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Trailer Bridge’s 4th quarter net income up 42.5%

Trailer Bridge’s 4th quarter net income up 42.5%

   Jacksonville, Fla.-based Trailer Bridge reported Friday a fourth quarter net income of $2.8 million, a 42.5 percent increase compared to $1.9 million posted a year ago.

   Trailer Bridge’s operating income in the latest quarter rose 37.2 percent to $5.4 million, from $3.9 million in the fourth quarter 2004. Operating revenue increased 0.9 percent to $28.1 million from $27.8 million.

   For southbound cargo, the effective revenue-per-container equivalent increased 8.1 percent from the year-earlier period, and up 1.6 percent sequentially from the third quarter.

   Trailer Bridge’s Jacksonville/San Juan deployed vessel capacity utilization was 88.9 percent to Puerto Rico and 24 percent from Puerto Rico, compared to 103.7 percent and 24.5 percent, respectively, during the fourth quarter of 2004.

   “This is the 11th straight quarter where our bottom line improved on a year-over-year basis,” said John D. McCown, Trailer Bridge’s chairman and chief executive officer. “Our diluted earnings of 22 cents per share in the fourth quarter are even more impressive when you consider that these record results are occurring at a time when our actual performance difference versus our peer group on measures such as operating ratios is increasing. Today, Trailer Bridge is both the best performing and smallest U.S.-flag liner carrier — I like that combination and believe that it positions us well. For the tangible reasons we have continuously highlighted, we are optimistic with regard to the long-term growth and very bright future we envision with our vastly superior business model.”

   For the full year, Trailer Bridge’s net income rose 76.4 percent to $7.8 million from $4.4 million in 2004. Operating income soared 112.3 percent to $18.3 million, while revenue increased 7.2 percent to $105.9 million.

   Trailer Bridge’s shares on the Nasdaq stock exchange closed Friday up 2.71 percent, or by 24 cents, at $9.10 per share.

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