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|CONTACT:||-OR-||TRBR INVESTOR RELATIONS COUNSEL:|
|Trailer Bridge, Inc.||The Equity Group Inc.|
|Ralph W. Heim||www.theequitygroup.com|
|President||Adam Prior (212) 836-9606|
|(800) 554 -firstname.lastname@example.org|
FOR IMMEDIATE RELEASE
TRAILER BRIDGE REPORTS 2008 FOURTH QUARTER AND 2008 FINANCIAL RESULTS
Company to hold conference call on March 26, 2009 at 11:00 AM
Jacksonville, FL March 25, 2009 Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) today reported final financial results for the fourth quarter ended December 31, 2008 (see attached tables), highlighted by a 5.7% increase in revenue from the fourth quarter of 2007 to $33.3 million, an operating ratio of 95.7% and a net loss of $1.1 million, or $0.09 per share, including a one time compensation charge of $830,000 related to the departure of the Companys Chief Executive Officer. Exclusive of the compensation charge, the Company reported a net loss of $292,000, or $0.02 per share. For the year ended December 31, 2008, revenue increased 14.5% to $133.0 million. The Company had an operating ratio of 94.8% and a net loss of $3.2 million, or $0.27 per share.
The Companys fourth quarter results were impacted by reduced southbound volume in the latter part of the quarter as well as unusual operating expenses. During November and December, the Companys revenue was negatively impacted by softened volume coupled with weather related schedule disruptions. These disruptions resulted in one less voyage than anticipated, and increased inland transportation, equipment and marine terminal expenses. Improvement in Dominican Republic volume mitigated the reduced volume to Puerto Rico.
2008 Fourth Quarter Financial Review
Total revenue for the fourth quarter was $33.3 million, an increase of 5.7% compared to the $31.5 million reported in the same quarter of 2007 and a decrease of 5.9% compared sequentially to the third quarter. Revenue in the Dominican Republic market was $2.4 million, compared to $0.4 million in the year earlier period and $2.2 million in the third quarter of 2008. Exclusive of fuel surcharges, total revenue was $27.2 million, an increase of 2.5% compared to the $26.5 million in the prior year period, but a decrease of 1.1% compared sequentially to the $27.5 million in the third quarter. Trailer Bridge reported operating income of $1.4 million, compared with operating income of $2.4 million in the fourth quarter of 2007, and $2.6 million in the third quarter of 2008.
Earnings before interest, taxes, depreciation, and amortization (EBITDA, see attached tables) totaled $3.0 million for the fourth quarter of 2008, compared to $3.9 million for the previous year. Adjusted EBITDA, which excludes stock compensation expenses, losses and gains on asset sales, legal expenses related to the Anti-trust investigation, and a one-time compensation charge related to the departure of the Companys Chief Executive Officer, for the fourth quarter of 2008 totaled $4.4 million, compared to $4.1 million for the previous year.
The following information was filed by Trailer Bridge Inc (TRBR) on Thursday, March 26, 2009 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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