JACKSONVILLE, Fla.--(BUSINESS WIRE)--May 14, 2003--Trailer Bridge, Inc. (NASDAQ National Market: TRBR - news)--
Trailer Bridge, Inc. (Nasdaq:TRBR - News) today reported the financial results for the first quarter ended March 31, 2004 (see attached table), highlighted by net income of $359,158, a $2.9 million improvement compared to the first quarter of 2003, and an 18.0% increase in total operating revenues.
Total revenue for the three months ended March 31, 2004 was $22,908,730, an increase of $3,489,425 or 18.0% compared to the first quarter of 2003. Total southbound volume increased 6.6% compared to the year earlier period. Northbound, total volume increased 30.4% from the year ago period. The effective yield of all of the southbound cargo represented an increase of 5.0% from the year earlier period. In the northbound lane, the effective yield of all cargo increased 1.2% from the year ago period.
The Company's Jacksonville-San Juan deployed vessel capacity utilization during the first quarter was 91.8% to Puerto Rico and 26.3% from Puerto Rico compared to 90.4% and 22.5%, respectively, during the first quarter of 2003. The operating income for the first quarter ended March 31, 2004 was $1,041,019, an improvement of $2,859,697 compared to the operating loss of $1,818,678 in the prior year period. The operating ratio was 95% during the first quarter of 2004 compared to the 109.4% operating ratio during the year earlier period. Net interest expense of $681,861 was down 2.2% from the year earlier period due primarily to lower interest rates.
Based upon the Company's substantial net operating loss carryforward, no income tax provision has been reflected in the first quarter income statement. At December 31, 2003, the deferred tax asset was $22,687,373 but a 100% valuation allowance precluded it from appearing on the balance sheet.
Net income for the first quarter of 2004 was $359,158, an improvement of $2,875,046 compared to a net loss of $2,515,888 in the same period last year. After the effect of an undeclared preferred stock dividend and accretion of preferred stock discount, the Company recorded a net loss per common share of $.01 in the first quarter of 2004 compared to a net loss per common share of $.31 in the year earlier period.
John D. McCown, Chairman and CEO, said, "Our net revenue yield for the quarter increased more when you take into account our shorter inland length of haul. These volume and rate gains were augmented by cost efficiencies in the areas of health costs and intermodal transportation resulting from new contracts. The intra-quarter trends on all the important metrics were favorable."
Trailer Bridge will discuss first quarter results in a conference call at 4:00 p.m. (Eastern Time) on Tuesday, May 25th. The dial in number is 800-915-4836. The call will also be simultaneously broadcast over the Internet. To listen to the live webcast, please go to www.trailerbridge.com and click on the conference call link. The conference call will be archived and accessible for approximately 90 days if you are unable to listen to the live call.
Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico, bringing efficiency, environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville and San Juan. Additional information on Trailer Bridge is available at the www.trailerbridge.com Web site.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Without limitation, these risks and uncertainties include the risks of economic recessions, severe weather, changes in the price of fuel, changes in demand for transportation services offered by the Company, capacity conditions in the Puerto Rico trade lane and changes in rate levels for transportation services offered by the Company.
TRAILER BRIDGE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months
Ended March 31,
-------------------------------
2004 2003
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OPERATING REVENUES 22,908,730 $19,419,305
OPERATING EXPENSES:
Salaries, wages, and benefits 3,778,469 4,171,015
Rent and purchased transportation:
Related Party 1,829,100 1,809,000
Other 5,578,368 5,371,335
Fuel 2,422,542 2,366,311
Operating and maintenance (exclusive
of depreciation shown separately
below) 5,512,934 4,757,634
Taxes and licenses 154,729 165,439
Insurance and claims 808,342 829,374
Communications and utilities 122,748 108,663
Depreciation and amortization 798,762 855,273
Loss (Gain) on sale of equipment 3,417 (5,263)
Other operating expenses 858,300 809,202
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21,867,711 21,237,983
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OPERATING INCOME (LOSS) 1,041,019 (1,818,678)
NONOPERATING EXPENSE:
Interest expense and other, net (681,861) (697,210)
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INCOME (LOSS) BEFORE (PROVISION)
BENEFIT FOR INCOME TAXES 359,158 (2,515,888)
(PROVISION) BENEFIT FOR INCOME TAXES - -
-------------- --------------
NET INCOME (LOSS) 359,158 (2,515,888)
ACCRETION OF PREFERRED STOCK DISCOUNT (159,412) (466,494)
UNDECLARED DIVIDEND (291,542) -
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NET LOSS ATTRIBUTABLE TO COMMON SHARES $ (91,796) $ (2,982,382)
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PER SHARE AMOUNTS:
NET LOSS PER SHARE (BASIC AND DILUTED) $ (0.01) $ (0.31)
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WEIGHTED AVERAGE SHARES OUTSTANDING 9,789,533 9,777,500
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Trailer Bridge, Inc., Jacksonville
John D. McCown, 800-554-1589
or
Investor Relations Counsel:
The Equity Group Inc., New York
Adam Prior, 212-836-9606
Devin Sullivan, 212-836-9608
www.theequitygroup.com