Horizon reports first quarter loss

Horizon reports first quarter loss

Raymond

   Horizon Lines Inc. had a first quarter net loss of $13.2 million compared to a net loss of $10 million in the same period a year earlier.
   The company had revenue of $286.1 million in the quarter ending March 21, compared to $272.4 million in the same 2009 period.
   “After a slow start to what typically is our weakest quarter of the year, overall volume turned slightly positive in March, a trend that has continued in April,” said Chuck Raymond, the company’s chairman, president and chief executive officer. “We also managed costs well and our overall market share appears to be holding steady.
   “During the quarter, we faced ongoing rate pressures, high fuel costs and increased contractual labor expenses relative to last year, and we expect these to continue,” Raymond said. “We are meeting these anticipated challenges through stringent cost management initiatives as well as through strategic steps designed to drive future revenue growth and cost efficiencies. These steps include the previously disclosed early renewal of a long-term terminal services agreement with APM Terminals North America and our plans to launch our own Asia/U.S. West Coast liner service in December.'
   He said the company’s “business in Hawaii is reflecting a modest economic recovery and Alaska is stabilizing. The four-year recession in Puerto Rico is ongoing. Given these overall trends, we could experience modest volume improvement as the year progresses. Accordingly, we still expect our 2010 financial performance to be in the range of 2009 actual results.”