Horizon Lines Report 4th Quarter Financial 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.
Horizon Lines Reports Weak 3Q Financials
Quarter Negatively Impacted by Goodwill Impairment Charge, FSX Losses, Volume and Rate Pressures. Horizon Lines, Inc. (OTCQB: HRZL) has reported financial results for the fiscal third quarter ended September 25, 2011. Financial results are being presented on a continuing operations basis, excluding discontinued logistics operations. On a GAAP basis, the third-quarter net loss from continuing operations totaled $126.5 million, or $4.09 per diluted share, on revenue from continuing operations of $321.9 million. On an adjusted basis, the company recorded a third-quarter net loss from continuing operations of $5.6 million, or $0.18 per diluted share, after excluding charges totaling $120.9 million, after tax, or $3.91 per share.
Horizon Lines Discontinuing Trans-Pacific FSX Service
Company Will Conduct Orderly Transition to Minimize Supply Chain Disruptions. Last Voyage of FSX Service from China Expected on November 2; Final Sailings to Guam on November 8 and 10. Horizon Lines, Inc. (OTCQB: HRZL), the nation's leading domestic ocean shipping company, today announced it will discontinue its Five Star Express (FSX) trans-Pacific container shipping service between the U.S. West Coast, Guam and China. Horizon is implementing an orderly transition plan, beginning October 31, 2011, and will work aggressively to mitigate any supply chain disruptions for its customers. Discontinuation of the FSX Guam and China services will have no impact on the company's domestic ocean services in Alaska, Hawaii, or Puerto Rico.
