Trailer Bridge Delays Filing of Form 10-K Press Release, Jacksonville, FL -- Trailer Bridge, Inc. (NASDAQ: TRBR) today announced that it has filed with the Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 for its Annual Report on Form 10-K for its year ended December 31, 2003. This filing provides for a 15-calendar day extension of the Company's filing date for its Form 10-K. The Company expects to be able to file its Annual Report on or before 5 P.M., April 14, 2004, which would be within this extension period. In the Form 12b-25 filing, Trailer Bridge said that the Form 10-K filing was deferred pending the completion of the audited financial statements by the Company's new independent public accounting firm and obtaining information related to certain contingencies, including the refinancing of the Company's revolving credit facility. Trailer Bridge noted that a refinancing proposal it received on December 9, 2003 was approved on March 4, 2004 and the parties are now in documentation with a plan to close by mid-April. Trailer Bridge also noted that actual results for the three months ended December 31, 2003 will show improvement compared to the three months ended December 31, 2002 and that the Company anticipates that it will report net income for the three months ended March 31, 2004. 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, U.S. flag vessels and marine facilities in Jacksonville and San Juan. Additional information on Trailer Bridge is available at the www.trailerbridge.com website. 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 being unable to refinance its debt on
favorable terms, economic recessions, the generation and maintenance of
sufficient liquidity, severe weather, changes in demand for transportation
services offered by the Company, capacity conditions in the Puerto Rico lane and
changes in rate levels for transportation services offered by the Company. Contact: Trailer Bridge, Inc.
John D. McCown, 800-554-1589
or
TRBR Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
Devin Sullivan, 212-836-9608
www.theequitygroup.com
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