Trailer Bridge Delays Filing of Form 10-Q Press Release, Reiterates Expectation of Net Income in First Quarter of 2004 Jacksonville, FL -- Trailer Bridge, Inc. (NASDAQ: TRBR) today announced that it is delaying the filing of its Form 10-Q for the quarter ended March 31, 2004 pending final review by its independent auditors. The Company filed its Form 10-K for the year ended December 31, 2003 on May 7, 2004. The internal and external resources devoted to preparing and filing the 2003 Form 10-K necessitated the Company's filing with the Securities and Exchange Commission a Form 12b-25 extending the time to file its Form 10-Q for the period ended March 31, 2004. In that filing, the Company said it anticipated filing its Form 10-Q within the SEC's grace period, which ends May 24, 2004. Trailer Bridge also stated in that filing that it anticipates it will report net income for the quarter ended March 31, 2004 compared to the $2,515,888 net loss reported in the year earlier quarter. This improved performance is driven by volume and rate gains augmented by cost efficiencies resulting from new contracts. John D. McCown, Chairman and CEO of Trailer Bridge, commented, "The delay in filing our first quarter 10-Q was the result of an unusual set of circumstances related to the filing of our Form 10-K, which occurred just six days ago. We do not anticipate delays of this nature in future quarters." The Company had scheduled a conference call for May 14, 2004 in anticipation of an earlier release of results and filing of the Form 10-Q. That conference call will now occur as soon as practicable after results are released. 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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