LOSSES INCREASE AT TRAILER BRIDGE

LOSSES INCREASE AT TRAILER BRIDGE    Trailer Bridge, Inc., the U.S. mainland/Puerto Rico shipping line, made a net loss of $5.6 million for the third quarter ended Sept. 30, compared to a deficit of about $210,000 in the same quarter of last year.
   The company’s operating result for the latest quarter was a loss of $4.9 million, as compared to operating income of about $340,000 in the year-earlier period.
   “The operating loss was due to lower volume and asset utilization, lower yields, and additional costs associated with weekly Northeast sailings,” Trailer Bridge said.
   Total revenue for the third quarter was $20 million, down 7 percent from the $23.2 million revenue for the third quarter of 2000.
   Total southbound volume decreased 10.2 percent from the third quarter of last year, and total northbound volume decreased 23 percent.
   As of Sept. 30, cash amounted to $1,313,665 and stockholders equity was equal to $4.5 million.
   “Current liabilities increased by $16.4 million at Sept. 30, 2001 because the company was not in full compliance with the terms of its revolving credit/term loan,” Trailer Bridge said. The lender is continuing to provide funding to Trailer Bridge under the revolving credit facility, it added.
   For the first nine months of the year, Trailer Bridge made a net deficit of $16.1 million, compared to a loss of about $733,000 in the corresponding period of 2000. Its operating result was a $13.5 million loss, as compared to an income of $740,020.