Horizon reports 4th quarter profit

Horizon reports 4th quarter profit

Raymond

   Jones Act container line Horizon Lines said it had fourth quarter net profit of $1.3 million compared to a net loss of $20.3 million in the same 2008 period.
   Revenue in the quarter ending Dec. 20 was $299.7 million compared to $314.7 million in the same 2008 period.
   For the entire year, Horizon had a loss $31.3 million compared to a loss of $2.6 million in 2008.
   “Our company performed well in the fourth quarter, considering the continued challenging economic environment,” said Chuck Raymond, chairman, president and chief executive officer. “Our revenue remained under pressure from lower cargo volumes that were impacted by the ongoing economic challenges in our markets, but the rate of decline improved for the second consecutive quarter”
   He added the company “maintained stable revenue per container, net of fuel, and generated increased revenue from our logistics business” and that its market share held steady.
   “We expect conditions in the markets where we operate to remain challenging in 2010,” Raymond said. “Some of our market economies are beginning to exhibit possible signs of modest recovery, which could be further fueled by the federal economic stimulus program. While we see the potential for volume stabilization and slight rate improvement given this scenario, we also expect ongoing fuel price volatility and increased contractual labor costs and benefits assessments through 2010. Based on these expectations, we will continue to aggressively manage costs, liquidity and cash flow as we move forward.”