Trailer Bridge posts higher 1Q net loss

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Trailer Bridge

Trailer Bridge Inc. on Friday, May 13, announced revenue of $24.8 million for its 2011 first quarter ended March 31 compared to $28.8 million in the prior year. The Jacksonville, Fla.-based company reported an operating loss of $8.0 compared to operating income of $2.2 million in the prior-year period and an operating loss of $0.4 million in the fourth quarter of 2010. Net loss was $10.4 million compared to a net loss of $0.3 million.

The company said its refinancing effort has not come to completion and that it continues actively working with interested lenders and its advisers to refinance the $82.5 million in public notes due in November. Trailer Bridge said it is exploring a number of options and might involve the private or public lending market and may include an equity component, and that the interest rate it pays on its overall debt may be higher under such refinancing than previously anticipated.