Trailer Bridge sees revenue slip, losses increase

Trailer Bridge Inc., a Jacksonville, FL-based provider of transportation services between the US and Puerto Rico, saw its revenues drop and losses rise for the second quarter of 2001. Trailer Bridge’s total revenue for the three months ended June 30 was just over $21.6 million, compared to $23.7 million for the second quarter of 2000. The company posted an operating loss for the second quarter of

Trailer Bridge Inc., a Jacksonville, FL-based provider of transportation services between the US and Puerto Rico, saw its revenues drop and losses rise for the second quarter of 2001. Trailer Bridge’s total revenue for the three months ended June 30 was just over $21.6 million, compared to $23.7 million for the second quarter of 2000. The company posted an operating loss for the second quarter of just over $4.1 million, compared to $1.3 million for the same period last year.

Trailer Bridge said operating income was lower compared to the year earlier period due to lower yields, lower vessel and tractor asset utilization and the effect of fully expensing a dry-docking charge early in the quarter. As a result, Trailer Bridge's operating ratio was 119.1% during the second quarter of 2001 compared to the 94.5% operating ratio during the year earlier period and the 122.0% during the first quarter of 2001.

In terms of freight volume, Trailer Bridge said total southbound volume decreased 3.3% and total northbound volume decreased 26.2% in the second quarter of 2001 compared to the same period last year. Comparing total volume and total revenue by direction, Trailer Bridge said its effective yield to and from Puerto Rico decreased 3.4% southbound and increased 0.2% northbound. The company’s Puerto Rico deployed vessel capacity utilization was 65.6% southbound and 19.5% northbound, well below the 79.9% and 29.3%, respectively, during the year earlier period when 12.6% less capacity was deployed.

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