Long-troubled transportation provider Trailer Bridge lost $519,025 in the first quarter on revenues of $17.4 million, which is substantially better than the $4.5 million it lost in the same period of 2001. The company noted that its revenues in the first quarter of 2002 were lower, too, by 15.3% when compared to the same period last year.
The company, which focuses on shipping freight between the U.S. mainland and Puerto Rico, added that its freight volume declined 17.3% this quarter compared to the same time last year.
Trailer Bridge added that it had an average of 178 tractor units operating on the mainland during the quarter. Those vehicles generated 9,076 miles per month of which 79.6% were loaded, an improvement from 9,202 miles at 74.7% capacity in the first quarter of last year, as well as from the fourth quarter of 2001, when those vehicles generated 8,743 miles at 78.2% capacity.
Jacksonville, FL-based Trailer Bridge has been in fiscal trouble for some time. In the third quarter of 2001, revenue fell to $20 million and losses rose to $4.8 million. At the end of last year, Trailer Bridge said it had negative working capital of $16.1 million.