. reported results for the third quarter ended September 25, 2005, with solid quarter-over-quarter growth in key financial measures. Operating revenue for the third quarter of 2005 was $289.1 million, an increase of $38.0 million or 15.1% from the $251.1 million for the third quarter of 2004. The improvement was led by volume growth, increased bunker fuel surcharges to offset rising fuel costs, cargo mix and rate improvement, new vessel management contracts and growth in other non-transportation revenue. Operating income was $18.4 million in the 2005 third quarter compared to $27.4 million for the same period last year. The decline in operating income was primarily attributable to non-recurring expenses associated with the Company's initial public offering (IPO), and higher non-cash amortization expense resulting from the purchase price accounting basis step-up in intangible assets associated with the July 2004 acquisition of the Company. Results for the third quarter included non-recurring expenses related to the IPO for management fees, non-cash stock compensation expenses and transaction expenses totaling $11.3 million. In addition, non-cash amortization of intangible assets increased by $4.2 million in the third quarter of 2005, compared to 2004. Absent these non-recurring IPO related expenses and the increase in amortization expense, third quarter 2005 operating income would have been $33.9 million, an increase of $5.9 million over third quarter 2004 on a comparable basis. Net income for the 2005 third quarter, which includes the above mentioned items, was $3.2 million compared to $11.3 million for the third quarter of 2004. Basic earnings per share for the third quarter of 2005 was $.14. Basic earnings per share on a pro forma basis would have been $.37, adjusted to give effect to the consummation of the issuance and sale of the Company of the shares of its common stock pursuant to its initial public offering, use of proceeds therefrom, and the related transactions, as if they occurred as of December 27, 2004.
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