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|CONTACT:||-OR-||TRBR INVESTOR RELATIONS COUNSEL:|
|Trailer Bridge, Inc.||The Equity Group Inc.|
|Ivy Barton Suter||www.theequitygroup.com|
|Chief Executive Officer||Adam Prior (212) 836-9606|
|(800) 554 -1589|
FOR IMMEDIATE RELEASE
TRAILER BRIDGE REPORTS 2009 FOURTH QUARTER AND YEAR END
UNAUDITED FINANCIAL RESULTS
Company to Hold Conference Call on Tuesday, February 9th, 2010, at 10:00 AM ET
2009 Fourth Quarter Financial Highlights
Operating income increased 148.4% to $3.6 million
Net income improved to $1.0 million, or $0.08 per share, after $690K severance charge and $676K in legal and related expenses
EBITDA rose 72.1% to $5.2 million
Commenced weekly service to the Dominican Republic
Year-over-Year 2009 Financial Highlights
Operating income increased 82.9% to $12.7 million
Net income improved to $2.6 million, or $0.22 per share, after $690K severance charge and $1.7M of legal and related expenses
EBITDA improved 44.5% to $19.0 million
Jacksonville, FL February 8, 2010 Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) today reported unaudited financial results for the fourth quarter and full year ended December 31, 2009 (see attached tables). The Company reported operating income of $3.6 million in the fourth quarter of 2009, a 148.4% increase vs. operating income of $1.4 million in the fourth quarter of 2008. Net income for the fourth quarter of 2009 improved by $2.1 million to $1.0 million, or $0.08 per basic and diluted share, from a net loss of $1.1 million, or $0.09 per basic and diluted share, in the prior-year period. The $1.0 million in net income included $690,000 in severance payments as part of a reduction in force and $676,000 in legal and related expenses in connection with the ongoing Department of Justice investigation. EBITDA for the fourth quarter of 2009 was $5.2 million, a 72.1% improvement from $3.0 million in the prior-year period. Adjusted EBITDA, as detailed in the accompanying table, was $6.8 million in the fourth quarter of 2009.
The following information was filed by Trailer Bridge Inc (TRBR) on Tuesday, February 9, 2010 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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