Trailer Bridge Reports Record Second Quarter Results; Will Hold Financial Community Conference Call Today at 10:00 A.M.JACKSONVILLE Jacksonville. 1 City (1990 pop. 29,101), Pulaski co., central Ark., inc. 1941. The city has varied industries, including printing and publishing and the manufacture of electronic equipment, ordnance, and plastic and metal products. , Fla. -- Trailer In communications, a code or set of codes that make up the last part of a transmitted message. See trailer label. Bridge, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : TRBR) Q2 2005 Highlights --Revenues increase 12.8% to $27.2 million --Operating income up 207% to $5.1 million --Net income attributable to common shares increases by $2.0 million to $2.5 million, or $.20 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share --Revenue per container equivalent load increases 9.1% Trailer Bridge, Inc. (NASDAQ: TRBR) today reported financial results for the second quarter ended June June: see month. 30, 2005 (see attached table), highlighted by net income attributable to common shares of $2,510,292, a $2.0 million improvement compared to the second quarter of 2004, and a 12.8% increase in revenue. Total revenue for the three months ended June 30, 2005 was $27,179,734, an increase of $3,076,835, or 12.8%, compared to the second quarter of 2004, and an increase of $2,814,200, or 11.5%, sequentially compared to the first quarter of 2005. The effective revenue per container equivalent of all of the southbound south·bound adj. Going toward the south. southbound Adjective going towards the south Adj. 1. cargo represented an increase of 9.1% from the year earlier period, and an increase of 4.3% compared sequentially to the first quarter. The Company's Jacksonville-San Juan Juan (IPA: [xwan]) is a Spanish form of the given name John (q.v.). It was the 55th most popular name in the United States as of 2003. deployed vessel capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. during the second quarter was 90.9% to Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and 25.4% from Puerto Rico compared to 91.5% and 30.8%, respectively, during the second quarter of 2004. Overall southbound volume actually increased 1.1% but the increase in available vessel capacity was slightly higher due to a re-configuration of stowage plans A completed stowage diagram showing what materiel has been loaded and its stowage location in each hold, between-deck compartment, or other space in a ship, including deck space. Each port of discharge is indicated by colors or other appropriate means. related to the Company's Triplestack Box Carrier(R) vessels. Southbound container volume actually increased 5.5% compared to the year earlier period. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter ended June 30, 2005 was $5,095,066, an improvement of $3,434,770, or 207%, compared to operating income of $1,660,296 in the prior year period. This was largely due to higher revenues and lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , which decreased by 1.6% to $22,084,668, from the $22,442,603 reported in the prior year period. Approximately 60% of the improvement in operating income and the resulting operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: are due to significant reductions in rent expense on vessels and equipment, partially offset by the related increase in depreciation expense, both of which were the result of assets purchased in the transaction completed in December December: see month. 2004. The operating ratio was 81.3% during the second quarter of 2005, compared to an operating ratio of 93.1% during the year earlier period and 85.5% in a sequential comparison to the first quarter of 2005. Interest expense of $2,646,112 during the second quarter of 2005, compared to $671,474 in the year earlier quarter, reflects the $85 million public bond offering that funded the acquisition of affiliate K Corp. and various assets. Based upon the Company's substantial net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward carryforward 1. A business operating loss that, for tax purposes, may be claimed a certain number of years in the future, often up to 15 years. , no income tax provision has been reflected in the second quarter income statement. At December 31, 2004, the deferred tax asset was $20,954,047 but a 100% valuation allowance precluded it from appearing on the balance sheet. Net income for the second quarter of 2005 was $2,510,292, an improvement of $1,521,469, or 154%, compared to net income of $988,823 in the same period last year. After the effect of the prior year's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. items, which are no longer applicable due to the K. Corp. transaction, net income attributable to common shareholders for the second quarter was $2,510,292, an increase of $1,982,501, or 376%, from the prior year period. The Company recorded net income per diluted share of $.20 in the second quarter of 2005, compared