Trucking and intermodal provider Trailer Bridge Inc. on Thursday, Aug. 27, announced the appointment of Ivy Barton Suter as chief executive officer, effective immediately. She succeeds Ralph W. Heim, who had served as the company’s interim CEO since December 2008. Heim will remain with the company as president and chief operating officer.
Suter has more than 20 years of executive experience in a variety of industries, including marine, shipping and intermodal operations. From 2006, Suter served as managing director at Alvarez & Marsal, a privately held global services firm. During her tenure, she advised companies in areas such as financial and operational due diligence, M&A and turnarounds. From 2005-2006, she served as president of Service Solutions’ Tools & Equipment N.A., a business owned by SPX Corp., where she led a team that grew sales organically and significantly increased operating profit and cashflow. From 2001-2005, she served as president of Gast Manufacturing, a unit of IDEX Corp., where she led the growth of the Gast business.
“We are very pleased that Ms. Suter has joined us as CEO, as her varied experience and strategic background will be invaluable in building on our success,” says Allen Stevens, chairman of Trailer Bridge, based in Jacksonville, Fla. “We would also like to thank Ralph Heim for his work as interim CEO, and look forward to his continuing contributions.”
The company also stated that the positive operating trends that impacted results for the second quarter ended June 30 have continued into the current third quarter. Volumes and capacity utilization have increased for the July and August two-month period compared to similar periods in the first and second quarters of 2009.
For the quarter ended June 30, Trailer Bridge reported operating income of $3.2 million compared to $2.2 million in the second quarter of 2008; and net income of $0.7 million compared to a net loss of $0.3 million. The company reported revenue of $27.9 million, down 17.7 percent from the prior-year period but an increase of 10.1 percent sequentially from the first quarter of 2009. Excluding the effect of fuel surcharges, revenue decreased by 10.3 percent from the prior year but increased 11.3 percent from the first quarter of 2009.
