Trailer Bridge posts $3.6M 2Q net loss

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Trailer Bridge

Trailer Bridge Inc. on Monday, Aug. 15, announced revenue of $29.0 million during the second quarter compared to $31.7 million in the prior-year period. The Jacksonville, Fla.-based company reported an operating loss of $1.1 million compared to operating income of $3.4 million in the prior-year period and an operating loss of $8.0 million in the first quarter of 2011. Net loss was $3.6 million compared to net income of $0.9 million. Increased fuel prices drove the net fuel expense to $2.2 million, up $1.1 million.

The company had revenue of $53.8 million during the first six months of 2011 compared to $60.5 million in the prior-year period. The company reported an operating loss of $9.1 million compared to operating income of $5.6 million. Net loss was $14.0 million compared to net income of $0.6 million.

Trailer Bridge said its refinancing efforts are ongoing and that it continues actively working with interested lenders and its advisers to refinance the $82.5 million in public notes due in November and other indebtedness. The company said it is exploring a number of options that might involve the private or public lending market and may include an equity component, and that might result in a change of control.

Trailer Bridge said that in the event it is not able to refinance the notes, its finances and ability to operate would be severely impaired, and the company could be required to seek protection under federal bankruptcy laws.