Company to Conduct Conference Call Tomorrow at 9:00 AM ET

 

Jacksonville, FL – November 8, 2006 -- Trailer Bridge, Inc. (NASDAQ: TRBR) today reported financial results for the third quarter ended September 30, 2006 (see attached table).  John D. McCown, Chairman and CEO, said, “We expected that our third quarter results would eclipse last year after our dry-docking related disruptions abated and they did.  Our 10.3% revenue increase drove a 22.5% net income increase.  Our third quarter numbers were robust across all measures.  We’re pleased that favorable trends are continuing for us into the fourth quarter.”  

 

Total revenue for the three months ended September 30, 2006 was $28.9 million, an increase of 10.3% compared to the third quarter of 2005.  The increase in revenue was driven by an increase in average revenue per southbound container of 5.4%, an increase in southbound container volume of 0.9% and increased fuel surcharges.  The Company's Jacksonville-San Juan deployed vessel capacity utilization during the third quarter was 86.9% to Puerto Rico and 28.9% from Puerto Rico compared to 84.1% and 22.9%, respectively, during the third quarter of 2005.

In a sequential comparison to the second quarter, total revenue in the third quarter increased 15.9% driven by an increase in southbound container volume of 19.0% and an increase in average revenue per southbound container of 1.5%. 

 

After expensing $0.2 million related to dry-docking expense, the Company reported operating income of $4.5 million in the third quarter of 2006, as compared with $4.3 million in the third quarter of 2005.   

The Company net income for the third quarter of $1.9 million compared to $1.6 million in the year earlier period.  Net income attributable to common shares for the third quarter of 2006 was $.16 versus $.13 for the third quarter of 2005.   

 

Financial Position

At September 30, 2006, the Company had cash balances of $6.7 million, working capital of $7.0 million and a stockholders deficit of $8.0 million.  There were no amounts outstanding under a $10 million revolving credit facility.        

 

Conference Call

Trailer Bridge will discuss third quarter results in a conference call tomorrow, November 9, 2006, at 9:00 AM (Eastern Time).   The dial in number is (888) 737-9834.  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, or click http://audioevent.mshow.com/312452.  The conference call will be archived and accessible for approximately 30 days if you are unable to listen to the live call.