Trailer Bridge reports $1.3 million 1st quarter profit
Jacksonville, Fla.-based Trailer Bridge today reported a first quarter net income of $1.3 million, up from a net loss of $1.8 million in the corresponding period last year, which was burdened with $3.1 million of dry-docking costs.
Trailer Bridge’s operating income in the latest quarter was $3.8 million, a massive improvement from $490,838 a year ago. The company’s operating revenue increased 6.2 percent to $26.8 million “driven by increases in southbound car volume and specialized shipments along with increases in northbound container volume.”
The shipping line’s Jacksonville/San Juan deployed vessel capacity utilization during the first quarter was 80.3 percent to Puerto Rico and 24.6 percent from Puerto Rico.
At March 31, the company had cash balances of $10.7 million and working capital of $16.4 million.