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|CONTACT:||-OR-||TRBR INVESTOR RELATIONS COUNSEL:|
|Trailer Bridge, Inc.||The Equity Group Inc.|
|John D. McCown||www.theequitygroup.com|
|Chairman & CEO||Adam Prior (212) 836-9606|
|(800) 554-1589||Devin Sullivan (212) 836-9608|
FOR IMMEDIATE RELEASE
TRAILER BRIDGE REPORTS PRELIMINARY, UNAUDITED RECORD FOURTH QUARTER RESULTS
Increase 10.7% to $31.1 Million; Net Income Rises 40.6% to $3.9 Million, or $0.32 Per
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Jacksonville, FL March 5, 2007 Trailer Bridge, Inc. (NASDAQ: TRBR) today reported preliminary, unaudited financial results for the fourth quarter ended December 31, 2006 (see attached table). These preliminary results do not include the effect of an income tax credit that is likely to be shown in the audited financial statements. Any such credit will increase net income above the results reported here and will be reported in the audited financial statements contained in the Companys filing in Form 10-K.
John D. McCown, Chairman and CEO, said, These are the best quarterly financial results that Trailer Bridge has reported in its history. Compared to last year, our 10.7% revenue increase drove a 40.6% rise in net income. That resulted in earnings of $.32 per share, or twice what we earned in a sequential comparison to the third quarter of 2006. I believe our performance during the fourth quarter demonstrates the cost efficiency and significant operating leverage of our business model. These results precede additional revenue improvements in the first quarter of 2007, including our announced contract with Ford Motor Company. Our demonstrated results have us embracing the future with great optimism.
Total revenue for the three months ended December 31, 2006 was $31.1 million, an increase of 10.7% compared to the fourth quarter of 2005. Higher revenues were driven by an increase in southbound container volume of 6.3%, an increase in average revenue per southbound container of 5.5%, and increased fuel surcharges. The Companys Jacksonville-San Juan deployed vessel capacity utilization during the fourth quarter was 90.4% to Puerto Rico and 24.3% from Puerto Rico compared to 88.9% and 24.0%, respectively, during the fourth quarter of 2005.
In a sequential comparison to the third quarter, total revenue in the fourth quarter increased 7.6%, due primarily to an increase in southbound container volume of 2.8% and an increase in average revenue per southbound container of 1.7%.
The Companys operating income was $6.4 million in the fourth quarter of 2006, as compared with $5.4 million in the fourth quarter of 2005. That operating income produced an operating ratio of 79.5% for the fourth quarter of 2006 compared to 80.9% during the year earlier quarter. This is the best operating ratio in the Companys history.
Net income for the fourth quarter of 2006 rose to $3.9 million from $2.8 million in the year earlier period. Net income attributable to common shares for the fourth quarter of 2006 was $.32, versus $.22 for the fourth quarter of 2005.
The following information was filed by Trailer Bridge Inc (TRBR) on Friday, March 9, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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