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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Mercury Marine Expands Manufacturing Capacity

Mercury Marine is adding a 53,000 square foot manufacturing capacity expansion to its global headquarters in Fond du Lac, Wisc. The expansion will consist of 45,

Pacific Nations Take a Stand on Shipping Emissions

On Earth Day, Pacific leaders queued among 175 countries to sign the Paris Agreement in New York. Earlier that day in London, the International Maritime Organization (IMO),

SCHOTTEL Debuts EcoPeller with High-torque Gears

Propulsion and steering systems manufacturer SCHOTTEL has unveiled its new EcoPeller (SRE), which it said offers improved efficiency and robustness. Playing a

Finance

Oil Price Bottoming Depends on Global Growth - IEA chief

International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed but that would depend on global economic growth. Asked if oil prices had reached a bottom,

ExxonMobil 1Q Profits Plunge 63%

Highlights   * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015.   * Earnings per share were $0.43 assuming dilution.   * Cash

Shipping, Key Ingredient of EU’s Africa Agenda

The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0610 sec (16 req/sec)