Trailer Bridge, an intermodal carrier that transports freight between the United States and Puerto Rico, reported mounting losses in the third quarter of 2001.
The Jacksonville, FL-based shipper said its revenue fell to $20 million, compared to $23.1 million for the same quarter last year. Compared to the second quarter of 2001, total revenue decreased by 7.4%, or $1.6 million.
Trailer Bridge also saw operating losses mount in the third quarter, reaching $4.8 million compared to operating income of $340,337 in the same period last year. Trailer Bridge said its losses resulted from lower volume and asset utilization, lower yields, and additional costs associated with weekly Northeast sailings.
Cash is also short at the company; it has just $1.3 million on hand, as well as stockholder equity of $4.5 million. As a result, Trailer Bridge said it has negative working capital of $16.1 million. The company added that its lender is continuing to provide funding under a revolving credit facility while Trailer Bridge works to address the non-compliance.