Horizon Lines Report 4th Quarter Financial Results

Press Release
Wednesday, April 11, 2012

Financial performance reflects negative impact of multiple factors in Horizon Lines 4th quarter 2011 results

Horizon Lines, Inc. have reported financial results for the fiscal fourth quarter ended December 25, 2011.Financial results are being presented on a continuing operations basis, excluding the discontinued FSX and logistics operations.

 "Our fourth-quarter operating performance from continuing operations was relatively stable when compared with a year ago, as both container volumes and rates reflected marginal improvement on a comparable 52-week basis," said Stephen H. Fraser, interim President and Chief Executive Officer. "Our financial performance was pressured by high fuel prices, the ongoing recession in Puerto Rico, severe winter weather in Alaska, and increased expenses from incremental lift and equipment costs resulting from the expiration of certain of our Maersk agreements. Despite these challenges, our company produced adjusted EBITDA in the fourth quarter that nearly matched last year's performance, as we maintained our focus on disciplined cost management and customer service excellence."

As previously disclosed, Horizon Lines terminated its FSX trans-Pacific service during the fourth quarter of 2011. The service and associated operations were classified as discontinued operations, and the company recorded a pretax restructuring charge of $119.3 million. This charge includes costs to return excess rolling stock equipment, severance, facility lease expense, and vessel charter expense, net of estimated sub-charter income.

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NYK Opens New Planning Center in Kumamoto

On September 1, 2014, NYK and Kozo Keikaku Engineering Inc. established a stowage planning center for container shipping at the Kumamoto office of Kozo Keikaku Engineering Inc.

TNO Receives 'International Media Award for Prevention'

The Engagementgame developed by TNO in collaboration with partners is the winner of the 'International Media Award for Prevention' in the category Multi Media.

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

Finance

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

Clarksons PLC Perform Strongly in 1H 2014

Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.

Container Ships

NYK Opens New Planning Center in Kumamoto

On September 1, 2014, NYK and Kozo Keikaku Engineering Inc. established a stowage planning center for container shipping at the Kumamoto office of Kozo Keikaku Engineering Inc.

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

No Sign of Ultra-Large Containership Mega Hubs: Analysis

Contrary to the views of some in the industry, Ultra Large Container Vessels are continuing to call at multiple North European ports per loop and are not concentrating on a mega-hub,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines 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: 0.3084 sec (3 req/sec)