ACQUISITIONS DRIVE HIGHER REVENUE AND PROFIT AT TROPICAL SHIPPING

ACQUISITIONS DRIVE HIGHER REVENUE AND PROFIT AT TROPICAL SHIPPING    Major U.S./Caribbean ocean carrier Tropical Shipping increased its fourth-quarter revenues and operating income last year, following the acquisitions of several competitors.
   Revenue for the latest quarter rose by 15 percent, to $74.4 million, from $64.6 million in the fourth quarter of 2001.
   Operating income increased by 27 percent, to $8.8 million from $6.9 million a year ago.
   For the year, Tropical Shipping’s revenue increased to $266 million, from $230.3 million in 2001, as operating income rose to $21.2 million, from $19.2 million.
   “Improvements in both periods were due primarily to higher volumes shipped attributable to previously announced acquisitions, partially offset by lower average rates and higher operating expenses attributable to the negative effects of unfavorable economic conditions throughout the Caribbean region and acquisition transition costs,” the parent company of Tropical Shipping said.
   Last year, Tropical Shipping acquired certain assets of Tecmarine Lines Inc. and TMX Logistics Inc.
   For 2003, the company expects “modest operating improvements” in its shipping activities.