Trailer Bridge third-quarter operating income declines to $656,492

By Caroline Salls

Pittsburgh, Nov. 21 - Trailer Bridge, Inc. reported $656,492 of operating income for the three months ended Sept. 30 on $31.14 million of revenues, according to a company news release.

In comparison, the company posted $2.46 million of operating income for the quarter ended Sept. 30, 2010 on $29.29 million in revenues.

According to the release, the decrease in operating income resulted largely from higher inland purchased transportation, fuel and operating and maintenance expenses during the period.

The net loss for the third quarter of this year was $1.89 million, declining from $6,876 of net income for the same period of 2010.

Meanwhile, Trailer Bridge recorded an $8.49 million operating loss for the nine months ended Sept. 30 on $84.95 million in revenues, compared with $8.08 million of operating income for the nine months ended Sept. 30, 2010 on $89.79 million in revenues.

The net loss for the first three quarters of 2011 was $15.92 million, compared with $596,767 of net income for the same period of 2010.

Trailer Bridge had no cash and cash equivalents at Sept. 30, down from $11.48 million at Dec. 31, 2010.

"Our recent decision to restructure the balance sheet of the company will strengthen our ability to provide consistent service between the mainland, Puerto Rico and the Dominican Republic," co-chief executive officers William G. Gotimer Jr. and Mark A. Tanner said in the release.

"We are also seeing operating trends moving in the right direction.

"Through the first seven weeks in the current fourth quarter, we have seen marked improvement in all aspects of our operations, including higher revenues, and volume increases. We have achieved this in what has been a period of perceived uncertainty regarding our refinancing efforts."

Trailer Bridge, a Jacksonville, Fla.-based trucking and marine transportation company, filed for bankruptcy on Nov. 16 in the U.S. Bankruptcy Court for the Middle District of Florida. Its Chapter 11 case number is 11-08348.

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