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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 SECOND QUARTER AND YEAR TO DATE
UNAUDITED 2010 FINANCIAL RESULTS
Company to Hold Conference Call on Thursday August 12, 2010, at 1:00 PM ET
2010 Second Quarter Financial Highlights
Revenue increased 13.5% to $31.7 million, on strong volume gains
Operating income increased 5.7% to $3.4 million
EBITDA rose 3.7% to $5.0 million
Net income improved 36.7% to $0.9 million, or $0.07 per diluted share
Jacksonville, FL August 11, 2010 Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) today reported unaudited financial results for the second quarter ended June 30, 2010 (see attached tables). The Company reported operating income of $3.4 million in the second quarter of 2010, a 5.7% increase compared to operating income of $3.2 million in the second quarter of 2009. Net income for the second quarter of 2010 improved by $0.2 million to $0.9 million, or $0.07 per basic and diluted share, compared to $0.7 million, or $0.06 per basic and $0.05 per diluted share, in the prior-year period. EBITDA for the second quarter of 2010 was $5.0 million, a 3.7% improvement from $4.8 million in the prior-year period. Adjusted EBITDA, as detailed in the accompanying table, was $5.3 million in the second quarter of 2010.
The Company reported revenue of $31.7 million during the quarter, up 13.5% from the prior year period and up 9.8% sequentially. Excluding the effect of fuel surcharges, revenue increased by 9.0% from the prior year period and 8.9% from the first quarter of 2010.
Ivy Suter, Trailer Bridges Chief Executive Officer, said, We continued to maintain strong capacity utilization for our vessels in liner service. The combination of Puerto Rico and Dominican Republic freight worked to maintain high capacity utilization southbound for our deployed vessels. There is additional growth potential southbound utilizing our current deployed capacity and significant growth opportunity northbound out of both Puerto Rico and the Dominican Republic. Our value proposition to shippers combined with our dependable operating performance has been rewarded with volume growth. Now our dual focus on yield management and operational excellence will provide enhanced value to our shareholders over both the short and long term. Our liquidity remains strong as our cash balance continued to build and we reduced our net debt $8.2 million during the last twelve months.
The following information was filed by Trailer Bridge Inc (TRBR) on Thursday, August 12, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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