Trailer Bridge’s profits up 37.4% in 3rd quarter

Trailer Bridge’s profits up 37.4% in 3rd quarter    Trailer Bridge improved its third quarter net income 37.4 percent to $1.6 million, compared to $1.2 posted a year ago.
   The improvement marks the 10th consecutive quarter of year-over-year improvement in net income for the Jacksonville, Fla.-based company which provides integrated trucking and marine freight service to and from all points in the lower 48 U.S. states and Puerto Rico.
   Trailer Bridge’s operating income in the latest quarter more than doubled to $4.3 million, from $1.9 million in the third quarter 2004. Operating revenue increased 9.5 percent to $26.2 million from $23.9 million.
   For all southbound cargo, the effective revenue per container equivalent increased 8 percent from the year-earlier period, and up 0.6 percent over the second quarter.
   Trailer Bridge’s Jacksonville/San Juan deployed vessel capacity utilization was 84.1 percent to Puerto Rico and 22.9 percent from Puerto Rico, compared to 94.9 percent and 28.6 percent, respectively, during the third quarter of 2004. The carrier attributed the reduction in southbound utilization to a 30.6 percent decline in car volume and a 20.7 percent decrease in movements of shipper-owned equipment. Trailer Bridge said its core southbound container volume increased 1.2 percent compared to the year earlier period.
   “We were pleased with our growth on both the top and bottom line. However, our earnings were adversely affected by a decline in car and other specialized shipments and the spike in fuel prices prior to our increased fuel surcharge going into effect. We are addressing each of those areas, and do not find the third quarter’s vessel utilization figures acceptable or indicative of what we’ll report going forward, said John D. McCown, Trailer Bridge’s chairman and chief executive officer.
   For the year-to-date, Trailer Bridge’s net income rose 103 percent to $5.1 million from $2.5 million a year ago. Operating income is up 174 percent to $12.9 million, while revenue has increased 9.5 percent to $77.7 million.