Trailer Bridge on Tuesday, Nov. 22, announced revenue of $31.1 million for its third quarter ended Sept. 30, a 6.1 percent increase compared to $29.3 million in the prior-year period and up about 7.2 percent sequentially from the second quarter of 2011. Operating income was $0.7 million compared to $2.5 million largely due to higher inland purchased transportation, fuel and operating and maintenance expenses.
The Jacksonville, Fla.-based company reported a net loss of $1.9 million compared to net income of about $6,900 and an improvement over a net loss of $3.6 million reported sequentially in the second quarter of 2011.
“Trailer Bridge remains committed to our employees and our shipping customers,” said William Gotimer Jr. and Mark Tanner, the company’s co-chief executive officers. “Our recent decision to restructure the balance sheet of the company will strengthen our ability to provide consistent service between the mainland, Puerto Rico and the Dominican Republic.”
Trailer Bridge on Nov. 16 filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code upon its $82.5 million 9.25 percent senior secured notes becoming due. The company hopes to complete this reorganization by the end of the first quarter of 2012 and said it believes that this action is the quickest and most efficient way to restructure its balance sheet and ensure the long-term strength of its operations. The company also expects to cease trading on the Nasdaq Stock Market as of the opening of the stock market on Nov. 28 and will begin trading on the OTC Bulletin Board under the ticker symbol “TRBR.”
Gotimer and Tanner said they are seeing operating trends moving in the right direction. “Through the first seven weeks in the current fourth quarter, we have seen marked improvement in all aspects of our operations, including higher revenues and volume increases,” they said. “We have achieved this in what has been a period of perceived uncertainty regarding our refinancing efforts. Upon the completion of this process, we expect to emerge a stronger company financially. Thanks to the support of our employees, vendors and customers, we had no disruptions of any kind in the past week and expect to continue providing quality service to our shipper clientele.”
