March 31, 2005
Trailer Bridge income soars
Trailer Bridge, Inc. (NASDAQ: TRBR) today reported financial results for the fourth quarter ended December 31, 2004 highlighted by net income of $1.9 million, a $3.3 million improvement compared to the fourth quarter of 2003.
Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico utilizing five Triple Stack Box Carrier barges each carrying 260 53-ft high-cube containers.
Total revenue for the three months ended December 31, 2004 was $27.8 million, an increase of $5.8 million, or 26.1 percent, compared to the fourth quarter of 2003. The effective revenue per load for containers moved southbound increased 7.4 percent from the year earlier period.
Jacksonville-San Juan deployed vessel capacity utilization during the fourth quarter was 103.8 percent to Puerto Rico and 24.5 percent from Puerto Rico compared to 91.0 percent and 21.9 percent respectively, during the fourth quarter of 2003.
High load volume during the quarter allowed Trailer Bridge to optimize its cargo mix and have container stack heights above previous experienced capacity. Operating income for the fourth quarter rose to $3.9 million, an improvement of $4.6 million compared to the operating loss of $0.7 million in the prior year period. The operating ratio improved to 86.0 percent during the fourth quarter of 2004, compared to an operating ratio of 103.2 percent during the year earlier period.
Net income for the fourth quarter of $1.9 million represented an improvement of $3.3 million compared to the net loss of $1.4 million in the year earlier period.
John D. McCown, Chairman and CEO, said, "The effects of an improving supply/demand equation are evident in our actual fourth quarter results. The sequentially ever-larger improvement in bottom line performance throughout each quarter this year was driven by the factors we have discussed in the past. In the fourth quarter, we also began to experience benefits from the transforming events related to the acquisition of our K Corp. affiliate and previously leased assets along with the bond offering that funded those series of transactions. We believe that the microeconomic trends in our sector will benefit us further and are buoyed by what our actual fourth quarter performance says about our future potential."