HORIZON Lines has posted a first quarter 2009 loss of US$10 million, down from a profit of $700,000 for the same quarter last year, as volumes fell and other unusual charges, including legal fees, mounted.
The carrier said its adjusted net loss totalled $4.7 million after adjustments for a restructuring charge and legal expenses related to anti-trust charges.
The line took a charge of $800,000 for reductions in its non-union workforce. Its legal costs for defending itself against the Department of Justice's investigation of price-fixing totalled $4.4 million, reported Newark's Journal of Commerce.
The company's earnings before interest, taxes, depreciation and amortisation amounted to $14 million for the first quarter, compared with $27.3 million for the same period a year ago. Adjusted EBITDA for the 2009 first quarter was $19.2 million.
Operating revenue fell 11 per cent to $272.4 million from $305.9 million a year earlier on the back of lower fuel surcharges resulting from reduced fuel prices, followed by a 7.1 per cent overall volume decline.
Volume declines during the quarter exceeded historic seasonal softness due to the continued sharp slowdown of our Hawaii market, ongoing economic stagnation in Puerto Rico, and a severe winter in Alaska, said Horizon chairman, president and CEO Chuck Raymond.
The volume decline was partially offset by revenue per container improvements in all trade lanes. Revenue per container increased by $107, or 3.3 per cent, excluding fuel from the previous year.
Looking forward, Mr Raymond said he expects that modest container rate increases, lower fuel prices and other costs reductions will help offset anticipated slight volume declines for the rest of the year, the report added.
Source: Transportweekly
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