Trailer Bridge, Inc. yesterday reported unaudited financial results for the fourth quarter and full year ended December 31, 2009. The Company reported operating income of $3.6 million in the fourth quarter of 2009,

a 148.4% increase vs. operating income of $1.4 million in the fourth
quarter of 2008. Net income for the fourth quarter of 2009 improved by
$2.1 million to $1.0 million, or $0.08 per basic and diluted share,
from a net loss of $1.1 million, or $0.09 per basic and diluted share,
in the prior-year period. The $1.0 million in net income included
$690,000 in severance payments as part of a reduction in force and
$676,000 in legal and related expenses in connection with the ongoing
Department of Justice investigation. EBITDA for the fourth quarter of
2009 was $5.2 million, a 72.1% improvement from $3.0 million in the
prior-year period. Adjusted EBITDA, as detailed in the accompanying
table, was $6.8 million in the fourth quarter of 2009.

The Company reported revenue of $30.7 million during the quarter, down
7.7% from the prior year period but an increase of 1.3% sequentially
from the third quarter of 2009. Excluding the effect of fuel
surcharges, revenue decreased by 0.8% from the prior year but increased
2.4% from the third quarter of 2009.

Ivy Suter, Trailer Bridge’s Chief Executive Officer, said, “We saw
continued high capacity utilization in the quarter with the exception
of the seasonally slower last week of the year. Capacity utilization
and revenue compared favorably to the third quarter of 2009 on one less
sailing. Our operating and EBITDA margins expanded significantly vs.
prior year, and we operated profitably for the third consecutive
quarter. We expect capacity utilization to remain high in the first
quarter of 2010 and beyond based on what we’re seeing in January.”

Ms. Suter added, “Our continuing cash generation and strong financial
position allowed us to purchase, at par, an additional $1.0 million
face amount of our outstanding Senior Secured Notes in January 2010. As
previously announced, our Board of Directors also authorized the
repurchase of up to $1.0 million of the Company’s common stock. We are
pleased that our system has performed well in a difficult economic
climate, and we are seeing a continuing stream of new customers that
are taking advantage of our value proposition. In that regard, and as
previously announced, we expanded our sailings to and from the
Dominican Republic to once a week from every two weeks as announced in
January 2010. We are providing this service utilizing our existing
liner-service vessels to link the ports of Jacksonville, FL, San Juan,
Puerto Rico, and Puerto Plata, Dominican Republic.”

The Company’s deployed vessel capacity utilization during the fourth
quarter was 92.0% southbound and 29.8% northbound, compared to 92.9%
and 23.7%, respectively, during the fourth quarter of 2008, and 90.2%
and 30.6%, respectively, sequentially. Overall volume southbound
decreased 4.3% from the third quarter of 2009 and decreased 2.8% from
the same quarter last year each on one less sailing.

Year-over-Year Comparison

The Company reported operating income of $12.7 million for 2009
compared to operating income of $7.0 million for 2008, and net income
of $2.6 million, or $0.22 per basic and diluted share, for 2009
compared to net loss of $3.2 million, or $0.27 per basic and diluted
share, in 2008. The $2.6 million in net income includes $690,000 in
severance payments as part of a reduction in force and $1.7 million in
legal and related expenses in connection with the ongoing Department of
Justice investigation. EBITDA for 2009 was $19.0 million, a 44.5%
improvement from $13.1 million in 2008. Adjusted EBITDA, as detailed in
the accompanying table, was $22.8 million in 2009 compared to $17.4
million in 2008.

Source: Trailer Bridge Inc.

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