Horizon Lines, already trying to stave off bankruptcy protection, said first quarter losses widened as China-West Coast service got off to a rough start, fuel costs rose and volume was flat in the carrier’s Jones Act domestic services, the Journal of Commerce reports.
The carrier's $33.3 million net loss for the quarter ended March 27 compared with a net loss from continuing operations of $11.7 million a year ago. Operating revenue rose 3.9 percent to $285 million, including $23.2 million from the new China service.
Horizon's first quarter loss included $5.4 million in after-tax charges. The charges included $2.2 million in legal fees related to the carrier's antitrust litigation and $2.3 million for a severance agreement for former CEO Chuck Raymond, who resigned March 11 after the company agreed to plead guilty to price-fixing in the Puerto Rico trade.
Horizon’s operating loss, excluding costs of interest and modification of debt agreements, widened to $22 million from $1.8 million a year earlier.
The carrier's $33.3 million net loss for the quarter ended March 27 compared with a net loss from continuing operations of $11.7 million a year ago. Operating revenue rose 3.9 percent to $285 million, including $23.2 million from the new China service.
Horizon's first quarter loss included $5.4 million in after-tax charges. The charges included $2.2 million in legal fees related to the carrier's antitrust litigation and $2.3 million for a severance agreement for former CEO Chuck Raymond, who resigned March 11 after the company agreed to plead guilty to price-fixing in the Puerto Rico trade.
Horizon’s operating loss, excluding costs of interest and modification of debt agreements, widened to $22 million from $1.8 million a year earlier.