Trailer Bridge Reports Third Quarter Results.Company to Conduct Conference Call Tomorrow at 9:00 AM ET JACKSONVILLE, Fla. -- Trailer 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) today reported financial results for the third quarter ended September 30, 2006 (see attached table). 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 expected that our third quarter results would eclipse last year after our dry-docking related disruptions abated Abated, an ancient technical term applied in masonry and metal work to those portions which are sunk beneath the surface, as in inscriptions where the ground is sunk round the letters so as to leave the letters or ornament in relief. From 1911 Encyclopædia Britannica and they did. Our 10.3% revenue increase drove a 22.5% net income increase. Our third quarter numbers were robust across all measures. We're pleased that favorable trends are continuing for us into the fourth quarter." Total revenue for the three months ended September 30, 2006 was $28.9 million, an increase of 10.3% compared to the third quarter of 2005. The increase in revenue was driven by an increase in average revenue per southbound south·bound adj. Going toward the south. southbound Adjective going towards the south Adj. 1. container of 5.4%, an increase in southbound container volume of 0.9% and increased fuel surcharges. The Company's Jacksonville-San Juan 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 third quarter was 86.9% 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 28.9% from Puerto Rico compared to 84.1% and 22.9%, respectively, during the third quarter of 2005. In a sequential comparison to the second quarter, total revenue in the third quarter increased 15.9% driven by an increase in southbound container volume of 19.0% and an increase in average revenue per southbound container of 1.5%. After expensing $0.2 million related to dry-docking expense, the Company reported 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. of $4.5 million in the third quarter of 2006, as compared with $4.3 million in the third quarter of 2005. The Company net income for the third quarter of $1.9 million compared to $1.6 million in the year earlier period. Net income attributable to common shares for the third quarter of 2006 was $.16 versus $.13 for the third quarter of 2005. Financial Position At September 30, 2006, the Company had cash balances of $6.7 million, working capital of $7.0 million and a stockholders deficit of $8.0 million. There were no amounts outstanding under a $10 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. Conference Call Trailer Bridge will discuss third quarter results in a conference call tomorrow, November 9, 2006, at 9:00 AM (Eastern Time). The dial in number is (888) 737-9834. The call will also be simultaneously broadcast over the Internet. To listen to the live webcast, please go to www.trailerbridge.com and click on the conference call link, or click http://audioevent.mshow.com/312452. 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 and environmental and safety benefits to domestic cargo in that traffic lane. 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 and its asset utilization. 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 risks 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. (Tables to Follow) [TABLE OMITTED] |
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