Horizon sails forward with record 1Q

Horizon Lines Inc has reported record earnings for the first quarter of 2007. Net income for the quarter was $7.1 million, compared with $2.4 million in the 2006 first quarter.

Operating revenue was essentially flat, falling slightly by $1.2 million or .4% to $273.7 million for the first quarter of 2007, versus $274.9 million during the 2006 first quarter. Operating income for the first quarter of 2007 grew by 3.8% to $16.5 million versus $15.9 million in the first quarter of 2006. rowing by 6.0% from $31.8 million in the 2006 first quarter.

“Horizon Lines delivered record first quarter earnings and our 21st consecutive quarter of adjusted EBITDA growth, despite less than ideal market conditions,” said Chuck Raymond, chairman, president, and chief executive officer.

Horizon Lines' board of directors has voted to declare a cash dividend on its outstanding shares of common stock of $0.11 per share, payable June 15, 2007, to all stockholders of record as of the close of business June 1, 2007.