Horizon Lines Continue to Improve Performance in Q4 2013
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."
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