Horizon Lines Continue to Improve Performance in Q4 2013

MarineLink.com
Sunday, March 23, 2014
Photo courtesy of Horizon Lines

Horizon Lines has released its fourth-quarter 2013 financial results showing an adjusted EBITDA increase of 33.1%, which is its 4th consecutive quarter of double-digit Improvement
.

"Horizon Lines fourth-quarter adjusted EBITDA increased 33.1% over the same period a year ago and the company generated GAAP operating income of $1.8 million in the quarter, the first fourth-quarter GAAP operating profit since 2009. The improvement in adjusted EBITDA was driven largely by reduced vessel charter expense, the absence of vessel incidents, and an increase in third party services," said Sam Woodward, President and Chief Executive Officer.

"The factors driving adjusted EBITDA growth were partially offset by modestly lower rates, net of fuel and reduced fuel recovery. Results represent the fourth consecutive quarter with double-digit percentage growth in adjusted EBITDA over prior-year results, adding further momentum to the improvement of Horizon Lines' financial performance."

Highlights
On a GAAP basis, the fourth-quarter net loss totaled $14.0 million, or $0.36 per share on a weighted average of 39.4 million fully diluted shares outstanding.  This compares with year-ago net loss of $17.9 million, or $0.52 per fully diluted share, based on a weighted average of 34.3 million fully diluted shares outstanding.  On an adjusted basis, the 2013 fourth-quarter net loss totaled $11.5 million, or $0.29 per share, compared with a net loss of $12.8 million, or $0.38 per share, for the 2012 fourth quarter.

EBITDA totaled $14.7 million for the 2013 fourth quarter, compared with $8.2 million for the same period a year ago.  Adjusted EBITDA for the fourth quarter of 2013 was $17.3 million, versus $13.0 million for 2012.  EBITDA and adjusted EBITDA for the 2013 and 2012 fourth quarters were impacted by the same factors affecting operating income.

The financial report in full can be downloaded at: http://bit.ly/1m1vZcQ

 

 

 

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

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

Container Ships

Sea Star Line: Equipment Replacement Plan on Track

Company Receives New Refrigerated Containers and Places Order for New Genset Equipment   Sea Star Line, LLC began receiving the first of its new 100 40’ and 45’

October Imports up 9% at Port of Oakland

Containerized imports shipped through the Port of Oakland were up 9.17% in October from a year ago, the port said, citing the surge as the biggest jump in import cargo volume in six months.

Video: Reefer RoRo Ship Design Rebooted

Expanding on the Reefer RoRo Ship design release in September last year, naval architects group Knud E. Hansen A/S has continued the development of the new Reefer RoRo Ship design with version II.

 
 
Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.2239 sec (4 req/sec)