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Trailer Bridge Reveals $10.3 Million Net Loss
Revenues Are Up 3.5% To $91.7 Million
BY MARIALBA MARTINEZ
April 12, 2001
Trailer Bridges financial results for 2000 registered a $10.3 million net loss, or $1.06 diluted earnings per share loss, compared to a loss of $2.1 million, or 22 cents diluted earnings per share loss, in 1999.
Net loss during 2000 included a $6 million valuation allowance recorded for deferred income taxes. When the company establishes profitable operations, it will be able to re-evaluate the valuation allowance.
Operating revenues for Trailer Bridge increased 3.5% to $91.7 million in operating revenues from $88.6 million in revenue for 1999.
This is Trailer Bridges fourth consecutive year of net losses. In 1999, the company had a net loss of $2.1 million, or 22 cents earnings per share. In 1998, it registered a loss of $2.5 million, or 26 cents earnings per share and in 1997, the company lost $2.4 million, or 30 cents earnings per share.
"Highly competitive market conditions in Puerto Ricos marine cargo transportation sector resulted in an 11% reduction in yield. There was a total loss among all carriers of as much as $100 million," said John McCown, chairman and CEO of Trailer Bridge.
Trailer Bridge reported that Puerto Ricos excess vessel capacity was also exacerbated by market volume reductions, which resulted in a 4% decrease on overall market volume for all 2000. Yet the company did increase its overall market share of freight moving in trailers or containers to 13.6% in 2000 from 11.6% in 1999.
While southbound vessel capacity increased 20.9% during 2000, northbound capacity was 78.9% during 2000, compared to 83.3% in 1999.
At the end of 2000, Trailer Bridge had $865,167 in cash, $3.2 million in working capital, and $18.9 million in stockholder equity. The company projected that the company could meet its cash flow requirements in 2001 as long as it included a $5 million advance from K-Corp., a company owned by Malcolm P. McLean that charters two roll-on/roll-off barge vessels and the use of the San Juan terminals ramp to Trailer Bridge.
In Dec.2000 Trailer Bridge reached a $29 million financing agreement with GE Capital, of which $13 million went to refinance existing debt while $4 million was used to buy new 53-foot containers and chassis equipment. In addition, in April the company plans to sell excess 48-foot trailers for $650,000. It is also considering the sale or leaseback of its Jacksonville office building and truck terminal.
Trailer Bridges long-term debt at December 31, 2000 was $ 43.4 million.
Trailer Bridge (Nasdaq:TRBR) transports freight between the U.S. and Puerto Rico. The company also provides land transportation in the mainland U.S. to their Jacksonville, Florida, and Newark, New Jersey terminals. Trailer Bridge has five barges, among them three triple stack box vessels that carry 53-foot-long containers. During 2000, the companys highest price per share was $3 _ while the lowest price reached was $11/16. The average price per share at the time of this report was $2.64 per share.
This Caribbean Business article appears courtesy of Casiano Communications.