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HRZ recent dip
Horizon posts 4Q gain, 2009 lossJacksonville Business Journal - by Mark Szakonyi Staff Writer
Horizon posts 4Q gain, 2009 loss
A Charlotte-based shipping company that provides cargo service from Jacksonville to Puerto Rico reported a fourth-quarter gain and a 2009 loss.
Horizon Lines Inc. (NYSE: HRZ) reported fourth-quarter net income of $1.3 million, or 4 cents per diluted share, up from a net loss of $20.3 million, or 67 cents per diluted share, in the fourth quarter of fiscal 2008.
Quarterly revenue dropped to $299.7 million from $314.7 million.
Horizon’s board cut its quarterly dividend to 5 cents per share from 11 cents, which will save $7.3 million annually.
Fourth-quarter 2009 net income was $3.7 million, or 12 cents per diluted share, after excluding charges for antitrust-related legal expenses and for a voluntary separation program for union employees and tax adjustments. Adjusted net income for the 2008 fourth quarter was $1.2 million, or 4 cents per diluted share, which excluded legal fees and impairment and restructuring charges totaling $32.4 million pre-tax, or 71 cents per share after tax adjustments.
For the fiscal year ended Dec. 20, 2009, operating revenue was $1.16 billion, an 11 percent drop from $1.3 billion in 2008. Horizon had a 2009 net loss of $31.3 million, or $1.03 per diluted share, compared with a net loss of $2.6 million, or 9 cents per diluted share, for fiscal 2008.
Horizon operates container ships and port terminals linking the continental United States with Hawaii, Guam, Micronesia, Puerto Rico and Alaska.
“Our company performed well in the fourth quarter, considering the continued challenging economic environment,” said Chuck Raymond, chairman, president and CEO. Lower cargo volumes hurt revenue, but the rate of decline slowed for the second consecutive quarter.
The lower dividend “retains an attractive and appropriate payout to our stockholders,” he said, “while at the same time giving management additional flexibility to augment our ongoing focus on debt reduction.”
Horizon posts 4Q gain, 2009 lossJacksonville Business Journal - by Mark Szakonyi Staff Writer
Horizon posts 4Q gain, 2009 loss
A Charlotte-based shipping company that provides cargo service from Jacksonville to Puerto Rico reported a fourth-quarter gain and a 2009 loss.
Horizon Lines Inc. (NYSE: HRZ) reported fourth-quarter net income of $1.3 million, or 4 cents per diluted share, up from a net loss of $20.3 million, or 67 cents per diluted share, in the fourth quarter of fiscal 2008.
Quarterly revenue dropped to $299.7 million from $314.7 million.
Horizon’s board cut its quarterly dividend to 5 cents per share from 11 cents, which will save $7.3 million annually.
Fourth-quarter 2009 net income was $3.7 million, or 12 cents per diluted share, after excluding charges for antitrust-related legal expenses and for a voluntary separation program for union employees and tax adjustments. Adjusted net income for the 2008 fourth quarter was $1.2 million, or 4 cents per diluted share, which excluded legal fees and impairment and restructuring charges totaling $32.4 million pre-tax, or 71 cents per share after tax adjustments.
For the fiscal year ended Dec. 20, 2009, operating revenue was $1.16 billion, an 11 percent drop from $1.3 billion in 2008. Horizon had a 2009 net loss of $31.3 million, or $1.03 per diluted share, compared with a net loss of $2.6 million, or 9 cents per diluted share, for fiscal 2008.
Horizon operates container ships and port terminals linking the continental United States with Hawaii, Guam, Micronesia, Puerto Rico and Alaska.
“Our company performed well in the fourth quarter, considering the continued challenging economic environment,” said Chuck Raymond, chairman, president and CEO. Lower cargo volumes hurt revenue, but the rate of decline slowed for the second consecutive quarter.
The lower dividend “retains an attractive and appropriate payout to our stockholders,” he said, “while at the same time giving management additional flexibility to augment our ongoing focus on debt reduction.”
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