Trailer Bridge Reports 3Q Financial Results

Wednesday, November 14, 2007
Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) reported financial results for the third quarter ended September 30, 2007, summarized by revenue of $28.2m, an operating ratio (operating expenses/revenue) of 90.2% and net income of $0.4m, or $0.03 per share. The Company's third quarter results were negatively impacted by the startup of the Company's new service, which is estimated to have incrementally reduced net income by $0.9m during the third quarter, largely through the charter and fuel costs associated with the tug for the new service. Total revenue for the three months ended September 30, 2007 was $28.2m, a decrease of 2.4% compared to the $28.9m reported in the third quarter of 2006 and a decrease of 4.5% sequentially compared to the second quarter of 2007. During the third quarter southbound container volume declined 0.8% and average revenue per load for containers moved southbound increased 1.2% from the year earlier period. The Company's southbound deployed vessel capacity utilization during the third quarter was 77.3% and northbound it was 22.8%, compared to 86.9% and 28.0%, respectively, during the third quarter of 2006. Capacity utilization in the most recent third quarter period was based on the deployment in August 2007 of a fifth vessel in a new service including both Puerto Rico and the Dominican Republic. As a result, capacity increased 14.2% southbound and 12.2% northbound compared to the year earlier quarter. Trailer Bridge reported operating income of $2.8m in the third quarter of 2007, a decrease of 38.5% compared with operating income of $4.5m in the third quarter of 2006. The Company reported net income of $0.4m, or $0.03 per share, for the third quarter of 2007, a decrease of 81.2% compared to net income of $1.9m, or $0.16 per share, in the year earlier period.
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