Trailer Bridge Reports Third Quarter Results.Business Editors 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.--(BUSINESS WIRE)--Oct. 30, 2000 2000 Third Quarter Highlights - Revenue increases 12.2% to $23.2 million - Core 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. trailer In communications, a code or set of codes that make up the last part of a transmitted message. See trailer label. volume rises 32.5% - 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. improves to $340,337 - Net loss narrows to $(.02) from $(.20) 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 National Market: TRBR) today announced financial results for the third quarter ended September 30, 2000, highlighted by increased revenues, a $2.6 million turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in operating income and a substantially narrowed net loss (see attached tables). The Company also announced that, based on current business conditions and projections, it anticipates reporting profitable results for the 2000 fourth quarter. The Company reported total revenue of $23,151,664 for the three months ended September 30, 2000, an increase of $2,525,865, or 12.2%, compared to the third quarter of 1999. Core trailer volume to Puerto Rico rose 32.5% compared to the year earlier period, resulting in a $3,101,794, or 26.1%, increase in core trailer revenue to Puerto Rico versus the 1999 third quarter. This improvement was achieved despite a 3.2% decrease in total car and other vehicle volume, which produced a $132,210, or 3.6%, decrease in car and other vehicle revenue during the 2000 third quarter. Revenue from shipper SHIPPER. One who ships or puts goods on board of a vessel, to be carried to another place during her voyage. In general, the shipper is bound to pay for the hire of the vessel, or the freight of the goods. 1 Bouv. Inst. n. 1030. owned or leased equipment moving to Puerto Rico during the 2000 third quarter decreased by $29,341, or 3.1%, from the comparable period in the prior year. Trailer volume from Puerto Rico increased 3.7%, while related revenue decreased by $184,628, or 8.2%, compared to the third quarter of 1999. Total domestic and other revenue of $1,663,911 represented a decrease of $229,751, or 12.1%, from the third quarter of 1999. Operating income for the 2000 third quarter totaled $340,337, an increase of $2,586,163 from an 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. of $2,245,826 in the year earlier period. Trailer Bridge's operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: (operating expenses/operating revenues) during the 2000 third quarter improved to 98.5% from 110.9% during the year earlier period. Net interest expense declined to $820,317 from $889,423 in the same period one year ago. During the third quarter of 2000, Trailer Bridge also realized a gain of $39,380 related to the sale of older trailer equipment. The loss before income taxes for the third quarter was $440,600, an improvement of $2,690,641 from a pre-tax loss of $3,131,241 in the year earlier period. The net loss for the third quarter narrowed substantially to $210,257, or $.02 per share, compared to net loss of $1,954,583, or $.20 per share, for the 1999 third quarter. A strong balance sheet at September 30, 2000 is highlighted by cash and cash equivalents of $3.6 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $28.5 million. At December 31, 1999, cash and cash equivalents totaled $2.5 million and stockholders' equity was $29.2 million. For the third quarter of 2000, total volume to Puerto Rico, including cars and other vehicles, increased 24.8% compared to the same period last year. Total volume from Puerto Rico increased 4.1%. During that period, the average revenue per core southbound south·bound adj. Going toward the south. southbound Adjective going towards the south Adj. 1. trailer load declined 4.8% compared to the same period last year. The average revenue per northbound north·bound adj. Going toward the north. northbound Adjective going towards the north Adj. 1. trailer load decreased 10.2% compared to the same period last year. Compared to the second quarter of 2000, the average revenue per trailer load to Puerto Rico was down .2% and the average revenue per trailer load from Puerto Rico decreased 4.6%. Trailer Bridge had an average of 233 tractor units A tractor unit, traction unit, road tractor or prime mover (Australian English) is a heavy-duty vehicle, usually with a large diesel engine and two or three axles. operating on the mainland during the 2000 third quarter, generating 8,782 miles per month, of which 69.7% were loaded miles. The Company's Puerto Rico 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 80.7% to Puerto Rico and 26.1% from Puerto Rico. These capacity utilization figures are based upon vessels deployed in service and exclude the effect of two Triplestack Box Carriers(TM) that were laid-up for much of the quarter. In late August, a short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. charter of one of these vessels to a third party commenced and in early October the other vessel was deployed in service to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: the Northeast Puerto Rico service. The