Trailer Bridge Regains Compliance with Nasdaq on Filing Form 10-K Press Release, Jacksonville, FL -- Trailer Bridge, Inc. (NASDAQ: TRBR) today announced that it received a Nasdaq Staff Determination indicating that with the Company's filing of its Form 10-K for the period ended December 31, 2003, it has now regained compliance with the delinquent filing deficiency. Accordingly, the delinquent filing deficiency and the hearing scheduled for May 13, 2004 are now considered moot, and the hearing file will be closed. Effective with the open of business on Wednesday, May 12, 2004, the Company's trading symbol will be changed to TRBR from TRBRE. Trailer Bridge filed its Form 10-K for the period ended December 31, 2003 on May 7, 2004. The filing was delayed pending the completion of the audited financial statements by the Company's new independent public accounting firm. The independent public accounting firm's opinion related to Trailer Bridge's 2003 financial statements was unqualified as opposed to the going-concern opinions expressed by the independent public accountants on the Company's 2002 and 2001 financial statements. "The clean opinion on our 2003 financial statements is reflective of the changed circumstances in our sector and business. The supply/demand dynamics we have referenced over the past year are taking hold and are driving improved performance that will be apparent in our results going forward," said John D. McCown, Chairman & CEO. 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
|
