TRAILER BRIDGE NARROWS LOSSES IN 1ST QUARTER
Trailer Bridge Inc. reported a first-quarter net loss of $1.3 million, significantly narrowed from the year-earlier loss of $5.4 million.
The Jacksonville, Fla.-based company credited discontinuance of its Northeast/Puerto Rico service at the start of the quarter, reductions in employees and overall cost-cutting for its reduced losses.
Discontinuance of the Northeast service cut overall vessel capacity by 21.5 percent, Trailer Bridge said. Vessel capacity utilization on its remaining Jacksonville/San Juan service rose to 76.3 percent southbound, from 70.7 percent, while slipping to 18.3 percent northbound, from 22.0 percent.
Revenue for the quarter was $17.5 million, down 15.3 percent. The company's operating loss was $519,025, compared to an operating loss of $4.5 million a year earlier.