total costs associated with the two laid-up vessels during the third quarter, net of charter income, were $262,849. During the third quarter of 2000, total volume on the direct Northeast to Puerto Rico lane increased 27.4% and 13.1% southbound and northbound, respectively, compared sequentially to the second quarter. Overall vessel capacity utilization on the Northeast segment was 62.2% and 9.1% southbound and northbound, respectively, in the third quarter compared to 56.9% and 6.9% in the second quarter. Total revenue on the Northeast lane was 26.2% higher in the third quarter than the second quarter. Beginning in early October, Trailer Bridge proceeded with its previously announced plan to expand to a weekly direct service between Port Newark 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. from the previous bi-weekly service. To date in the fourth quarter, the capacity utilization that Trailer Bridge has experienced each week on the weekly service exceeds the capacity utilization experienced on the previous bi-weekly service. 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 were slightly ahead of our third quarter budget and continue to anticipate profitable fourth quarter results representing our strongest quarter in years. In a hyper-competitive and challenging market environment, our actual results are well above those of our competitors. These market conditions are sustainable for us and not sustainable for all of our competitors. This economic reality will result in inevitable marketplace adjustments. Our tangible financial edge is apparent in any cogent COGENT - COmpiler and GENeralized Translator analysis that compares us with those competitors. Based upon this edge, which continues to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp , our future business prospects are very bright. We are focused on building long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. business value. For shareholders, I believe that today this translates into our stock being a major value story, growth story and market turnaround story all rolled in one." Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico, bringing efficiency, environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers, U.S. flag vessels and marine facilities in Jacksonville, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and San Juan. Trailer Bridge's founder and majority stockholder is Malcom P. McLean, the transportation pioneer who invented containerization con·tain·er·ize v.tr. con·tain·er·ized, con·tain·er·iz·ing, con·tain·er·iz·es 1. To package (cargo) in large standardized containers for efficient shipping and handling. 2. forty years ago. 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 risks of economic recessions, changes in demand for transportation services offered by the Company, and changes in rate levels for transportation services offered by the Company.
TRAILER BRIDGE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
2000 1999 2000 1999
----------------------- -------------------------
OPERATING REVENUES $ 23,151,664 $ 20,625,799 $ 68,249,958 $ 66,062,820
OPERATING EXPENSES:
Salaries wages,
and benefits 4,070,615 4,109,261 11,965,544 11,970,579
Rent and purchased
transportation:
Related Party 1,849,200 1,849,200 5,507,400 5,487,300
Other 6,569,302 6,276,954 18,312,627 20,045,138
Fuel 2,647,833 1,776,631 7,637,603 4,744,000
Operating and
maintenance
(exclusive of
depreciation shown
separately below) 4,511,954 5,924,603 14,864,546 18,681,786
Taxes and licenses 117,963 161,548 376,223 550,854
Insurance and claims 519,235 231,355 1,687,821 1,397,567
Communications and
utilities 161,467 262,607 470,622 676,091
Depreciation and
amortization 1,211,366 1,214,478 3,629,360 3,463,553
Other operating
expenses 1,152,393 1,064,988 3,058,192 3,229,795
--------- --------- --------- ---------
22,811,326 22,871,625 67,509,938 70,246,663
--------- --------- --------- ---------
OPERATING INCOME (LOSS) 340,337 (2,245,826) 740,020 (4,183,843)
NONOPERATING INCOME
(EXPENSE):
Interest expense, net (820,317) (889,423) (2,626,726) (2,358,912)
Gain on sale of
equipment 39,380 4,008 434,392 83,291
--------- --------- --------- ---------
(780,937) (885,415) (2,192,334) (2,275,621)
--------- --------- --------- ---------
INCOME (LOSS) BEFORE
(PROVISION) BENEFIT
FOR INCOME TAXES (440,600) (3,131,241) (1,452,314) (6,459,464)
(PROVISION) BENEFIT
FOR INCOME TAXES 230,343 1,176,658 591,754 2,421,825
--------- --------- --------- ---------
INCOME (LOSS) BEFORE
CUMULATIVE EFFECT
OF AN ACCOUNTING
CHANGE (210,257) (1,954,583) (860,560) (4,037,639)
CUMULATIVE EFFECT OF
ACCOUNTING CHANGES
(NET OF TAX) 127,100
--------- --------- --------- ---------
NET INCOME (LOSS) $ (210,257)$ (1,954,583) $ (733,460)$ (4,037,639)
========== ============ ========== ============
PER SHARE AMOUNTS
INCOME (LOSS) BEFORE
CUMULATIVE EFFECT
OF AN ACCOUNTING
CHANGE (0.02) (0.09)
CUMULATIVE EFFECT OF
ACCOUNTING CHANGES
(NET OF TAX) - 0.01
NET INCOME (LOSS) $ (0.02) $ (0.20) $ (0.08) $ (0.41)
========== ============ ========== ============
WEIGHTED AVERAGE
SHARES
OUTSTANDING 9,777,500 9,777,500 9,777,500 9,777,500
========== ============ ========== ============
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