Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

TRAILER BRIDGE REPORTS 2011 SECOND QUARTER AND YEAR TO DATE FINANCIAL RESULTS

2011 Second Quarter Financial Measures

 

 

Revenue of $29.0 million

 

 

Adjusted EBITDA of $1.2 million

 

 

Net loss of $3.6 million

Jacksonville, FL – August 12, 2011 — Trailer Bridge, Inc. (NASDAQ Global Market: TRBR)

today announced unaudited financial results for its second quarter and six months ended June 30, 2011 (see attached tables).

Operational Review

The Company’s deployed vessel capacity utilization during the second quarter was 91.2% southbound and 24.1% northbound, compared to 100.1% and 29.5%, respectively, during the second quarter of 2010, and 88.8% and 22.6%, respectively, sequentially from the first quarter of 2011.

Second Quarter Financial Review

 

 

The Company had revenue of $29.0 million during the quarter, compared to $31.7 million in the prior year period. Charter revenues declined to $0.6 million from $0.9 million in the prior year period, but rose by $0.5 million sequentially from the first quarter of 2011.

 

 

The Company reported an operating loss of $1.1 million in the second quarter of 2011 compared to operating income of $3.4 million in the prior year period and an operating loss of $8.0 million in the first quarter of 2011.

 

 

Net loss for the second quarter of 2011 was $3.6 million, or $0.30 per basic and diluted share, compared to net income of $0.9 million, or $0.07 per basic and diluted share, in the prior-year period. Increased fuel prices drove the net fuel expense to $2.2 million, up $1.1 million over the prior-year period. Adjusted EBITDA, as detailed in the accompanying table, was $1.2 million in the second quarter of 2011.

Six Month Financial Review

 

 

The Company had revenue of $53.8 million during the first six months of 2011, compared to $60.5 million in the prior year period. Charter revenues during the period declined to $0.6 million from $2.2 million in the prior year period.

 

 

The Company reported an operating loss of $9.1 million for the first six months of 2011 compared to operating income of $5.6 million in the prior year period.

 

 

Net loss for the first six months of 2011 was $14.0 million, or $1.17 per basic and diluted share, compared to net income of $0.6 million, or $0.05 per basic and diluted share, in the prior-year period. Adjusted EBITDA, as detailed in the accompanying table, was $1.6 million in the six months ended June 30, 2011.

 

 

Each of the Company’s two roll-on, roll-off vessels was sequentially out of service as work related to five-year regulatory requirements was being performed. The Company resumed its regular deployment in late April. One of the Company’s Triplestack Box Carrier® vessels was dry-docked in the second quarter of 2011. Trailer Bridge incurred a total of $6.9 million in expense related to the dry-docking of these vessels, of this amount $6.6 million was incurred in the first quarter of 2011 and the remaining $0.3 million in the second quarter of 2011. There were no dry-docking expenses in the prior year periods.


The following information was filed by Trailer Bridge Inc (TRBR) on Monday, August 15, 2011 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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