Trailer Bridge Delays Filing of Form 10-K Reiterates Expectation of Profitable Results in First Quarter of 2004 Press Release, Jacksonville, FL -- Trailer Bridge, Inc. (NASDAQ: TRBR) today announced that it is delaying the filing of its Form 10-K for its year-ended December 31, 2003 pending the completion of the audited financial statements by the Company's new independent public accounting firm. The Company is also obtaining information related to certain contingencies, including the refinancing of the Company's revolving credit facility. Trailer Bridge is continuing to document its re-financing and expects to close shortly. The Company initially 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 on March 31, 2004. Trailer Bridge now expects to file its Form 10-K as soon as practicable. Beginning tomorrow, the letter "E" may follow the Company's stock symbol to denote the late filing. Trailer Bridge also reiterated that actual results for the three months ended December 31, 2003 will show improvement compared to the three months ended December 31, 2002. The Company continues to anticipate that it will report net income for the three months ended March 31, 2004, its first profitable quarter in over three years. 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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