| McGown |
The loss was deepened by a one-time compensation charge of $830,000 related to the departure of John McCown, the company’s long-time chief executive officer. Exclusive of that, the net loss was $292,000. Operating revenue was $33.3 million compared to $31.5 million in the fourth quarter of 2007.
The company said fourth quarter results were impacted by reduced southbound volume to its main market of Puerto Rico in the later part of the fourth quarter. But the company said its Dominican Republic service, begun in 2007, had partially offset that, growing to $2.4 million in the fourth quarter of 2008 compared to $400,000 in the fourth quarter of 2007.
For the year, Trailer Bridge had a net loss of $3.2 million in 2008 compared to a net loss of $250,610 in 2007. Revenue in 2008 was $133 million compared to $116 million in 2007.
'We finished 2008 with our sailing schedule and operating costs once again back in line with our expectations,' said Ralph W. Heim, Trailer Bridge's president. 'This is fundamental for us as it can impact everything from customer satisfaction to a number of important operating efficiencies. We also believe that the tightened economic conditions currently in the market only make our value proposition more attractive to shippers and will continue efforts to deliver that value to more and more customers in both Puerto Rico and Dominican Republic, while building long-term value for shareholders.'
