Trailer Bridge sees first profit in years
After more than three consecutive years of losses, Jacksonville-based operator Trailer Bridge posted a modest profit of $359,158 in the first quarter, as compared to a net loss of $2.5 million in the corresponding quarter of 2003.
However, after paying an undeclared preferred stock dividend and providing for a preferred stock discount, the U.S. Jones Act shipping company recorded a first-quarter net loss of 1 cent per common share, compared to a net loss of 31 cents per common share in the year-earlier period.
Trailer Bridge is listed on the Nasdaq stock exchange and controlled by the family of the late Malcom McLean.
Revenue for the latest quarter rose 18 percent to $22.9 million, as both cargo volumes and rates increased. Southbound volume increased 7 percent. Northbound volume was up 30 percent. Yield rose 5 percent southbound and 1 percent northbound.
Trailer Bridge said its Jacksonville/San Juan vessel utilization during the first quarter was 92 percent to Puerto Rico and 26 percent from Puerto Rico, up from 90 percent and 22.5 percent, respectively, during the first quarter of 2003.
Operating income for the first quarter was $1 million, compared to an operating loss of $1.8 million a year earlier.
“Volume and rate gains were augmented by cost efficiencies in the areas of health costs and intermodal transportation resulting from new contracts,” said John D. McCown, chairman and chief executive officer of Trailer Bridge. “The intra-quarter trends on all the important metrics were favorable.”