"We continue to face a very difficult macro-economic environment that is having a significant adverse impact on the markets we serve," said Chuck Raymond, Chairman, President and Chief Executive Officer. "We expect these challenges to continue through at least 2009 and are taking the appropriate, necessary steps to adjust our business without impacting our ability to continue providing excellent service to all our customers and execute our business strategy. We also are continuing to evaluate all other non-personnel aspects of our business and assess additional restructuring opportunities to remove costs from our system. At the same time, we will continue to utilize our Horizon EDGE process to improve efficiencies of our ongoing business.
"While our company remains well-capitalized, with strong liquidity, our focus for 2009 will be on conserving cash and removing costs from our organization wherever possible," Mr. Raymond said. "Our executive leadership remains intact and is committed to guiding Horizon Lines through this challenging economic environment."