Trailer Bridge Reports Third Quarter Results

Monday, November 19, 2001
Total revenue for the three months ended September 30, 2001 was $20,052,136, as compared to $23,151,664 for the third quarter of 2000. Compared sequentially to the second quarter of 2001, total revenue decreased $1,607,048 or 7.4 percent. In the early part of the third quarter, Trailer Bridge experienced higher vessel utilization both southbound and northbound. Based upon anticipated volume and revenue levels, Trailer Bridge had anticipated that its third quarter operating results would show a meaningful improvement over the second quarter results. Instead of higher volume and revenue that would have driven improved results, the latter part of the third quarter saw decreases in vessel utilization of a magnitude that produced these sequential declines in revenue and operating income. Trailer Bridge had five percent more overall vessel capacity deployed between the mainland and Puerto Rico with weekly Northeast sailings compared to bi-weekly sailings in the third quarter of 2000

The operating loss for the third quarter ended September 30, 2001 was $4,851,420, as compared to operating income of $340,337 in the year earlier period. The operating loss was due to lower volume and asset utilization, lower yields, and additional costs associated with weekly Northeast sailings. As a result, Trailer Bridge’s operating ratio was 124.1 percent during the third quarter of 2001 compared to the 98.5 percent operating ratio during the year earlier period.

The third quarter results include an accrual of more than $1.8 million of charter-hire to an affiliate, the payment of which has been deferred. In addition, charter-hire was accrued but deferred in the second quarter and the charter-hire that was accrued for in the first quarter results has been forgiven. These large non-cash accruals, the effect of the non-recurring dry-docking expenses in both the first and second quarter and the large non-cash depreciation charges underscore the importance of various cash flow measures as a further benchmark on the level and trend of Trailer Bridge’s results. For example, the statement of cash flows as filed in Trailer Bridge’s 10-Q financial statements shows that net cash used in operating activities was $1,035,099 during the third quarter, an improvement of $2.2 million compared sequentially to the second quarter of 2001.

For the third quarter ended September 30, 2001, net interest expense was $807,284, down slightly from the year earlier period and sequentially from the first quarter due to debt reductions. During the third quarter of 2001, Trailer Bridge also had a gain of $38,157 related to the sale of excess 48’ trailer equipment. Loss before income taxes for the third quarter was $5,620,547, a decrease of $5,179,947 from the year earlier period and a decrease of $459,474 sequentially from the second quarter of 2001. As previously disclosed, the effect of income taxes will not be reflected until profitable operations resume. Net loss per share was $.57 for the third quarter compared to net loss per share of $.02 for the year earlier period and net loss per share of $.53 for the second quarter of 2001.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

DMR Publish Latest Container Census Report

Drewry Maritime Research (DMR) says it has just published it's latest Container Census report, providing a wealth of information on the container equipment market.

Höegh LNG Partners Launch IPO

Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,

Maritime Security

NYK Line Hosts Fleet Safety Conference

NYK says it has hosted a safety promotion conference for shipowners and ship-management companies at the NYK head office in Tokyo and at Imabari city in Ehime prefecture.

The Martitime Security Focus Is Shifting

Former Vice-Admiral and Commander-in-chief of the German Navy Hans-Joachim Stricker, President of the German Maritime Institute (DMI), believes that in terms of

Crew of USCG Cutter Thetis to Return today

The crew of the Coast Guard Cutter Thetis, a 270-foot medium endurance cutter based out of Key West, Florida, is scheduled to return to homeport Tuesday at 11:45 a.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0965 sec (10 req/sec)