Trailer Bridge Inc. on Monday, May 17, reported unaudited financial results for the first quarter ended March 31. The Jacksonville, Fla.-based company reported operating income of $2.2 million, a 23.8 percent increase vs. operating income of $1.8 million in the first quarter of 2009 on increased revenue and volume. Net loss improved by $0.5 million to $0.3 million vs. $0.8 million. The $0.3 million in net loss included $379,900 in legal and related expenses in connection with the ongoing Department of Justice investigation. EBITDA for the first quarter of 2010 was $3.8 million, a 12.4 percent improvement from $3.4 million; adjusted EBITDA was $4.4 million.
The company reported revenue of $28.8 million, up 13.8 percent from the prior-year period but a decrease of 6.1 percent sequentially from the fourth quarter of 2009. Excluding the effect of fuel surcharges, revenue increased by 11.4 percent from the prior year but decreased 8.3 percent from the fourth quarter of 2009.
“Compared to the prior-year period, we saw growth in both volume and revenue in all trade lanes,” said Ivy Suter, chief executive officer. “This resulted in improved operating and net results versus the same period last year, and the company generated $3.1 million in cash from operations. We increased our volume in the quarter with both new and existing accounts. Our strong capacity utilization has continued through April and into May. As previously noted, we purchased $1.0 million face amount of our outstanding senior sSecured notes in January 2010.”
In an April 30 ruling by nonfinal order, the U.S. District Court for the District of Puerto Rico granted Trailer Bridge’s motion to be dismissed with prejudice from a lawsuit seeking class-action status related to alleged anticompetitive activity in the Puerto Rico marine trade. “We are not currently a defendant in any lawsuit related to the anti-trust investigation into the Puerto Rico trade,” said William G. Gotimer Jr., executive vice president and general counsel.
Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico and Dominican Republic. The company uses its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville, San Juan and Puerto Plata.
