Trailer Bridge reports fourth quarter loss
Trailer Bridge Inc., a tug barge carrier that specializes in the U.S./Puerto Rico trade, said it had a fourth quarter loss of $67,334, compared to a profit of nearly $8.9 million in the prior year period.
Fourth quarter revenue was $31.5 million compared to $31.1 million for the year-earlier quarter.
The company said fourth quarter results were negatively impacted by a net fuel cost increase of $1.7 million and the startup of the company’s new service to the Dominican Republic, which is estimated to have incrementally reduced net income by $1.5 million.
In the fourth quarter of 2006, the company’s earnings also received a nearly $5 million boost from income tax benefits.
John D. McCown, chairman and chief executive officer said, “the cost per gallon for our tug fuel was up 39.4 percent in the fourth quarter compared to a year ago and up 12.9 percent compared sequentially to the third quarter. This rise in fuel prices came prior to the related increases in fuel surcharge levels.”
For the full year, Trailer Bridge had a loss of $250,610 in 2007 compared to a loss of $18,093 in 2006. Revenues in 2007 were $116.2 million versus $110.2 million in 2006.