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

People & Company News

DP World Mulls Senegal Free Zone

DP World  is looking to develop a free zone in Senegal, Chairman Sultan Ahmed bin Sulayem said on Wednesday. Sulayem was speaking at an African investment event in Dubai.

MOL Merges Group Companies; Upgrades Bridge Simulator

MOL adds DPS and enhances safe operation by integrating expertise through merger Mitsui O.S.K. Lines, Ltd. (MOL) announced the merger of MOL Marine Consulting, Ltd.

Swissco Doubles Rig Fleet

SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units,

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Container Ships

MOL Restructures Asia to S. Africa Service

Mitsui O.S.K. Lines, Ltd. (MOL) announced the restructuring of its existing Asia to South Africa liner services into two direct loops. One service will call South China,

Report on MOL Comfort Incident is out

In response to the casualty of “MOL COMFORT” which occurred on 17 June 2013, ClassNK established the Investigative Panel on Large Container Ship Safety, comprised

DMR Examines Container Terminal Congestion Issues

Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair 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: 0.1823 sec (5 req/sec)