Horizon Lines, Inc. , today reported results for the second quarter ended June 22, 2008. On a GAAP basis, net income was $7.2 million, or $0.24 per diluted share, on revenue of $331.0, compared with $9.6 million, or $0.28 per diluted share, on revenue of $295.7 million for the same period a year ago.
Adjusted net income for the second quarter was $9.9 million, or $0.33 per diluted share, compared with adjusted net income of $10.0 million, or $0.29 per diluted share, in the 2007 second quarter. Adjusted 2008 results exclude anti-trust related legal expenses and severance costs related to early retirement for specific union employees. These expenses totaled $2.7 million after tax, or $0.09 per share. Adjusted 2007 results excluded an after-tax loss of $0.4 million, or $0.01 per share, related to the extinguishment of debt.
Adjusted net income for the second quarter was $9.9 million, or $0.33 per diluted share, compared with adjusted net income of $10.0 million, or $0.29 per diluted share, in the 2007 second quarter. Adjusted 2008 results exclude anti-trust related legal expenses and severance costs related to early retirement for specific union employees. These expenses totaled $2.7 million after tax, or $0.09 per share. Adjusted 2007 results excluded an after-tax loss of $0.4 million, or $0.01 per share, related to the extinguishment of debt.