Trailer Bridge Net Income Soars

Monday, May 16, 2005
Trailer Bridge, Inc. reported the financial results for the first quarter ended March 31, 2005, highlighted by net income of $975,801, a $616,643, or a 171.7% improvement compared to the first quarter of 2004.

Total revenue for the three months ended March 31, 2005 was $24,365,534, an increase of $1,456,804, or 6.4% compared to the first quarter of 2004. Total southbound volume decreased 4.0% compared to the year earlier period. This decrease was driven by reduced used car volume, while southbound container volume increased 0.4% compared to the year ago quarter. Northbound, total volume decreased 27.1% from the year ago period, driven by reduced used car and military shipments. The effective yield of all of the southbound cargo represented an increase of 7.8% from the year earlier period while southbound container revenue per load increased 6.9%. In the northbound lane, the effective yield of all cargo decreased 0.7% from the year ago period while northbound container revenue per load increased 8.0%.

The Company's Jacksonville-San Juan deployed vessel capacity utilization during the first quarter was 92.2% to Puerto Rico and 19.3% from Puerto Rico, compared to 91.8% and 27.0%, respectively, during the first quarter of 2004. The operating income for the first quarter ended March 31, 2005 was $3,529,791, an improvement of $2,488,772 compared to operating income of $1,041,019 in the prior year period. The operating ratio was 85.5% during the first quarter of 2005 compared to the 95.5% operating ratio reported during the year earlier period. The improvement in operating income and the resulting improved operating ratio are primarily due to significant reductions in rent expense on vessels and equipment, partially offset by the related increase in depreciation expense, both of which were the result of assets purchased in the December 2004 transaction with the proceeds from the $85 million note offering. Net interest expense of $2,577,477 was also up 278.0% from the year earlier period due the issuance of these fixed rate notes that funded the purchase of the previously leased vessels and equipment. Based upon the Company’s fully reserved deferred tax asset, which currently stands at $20.5 million, no provision for income taxes has been reflected in the first quarter income statement.

Net income for the first quarter of 2005 was $975,801, an improvement of $616,643 compared to net income of $359,158 in the same period last year. The Company recorded net income of $.08 per common share in the first quarter of 2005, an improvement of $.09 per common share compared to a net loss of $.01 in the year earlier period after the effect of preferred stock that is no longer outstanding as a result of the previously announced K. Corp. transaction.

John D. McCown, Chairman and CEO, said, “Our core southbound container business performed well both in terms of volume and yield. This is the eighth straight quarter where we’ve seen meaningful year over year improvement at the bottom line. We are pleased with the rates we are seeing in our contract renewals as the effect of the sector’s improved supply/demand dynamics continue to roll through the lane.”

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

Marine Propulsion

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

BIMCO Environmental Performance Guide

BIMCO today launched a new, multi-part guidance resource to support ship owners and operators in improving their environmental performance and the efficiency of their ships.

Caterpillar to Deliver Highest Horsepower Tier 4 Solution

Edison Chouest Offshore has selected Caterpillar Marine's Cat Tier 4 Final C280-16 generator sets for two new vessels, Caterpillar announced today. The generators

Finance

Stronger Panamaxes Boost Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments.

Egypt: Suez Canal Zone to Make Up 30-35% of Economy

Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt's economy, the country's investment minister said on Thursday.

Australia Announces Patrol Boat Tender

Tender announced for Pacific Patrol Boat Replacement Project   The Australian Government announced a Request for Tender (RFT) to replace the Pacific Patrol Boats

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1472 sec (7 req/sec)