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Article Excerpt
CHARLOTTE, N.C., April 28 /PRNewswire-FirstCall/ -- Horizon Lines, Inc. reported a strong gain in the first quarter 2006 earnings compared to the first quarter of 2005.
Net income for the first quarter of 2006 was $2.4 million or $.07 per share versus a net loss of $(9.7) million or $(.52) per share in the first quarter of 2005. After adjustment for non-recurring expenses, net income in the first quarter of 2005 was $.3 million or $.01 per share.
Operating revenue increased by $17.3 million or 6.7% to $274.9 million for the first quarter of 2006, compared to $257.6 million during the 2005 first quarter.
Operating income for the first quarter of 2006 was $15.9 million versus $3.8 million in the first quarter of 2005. Absent non-recurring expenses, operating income for the first quarter of 2005 would have been $11.0 million.
Earnings before net interest expense, taxes, depreciation and amortization (EBITDA) was $31.8 million in the 2006 first quarter in comparison to $20.5 million in the first quarter of 2005. Excluding the non-recurring expenses, EBITDA was $27.7 million for the 2005 first quarter. Please see attached reconciliation from net income to EBITDA.
"Horizon Lines picked up in 2006 where we left off in 2005 and the year is off to a great start," said Chuck Raymond, President and Chief Executive Officer. "All earnings measurements in the first quarter of 2006 were significantly better than in the first quarter of 2005. We closed the transaction on April 11th to lease five new vessels for deployment in our TransPacific 1 Service in...
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