Trailer Bridge announced Monday, Nov. 15, that for the three-month period ended Sept. 30, the company had net income of about $6,900 compared to net income of $1.7 million in the prior-year period. The company’s operating income was $2.5 million compared to $4.1 million, a decrease attributed primarily to decreased volumes and lower rates combined with higher operating costs.
Total revenue was $29.3 million compared to $30.3 million. Excluding the effect of fuel surcharge, revenue decreased 5.4 percent, primarily due to decreased volumes and lower rates. The company’s fuel surcharge, which is included in its revenues, amounted to $4.4 million compared to $4.0 million.
The Jacksonville, Fla.-baased company’s operating expenses expressed as a percentage of revenue increased from 86.4 percent of revenues during the 2009 three-month period to 91.6 percent during the 2010 three-month period, primarily due to increased operating expenses due to higher auto volumes and lower rates.
For the nine-month period, the company had net income of $0.6 million compared to net income of $1.6 million in the prior-year period. The company’s operating income was $8.1 million compared to $9.1 million, a decrease attributed mainly to lower rates and higher operating costs.
Revenue was $89.8 million compared to $83.6 million, primarily due to increased volume and higher fuel surcharge revenue. The company’s fuel surcharge amounted to $13.2 million compared to $10.3 million, primarily the result of increases in the market price of fuel and the related surcharges imposed on the company by its transportation providers combined with higher container and vehicle volumes.
The company’s operating expenses expressed as a percentage of revenue increased slightly from 89.1 percent of revenues during the 2009 nine-month period to 91.0 percent during the 2010 nine-month period, primarily due to increased operating expenses due to higher volumes and lower rates.
