Trailer Bridge hurt by weak Puerto Rico demand
Puerto Rico service provider Trailer Bridge on Tuesday reported a first quarter net loss of $768,034 compared to a loss of $1.8 million in the same 2008 period.
The Jones Act carrier, which also provides service to the Dominican Republic, said revenue was $25.3 million for the quarter compared to $30.4 million in the first quarter of 2008.
'Our first quarter results were impacted by the softened Puerto Rico market conditions that began in the fourth quarter and continued through the first quarter,” said Ralph W. Heim, interim chief executive officer. “However, during the first six weeks of the second quarter we have seen stronger volume and revenue than the first quarter despite continuing overall market weakness.
Heim said, “Our focus during this period remains on building additional volume, meeting customer needs and managing our costs. We are generating cash and remain liquid as we seek to grow volume and return to profitability.'
The company’s deployed vessel capacity utilization during the first quarter was 84.7 percent southbound and 25.5 percent northbound, compared to 72.4 percent and 20.3 percent, respectively, during the first quarter of 2008. The utilization figures for 2009 are better because the company is only deploying four vessels in liner service compared to five vessels last year.
The company said Dominican Republic revenue was about $2 million, up from $600,000 in prior year but a 29.2 percent decrease sequentially from the fourth quarter.
It noted about $300,000 in legal fees were associated with a Justice Department antitrust investigation of the Jones Act shipping industry and related class action lawsuits.
Trailer Bridge hurt by weak Puerto Rico demand
