Trailer Bridge sways under rising losses

Nov. 15, 2001
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
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.

About the Author

Sean Kilcarr | Editor in Chief

Sean reports and comments on trends affecting the many different strata of the trucking industry -- light and medium duty fleets up through over-the-road truckload, less-than-truckload, and private fleet operations Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!