The company had revenue of $24.8 million during the quarter ending March 31, compared to $28.8 million in the first quarter of 2010.
The company said an effort to refinance $82.5 million in 9.25 percent public notes due in November 2011 has not come to completion and cautioned “the interest rate the company pays on its overall debt may be higher under such refinancing than previously anticipated.”
On March 31 the company said it expected to refinance with a blended interest rate under 10.25 percent with certain one-time charges at the time of closing. It had expected the refinancing to consist solely of debt, to bear interest at a variable rate, in part, and at a fixed rate, in part, to have a term of not less than five years.
The company’s deployed vessel capacity utilization during the first quarter was 88.8 percent southbound and 22.6 percent northbound, compared to 96.5 percent and 30.2 percent, respectively, during the first quarter of 2010.
During the first quarter, the company's two roll-on/roll-off vessels were sequentially out of service as work related to five-year regulatory requirements was being performed. The vessels resumed their regular deployment in late April. Trailer Bridge incurred $6.6 million of expense in the first quarter of 2011 related to dry docking compared to no such expense in the prior year period.