to $.04 in the year earlier period and $.08 sequentially in the first quarter of 2005. At June 30, 2005, Trailer Bridge's balance sheet reflected cash of $11.9 million, working capital of $14.0 million, and a current ratio of 2.1:1. John D. McCown, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We have stated in the past that the improved supply/demand dynamics in the Puerto Rico lane would first have a positive effect though volume gains and then gradually trend towards a restoration of more normalized pricing levels. This has been evidenced by our steadily improving quarterly results, and we are elated e·lat·ed adj. Exultantly proud and joyful. e·lat  ed·ly adv.e·lat to have reported the highest quarterly revenue and net income in the Company's history in the second quarter. We also achieved the ninth straight quarter of bottom line year-over-year improvement. These ongoing market trends, along with our superior business model and differentiated assets, continue to have Trailer Bridge well positioned for the future." Trailer Bridge will discuss second quarter results in a conference call today, Thursday, August 4th, at 10:00 A.M. (Eastern Time). The dial in number is 888-737-9834. The call will also be simultaneously broadcast over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . To listen to the live webcast, please go to www.trailerbridge.com and click on the conference call link. The conference call will be archived and accessible for approximately 30 days if you are unable to listen to the live call. Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico, bringing efficiency, service, security, environmental and safety benefits to cargo in those traffic lanes. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville and San Juan San Juan, city, Argentina San Juan (săn wän, Span. sän hwän), city (1991 pop. 353,476), capital of San Juan prov., W Argentina. It is a commercial and industrial center in an agricultural region. . Additional information on Trailer Bridge is available at the www.trailerbridge.com website. This press release contains statements that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The matters discussed in this press release include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Without limitation, these risks and uncertainties include the risk of economic recessions, severe weather, changes in the price of fuel, changes in demand for transportation services offered by the Company, capacity conditions in the Puerto Rico trade lane and changes in rate levels for transportation services offered by the Company.
TRAILER BRIDGE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
------------------------- -------------------------
2005 2004 2005 2004
----------- ------------ ----------- ------------
OPERATING REVENUES $27,179,734 $24,102,899 $51,545,268 $47,011,629
OPERATING EXPENSES:
Salaries, wages,
and benefits 4,114,311 3,883,909 8,204,888 7,662,378
Rent and purchased
transportation:
Related Party - 1,829,100 - 3,658,200
Other 5,392,507 5,710,429 10,589,850 11,288,796
Fuel 3,140,471 2,249,850 6,092,085 4,672,392
Operating and
maintenance
(exclusive of
depreciation
shown separately
below) 5,920,625 6,098,043 11,737,352 11,610,976
Taxes and licenses 123,397 (69,010) 246,449 85,720
Insurance and
claims 913,689 771,240 1,584,281 1,579,582
Communications and
utilities 114,679 128,402 259,619 251,150
Depreciation and
amortization 1,038,221 890,622 2,066,613 1,677,689
(Gain) Loss on
sale of assets 301,012 13,743 284,846 17,160
Other operating
expenses 1,025,756 936,275 1,854,427 1,794,575
----------- ----------- ----------- -----------
22,084,668 22,442,603 42,920,410 44,298,618
----------- ----------- ----------- -----------
OPERATING INCOME 5,095,066 1,660,296 8,624,858 2,713,011
NONOPERATING
EXPENSE:
Interest expense (2,646,112) (671,474) (5,223,589) (1,365,033)
Interest income 61,248 1 83,503 3
------------ ----------- ----------- -----------
INCOME BEFORE
BENEFIT
(PROVISION) FOR
INCOME TAXES 2,510,202 988,823 3,484,772 1,347,981
BENEFIT FOR
INCOME TAXES 90 - 1,322 -
----------- ----------- ----------- -----------
NET INCOME 2,510,292 988,823 3,486,094 1,347,981
ACCRETION OF
PREFERRED STOCK
DISCOUNT - (145,832) - (305,244)
UNDECLARED DIVIDEND - (315,200) - (606,742)
----------- ----------- ----------- -----------
NET INCOME
ATTRIBUTABLE TO
COMMON SHARES $ 2,510,292 $ 527,791 $ 3,486,094 $ 435,995
=========== =========== =========== ===========
PER SHARE AMOUNTS:
NET INCOME PER
SHARE BASIC $ 0.21 $ 0.04 $ 0.30 $ 0.04
=========== =========== =========== ===========
NET INCOME PER
SHARE DILUTED $ 0.20 $ 0.04 $ 0.28 $ 0.04
=========== =========== =========== ===========
WEIGHTED AVERAGE
SHARES OUTSTANDING
BASIC 11,766,789 11,747,449 11,765,015 11,745,991
=========== =========== =========== ===========
SHARES OUTSTANDING
DILUTED 12,295,610 12,091,279 12,323,067 11,917,906
=========== =========== =========== ===========
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